Essay about Homework

690 Words Dec 19th, 2015 3 Pages
1-21: Evaluate how Foursquare fits Schumpeter’s definition and the five basic ways entrepreneurs find opportunities to create new businesses.

Foursquare fits Schumpeter’s definition in the fact Crowley and Selvadurai took their experience and knowledge of the technology field and exploited an invention in producing a new commodity or producing an old one in a new way. In the creation of Foursquare, Crowley and Selvadurai basically followed Schumpeter’s basic ways that entrepreneurs find opportunity to create a new business. They used a new technology to produce a new products such as Dodgeball. They used existing technology to produce a new product. Crowley and Selvadurai used existing technology to produce an old product in a new
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1-24: What prepared the founders to create Foursquare?

Both founders had prior experience in the technology field. The prior companies that Crowley and Selvadurai worked at were closely related to the same business that Foursquare is today.

1-25: What gaps in the founder’s team and resources needed to be filled by outside sources? Name four specific resources they acquired.

Gaps that needed to be filled were sufficient funding for launching the app, they needed four different venture capital installments to get the project off the ground, talent was mostly there in the beginning and the founder experience helped them recognize the talent they needed. There was also a period of retailer fatigue.

1-26: Identify the features and benefits the founders included in the app to ensure its popularity. Why were these selected?

One of the biggest benefits and features of Foursquare is that it is a mobile app and easily accessible from any mobile device. Crowley and Salvadaurai thought it would be a good idea to build incentives into the app which would potentially increase usage and improve the user’s experience. One incentive was to award virtual badges for the number or variety of check-ins to particular locations visited. Users were also able to receive discounts and incentives from advertisers when they check-in such as free items. Crowley and Salvadaurai also designed the

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