LO 1 - Understand how to assess information and knowledge needs
LO 1.1- discuss the range of decisions to be taken.
LO 1.2- Examine the information and knowledge needed to ensure effective decision taking.
LO 1.3- Assess internal and external sources of information and understanding.
LO 1.4- Justify recommendations for improvement.
LO2 - Be able to create strategies to increase personal networking to widen involvement in the decision making process
LO 2.1 -Identify stakeholders for a decision-making process.
LO 2.2- Make contact with those identified and develop business relationships.
LO 2.3- Involve those identified in the decision making as appropriate.
LO 2.4- Design strategies for improvement.
The report must be written in professional manner and properly referenced. Word count of 1000 with +/- 10% margin. You may use tables and diagrams to support your report to illustrate the text.
Starting up a new business can be both demanding and rewarding, and for those looking to establish themselves in the world of retail , the choice can present unique challenges. There is the initial decision over whether to establish the business as either a bricks-and- mortar operation, or whether to go completely online. Then there is the competition - the retail sector is tough and it is worth bearing in mind that any business no matter how unique, is going to have to compete, not just with similar retailers but with a wide variety of different shops for the consumer spend.
For this first assignment you are required to develop a report which will guide the reader through the process of setting up a business. The report should include the following.
A discussion of the different decisions to be made and an examination of the information and knowledge required to make the decisions in relation to starting up a business(LO 1.1, LO 1.2)
List of internal and external sources of information and understanding. Assess these sources and justify their suitability and reliability in relation to the business start up.(LO 1.3)
Recommend any improvements in the methods used in the selection and analysis of information needed for the business start ups.(LO 1.4)
For the second part of the report you are required to develop strategies to increase your personal networking skills and your involvement in the decision making process.
Your report should include the following.
A list of stakeholders for the decision making process in relation to starting up above mentioned business. ( LO 2.1)
A selection of professionals and other stakeholders you should make contact with and ways to make contact with these individuals.
Which methods you would use to develop a business relationship with these selected individuals.(LO 2.2)
A plan to involve the identified people in the decision making process for example price strategy and location strategy applicable for this business start up.(LO 2.3)
Your plan should include a strategy for future improvements in this process. (LO 2.4)