If you have an opportunity to start a business, what kind of business will you start? Mention about: (i) The industry and product/service you are interested in. (ii) State why you are interested in that business. (iii) Who will be your customers and competitors? (iv) The initial amount you may require starting your business.
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Develop a business idea not exceeding 500 words.
If you have an opportunity to start a business, what kind of business will you start?
Mention about:
(i) The industry and product/service you are interested in.
(ii) State why you are interested in that business.
(iii) Who will be your customers and competitors?
(iv) The initial amount you may require starting your business.
Step by step
Solved in 2 steps
- To make a “bulletproof” business plan, some mistakes must be avoided, and the following must be done:❖ Think through the business idea. You might have a great idea, but have you carefully mapped out all the steps you'll need to take to make the business a reality.❖ Do your research. Investigate everything you can about your proposed business before you start writing your business plan--and long before you start the business.❖ Research your potential customers and competitors. Is your product or service something people really want or need, or is it just "cool"? Study your market. Is it growing or shrinking? Could some sort of disruptive technology or regulatory change alter the market in fundamental ways? Why do you think people will buy your product or service? If you don't have any customers or clients yet, you'll need to convince investors that you have something people really want or need, and more important, that they'll buy it at the price you expect.❖ Get feedback. Obtain as…As an entrepreneur, you’ll face lots of tough and sometimes ethical decisions. In the situation described below, what do you think is the right thing to do. A potential customers wants to visit your place of business. Should you introduce friends as “employees” and “customers” so your firm looks bigger and busier?You plan to open a new business. Before you can approach a potential investor, you will need a strong plan. Describe the purpose and components of a business model and write a one-paragraph business model description for a business of your choice.
- You have been asked to teach the employees of a small start-up business how new ideas may be converted into viable business opportunities. In this activity, you will conduct your own preliminary research into ways in which new business ideas can be turned into opportunities. The differences between business ideas and opportunities; The characteristics of a viable business opportunity; Ways in which business ideas can be turned into viable business opportunitiesBusiness plan should describe where the entrepreneur is, where they want to go with the company, and how they plan to do so. Select one: True False If you are an entrepreneur, you will be your own boss. Select one: True False Business Plan acts as a guideline for the entrepreneur and integrates all elements of the business. Select one: True FalseDiscuss about any existing company showing the main issues and give recommendations to someone who want to start his own business.
- Imagine that the start-up company that you proposed to create for your assignment is very successful in twenty years and a large component of it becomes virtual. Outline the focus of your start-up company, its products and services, and its customers. Describe three factors that could make a significant part of the start-up company operations to become virtual. Describe two ways you would manage the virtual component of your business.The 'Dragon's Den' is a reality television show where entrepreneurs pitch their business ideas in the hopes of securing an investment from the team of investors also known as "The Dragons". In this activity, you are an entrepreneur pitching your new idea to the Dragon's Den. You will need to create one of the following options to pitch your idea: • Video • Website • PowerPoint . Written ReportIf you are planning to proposed a business how are you going to make sure that your business will be profitable and will last for a lifetime?
- In a paragraph format, briefly summarize what you learned in the articles about Understanding Your Fan Base, Expanding Your Fan Base, and Servicing Your Fans. All the article links are below. Next you were also asked to build a profile of an Austin Peay State University football club seat holder and how to market them. In the space below, please share this profile and how you would market to it. Article Links: Understanding Your Fan Base- https://www.entrepreneur.com/growing-a-business/owning-your-customer-data-is-the-key-to-profitability/432073 Expanding Your Fan Base- https://www.greenfly.com/blog/social-media-in-sports/ Servicing Your Fans- https://www.forbes.com/advisor/business/what-is-customer-service-definition-best-practices/Aside from business plan and financial aspect of the business, give one more thing thatneeds to prepare for starting a business. Explain your answer.Note the quotation from the extract below and discuss the various methods of generating ideas entrepreneurs who have closed their start up can utilise to "Bounce back" using your OWNexample to support you discussion. “The pain of closing a business can overwhelm founders, whose identity is intertwined with that of their venture. Failedfounders wonder what they’ll do next—are they employable? Adding to their worries, their personal finances may be inshambles. Most entrepreneurs cut their own salaries as their venture goes into decline, and many have invested theirlife savings in the startup—along with funds from friends and family.