Creating a Business
Identify at Least Three Challenges When Setting up a Business. Explain why they are Challenges.
There are a number of challenges involved with starting your own business. The first of which is coming up with a great business idea. This can become a challenge when the potential business owner builds their business plan around what they want to sell, instead of what customers want to buy. The potential business owner must research the target market thoroughly and develop his/her business plan centered on what consumers in the area need. After figuring out what the focus of the business is, many would-be business owners run into the next challenge; writing the business plan. The business plan is an important document that serves as an outline of every detail of the business. One of its main uses is to present to possible investors in order to secure initial funding for the company’s launch. Many people simply don’t want to put the time and effort in writing the business plan; they just want to get it off the ground. This could make it difficult to secure funding, but it could also be detrimental in accurately gauging the overall success of the company. The third challenge facing those who want to start a business is finding out how the business will reach their target audience. The challenge here is multi-faceted; finding the best way to reach customers, and providing a compelling message to them once they’re found. There are many ways to reach consumers, but business owners should spend the time getting to know where those consumers are looking to buy. Maybe it’s on the internet, or maybe it’s in the local newspaper; either way, it’s up to the business owner to find the customers.
Define What a “Niche” Product is. Give at Least Three Examples of Niche Products
The Dictionary.com definition of a niche product is one “that is marketed for use in a small and specialized but profitable...