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Essay / Research Paper Abstract
This 8 page paper considers how an entrepreneur may consider different business opportunities and develop a strategic plan to enter the market. The bibliography cites 6 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TEnwbuss.rtf
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Unformatted sample text from the term paper:
to ensure the business will build on string foundations and survive. If there is a the desire to start a business a logical approach needs to be adopted and then
applied to the development of the business. Looking at the model the first stage of the entrepreneurial process if considering using this is
setting up a new business, is for the idea. There needs to be not only an idea, but one that fulfils a market need. An idea alone is not enough
(Streeter, 2002).There needs to be an examination of the market. To see if this is one that the idea may fit into commercially. For example, it may be that
solar powered air conditioning is a good idea, it is one when there is hottest weather and the highest amount of sun, and is seen as environmentally friendly. However, if
the cost is very high and there are few people prepared to change than a good idea will not sell due to practical considerations.
Considerations need to look to see if is there any existing method of fulfilling this need in the market, for example, in an unsatisfactory solution, or is there a
problem in the market due to lack of capacity, meaning that a new company will find demand is already existing unsatisfied (Streeter, 2002). For example, the air conditioning market may
be saturated with sufficient suppliers making entry harder. However, it may be that there is increasing demand for alternate methods of air conditions, for example, increased tax breaks from the
government encouraging environmentally friendly options, and this may increase the opportunity. If the cost is lower this may also increase the opportunity of sales such as with new house builders.
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