Assignment 1 PST311L
QUESTION 1
Show how business ideas can be generated by using the following creative methods in Economic Literacy and Entrepreneurship;
1.1 Manipulating existing products (8)
This method is used when an entrepreneur uses an existing product and alter or improve it. It is sometimes considered as a new product and very cost effective for small entrepreneurs. An example is where I’ve seen a lady buy wooden spoons in bulk and instead of just reselling them she hand-painted and decorated them. She was able to sell them for a lot more than what she would have gotten for the original product. Consumers love her product and so she has effectively created a successful small business for herself.
It is a very rewarding way of starting or expand a business, because with research one could determine if the original product does well within the market by observing consumers in other shops. If the product does well, by altering or improving it one creates a unique product to your specific business.
1.2 Attribute analysis (8)
Attribute analysis is where existing products’ and/or service’ features are listed and analysed. After it was analysed, alternative suggestions are made and written down for the different traits. It helps by improving the product to be more successful.
One often see ‘New and Improved’ on products, like recipes. The entrepreneurs analysed their products weak and strong features. Then they came up with an idea on how to improve the weaker aspects and enhance the stronger ones.
1.3 Existing products (8)
Existing products is one most often used to start a business. Wholesalers and manufactures sell their products to entrepreneurs and they resell it to the public. If a product does well, more people will opt for selling it. Some of the main aspects to consider when using existing products for your business is to keep in mind the competitors, to provide the product cheaper or to provide exceptional service to make you stand apart from the other
Show how business ideas can be generated by using the following creative methods in Economic Literacy and Entrepreneurship;
1.1 Manipulating existing products (8)
This method is used when an entrepreneur uses an existing product and alter or improve it. It is sometimes considered as a new product and very cost effective for small entrepreneurs. An example is where I’ve seen a lady buy wooden spoons in bulk and instead of just reselling them she hand-painted and decorated them. She was able to sell them for a lot more than what she would have gotten for the original product. Consumers love her product and so she has effectively created a successful small business for herself.
It is a very rewarding way of starting or expand a business, because with research one could determine if the original product does well within the market by observing consumers in other shops. If the product does well, by altering or improving it one creates a unique product to your specific business.
1.2 Attribute analysis (8)
Attribute analysis is where existing products’ and/or service’ features are listed and analysed. After it was analysed, alternative suggestions are made and written down for the different traits. It helps by improving the product to be more successful.
One often see ‘New and Improved’ on products, like recipes. The entrepreneurs analysed their products weak and strong features. Then they came up with an idea on how to improve the weaker aspects and enhance the stronger ones.
1.3 Existing products (8)
Existing products is one most often used to start a business. Wholesalers and manufactures sell their products to entrepreneurs and they resell it to the public. If a product does well, more people will opt for selling it. Some of the main aspects to consider when using existing products for your business is to keep in mind the competitors, to provide the product cheaper or to provide exceptional service to make you stand apart from the other
Bibliography: Unisa Study Guide PST311L Unisa Tutorial letter 101 PST311L (Table retrieved from Wikipedia) http://en.wikipedia.org/wiki/Taxation_in_South_Africa www.bloomberg.com/slideshow/2013-08-18/14-smart-inventions-inspired-by-nature-biomimicry.html#slide2