Smart thinking should be employed in order to have potential for growth (Marinel 5). Factors to consider when starting There are various factors to consider before starting a business. One factor is the area of expertise and knowledge. The entrepreneurs must come together and evaluate the level of expertise in providing the good or service they intend to market through their business. For a business to be successful, the business partners must have some experience in the field in which they want to invest. Many businesses fail due to lack of knowledge. The exposure could come from employment in other companies or organizations offering similar products or services. The knowledge should be reinforced by research into the prospects of the product faring well in the market to avoid frustrations. Every niche of a business requires a specific set of skills and, therefore, some require more expertise than others. The knowledge should be coupled with the desire to succeed. Many starters fail in business due to diminishing passion once they face hardships. The people who want to start the company must, therefore, have a culmination of passion if the business is to take off the ground (Marinel 5). The second factor to consider is the market and demand for the product. Before investing in the product, it would be necessary to determine how much of the product will be sold in certain duration. This is a crucial marker for projecting the profitability. The main reason for starting a business is to make a profit and profit involves sale volumes. The product should be sold in areas where its demand is felt. Some products do well in the local market while others would do well in the international market. Extensive research should be done in order to determine the area in which the product will have enough demand to sustain the development of the business. The target customers should also be established. This helps in demarcating the market into various segments based on factors such as the lifestyle, age, and income. Accuracy in determining a market segment is essential to facilitate the recouping of the initial cost as well as driving the business forward. This becomes facilitated by the products ability to satisfy a need in the market. The product launch should also be timely in order to develop a customer base (Longenecker 28). Competition should be the next factor to consider. The entrepreneurs should be able to determine the level of competition they expect when entering the market. This is critical in determining whether they have a competitive advantage against the already established would be competitors. The competitive advantage receives creation if the customers perceive the product to be of superior quality than the others in the market. The product concept should be judged on the opportunity, for business it creates. A brilliant concept does not necessarily imply a fantastic investment opportunity (Longenecker 29). Technology of making the product should also be considered. With time, technological advances evolve in production of many goods in the market. Technological aspect makes a key factor in increasing the competitive advantage by being able to produce higher units of the product, and increasing the cost effectiveness. Once the product to be marketed has been determined, the investors should evaluate their technology to determine if it will help them satisfy the demand effectively, and whether it will reduce
Name: Professor: Course: Date: Business start-up from scratch How to start a business from scratch Although starting a business from scratch is risky, it is one of the most satisfying feelings. It is the dream of every entrepreneur to start up and run their own interests…
This paper presents brief report on the management strategy of Amazon.com and gives detailed analysis of both the internal as well as external environments. In order to analyze the business environments, various business analysis tools such as SWOT, Value Chain, PESTEL, porter’s Five Force analysis etc will be included in the paper.
Start Up Shoe Business- OPERATIONAL PLAN Table of Contents Production 3 Location 4 Legal Environment 4 Personnel 7 Inventory 8 Suppliers 9 Credit Policies 10 Account Receivable and Payable 10 Reference 12 Start Up Shoe Business- OPERATIONAL PLAN Production HIGHLOWS shoe will have three adjustable heights i.e.
The author of the essay stresses that it's of paramount importance to work out a business plan with all the important sections including finances, operations, milestone objectives and marketing. According to the text, having a business plan significantly reduces the risks and provides a proactive scope.
Advertising within the core spheres, aimed at finding actors, dancers, performers, decorators, directors, etc. 2. Recruiting and arranging the working space a. Rent b. Furniture and office equipment 3. Accreditation The success in an agency business is the matter of awareness and reputation, therefore, the prize money will be spent for the attempts to arrange as many business communications as possible.
Name: Instructor: Course: Date: Why starting a franchise is better than starting a new business The US is truly the land of opportunity. One can choose to start his or her own business from scratch or choose from among thousands of business opportunities, as well as franchises, in all fields and professions.
 EMPLOYMENT GENERATION: There will be employment generation for the teeming unemployed youths and graduates who are currently keeping themselves busy with some restive and harmful activities. With responsible means of livelihood, the restiveness and vices will reduce.
They have established name world wide. Now they are planning to introduce a new product to present a joint venture of their brands of beauty soap and sun block lotion. They have come with this idea through the process conducted by Research and Development Department, procedure of idea generation will be explained later.
This essay briefly describes the advantages/disadvantages of starting a business from the scratch or buying out an existing business, and considers the specific case of a franchise option.
Starting from the scratch denotes a high risk-reward situation.