Assignment

Submitted by: Eshaal Naseem

Submitted to: Ma’am Saira Farooqi
Course Title: Introduction to Business
Semester: 1
Section: A
Date: 17 September 2020
BUSINESS STUDIES DEPARTMENT
KINNAIRD COLLEGE FOR WOMEN
LAHORE, PAKISTAN
Batch: 2020-2024

1|P ag e
 “Business Idea”

Event decor business:

My business idea refers to a service providing company. I plan to start an event
décor business because I’ve always been interested in event planning and organizing. Event organizing is adding
beauty and value to the ordinary, putting in creativity to life, with elegance and style. Event decor businesses are
the most creative businesses because there is no end to the ideas that can be used in such type of businesses. The
basic motive of these types of businesses is to make the important days of people’s lives more memorable.

Passion:
For as long as I can remember it has always been my greatest joy to do decorations for parties. I used to plan
birthdays and bridal showers and baby showers and all other events for my family and friends. For some time I
did all the planning and decorating without charging anyone anything but then I thought that if you are good at
something then you should never do it for free, then I decided to turn my hobby into a profession.

Vision:
I want my business to be known by every single individual in the near future, as the best event organizers in terms
of customer satisfaction and quality service.

Logic:
To become an event organizer, you need hands-on experience with creating and setting up event decor and a
portfolio of your work to showcase to potential clients. You can gain experience working for other event
decorators and event designers.

Creativity:
As creativity is the basic point of businesses like event management, there are tons of ideas about how to make
your business more innovative.

Sustainability:
My aim is to gain sustainability in the market by gaining the trust of my clients and in result goodwill of my
business will grow in the market. Also my goal is to be on the top seat of the chain of event organizers.

2|P ag e
 SWOT
Strengths
 Non-seasonal business:
Another business that is similar to event
décor business is wedding planning
business. But unlike wedding organizing
businesses which only get orders during the
wedding seasons, event décor businesses
are non-seasonal.
 Sole ownership:
All the profit gained by an event décor
business belongs to the sole owner of the
business. All the matters are in the hands of
only one person so the business runs
smoothly.
 Unlimited ideas:
One of the major strengths of an event décor
business is that there is more creativity
added. There are tons of ideas when it comes
to planning an event.
Opportunities
 Digital marketing:
Customers can have an easy access to all of
the work of an event decor business on their
websites or social media accounts. One can
promote his business by using social media
platforms.
 Hiring experienced individuals:
Hiring experienced individuals can lead to
customer satisfaction and ensure the success
of any event.
 Paid promotions:
Event décor business can be promoted
through social media celebrities (i.e.,
youtubers and instagramers) among their
followers.
3|P ag e
Weaknesses
 Social loafing:
According to this psychological phenomenon,
a person exert less effort to achieve a goal
while working in a group than working alone.
This can affect the performance of an
individual and result in to poor teamwork.
 Unforeseen expenses:
If there are any unanticipated expenses that
exceeds the price limit then the business has
to cover those expenses on its own.
 Time management:
Time management is the most basic thing that
needs to be kept in mind while managing an
event. Sometimes there is a big project but
there aren’t enough hands to get the job done
in time, which can affect the success of an
event.
 Limited number of employees:
When one starts an event decor business there
are not enough people in the team to cover big
events.
 Sole ownership:
All the losses of the business are borne by a
sole owner.
Threats
 Competitors:
Whether it is a merchandise business or a
service business, competitors are big threat to
any kind of business. Especially when one
starts an event decor business it is hard to gain
the trust of public because people rather
choose an existing service provider than a
newly started business.
 Change in weather conditions:
Arranging outdoor events is the biggest
challenge for an event decor business because
sudden weather changes can trouble the
whole event.
 Material shortage:
As in an event décor businesses exact
amount of material is required, so in case of
shortage of material or any defect in the
material purchased, there is a threat to the
success of the event.