UNIT COURSE TITLE & CODE

Entrepreneurship for Engineers Course Code: ME 5163

STUDENT NAME

REGISTRATION NO:

LecturerMrs. Kalpana Ambepitiya Intake NO: 29 & 30

ASSIGNMENT

(number of how many)

1 OF 1 WORD COUNT 2000

ASSIGNMENT HANDOUT

DATE

2015-03-06 ASSIGNMENT SUBMITION DATE

2015–04-03

GENERAL SIR JOHN KOTELAWALA DEFENCE UNIVERSITYBACHELOR OF SCIENCE IN AERONAUTICAL ENGINEERING AND BACHELOR OF

SCIENCE IN MECHANICAL ENGINEERING – 2015

ASSIGNMENT TITLE: TAKE HOME – INDIVIDUAL

Task:

You are required to generate a business idea to the field you are in. A complete explanation should be provided based on followings,

1. Explain your business idea2. Explain skills and characteristics that required to start the business3. Explain what opportunity sources supported you to generate this idea. 4. Conduct a SWOT and PESTEL analysis5. Identify what conditions will applicable to succeed the business

Assessment and marks

Assignment Preparation Guidelines

Type your assignment clearlyo Font type: Times new roman/Arial

o Use standard table of content

o Font size

Headings : 14 pt, Bold, Underlined Sub-headings : 12 pt, Bold, Underlined, numbered Body : 12 pt, normal Align : Justify Line spacing : 1.5 Margins : 1” form each side Numbering : at the bottom right hand corner Header

Left side- subject name Right side- individual/group assignment

Footer Left side- batch number Right side-page number

All the Figures, Tables, Diagrams etc. should be numbered Label sketches properly and neatly. Write on only one side of the paper. Utilize a table of contents and section headings where applicable. Use size A4 paper. Provide a title page and a front cover.

Content of the answer Marks (%)

Knowledge 10Application 20Analysis 40Evaluation 30Total 100

Do not forget to sign the plagiarism statement on the cover sheet of your assignment. Please note that plagiarism is treated as a serious offence and therefore the work you

produce must be individual and original although may work in groups in some instance All sources of information must be referenced using “Harvard referencing” where a

reference listing should be included at the end of the assignment Please note that the technical failures which occur during the assignment processing

period are not counted as an excuse for late submissions. As a precaution you are expected to have a backup file (a copy of your assignment) by all means saved in the system to avoid sudden system crashes and technical failures.

The completed assignment should consist of the following documents and should be in

order:

1. Cover Sheet / Title page

2. Assignment Brief

3. Acknowledgement

4. Executive summary

5. Table of contents

6. List of illustrations/diagrams

7. Body of the report (Task/s)

8. Conclusion

9. References

10. Appendixes

LECTURER’S FEEDBACK AND MARKS

GENERAL COMMENTS

SPECIFIC COMMENTS

CONTENT OF THE ANSWER

COMMENTS MARKS

KNOWLEDGE

APPLICATION

ANALYSIS

EVALUATION

TOTAL

HOW TO IMPROVE YOUR ACHIEVEMENTS IN THE FUTURE

Lecturer’s Signature and Date

Introduction

Aeronautical engineering is a branch of aerospace engineering and has a vast scope in today’s world

with rapidly growing technology and new business ideas. But in Sri Lanka its scope is very limited and some of the

opportunities are only centred to one place.This field involves in studying about how the aircraft behaving in the earth’s atmosphere. This field deals with the aircrafts’ research, design. Development, construction, testing and conducting proper maintenance practises.

Business IdeaAeronautical engineering which is a main branch of engineering filedAs an entrepreneur I have thought to start a

maintenance facility and aircraft parts assemble unit as a business idea in this field. At present our country is capable of

having domestic fights between the main cities in the country and there are VIP transports within the country. So there are

enough number of light aircraft operating inside Sri Lanka.Which means there should be a well-equipped facility to carry out

maintenance in such light aircraft.

This idea is mainly focusing to carry out 100% accurate and quick maintenance jobs where there are failures or such aircraft

which are grounded or cannot be operated to provide transport with in the country. Our main task is to lure all the domestic

airlines such as Helitours, Skyline, and Asian Aviation and provide outstanding service for a reasonable price.

Not only would I offer the pricing schedule, but a maximum 3 day turn-around to get the airplane back.  Sounds insane

doesn’t it?  Well, it is something that aviation needs and I think it could work if it was handled correctly, and that would be

with the inquiry, you would know the general condition of the airplane.  Obviously parts and other surprises would not be

included, but all things considered it would be an outstanding price and outstanding service something aviation need

to introduce right away.  I believe just by itself this could be a profitable solution, but one element that would need to be

looked at would be the up-sell.  Lets see, grubby old interior?  Have any solutions to that?  I would find inexpensive ways to

overhaul an interior.  How about radios?  Have anything on the shelf or something that you have located on-line that could

be installed to make the airplane more useable and safe?  Safe???  Yes, weather graphics in the cockpit is a safe thing and

most owners that use the airplane for any cross country travel should be offered some type of upgrade.

Some may feel uncomfortable with this approach, yet people who offer a great service for the price will find many are

willing to spend the money.  When you look in publications, whether it is on-line or paper you will see many airplanes for

sale, but not many of them that well equipped and ready to go.  One of the problems with being in business for a while, is

that it wears a person down and we only see business with reference to our daily activities.  If you want to create a

growing thriving business, you have to get on it and discover ways of providing value for the money.  I am sure by offering a

guaranteed price for an annual inspection with a 3 day turn-around, that you would have enough inquiries that it would keep

most shop owners busy for months.  You can?t try and figure out how to gouge the customer, you need to really feature and

deliver the product as advertised, else word gets out and aviation is too small of a community for this type of reputation.

So lets do the math on this and see how it works.  Since my background is in volume business, this is how you make sense of

operating your business as an annual inspection turn around.  Obviously a Piper Malibu would not qualify for the $1,200

annual, but it will be you making the decision on bidding the annual inspection, which is what good marketing is all about. 

You have identified someone who is a price shopper, owns an airplane, and is needing some maintenance work done.  If you

are good in business, you probably can convince the owner to let you work on the airplane, and if you do a good job most

likely you will have more future business.  For those who have never owned an airplane, they always seem to have

something that needs to be fixed!  By creating a relationship, you may not make that much money on the inspection, but

future business will be outstanding.  And that is what business is all about, creating a relationship of trust, people like doing

business with people they like?.and they don?t have to be your friend.

So here are two simple examples of a flight school opportunity, and a maintenance facility opportunity that I haven?t

personally seen anyone attempt to do.  I am leaving all the other potential business off the table at this time, if you want you

can hire me and I will show you some sure fire ways of making money in aviation, and it is even easier than you think.  No,

not anything to do with cookies to lure a customer, sure fire ways of building a business that is growing, profitable, which

equates into a more enjoyable day.  If we had more business minded people operating aviation entities, we would have more

satisfied customers, and more customers PERIOD!

That is what an aviation consultant does, an outsiders look into income potential, and ways of creating more business.  First,

you need to have an open mind to consider the fact that you don?t know it all.  Second, be willing to implement programs

designed to grow the company because you will find out it really is fun to be successful and be professional at the business

you are involved in.  We offer a no-obligation evaluation of your business, and the fees are usually associated with growth

Vs. flat fees.  What do you have to lose?

1. Explain skills and characteristics that required to start the business2. Explain what opportunity sources supported you to generate this idea. 3. Conduct a SWOT and PESTEL analysis4. Identify what conditions will applicable to succeed the business