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PRT503 Entrepreneurship For Professionals

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  • Course Code: PRT503
  • University: Charles Darwin University
  • Country: Australia

Question:

Please write all these Requirements given below.

I. Environmental and Industry Analysis
a. PEST Analysis
b. SWOT Analysis
c. Industry Demand
d. Competition

II. Description of the Venture

a. Mission statement
b. Core values of the business
c. Goals and objectives (Minimum 3) The goals must be SMART (Specific, Measurable, Achievable, Relevant and Time-bound) and they must be mapped with a few KPIS (Key Performance Indicators) for each goals
d. Product/Services offered
e. Location, size of business, personnel, background of entrepreneur and the contribution to the business.
f. Business Model (including revenue model)

III. Production Plan (only if your venture involves manufacturing component)

 

Answer:

Introduction

The number of education business is increasing rapidly all over the world due to the high demand of higher studies but the candidates need to adopt different skills and through career mapping program to get different job opportunities (Dees, 2017). Additional skill development and quality training program are essential for the candidates to get huge competitive advantages during the interview process (Parker, 2018).  For that reason, Seed is planning to build a platform to solve all these problems through career mapping and consultation programs. This organization will also provide online assistance to the students to improve their education as well as personal skills for better future leads to get different job opportunities.     

Environment and Industry Analysis 

PEST Analysis 

It is important for the senior management or founders of this organization to analyze the overall environment of this business industry and that will also help to sort out the risk factors effectively (Dees, 2017). Otherwise, it can hamper the overall financial position as well as the brand image of this organization during operation. PEST analysis will help to identify different political, social, technological and economic factors that can influence the overall business operation.     

Political Factor

All the countries have their own education policies so that Seeds also needs to maintain all the policies of government to work as an approved organization (Hiriyappa, 2018). At the same time, the value of certifications must be acceptable in all the regions otherwise it will hamper the organizational image leads to reduce the number of students as well as financial position.     

Economical Factor

The country’s economy is one of the major factors that can influence the educational business. For that reason, the management needs to provide flexible course structure to grab the attention of more students (Parker, 2018). According to secondary research, it has been identified that the current economic condition of Australia is good enough to pay the minimum course fees.     

Social Factors

Identification of different social factors such as the behaviour of local people and gathering knowledge with a view to the local educational system is necessary for this organization to provide effective career mapping for the candidates (Hiriyappa, 2018). At the same time, identification of different culture and behaviour of local people also help this organization to attract the local customers. As per research, it has been identified that the trends of education also have changed in Australia and the majority of students are now connecting with online education so that opening of this business will also provide the organization different upcoming opportunities.     

Technological Factor

Technical improvements are essential for research and development work. Apart from that use of upgrade technology is very cost effective for the organization so that it will also reduce the overall operational cost (Bull et al., 2017). The innovation of new technology will also help Seed to improve its overall position (Oromaner, 2018). Introduction of digital technology and the effective use of social media will able this organization to collect feedbacks and that will urgent for future organizational upgrades.    

 

SWOT Analysis 

Identification of strength, weakness is essential for all the organization and that will helps to mitigate all the upcoming threats in an efficient manner (Jansen, 2017). Identification of probable opportunities also helps the organization to set and fulfil the corporate objectives properly.     

Strength

· Seed will provide candidates career development program to get more job opportunities.

· The courses are very flexible and affordable.

 

· 24/7 online assistance, different training program, student collaboration facility and centralized and automated administration are the major strength of this organization (Takeda, 2018).

· Rapid innovation and proper research development will improve the organizational brand image.     

Weakness

· This organization is a startup organization so that brand recognition is very low.

· Existing organization has more experienced faculties so that it will grab the attention of many customers (Bull et al., 2017).

· Availability of experienced people is very low and the majority of experienced people are not familiar with digital technology so that it can create problems during operation.

Opportunities

· Seed will provide online classes and training program for the students so that this organization can expand the business all over the world and organization also has the flexibility of centralized administrative operations (Oromaner, 2018).

· At the same time, faculties or expert people from different countries will also grab the attention of more students and that will increase brand image and financial position of this organization.

