The business environment nowadays keeps on changing rapidly due to the advent of technology. with this, new things (product, process, resources, etc.) are introduced every now and then as a result of this change. countries including Oman are also facing different challenges because of the change in the economy. in order to cope with the change, the government of Oman is encouraging its constituents to take a share in developing the economy of the country by putting up small businesses by providing initial capital for start-up.
Assume that you are awarded with 20 K Rials Omani by the government through AL RAFD FUND and you need to use this amount to start a new small venture that helps augment your financial needs. in order for you to do this, you are expected to do an environmental scanning or environment analysis to determine a particular need that can be a good support for you to generate business ideas. From that case, you are required to do research work and develop a report based on the patch works specified below.
Patch 1: as a result of your environmental scanning or environment analysis, describe a particular need that you have identified and lay out some reasons why it become a need and recommend a good business idea out of this which you think will give you a good business opportunity (could be your own creation or innovation). from here, give the detail of the business idea that you would like to recommend in terms of:
– The industry you are entering,( in a historical and a geographical sense)
– A look at changes, advancements and trends over the last 3-5 years (local, national, international)
– Describe how and where your particular business fits into the industry and why there is an opportunity for your business.
** Total word count = 600 words
** In-text citations and Referencing using Harvard Style