A software company in Munich is organizing a competition, inviting business ideas that
promote the use of smartphone technology to conduct business. You enter your busi-
ness plan, an initiative to involve unemployed teenagers and young adults from local
communities to generate business and employment, and it was so well received that you
were awarded a special prize of €5,000. You plan on using your prize money to imple-
ment your idea.
a. Identify key decisions you need to make, the information you require to make these
key decisions, and the five major business processes you need to engage in.
b. Identify the external parties with whom you would need to exchange information
and specify the information you will receive from these parties and the information
that you will send to these parties.

Some key decisions you need to make to implement the idea of employment generation for unemployed teenagers and young adults from local communities are:

Create a business plan
Identify the unemployed teenagers and young adults
Make a budget for the €5,000, plus any other finance source you might have
Seek the help of a finance manager
Start up the business

The external parties that you need to exchange information with are:

The finance manager
Your partner(s), if you have any
Wholesalers and retailers.

What is a Business Plan?

This refers to the document made by a company that describes the company's goals,

Hence, we can see that Some key decisions you need to make to implement the idea of employment generation for unemployed teenagers and young adults from local communities are given above.

Read more about business plans here:

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