 

Threats

· The numbers of educational institutes are increasing rapidly so that entrance of new organizations can reduce the number of students.

· At the same time, many educational institutes provide candidates placement opportunities after completion of the course and that can reduce the number of students


 

Industry Demand 

The online education industry of Australia also has expanded over the last few years. At the same time, technological advancement and access of internet also changed the educational model (Oser, 2017). For that reason, the numbers of online educational sectors are increasing rapidly and the majority of students are now focused on the online mode of education due to more flexibility. The online education industry also shows the growth of 3.6% in a current financial year. Now some universities in Australia provides online distance mode of education. Different facilities such as 24/7 online assistance, availability various foreign and domestic experts also improve the overall industry but the still the majority of students focused in traditional institutes and it is one of the major risks for this organization.     

Competition 

In the case of an online educational consultation, the market competition is higher in Australia. There are different organizations such as Open2study, Graduatecareers, Katieroberts and others organizations provide online counselling and personal training to the students after graduation so as a startup; it is very tough for this organization to capture huge students from the market (Oser, 2017). In this regard, senior management of this organization needs to research the market to implement different innovative strategies to gain more competitive advantages. Apart from that provide various felicities to the students, and maintaining affordable rate will also improve organizational recognition rapidly.

 

Effects of Environment and Industry Analysis on Seed

Environment and industry analysis is important for all the startup organizations to understand its current strength to continue all the operations in an efficient manner. Proper environment analysis provides the organizations different situational factors that can influence the overall organization (Jansen, 2017). Identification of all the external and internal factors also important during risk analysis so that environmental and industry analysis also help Seed to recognize the potential risk of this specific market. For that reason, the senior management of this organization can implement some strategic implementations to reduce the chances of risk. Apart from that environment analysis also will provide Seed different information with a view to its core competitors lead to get more competitive advantages in the operating market.  Identification of political, technological, economical factor is essential for Seed to get more opportunities in the future.

Description of the Venture 

Organizational Background 

Seed is a startup online educational organization that operates its business all over Australasia. The educational expert of this organization generally provides the student different career-related online video consultation for enrolling the student for different courses to improve interpersonal skills and knowledge leads to increase the opportunities of Job (Meyer, Neck and Meeks, 2017). For each enrolment, the institution will get 65% and Seed will get 35% of the total fee.  These organizations also identify the requirements of each and every candidate through interview and survey and provide a probable solution. This organization also recruited the seals and marketing team to increase the number of customers leads to improve the financial profitability.     

Mission Statement 

The mission of this organization is to be the leading brand in the online educational and consultation platform industry of Australia. To achieve this aim, the senior management of this organization also sets different objectives that will help this organization to improve its brand image. This organization also wants to be one of the top five educational service providers of Australia within the first five years of operation (McLean, 2018). It is necessary for Seed to implement different innovative strategies to gain more advantages during operation so that proper communication and research development is vital for Seed.     

Core Value of the Business 

Core values generally provide the organization right path to fulfil all the objectives. Seed is a result driven online educational platform that provides consultation to the students to improve their future through career mapping program (Terziev and Arabska, 2017).  The founder members of this organization also trying to implement different parameters to recognize the best ways that learners needs. At the same time, the organization will maintain transparency during operation. Proper innovation and research will provide the organization validate and reliable outcome (Kidwai et al., 2017). The senior management will also gather feedback from each and every customer to recognize the area of development for maintaining effective research development.     

 

SMART objectives with Key performance Indicators 

Specific

Measurable

Attainable

Relevant

Time Based

This organization wants to improve its brand image as well as organizational recognition through its effective operation and services.

The organization needs to launch a marketing advertisement to improve its brand recognition in the Australian market.     

The launch of marketing and advertising will increase the number of students as well as organizational revenue.

The higher management has the responsibility to improve marketing and advertising leads to achieve the corporate objectives (Meyer, Neck and Meeks, 2017).

To achieve this objective this organization needs to spend six months of time.

 

Organization needs reduce management cost, labor cost to increase organizational profitability.

