Entrepreneurship. Rhonda Abrams

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СКАЧАТЬ B2C

      A business that sells a product or service directly to the consumer or end user.

       Business model

      Describes what a company does and the structure it puts into place to make money. Business models include designing and manufacturing a product that is sold to other businesses (B2B); providing access to a software application online and selling it on a subscription basis; or providing a marketplace online for people to sell their products or services and charging a commission on sales.

       Feasibility analysis

      A preliminary study undertaken to determine whether something is viable, and whether to proceed.

       Niche

      A specialized, clearly identifiable group within a larger target market that a company chooses to focus on and serve.

       Opportunity identification

      Discovery and evaluation of conditions that could potentially lead to a successful business. These conditions include changes in the market, such as customer preferences, trends, or purchasing patterns, and changes in the competitive landscape, such as when competitors leave the market or weaken. In many cases, opportunities can be identified by understanding how new technology, new distribution channels, new business models, or new emerging markets can be leveraged.

       Prototype

      The initial design that will become the standard for your production.

       Shared ownership model

      With this type of business model, a company provides a product, a service, or information to a group of customers who do not need access to the commodity so frequently that they need or want to own their own personal version. In other words, several people “share” one commodity.

       Subscription model

      With this type of business model, customers receive and pay for a product or service on a regular, ongoing basis, usually monthly.

Where does inspiration come from?

      In looking at where business ideas come from, entrepreneurs usually report that their business inspiration came from one or more of the following.

      ■ Previous work experience. Many entrepreneurs get their inspiration when they realize that they could offer something new or better in a field they already know. Often they’ve worked in a company where they’ve felt frustrated that their employer has not responded to changing conditions or has neglected customers. The better you know an industry, a product, or a market, the more likely you may realize how you can fill an unmet need. Consider some of the unmet needs of former customers, some of the skills you developed that might be transferable to another industry, or some things your former employers did poorly that you think you could improve upon.

      ■ Hobbies or personal interests. Many people dream of turning their hobby or interests into a business. As with previous work experience, being involved with a personal interest often sparks ideas for businesses. You may wish for a product or service that either doesn’t exist or that isn’t available conveniently or affordably. You might even have already made contacts at suppliers, identified potential customers, or found good distribution channels. Moreover, you know you like your idea, and you may be able to work in an environment you enjoy (whether it’s outdoors, or in foreign locations, or in a space close to home where you can take your dog to work). Inevitably, though, having to earn money doing something changes the way you feel about it. Before you forge ahead with a business based on a hobby, examine the pros and cons.

       Hobby businesses

       Pros:

      ■ You know you like it

      ■ You build on your existing knowledge base

      ■ You may already have contacts—suppliers, potential customers, distribution channels

       Cons:

      ■ You lose your source of relaxation

      ■ Your skills may be insufficient as a professional

      ■ You will have to make decisions based on pleasing customers rather than yourself

      ■ You may not be able to earn enough money

      ■ Someone else’s work experience. Often the work experience of a family member or close friend can spark an idea. Familiarity with an industry or existing business gives you some knowledge of potential opportunities, just as your own work experience or hobbies do.

      ■ Systematic research. Activities such as undertaking market research or attending business opportunity seminars have sparked ideas for a number of entrepreneurs. For example, you may be interested in a growth field such as clean energy. To start a new business in the field, you could immerse yourself in data and information to discover what’s needed or missing.

      ■ An “Aha!” moment. Most of us have at some time in our life encountered a personal need, a business situation, or an idea when fiddling around with equipment or technology, and instantly thought up a way to approach it better. Of course, most “Aha!” moments are likely based on past experience and expertise, even though we may not be consciously aware of the connection at the time.

      It’s helpful to learn about where other successful entrepreneurs got their inspiration, but that doesn’t mean it will determine your path. Thousands of different kinds of businesses, products, and niches beckon you when you widen your horizons. Rest assured that every industry in every sector has opportunities for entrepreneurs like you.

      REAL-WORLD RECAP

       Where does inspiration come from?

      ■ Previous work experience

      ■ Hobbies or personal interests

      ■ Someone else’s work experience

      ■ Systematic research

      ■ An “Aha!” moment

Opportunities in old industries

      New industries clearly offer a great many business opportunities that attract entrepreneurs. After all, they’re exciting and they’re in the news. Because new industries often grow rapidly, opportunities abound for innovative businesses and brand-new concepts.

      But, old industries also often hold entrepreneurial opportunities. Here’s why: As industries age, big corporations tend to dominate them. That should mean it’s extremely hard to compete in old industries. And it is, usually. However, once СКАЧАТЬ