BSBCRT401 Assessment

BSBCRT401

Assessment

Assessment Event 1 – Knowledge Questions

Question 1

Question 2

Market Research – You can do this on your own very easily. Ride around your intended market area and see what types of businesses are present. If there are four drycleaners, that’s probably not the business for you. Look at busy stores and shops and talk with their owners.

Reinvent and Old Idea – Authors will tell you every novel is basically the same story with different characters and locales, but somehow they still keep selling books. If your miniature golf course is barely getting by, instead of 18 holes, invent a bonus or 19th hole with real prizes.

Focus On the Most Important – Your store isn’t a big box chain store so attempting to sell something for everyone under the sun is a sure way to turn your business venture into headache.

Be Selective – Some new business owners are so knowledgeable about one product or service when they finally open their business, their knowledge goes out the door. Why? The small business owner is inundated with vendors, suppliers, and sales pitches on why they need to sell a new product they know nothing about.

Think Green – The consumer world we live in, whether they like it or not, will be either forced or already desire to buy green products or services.

Skills needed

1. Sales

This one is a no-brainer–of course you are going to need sales skills in order to run your business! After all, marketing can drive customers in to your business, but sales are going to be what keeps them coming back and keeps putting money into your pocket.

2. Planning

Taking one bad step can make or break your business, especially when it is still in the early stages of development. Entrepreneurs that are successful with their ventures make a plan and stick to it, thinking out every risk, benefit, and cost of an option available to them.

3. Communication

Communication is an underlying skill for many others in business (sales included). Communication is how you will be able to cultivate loyal employees, charm customers into coming back time and time again, and court investors and other sources for increasing revenue for your business.

4. Customer Focus

Successful entrepreneurs keep a narrow focus–on the customer that is paying their bills. They do not forget that everything that they do is for the customer, since the customer is the one that is allowing them to do anything in the first place. A good business owner will always have time for a customer, whether they have a complaint or praise.

5. Curiosity

The best business skill has always been a healthy curiosity. This will lead you to look into what your competitors are doing, and it will also allow you to utilize new technologies to the best of your ability to streamline your business and even reach out to new customers.

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to look into what your competitors are doing, and it will also allow you to utilize new technologies to the best of your ability to streamline your business and even reach out to new customers.

Question 3

Risks when Developing Ideas

Resistance

Resistance to change is a common risk factor. People are usually set in their ways and are reluctant to accept new procedures. In addition, employees may remember previous failed organizational change initiatives. There is also the fear of losing jobs, especially if the change involves process automation and information systems. One way to overcome resistance is to scale down ambitions, meaning not try to implement everything at once.

Leadership

Organizational change management requires leadership. Managers in the affected departments should have experience with previous change management exercises or be adequately trained to handle the demands. Fuchs suggests that commitment and conviction are essential leadership qualities. Management must maintain focus through the inevitable schedule slippages and unanticipated events during the implementation process.

Disruption

Operational disruptions are another risk factor of organizational change. One strategy to minimize the impact is to determine the right implementation pace, which will vary depending on the size of the company and the complexity of the project.

Forcing Change

Fuchs cautions against forcing change. Instead, companies should create a need for it at every level, with senior management reinforcing the message internally and externally. Employees and mid-level managers should understand why the change is necessary, because without their buy-in, the change process may never succeed.

Question 4

Stories define the very essence of human life. Through stories, important lessons are shared, common values are identified and messages are communicated. Compelling stories create connections between people. When someone relates a story that you can identify with, even if you don’t know that person, you begin to feel a connection. The personal connection created by storytelling communicates authentic human experiences. Without using specific narrative, customers can identify ways that using a product or service benefits and enhances their life and are motivated to replicate the scenario in their own life.

1. Speak truthfully.

Honesty and transparency are important in brand storytelling. Yes, you’re crafting “stories,” but they need to be rooted in the reality of your brand, products, and industry. In other words, even brand stories must adhere to the three primary steps of brand-building: consistency, persistence, and restraint.

2. Infuse personalities into stories.

Brand stories are not marketing materials. They are not ads, and they are not sales pitches. Brand stories should be told with the brand persona and the writer’s personality at center stage. Boring stories won’t attract and retain readers, but stories brimming with personality can.

3. Create characters your audience will root for.

Brand storytelling requires that you create characters your audience will like and cheer for. That doesn’t mean you’re required to create fictional characters or brand mascots to tell your stories.

4. Include…

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