timer Asked: Apr 13th, 2020

Question Description

There are six questions. Must answer five questions. Please write at least 300 words for each answer.

(Evidence of Research – Please include any references for URLs, reports, journal articles and readings etc.)

  • A friend has come to you for advice. She has been contemplating starting a new venture for some time now and after 15 years of being employed in the corporate sector, she has finally decided to pursue her dream of starting a wellness centre with a focus on healthy living. However, she is still a little hesitant and is hoping to learn more about the positive effects of entrepreneurship. Help her decide why she should undertake this process.
  • Scott Smith has decided to start his own business. He plans to find an attractive opportunity and start an e-commerce company. As a new entrepreneur fresh out of college, he needs to recognize a problem or an opportunity gap and create a business to address the problem or fill the identified gap. However he still does not understand the difference between an idea and an opportunity. How can he ensure that his new idea is an opportunity for him instead of just an idea?
  • What four environmental trends are most instrumental in creating business opportunities? Provide an example of each environmental trend and the type of business opportunity it might help to create.
  • You bumped into your ex-colleague, Allen Smith at a nearby supermarket. You struck up a conversation and he spoke enthusiastically about his up-coming business. He is planning to open a fitness centre in your neighborhood. Throughout your conversation with him you noticed that he did not mention a proper product/service feasibility analysis. It seems that he was blindly forging ahead with no proper planning especially on the product/service feasibility analysis. As a friend advise him on the most critical issues he should consider when completing the product/service feasibility analysis.
  • Resources and core competencies are both important parts of the Barringer /Ireland Business model template. What are the differences between resources and core competencies and why must an entrepreneurial firm have both resources and core competencies in order to develop an effective business model?
  • Eric Andrews has been investigating the possibility of starting a service that will partner with grocery stores to provide a delivery service for their customers. The idea is that after purchasing their groceries, customers could go to a kiosk in the store, pay a small fee and have their groceries delivered to their homes within 60 minutes. Which of the five forces in Porters model do you anticipate will most strongly affect Eric’s potential business and why?

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