BSA493 Averett Entrepreneurship Forecasting & Harvesting Discussion Questions

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Business Finance

BSA493

Averett University

Description

Your responses must demonstrate an understanding of key concepts; further the discussion by providing an original and relevant insight; and include a rationale, evidence, or example.Each part should be a full page complete with APA and in-text formatting

Part 1

How can entrepreneurs make accurate predictions about the growth of new business opportunities? How can entrepreneurs prepare to take advantage of the factors that grow a business and to avoid the factors that can hinder that growth?

What are some common risks associated with starting a new business? What are some specific strategies entrepreneurs can use to mitigate those risks?

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Part 2

What are the primary harvest options available to entrepreneurs? What are the advantages and disadvantages of each option? Which is the most appropriate for your business idea?

What are some examples of entrepreneurs who have parlayed their success in one endeavor into other successful endeavors? What strategies did they employ to take advantage of the new opportunity?

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Explanation & Answer

Attached.

Running head: ENTREPRENEURSHIP, FORECASTING AND HARVESTING

BSA493 Entrepreneurship, Forecasting, and Harvesting
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Institution affiliated
Date

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ENTREPRENEURSHIP, FORECASTING AND HARVESTING

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Part 1
How to make accurate predictions about new business opportunities
Making accurate predictions about new business opportunities require entrepreneurs to
invest in research and development. As Halper (2014) notes, gaining a competitive advantage
requires entrepreneurs to go beyond the rear-view and historical approach to business and instead
become proactive in not only waiting for new opportunities to pop but also creating new
opportunities themselves. Predictive analytics is one tool that entrepreneurs should use in making
predictions about new business opportunities. Predictive analytics can help entrepreneurs “detect
patterns and trends, anticipate events, spot anomalies” (Halper, 2014, pg. 4). It improves
business intelligence in terms of scouting for new opportunities.
How to take advantage of growth factors and avoid factors that hinder growth
Research, testing, and experimentation play a very crucia...


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