MGT601 SME Management Assignment No.1 Solution Spring Semester 2013

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MGT601 SME Management Assignment No.1 Solution Spring Semester 2013


ASSIGNMENT:

Home based business is a small business that operates from the business owner's home office. Home businesses are usually defined by having a very small number of employees. Family business is a business in which one or more members of one or more families have a significant ownership interest and significant commitments toward the business. Copreneurial business is a business in which couples (husband and wife) work together as co-owners of their business. There is often an assumption at family firms that the family tree will always provide the right leadership and management for the firm or business. But this doesn’t always hold true.

The Scenario
Islamabad is the capital city of Pakistan. Islamabad is home to many migrants from other regions of Pakistan and has a cultural and religious diversity of considerable antiquity. Mr. Aijaz Ahmed and Mrs. Aijaz are running a home based business of Boutique and cultural brands of clothing (a newly established business) in posh area of Islamabad. They have done graduation from Islamabad College of Management & Design.They are looking for trendy, appealing and stylish cultural outfits with flexibility of trying out new brands offering unique designs at a reasonable price. As setup of cultural cloths requires a team of talented designers.

Question: Home based business and copreneurial business face lot of challenges and problems. Enlist these challenges and problems (Any five). 10 Marks
In your opinion, Mr. Aijaz Ahmed and Mrs. Aijaz need a talented team or they purchase cultural outfits from different areas of Pakistan and how can they promote their business in the city? Give at least five arguments in support of your answer which will be suitable for their business. 10 Marks