Case Study : A New Fitness Center

1851 Words8 Pages
There are many factors potential entrepreneurs must consider to be effective in any venture. A strong understanding of the industry and market, opportunities that may exist within the market, potential risks to a venture 's success and the funding and conditions that the business needs to thrive. This entrepreneurial mindset requires knowledge, proactive strategies and the ability to obtain funding for the venture as well as skill and know-how to get others to invest in the idea. An entrepreneur needs to take a proactive approach to the venture by employ key strategies to understand the market and expose opportunities that the business can profit from. First, it is important to understand the industry the venture is entering. Though…show more content…
Another key strategy is to identify market trends for products and services being offered to customer behavior. Industry trends alone tell part of the story. For example, Apple 's iPhone that launched in 2007 has been dealing with steep competition with Samsung 's Galaxy and Microsoft 's Surface because the market trend for such devices is allowing users to have more control customizing phone features. A recent article in Forbes compared this trend with the teen demographic of users stating that teens are moving away from Apple because of its limited flexibility to the other, more dynamic platforms (Forbes, 2013). Apple lost significant market share with new users by not adapting to changes in the market and the emerging market disruptive technology being presented by Google, Samsung and others. Entrepreneurs also need to spend time in determining the logistics and supply structures that need to exist in order for the business to function. First, the business person should insure that their business can received, process and store goods in a timely manner and that overhead can be kept at an optimal level. A venture can suffer when turn-around times on goods fall short of customer expectation compared to the competition. In addition, some goods may not be available or have restrictions in certain states, counties and
Open Document