Thursday, May 29, 2014

Quiz Week 4

Question 6
Discuss common pitfalls that entrepreneurs experience in selecting which ideas to develop into new ventures. Please respond in one paragraph.

Answer for Question 6

Successful entrepreneurs introduce a product or service that satisfies customer needs in a better way than competitors, and at a price that is greater than the cost of creating and delivering that product or service. To understand how to fulfill customer needs at an attractive price, four areas are critical to assess: macroeconomic changes, industry conditions, industry status, and competition. As a first step to exploring new venture ideas, search for sources of pain or aggravation for customers, as these are prime opportunities for new products. The best clue that a new product or service is needed, are customer complaints about existing products and services.

Question 7
Discuss four types of macro changes that increase new venture opportunities. Please respond in one to two paragraphs.

Answer for Question 7

Types of changes that increase new venture opportunities includes changes in technology, changes in social and demographic factors, changes in political and regulatory rules. Technical change is one of the most important triggers of change, because new technology allows for the expansion of new innovations. The magnitude of technical change is important. Significant change can create entirely new markets. The larger the technical change, the greater the opportunity for new businesses to be created. Societal change opens up opportunities for new businesses by altering people’s preferences and creating demand for things where demand had not existed before.
Demographic changes can create a host of entrepreneurial opportunities. Each trend offers new opportunities for products and services to serve these customers. Political changes can introduce opportunities or challenges for entrepreneurial ventures. It is valuable to consider how local, state, or national government decisions may change policies. These can challenge existing companies, and open new opportunities for new companies. This type of change creates opportunities because it is productivity enhancing. In other cases, changes generated are not productive, but merely shifts value from one set of economic factors to another.

Question 8
What questions should you consider in determining how to produce the product for your venture? Please write three questions.

Answer for Question 8

What is the best way to assess customer needs?
Why does my product fit customer needs better than those of current and future competitors?
What price should I charge?

Question 9
What demographic and psychographic changes are creating new market needs in business areas that interest you? Please respond in one paragraph.

Answer for Question 9

Demographic changes can create a host of entrepreneurial opportunities. Each trend offers new opportunities for products and services to serve these customers. Some that interest me are assisted living centers for the elderly, foreign language radio, and organic food stores. While psychographic change examines shifts in attitudes, values, opinions, interests, and related personal factors of markets. These are contrasted with demographic variables in that psychographics involve how people think and feel.

Question 10
What technical advancements, political changes, and/or regulatory changes are creating new market opportunities in business areas that interest you? Please respond in one paragraph.

Technical changes are one of the most important triggers of change, because new technology allows for the expansion of new innovations. For example, invention of portable cassette players leads to portable compact discs players which leads to the development of portable MP3 players and then leads to the capability to play songs on mobile phones. Political changes can introduce opportunities or challenges for entrepreneurial ventures. It is valuable to consider how local, state, or national government decisions may change policies. These can challenge existing companies, and open new opportunities for new companies. I am being aware of the political shifts that will influence business policy, taxation, corporate social responsibility, environmental issues, or consumer protection with my venture.  Governmental regulations affect entrepreneurial ventures in a variety of ways. Managerial regulations govern what the owners and operators of companies can and cannot do. Technology regulations influence standards, interoperability, safety, and a host of related areas. Price regulations often dictate pricing strategies that support fair competition, which along with competitive regulations, are designed to protect consumer interests.


30 comments:

  1. Don't you have the answers for the Assignment 4B: Business Plan Evaluation?

    ReplyDelete
  2. Dream League Soccer is an entertaining football simulator where you must lead ... Dream League Soccer is one of the best soccer games you'll find on Google
    Dream League Soccer android

    ReplyDelete
  3. Best Outfits For Young ladies, Womens and Girls
    We Have Some For You In Your Budget For more…
    Eid Mubarak

    ReplyDelete

  4. I cannot truly enable but admire your weblog, your weblog is so adorable and great.It has given me courage to try scarier things. I tend to steer clear of them but not anymore.

    Packers And Movers gachibowli

    Hyderabad

    ReplyDelete
  5. Wow, I was looking for Questionnaires Design Help for my entrepreneurial research paper and this blog has provided a lot of information that has helped me to progress with my research. Thanks so much for sharing this information with us and I am looking forward to read more articles.

    ReplyDelete
  6. Every Indian woman wants all Eyes to be on her at weddings, festivals,
    and other traditional get-togethers. Now that is a lot of hard work, isn't it?
    Stylizone now helps you be at your fabulous
    ethnic wear best with its collection of fine lehengas in India.
    Plz visit:- Lahenga

    ReplyDelete



  7. Designer Kurtis is perhaps the desire of every single girl in this world to look amazing on her day.
    It is certainly important that the bride must be the star of the show.The most beautiful woman at the venue.
    In India,Designer Kurtis are the most obvious choice for the brides.There are many designer Kurtis in our site...
    For more...
    Plz visit:- Designer Kurtis

    ReplyDelete
  8. Indian Sarees is perhaps the desire of every single girl in this world to look amazing on her wedding day.
    It is certainly important that the bride must be the star of the show.The most beautiful woman at the wedding venue.
    In India,Indian Sarees are the most obvious choice for the brides.There are many designer Indian Sarees in our site...
    For more...
    Plz visit:- Indian Sarees

    ReplyDelete
  9. You can buy from our large and diverse collection of salwar kameez, party wear suits, bollywood collection, cotton kurtis, Anarkali suits,Bollywood saree and many other products.....
    We Have Some For You In Your Budget....
    For more…
    Plz Visit : Wedding Saree


    ReplyDelete