Talal is confused about what kind of business should he start, traditional or e-commerce? Though his family is running a traditional business, Talal has heard and learnt lots about the e-Business and e-marketing.The question he need to deal with whether he should join his father’s or brother’s business or he should do his own.He is also considering the financial aspects. Should he take from father? Or bank or other sources such as partnership, etc.

QUESTION

Talal has completed his Master’s in Business from SEU. Talal’s hobby is body building. He bagged several awards in body building. His father has a small jewelry shop. His mother running a beauty salon, while brother has a car rental service.

Talal is thinking seriously about his future. He realized that this is not the end, but the beginning of another phase of life. It is time to plan his future career. He doesn’t want to do any job. He want to do business but how and what business?

Talal is confused about what kind of business should he start, traditional or e-commerce? Though his family is running a traditional business, Talal has heard and learnt lots about the e-Business and e-marketing.The question he need to deal with whether he should join his father’s or brother’s business or he should do his own.He is also considering the financial aspects. Should he take from father? Or bank or other sources such as partnership, etc.

Therefore, this is a question with no easy solution. Considering the above situation prepare a Decision Making and Problem Solving Worksheet answering the following question: (Step 1 TO 7 in file attached)
______________________________________________________________________

Instructions:
Avoid plagiarism
Use Apa style reference
Please Answer ALL 7 STEPS

ANSWER

Decision-Making and Problem-Solving Worksheet for Talal’s Future Business Endeavor: Traditional or E-Commerce?

Step 1: Identify the Problem and Gather Information

The problem at hand for Talal is determining the type of business he should start and whether he should join his father’s or brother’s business or venture out on his own. He is also considering whether to pursue a traditional business model or explore the realm of e-commerce. Additionally, Talal needs to assess the financial aspects of his decision, such as potential funding sources like his father, the bank, or partnerships.

To gather relevant information, Talal should engage in research and analysis. He can start by assessing the current market trends and demands in both traditional and e-commerce sectors. He should also consider the competitive landscape, potential growth prospects, and future market projections. Talal should also evaluate his personal strengths, skills, and interests, aligning them with potential business opportunities.

Step 2: Define Goals and Objectives

In this step, Talal needs to define his long-term goals and objectives. He should consider both personal and professional aspirations. For example, Talal may want financial independence, the ability to make a positive impact, and a fulfilling career. By clearly defining his goals, Talal can align his decision-making process with his desired outcomes.

Step 3: Generate Alternatives

Talal should generate a list of potential business ideas that align with his goals, interests, and skills. He can explore both traditional and e-commerce options and brainstorm various possibilities (Talal et al., 2019). For traditional business, Talal could consider expanding his father’s jewelry shop or contributing to his brother’s car rental service. On the other hand, he could explore e-commerce opportunities like an online jewelry store or a fitness-related e-commerce venture.

Step 4: Evaluate Alternatives

To evaluate the generated alternatives, Talal should consider multiple factors, including market demand, competition, scalability, profitability, personal interest, and growth potential. Talal should conduct a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis for each alternative. This analysis will help him identify the strengths and weaknesses of each option and assess potential risks and rewards associated with them.

Step 5: Make a Decision

Once Talal has evaluated the alternatives, he should weigh the pros and cons of each option against his defined goals and objectives. He should prioritize the alternatives that align most closely with his personal and professional aspirations (Toward Sustainable Transportation: A Pavement Strategy Selection Based on the Extension of Dual-Hesitant Fuzzy Multicriteria Decision-Making Methods, 2023). Talal should also consider his financial situation and the potential funding sources available to him. This decision-making process should involve careful consideration and reflection, as it will shape his future career path.

Step 6: Implement the Decision

After making the decision, Talal should develop a detailed implementation plan. This plan should include specific steps and timelines for starting the chosen business (Saunders et al., 2005). Talal needs to consider factors such as business registration, location selection, product sourcing, marketing strategies, and establishing a strong online presence if he decides to pursue e-commerce. He should also consider seeking advice from experienced individuals in the chosen industry to enhance his chances of success.

Step 7: Evaluate the Decision

Once Talal has implemented his decision and started his business, he should regularly evaluate its progress and performance. This evaluation process should involve monitoring key performance indicators, assessing customer feedback, and adapting strategies as needed. Talal should also review his financial situation periodically to ensure that his business remains sustainable and profitable. Continuous evaluation will help Talal identify any necessary adjustments or improvements to achieve his long-term goals.

In conclusion, Talal’s decision-making and problem-solving worksheet involves identifying the problem, gathering information, defining goals, generating alternatives, evaluating options, making a decision, implementing the chosen path, and evaluating the results. By following these steps and considering various factors, Talal can make an informed decision about his future business and embark on a path that aligns with his aspirations and potential for success.

References

Saunders, R. P., Evans, M. D., & Joshi, P. (2005). Developing a Process-Evaluation Plan for Assessing Health Promotion Program Implementation: A How-To Guide. Health Promotion Practice, 6(2), 134–147. https://doi.org/10.1177/1524839904273387 

Talal, M., Zaidan, A. A., Zaidan, B. B., Albahri, O. S., Alsalem, M. A., Albahri, A. S., Kiah, L. M., Jumaah, F. M., & Alaa, M. (2019). Comprehensive review and analysis of anti-malware apps for smartphones. Telecommunication Systems, 72(2), 285–337. https://doi.org/10.1007/s11235-019-00575-7 

Toward Sustainable Transportation: A Pavement Strategy Selection Based on the Extension of Dual-Hesitant Fuzzy Multicriteria Decision-Making Methods. (2023, February 1). IEEE Journals & Magazine | IEEE Xplore. https://ieeexplore.ieee.org/abstract/document/9760143/