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:
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: 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:
5 | Very important |
4 | Considerably important |
3 | Neither important nor unimportant |
2 | Not very important |
1 | Not important at all |
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:
+2 very suitable
+1 quite suitable 0 neither suitable nor unsuitable -1 not quite suitable -2 not suitable at all |
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
Exploring the Path to Success: Talal’s Decision on Traditional vs. E-commerce Business
Introduction
Talal, a recent Master’s in Business graduate from SEU, finds himself at a crossroads in his life. With a passion for bodybuilding and a family background in traditional businesses, Talal contemplates his future career. In this essay, we will delve into Talal’s decision-making process as he weighs the pros and cons of pursuing a traditional business path or venturing into the realm of e-commerce. Additionally, we will consider whether joining his father’s or brother’s business would be more suitable or if starting his own venture is the right move. Furthermore, we will discuss the various financing options available to Talal, such as seeking support from his family or exploring partnerships or bank loans.
Step 1: Defining and Clarifying the Question
The primary question Talal must answer is what type of business he should pursue: a traditional business or an e-commerce venture. Additionally, he must decide whether to join his family’s existing businesses or embark on his own entrepreneurial journey (Seth, 2022). Lastly, he needs to explore the financial aspects of starting a business and determine the most viable funding source.
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 his own online business
Step 3: Generating Alternatives: Alternative 1
Joining Father’s Jewelry Shop: Talal can utilize his family’s expertise and network in the jewelry industry. By joining his father’s business, he can contribute his knowledge and skills in business management while leveraging the established customer base and reputation of the jewelry shop.
Alternative 2: Joining Brother’s Car Rental Service
Talal’s brother already operates a car rental service, which presents an opportunity for Talal to tap into an existing business (Taylor, 2014). By joining his brother, he can benefit from shared resources, customer referrals, and potential synergies between the car rental and his own business interests.
Alternative 3: Starting his own online business
With his background in e-business and e-marketing, Talal can consider starting his own online business(Post, 2023). This option offers him greater autonomy, the ability to explore his own entrepreneurial ideas, and the potential for scalability and global reach through e-commerce platforms.
Step 4: Variables to consider
To make an informed decision, Talal needs to consider various factors, such as:
Passion and expertise: Talal’s interest in bodybuilding may align better with specific businesses.
Market demand: Assessing the demand for jewelry, car rental services, and potential niches in the e-commerce market is crucial.
Competition: Understanding the level of competition and market saturation in each industry is vital for long-term success.
Financial viability: Evaluating the profitability and growth potential of each business option.
Personal fulfillment: Considering which option would provide Talal with the greatest satisfaction and sense of accomplishment.
Step 5: Weighing the considerations
To prioritize the variables, Talal can assign weights on a scale of 1-5, where 5 represents the highest importance and 1 denotes the lowest.
Step 6: Weighing the alternatives
Each alternative will be assessed based on its suitability for the considered variables. Ratings will be assigned using a scale of -2 to +2, where positive numbers indicate suitability, and negative numbers indicate unsuitability.
Step 7: Calculating a decision and Overall assessment
By combining the weights and suitability scores, Talal can calculate an overall score for each alternative. The alternative with the highest score would be the most favorable choice based on the weighted considerations.
Conclusion
Talal’s decision regarding his future career path requires careful consideration and analysis. By exploring the variables, weighing the alternatives, and assessing the overall scores, Talal can make a well-informed decision. Whether he chooses a traditional business by joining his father’s jewelry shop or brother’s car rental service, or opts for the e-commerce route by starting his own online venture, Talal’s success will depend on his passion, expertise, market demand, competition, financial viability, and personal fulfillment. Ultimately, Talal must choose a path that aligns with his goals and aspirations, paving the way for a fulfilling and prosperous entrepreneurial journey.
References
Seth, S. (2022). Entrepreneurs and Entrepreneurship: Definitions and Examples. Investopedia. https://www.investopedia.com/articles/investing/092514/entrepreneur-vs-small-business-owner-defined.asp
Post, J. (2023). Top E-Commerce Challenges Facing SMBs. Business News Daily. https://www.businessnewsdaily.com/6028-small-ecommerce-challenges.html
Taylor, A. C. (2014, August 1). Enterprise’s Leader on How Integrating an Acquisition Transformed His Business. Harvard Business Review. https://hbr.org/2013/09/enterprises-leader-on-how-integrating-an-acquisition-transformed-his-business
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