Course Assignment - International Business Venture

This will be the basis for Assignment 1 and Assignment 2

This case should appeal to anyone interested in starting a new business in a foreign country. It involves research, marketing, finance, technology, and personal ethics. The main purpose of this and other cases, however, is to help you practice some of the project management skills you are developing as part of your course.

Assignment 1 - Part 1: Initiating

Background Scenario:

You have decided to start a project to launch a new business in foreign country. The main goals of the International Business Venture Project are to plan the project, including scope, schedule, budget and other necessary items to open a business by one year from now. One of your success criteria is to recoup your investment costs after two years in business.

Note: if you are working on an actual project and would like to use that instead, by all means go ahead. The course is about using project management knowledge in your career and life!

Tasks

1. This International Business Venture Project would usually involve you and a few of your friends/colleagues. This will be an individual assignment for the OPMT1187 Online course (not a group project).

Determine your strengths and interests related to starting a business in a foreign country. Summarize this information in a matrix, using the following format:

Name:

Strengths	Interests

Based on this information, brainstorm a few ideas for business ventures. Document at least three potential ideas, including the type of business, products or services provided, target market, location, and so on. For example, perhaps you have travel planning experience and want to start a travel excursion company in Australia. Your target market will be people over fifty who want to plan group excursions for birthdays, reunions, and other special events. Your company would provide full-service travel, including booking flights, hotels, restaurants, guided tours, and entertainment. Or perhaps you want to start a home health care business in Italy. Or you want to start a financial planning firm in Indonesia. Try to pick a business and country that interests you.

2. Research the market for your top two or three business ideas. Find at least three references that help support or negate each idea. Summarize your findings and describe which idea you plan to pursue in a one-page paper. Determine a rough budget for the project, assuming it will cost at least $100,000. For example, you will need to pay for legal advice and the Web site, and you might need to hire consultants, lease space, purchase products, etc. in the country where you want to operate the business. Assume that your project team will not get paid for the hours they put into this project, but once the business opens, they will be compensated.
3. Prepare a project charter for the New Business Venture Project. Assume the project will take one year to complete and cost at least $100,000. Recall that the main project objectives are to prepare a business plan, get financial backing, handle legal issues, and develop marketing materials and other necessary items to open the business by one year from now. Your project team will not get paid for the hours they put into this project, but once the business opens, they will be compensated. You will incorporate the business and hire a lawyer to help with this and other legal issues. Use the charter template provided (Assignment One Working Template)