[Date]
MNE3701 Assignment 5
Semester 2 2024 - DUE 25
October 2024
QUESTIONS WITH COMPLETE ANSWERS
, MNE3701 Assignment 5 Semester 2 2024 - DUE 25 October 2024
Having acquired sufficient knowledge and skills on entrepreneurship and small
business management, you must demonstrate practical competencies in managing
business’s assets and risks. Think of any business you would like to start and
answer the following questions:
QUESTION 1 By using practical examples, critically discuss how you would
manage the assets of your business. (10)
To manage the assets of a business effectively, it's crucial to implement strategies
that safeguard and optimize their use. Let’s consider a hypothetical business—a
graphic design studio named CreativeWave Design Studio—to illustrate how
various assets can be managed.
1. Physical Assets
• Example: Office space, computers, printers, and design tools.
• Management: Regular maintenance schedules are essential to avoid
downtime due to equipment failure. For instance, ensuring that computers
and design software are always updated and maintained helps prevent costly
interruptions. Additionally, adopting a tracking system for equipment (e.g.,
asset tagging) helps manage usage, ensuring accountability and identifying
when an upgrade is necessary.
2. Financial Assets
• Example: Cash flow, bank accounts, client payments.
MNE3701 Assignment 5
Semester 2 2024 - DUE 25
October 2024
QUESTIONS WITH COMPLETE ANSWERS
, MNE3701 Assignment 5 Semester 2 2024 - DUE 25 October 2024
Having acquired sufficient knowledge and skills on entrepreneurship and small
business management, you must demonstrate practical competencies in managing
business’s assets and risks. Think of any business you would like to start and
answer the following questions:
QUESTION 1 By using practical examples, critically discuss how you would
manage the assets of your business. (10)
To manage the assets of a business effectively, it's crucial to implement strategies
that safeguard and optimize their use. Let’s consider a hypothetical business—a
graphic design studio named CreativeWave Design Studio—to illustrate how
various assets can be managed.
1. Physical Assets
• Example: Office space, computers, printers, and design tools.
• Management: Regular maintenance schedules are essential to avoid
downtime due to equipment failure. For instance, ensuring that computers
and design software are always updated and maintained helps prevent costly
interruptions. Additionally, adopting a tracking system for equipment (e.g.,
asset tagging) helps manage usage, ensuring accountability and identifying
when an upgrade is necessary.
2. Financial Assets
• Example: Cash flow, bank accounts, client payments.
