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.

QUESTION

Assignment Questions:

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: Defining and Clarifying the Question

Step 2: Develop mind mapping for the alternative

Step 3: Generating Alternatives

Step 4: Variables to consider

Step 5: Weighing the considerations

You may notice that the variables to consider are not of equal importance. Therefore, you need to weigh how important each variable is before you make your decision. In this activity, the following rating scale can be used:

Step 6: Weighing the alternatives

When weighing the various alternatives, how well each alternative fulfills the variables to consider can be expressed as scores. A different rating scale will be used to assess each alternative:

Note: Positive numbers (+2 or +1) indicate that the alternative is able to fulfill the variables, whereas negative numbers (-2 or -1) denote the opposite.

Step 7: Calculating a decision and Overall assessment

ANSWER

Step 1: Defining and Clarifying the Question

The question Talal needs to address is what kind of business he should start – a traditional business or an e-commerce venture? He also needs to decide whether to join his father’s or brother’s business or start his own. Additionally, he is considering the financial aspects and needs to determine whether to seek funding from his father, a bank, or other sources such as partnerships.

Step 2: Develop mind mapping for the alternatives

Traditional Business:

   – Joining father’s jewelry shop

   – Joining brother’s car rental service

 E-commerce Business:

   – Starting an online jewelry store

   – Starting an online beauty products store

   – Starting an online fitness and bodybuilding products store

Step 3: Generating Alternatives

 Traditional Business

1. Joining father’s jewelry shop: Talal can utilize his family’s experience and expertise in the jewelry industry to learn the business from his father and eventually take over or expand it.
2. Joining brother’s car rental service: Talal can leverage his brother’s existing car rental business and contribute his business skills to help expand the service or explore new opportunities in the transportation sector (Brill  et al., 1982).

 E-commerce Business

1. Starting an online jewelry store: Talal can combine his passion for bodybuilding with his family’s jewelry business and create an online store that specializes in custom-made jewelry for bodybuilders and fitness enthusiasts.
2. Starting an online beauty products store: Talal can leverage his mother’s beauty salon expertise and create an online store that sells a wide range of beauty products, catering to both local and international customers.
3. Starting an online fitness and bodybuilding products store: Talal can capitalize on his personal interest in bodybuilding and create an e-commerce platform that offers a comprehensive range of fitness equipment, supplements, and apparel.

Step 4: Variables to consider

 Personal Interest and Passion: Talal’s interest and passion for bodybuilding and his family’s businesses.

Market Demand: The potential demand for traditional business versus e-commerce in the jewelry, car rental, beauty, and fitness industries.

Competition: The level of competition in both traditional and e-commerce sectors.

Growth Potential: The growth potential of each business option.

Financial Resources: The availability of funds from family, banks, or potential partners. Skill Set: Talal’s skills and expertise relevant to each business option.

Time Commitment: The time required to establish and manage each business option.

Step 5: Weighing the considerations

Considering the above variables, we can assign weights to each one based on their importance in Talal’s decision-making process:

Personal Interest and Passion: 5

Market Demand: 5 (Wedrich et al., 2023)

 Competition: 4

Growth Potential: 4

Financial Resources: 3

Skill Set: 3

Time Commitment: 2

Step 6: Weighing the alternatives

Based on the variables and their weights, we can assess the suitability of each alternative:

Traditional Business:

– Joining father’s jewelry shop: +2 (very suitable)

– Joining brother’s car rental service: +1 (quite suitable)

E-commerce Business:

– Starting an online jewelry store: +1 (quite suitable)

– Starting an online beauty products store: +2 (very suitable)

– Starting an online fitness and bodybuilding products store: +2 (very suitable)

Step 7: Calculating a decision and Overall assessment

After considering the variables and weighing the alternatives, it appears that Talal’s best course of action would be to start his own e-commerce business. This decision is based on

 several factors:

Personal Interest and Passion: Talal’s hobby and achievements in bodybuilding align with the potential e-commerce ventures, allowing him to combine his passion with business.

Market Demand: The online beauty and fitness/bodybuilding products sectors are experiencing significant growth and demand (Hummel et al., 2014).

Competition: While competition exists in all sectors, the e-commerce market provides opportunities for targeted marketing and niche specialization, allowing Talal to differentiate his offerings.

Growth Potential: The e-commerce sector has shown tremendous growth and scalability potential, enabling Talal to expand his business beyond the limitations of a traditional brick-and-mortar establishment.

Financial Resources: Talal can explore funding options such as bank loans or partnerships to secure the necessary capital for his e-commerce venture.

Skill Set: Talal’s business education and knowledge of e-marketing can be leveraged effectively in the e-commerce business, contributing to its success.

 Time Commitment: Managing an e-commerce business provides more flexibility in terms of time commitment compared to traditional businesses, allowing Talal to pursue his other interests and hobbies.

In conclusion, Talal should consider starting his own e-commerce business, specifically an online beauty products or fitness/bodybuilding products store. By combining his personal interest and family background, Talal can create a unique and profitable venture in the growing e-commerce market. With proper planning, strategic marketing, and leveraging available resources, Talal has the potential to establish a successful and fulfilling career in the e-commerce industry.

References

Brill Jr, E. D., Chang, S. Y., & Hopkins, L. D. (1982). Modeling to generate alternatives: The HSJ approach and an illustration using a problem in land use planning. Management Science, 28(3), 221-235.https://pubsonline.informs.org/doi/abs/10.1287/mnsc.28.3.221 

Hummel, J. M., Bridges, J. F., & IJzerman, M. J. (2014). Group Decision Making with the Analytic Hierarchy Process in Benefit-Risk Assessment: A Tutorial. The Patient: Patient-Centered Outcomes Research, 7(2), 129–140. https://doi.org/10.1007/s40271-014-0050-7 

Wedrich, K., Cherkasova, V., Platl, V., Fröhlich, T., & Strehle, S. (2023). Stiffness Considerations for a MEMS-Based Weighing Cell. Sensors, 23(6), 3342. https://doi.org/10.3390/s23063342