Reference no: EM131976553
Part 1.Answer the following questions, within 100 words minimum
1. Read"Ch. 2 "Individual Leadership and Entrepreneurial Start-Ups"Explain the topics in this chapter.
2. Describe the major difference between an idea and a feasible opportunity.
3. Why does just having an idea not sufficient for a successful business?
4. Read"Ch. 3 "Business Idea Generation and Initial Evaluation"Explain the topics in this chapter.
5. Describe process used to generate new business ideas,
6. Evaluate the distinguishing features of your product or service. (Electrical Contractor)
7. Read"Ch. 4 "External Analysis"Explain the topics in this chapter.
8. Analyze competitive advantages and customer profiles.
Innovation
9. Why does a business must always be innovating and not just at the start of the venture?
10. What would happen if innovation and creativity is lost from the business?
Part 2. Business Model Comparison
Identify an industry with which you are familiar, then choose two businesses in that industry.
1. Electrical Contractor.
2. Data Centers
Identify the business model and forms of ownership for each business, then complete the Comparison of Businesses Matrix.
Write a 350- to 525-word paper in which the team evaluates and compares different components of each business's model after completing each matrix.
Describe benefits associated with each business by evaluating how they built a sustainable competitive advantage.
Explain advantages and disadvantages of each business's ownership.
Format your paper consistent with APA guidelines.
Part 3. Business Opportunities and Competitive Advantages
Note: The Business, is an Electrical Contractor in northern California (Residential, Commercial, Industrial, Public works, etc.)
For this assignment, you will be assessing potential business opportunities and competitive advantages for your product(s)/services(s).
The goal is to describe what you're planning to sell, the consumer need that your product(s)/services(s) will satisfy, who your target market is, and how you will differentiate yourself from your competitors in the marketplace.
Research potential business opportunities on the Internet, as well as relevant topics that can help you to cultivate new business ideas.
Keep in mind that it's better to smart small and grow your idea or market than to try to take on too much initially.
Write a 525- to 700-word paper in which you describe your potential business opportunity and complete the following:
• Describe the product(s) or service(s) that you are planning to sell.
o How much will you charge for your product(s)/service(s)?
o How often do you plan to sell your product(s)/service(s)?
o Will your product(s)/service(s) require frequent updates? (e.g. software apps)
• Explain how your product(s)/service(s) will meet an unmet consumer need or problem. For example:
o Is it a new product or service that does not yet exist, or a refinement of an existing product or service?
o Does your product/service cater to a specific type of consumer or need?
o Are you able to offer your product/service for a cheaper price than your competitors?
o Do you offer your product/service at a more convenient location or with better hours? (e.g. over the Internet, a franchise in a growing neighborhood, 24/7 access)
• Assess your target market or customer. For example:
o Are you meeting a Business-to-Business (B2B) and/or Business-to-Consumer (B2C) need?
o Are your consumers within a specific demographic or business field, or across a wide range of market segments?
o How large is your target market?
o What are your specific customer needs or expectations?
o How will your product(s)/service(s) satisfy the needs or expectations of this target market?
o How much and how often do you expect your customers to purchase your product(s)/service(s)?
• Explain how you will differentiate yourself from your competitors in the marketplace. (i.e. how are your products or services cheaper, faster, better, specialized, personalized, etc.?)
Include any research, references, or other information needed to support your business concept.