Implementation of advanced technology will reduce overall organizational cost and financial profitability of the organization so that measuring organizational performance will indicate outcome (Rawhouser, Cummings and Newbert, 2017).     

The management will implement different upgrade software and hardware to improve the overall operational excellence leads to achieve the target.  

Implementation of upgrade technology in workplace will also grab the attention of more customers and it will ensure high quality performance of the organization.

Organization needs 3 to 4 months of time to implement different upgrade technology for sustainable organizational development (Kidwai et al., 2017).

Organization will provide the student quality learning experience for better job opportunities and personal development.

Organization will measure the performance of each and individual candidates through interview and survey.

The business development executives need to gather feedback from the candidates and it also helps this organization to evaluate its service quality (McLean, 2018).     

Identification of service quality is important for all the educational organization to improve its brand image as well as organizational position (Abrams, 2017).

Organization needs to gather feedbacks from the students all the time to maintain its position.

Service Offered

This organization will offer the student consultation and the learners can view different job roles based on their current educational qualification. In this regard, if the student doesn’t have the sufficient qualification then Seed will offer the students a various certified course in affordable price (Rawhouser, Cummings and Newbert, 2017). This organization also suggests the candidate’s suitable job roles based on their qualification and experience. The organization will also customize the course based on the client’s needs.         

Business Model 

Proper business model is urgent for the organization to maintain day to day workforce in an effective manner (Jansen, 2017). Seed will provide the student's consultation with a view to their career so that this organization will take a specific consultation fee from the student. At the same time, these organizations also suggest the student different course to improve their qualification so that the organization will get 35% of commission percentage from total tuition fees. Fee for service model is most suitable for this business so that that management of this organization will take the charges from the student for the services. Apart from that this organization also uses the commission revenue model also because this organization will provide the institutions different candidates for generating more revenue.     

Conclusion 

Based on above study it has been identified that Seed will introduce online educational consultancy in Australia and this organization has all the resources so that analysis of current environment will help to recognize the potential competitors and factors that can influence the overall organizational operation in future. According to environmental analysis, it has been identified that the number of competitors is average and the demand of this service is higher. It is important for this organization to recruit expertise people in this organization otherwise it will be too tough for the company to improve its brand image as a startup.   

 

References 

Abrams, R.M., 2017. Entrepreneurship: A Real-World Approach. Planning Shop.

Bull, G., Spector, J.M., Persichitte, K. and Meiers, E., 2017. Reflections on preparing educators to evaluate the efficacy of educational technology: An interview with Joseph South. Contemporary Issues in Technology and Teacher Education, 17(1), pp.11-16.

Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability(pp. 34-42). Routledge.

Hiriyappa, B., 2018. Strategic Management and Business Policy: For Managers and Consultant. PublishDrive.

Jansen, W., 2017. New business models for the knowledge economy. Routledge.

Kidwai, H., Iyengar, R., Witenstein, M.A., Byker, E.J. and Setty, R. eds., 2017. Participatory Action Research and Educational Development: South Asian Perspectives. Springer.

McLean, M., 2018. Understanding your economy: Using analysis to guide local strategic planning. Routledge.

Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship?strategic management interface. Strategic entrepreneurship: Creating a new mindset, pp.17-44.

Oromaner, M.J., 2018. Review of Hard questions on global educational change: Policies, practices, and the future of education. Education Review//Reseñas Educativas, 25.

Oser, W.H., 2017. A critical analysis of an experiment in individualized reading as developed by an educational consultant and a teaching staff (Doctoral dissertation).

Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.

Rawhouser, H., Cummings, M. and Newbert, S.L., 2017. Social impact measurement: Current approaches and future directions for social entrepreneurship research. Entrepreneurship Theory and Practice, p.1042258717727718.

Takeda, Y., 2018. Applying Digital Storytelling to Business Planning. In Digital Multimedia: Concepts, Methodologies, Tools, and Applications (pp. 800-824). IGI Global.

Terziev, V. and Arabska, E., 2017. Examining social enterprise business advisors job profiles and qualifications. 

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