23 Jun Successful entrepreneurs introd
Successful entrepreneurs introduce a product or service that satisfies customer needs in a better way than competitors at a price that is greater than the cost of creating and delivering that product or service. Based on the lectures and readings for the course to date, this assignment challenges you to explore how to fulfill customer needs in a competitive manner.
FOCUS
Based on the Opportunity Analysis Canvas factors 4 through 7 (industry condition, industry status, macroeconomic change, and competition), in a response of five pages, not including the title page and reference page(s), (single-spaced, 1″ margins, 12 point Times New Roman font), discuss industry condition, industry status, macroeconomic change, and competition through answering each of the below questions.
Industry Condition
? What knowledge do you possess that can contribute to serving a market need?
? What are the demand conditions in the market?
Industry Status
? What is the lifecycle stage of the industry that you are interested in entering?
? What is the capital intensity, advertising intensity, company concentration, and average company size within your chosen industry?
Macroeconomic Change
? What demographic and psychographic changes are creating business opportunities for new ventures?
? How can you stay current on technical advancements and societal changes that are emerging?
Competition
? What is the learning curve in your industry and market of interest?
? What complementary assets are most critical in your industry and market of interest?
? How does the reputation of competitors influence your success?
Your answers should be personalized based on industries and markets that
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