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MBA601 Entrepreneurship Business Idea and its components

   

Added on  2019-10-31

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Running Head: EntrepreneurshipEntrepreneurshipBusiness Idea and its components
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Entrepreneurship 1Executive SummaryCurrency fluctuations are an everyday phenomena. Due to several macroeconomic factors, these fluctuations have increased morbidly over the recent years. They do not impact individuals directly but firms exporting from and importing to Australia are majorly affected by these movements. The business model in the assignment talks about a currency consulting firm where a group of advisors who are subject matter experts will track, monitor and forecast the movementof Australian dollar with respect to other currencies and guide importers and exporters on how they can minimize their risks.
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Entrepreneurship 2ContentsExecutive Summary.....................................................................................................................................1Introduction:................................................................................................................................................3Need Analysis:............................................................................................................................................3Target Market:.............................................................................................................................................4Business Model:..........................................................................................................................................4Fixed Fee.................................................................................................................................................4Profit Sharing..........................................................................................................................................4Business Model Canvas...............................................................................................................................5Services offered:..........................................................................................................................................6Currency Consultation.............................................................................................................................6Live Screen..............................................................................................................................................6Customized Strategies.............................................................................................................................7Research Reports.....................................................................................................................................7Organizational Structure..............................................................................................................................8CEO and Managing Director...................................................................................................................8Head of Consultation...............................................................................................................................8Fundamental and Technical Researchers.............................................................................................9Client Servicing Personnel..................................................................................................................9Head of Sales...........................................................................................................................................9Pre sales team......................................................................................................................................9Client relationship management........................................................................................................10Human Resource Head..........................................................................................................................10HR Team and Admin.........................................................................................................................10References:................................................................................................................................................11Appendix...................................................................................................................................................13
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Entrepreneurship 3Introduction:Entrepreneurship involves the procedure of starting a business and the one who starts the business is called an entrepreneur. It is an extremely wide subject. At the very core of it, Entrepreneurship is a way of thinking, it is a mindset of solving problems and creating value (Business News Daily, 2017). Entrepreneurship is crucial for any economy as it feeds on innovation which eventually leads to growth. This is the reason why governments are extensivelyworking to support and promote businesses in the form of subsidies, grants and aids.My idea revolves around the foundation of a ‘currency consultation’ firm. In the current economic scenario it has been observed that there are immense fluctuations in the Australian Dollar against the US dollar. In the last three years alone, it has been noted that the currency has touched a low of 0.6863 and a high of 1.0509 (XE, 2017). Of course, such movements in the currency will not have a direct impact on individuals, But there are various businesses including but not limited to exports and imports where the such fluctuations tend to have a major influence (ABC News, 2015). The very aim of this currency consultation firm is to help clients trace, scrutinize, control, work at decreasing the effect as well as take advantage of these movements.Need Analysis:The backbone for the success of any business is to recognize a need gap in the society and work towards fulfilling that need with the business offerings. Before starting any business, it is important to identify the right customer as that forms the backbone of the company (Harvard Business Review, 2014). The trade barometer in Australia is consistently on a rise and the upcoming forecast for the same is upward looking (Reuters, 2017). This is evidenced by the fact that Australia exported AUD 31.07bn and imported AUD 30.61bn worth of goods and services in the month of July this year (Trading Economic, 2017). Predominantly Australian trade transactions are conducted with US dollars being the currency of exchange. Therefore, it intensely and often adversely influences several export and import businesses mainly because they are incompetent to predict these currency vicissitudes beforehand. This firm aims to mend that bridge by offering consultation and advisory services wherein financial experts track the currency market and guide the clients upon various details of
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