Writer’s choice (Theme Photo Studio 1)
I want to open a photo studio in Richmond, BC, Canada. Actually, there are many photo studios, but my photo studio will offer different clothes based on different scenes. Also, my shop will have a seasonal photography package, so we will have different styles during Christmas, Valentine or Chinese New Year.
Also, PLEASE NOTICE THE WORD LIMIT IN EACH PART.
Part A: Business Concept—Description of Your Idea
- Think of a business concept that you are interested in pursuing. Your idea can be for a product or service that follows a traditional business model (bricks and mortar retail store), or, an innovative business model (e-commerce, web-based, or a hybrid). Talk to your Open Learning Faculty Member to discuss your concept and get it approved before you commit your time to developing it in this assignment.
- Describe your business concept/idea (maximum 350 words). Be sure to discuss things such as;
- Where you intend to operate the business,
- Who your main customers might be,
- Why you think this is a good idea
- What competitors exist in your market, and
- What other positive trends are happening in regard to your idea.
It is very important that you describe your business idea as clearly as possible to your Faculty Member so that permission for you to continue developing your idea can be granted as soon as possible. Send your idea as soon as you have given it some thought as this will speed up the approval process.
- Choose a business name for your concept and continue to use this name when talking about your business concept throughout the course.
Part B: Overview and Description of the Industry
- Identify which industry and sector your business concept falls into. e.g. Fast Food industry and the Pizza sector
- Provide a brief description of the industry. Research industries through internet searches and government sites.
(Maximum 400 words)
Part C: Integrated Model of a Successful Business
- Referring to the following diagram (and other information from the Introduction in the textbook), describe in your own words why integration is so important to the success of any business today, but in particular, your own business.
- Thinking about your own business idea, identify at least ten things you will have to do to operate a successful small business. Remember, in this course, you are going to convert an idea into a real business by creating the Blueprint, using this integrated business model as a guide.
(Maximum 750 words)
As you research your industry sector, keep track of your sources of information. These original sources could become very valuable for other pieces of information you will need throughout this course. Always include your references in every Assignment using the APA Citation style.
Part D: PESTI Analysis
Refer to the Journal Information in Module 1 – Topic 5 for more about a PESTI analysis.
- Complete a political, economic, socio-cultural, technological, and international (PESTI) analysis to look at and review the external business (macro-environment) in which your business idea will operate.
- Explain how you think the findings from your PESTI analysis will impact your business and strategic plans and influence the value creationopportunities facing your business idea.
(Maximum 250 words)
Part E: Information Technology
- What technology do you expect to use to communicate both internally with your associates and externally with your customers?
What things must be in place in order for you to get your first sales? What things will you add when your cash position improves?