entrepreneurial opportunities

Question 1

3 ways of seeking entrepreneurial opportunities

Answer 1

family business
franchising
start up and buyout

Question 2

Start-up def

Answer 2

to begin a new type of business based on a recently invented or newly developed product or service.

Question 3

kind of ideas

Answer 3

type A (new markets )
type B (new technologies)
type C ( new benefits)

Question 4

sources of start up

Answer 4

personal experiences
hobbies
accidental discovery
deliberate research

Question 5

! Start-up checklist!

Answer 5

a. develop a minimum viable product (MVP)
b. determine your business model
c. secure finding
d. scale your start-up

Question 6

A. Develop a minimum viable product (MVP)

Answer 6

1. IDENTIFY USER PROBLEM AND FIND SOLUTION
   2.discover a “large homogenous” potential target market
2. create a product that is cost-effective, user friendly and accessible
   4.develop an MVP only with the necessarily features included
3. test the MVP with users to get a feedback
4. make changes if needed based on the feedbacks
5. calculate cost to build the product
6. BUILD AND LAUNCH THE PRODUCT

Question 7

B. Determine your business model

Answer 7

1. confirm that your product solves real problems based on user feedback and initial performance
   2.identify your primary costumer and audience
2. develop a strong propositions that sets u apart
   4.price your product based on : the value it provides users , competitors prices, target market demographics
3. select sales channels
   6.execute a local or small -scale rollout to validate your business model

Question 8

C.secure funding

Answer 8

1.Bootstrap by: investing your own funds, getting contributions from friends and family
2. raise venture-backed capital through seed and or series rounds
3. prepare a pitch deck
4.pitch to investors
5.prepare for due diligence
6. negotiate with investors and sign contract
7.launch a crowdfunding campaign
8. showcase your product or business idea

Question 9

D. scale your start up

Answer 9

1.ensure you have achieved product market fit
2. document and standardise processes for customer acquisition and sales
3. determine how to identify prospects
4. develop advertisement and marketing strategies
5. automate marketing and sales process if possible
6. expand your business to other locations/markets
7. add new features or products to existing offerings

Question 10

source of informations about business firms available for purchase includes:

Answer 10

1. bankers
   2.suppliers
2. distributors
3. trade associations
4. relying on professionals
5. knowing why the business is for sale
6. examine thee financial state of the business
7. investing and evaluating the existing business

Question 11

Franchising

Answer 11

a marketing system involving around 2 party legal agreement , whereby the franchisee conduct business according to the terms and conditions of the franchisor

Question 12

type of franchising 3

Answer 12

system A: the producer grants franchise to the wholesale

system B : the wholesaler is the franchisor

system C: the producer is the franchisor and the retailer is the franchisee

Question 13

+ Advanatges for franchising

Answer 13

+ formalised training
+financial assistance
+ proven marketing method
+ managerial assistance
+quicker start up time
+overall lower failure rates