Many small businesses are built around one product. What risks does this approach impose? How can small business owners minimize those risks? How can a small business develop new products?
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Many small businesses are built around one product. What risks does this approach impose? How can small business owners minimize those risks? How can a small business develop new products?
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- The process of starting a new business can be difficult, especially when you are trying to break through the fear and confusion. We live in a world where we have an endless amount of opportunities, and it can be quite overwhelming to start looking at all the different options that are available to you. You may also feel like all business ideas have been done before and that you’ll never be able to come up with something that is unique and that would be successful. From the above scenario, we realized the challenge and opportunity in creating a new business venture in UNITEN. Using your own words, justify the following QUESTIONS: 1. Justify TWO (2) challenges to be considered when coming up with a new business idea in UNITEN. 2. Provide your own VISION and MISSION to start a new venture. 3. Describe ONE (1) passion in starting the new entrepreneurshipWhy are not-for-profit organizations different from most businesses? Are there any similarities between a goods-producing business and a not-for-profit organization?How can small businesses compete with big businesses that sell similar goods and services?
- Do you think an entrepreneurial venture could run without defining the specific customer of the product? Why or why not?As an entrepreneur you have to show emphaty to your customers,what are the things you should consider when making your product developmentWhat are the key stages involved in the venture development process, and how can a manager effectively navigate these stages to successfully bring a new product or service to market?
- What “right questions” need to be answered when deciding whether to buy a business?what is the importance of identifying opportunities in the market before starting up a business? Why is there a need for the entrepreneur to clearly identify and define the customers of their proposed business venture?Where and how do you generate ideas worth pursuing into a business?
- jeff bezos advised entrepreneurs to produce goods and services with a "good brand name ". Elon Musk said that entrepreneurs should endeavor to produce a "great product". What common sense value are they talking about?What is the purpose of doing/creating a business?If you were given the opportunity to modify an existing business model of your choosing, how would you want the business model to operate?