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EBWO3001 : Effectiveness in the Business World

   

Added on  2020-06-05

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Effectiveness in the Business World(EBWO3001)ResitStudent Name: Student Number: Lecturer Name: EBWO3001 | Effectiveness in Business World(Resit)1

As a requirement for the completion of this portfolio, you should first decide on a type of business you have or would potentially like to start up in the future (e.g. restaurant, shop, service etc.). Your answers to the tasks below will relate to this business. TasksContents (350-400 words per task)PageLearningoutcomesTask 1a.Briefly describe the nature of business you have or might like to have in the future. b.What are the advantages and disadvantages of owning your own business?c.In what ways could PESTEL be useful in planning your start-up business? 3LO1/4Task 2a.In what ways can ‘globalisation’ have an impact on your business? Discuss two examples. a.What suitable technology would your business use and how would it improve the operations of the business? 4LO1/2Task 3a.Briefly identify who your ‘customer’ is likely tobe. Why is it important for a business to understand its customers?b.Describe TWO ways in which you might attractmore customers to your business.5LO1/3Task 4a.What is the role of ethics in business? a.With examples from other businesses, describe how your business can treat its staff ethically. 6LO3/4References 7Total word limit: 1500 words(+/- 10%)EBWO3001 | Effectiveness in Business World(Resit)2

This portfolio is a working document that MUST be completed over the 10-week course. By the end of the 10-week course, you should have completed 4 tasks. You will also berequired to work on your portfolio during your weekly tutorial sessions.ASSESSMENT – PORTFOLIOTask 1LearningOutcomesa.Briefly describe the nature of business you have or might like to have in the future. b.What are the advantages and disadvantages of owning your own business?c.In what ways could PESTEL be useful in planning your start-up business? LO1/4EBWO3001 | Effectiveness in Business World(Resit)3

(a) Nature of businessEntrepreneurship plays an influential role in the economic growth and standard of living in a country. I will go to open coffee company/shop. The name of my restaurant will be I love, coffee. It is kind of restaurant. This restaurant will provide different types of coffee and coffee products with high quality and good taste. I will open its first branch in Manchester. It will be opened in the centre of city so that people can easily find it. I will try to provide different culture taste along with the classic coffee(Rock,2014). I love coffee will also provide snacks, sandwiches and burger to attract the customers and increase the business. I will try to attract young customers most by providing the special coffees. Apart from this, I will use natural and unique themes for its infrastructure so thatcustomer can feel relaxed and happy in the restaurant. Own business improves the lifestyle not only of the person but also of the society and country.b) Advantages and disadvantages of owning your own businessStarting own business is an exciting task that offers many benefits. It improves thelifestyles and standard of person and his family. Advantages of own business are as follows:You are the boss: The most important advantage of own business is that you are incharge you are the boss. In own business, we have ability to make every single decision(Kaneko, Hamada and Hiji, 2016). We can change the business environment according toour ability and interest.Job security: In one’s own business, there is no one above you so we are person iscompletely secure in job and place. No one can fire you be the biggest advantage of ownbusiness.Invaluable experience: Own business allows people to gain first-hand experience inevery field that is involved in running a business.Disadvantages of own businessEvery business has advantage and disadvantage which affect the business in positive andnegative manner. Risk factor: In the own business you have to put down your own money, and if businessfails, it falls on your life style and standard.Investments: Own business requires products, employees, marketing team and licence. Extra efforts and pressure: To achieve the success in own business, person has to improveextra skills and required to provide extra efforts to achieve the target.c) Role of PESTLE analysis in own businessBefore starting the new business, I will undertake the PESTLE analysis. PESTLEanalysis plays main role in planning of business. It is a tool used by the marketers toanalyse and monitor the macro environment factors (Drucker, 2017). There are manyEBWO3001 | Effectiveness in Business World(Resit)4

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