Finding the Opportunity
Part 1. Answer the following questions, within 100 words minimum
1. Explain how evaluate market trends relevant to an entrepreneurial venture.
2. Explain how evaluate market conditions for an entrepreneurial opportunity.
3. Explain how Identify a business opportunity that can be satisfied by a product or service.
Organization Culture
4. Organizational culture (Chapter 2). Please discuss what that means to YOU as it relates to the organization where you work today or one that you worked out in the past.
5. Were there any aspects of that organization's culture that sort of bucked against your personal beliefs, values, etc. and if so, how did you handle that?
Economic Forces
6. Thinking of a small business you are currently running or planning to start up in the not too distant future, what are some economic forces (as discussed in Ch 3) that will certainly impact your business.
7. How can you possibly tackle such forces?
8. Respond by listing each of the 7 pitfalls from the article and in just a few words for each one, indicate how you will not fall prey to that pitfall.
Part 2. Business Market Analysis, Part I
Purpose of Assignment
The purpose of this assignment is to provide you with hands-on experience analyzing the market for your specific business and conducting a thorough analysis.
You have been invited to the famous TV show, Shark Tank. Prepare a presentation in a format of your choice for your financial investors on Shark Tank. Prepare for a "rapid fire" format of questions from your investors on your market analysis presentation or paper.
Assignment Steps
Watch an episode Shark Tank of your choice. After watching an episode, complete a market analysis on your business.
Include the following elements (Keep in mind that you need to narrow your target market to a manageable size based on start-ups in your industry):
• Distinguishing characteristics
• Size of the primary target market
• What market share can be gained
• Pricing and gross margin targets
• Competitive Analysis Regulatory Restrictions
• Write 3 to 5 questions you anticipate would be a challenge to answer, given your existing marketing analysis, from the Shark Tank financial investors on the panel. Provide an answer to each question.
• Create a 20 to 25 slide presentation on your market analysis.
Materials
• Learning AdobeSpark
• Office Sway First Look
• How to Do a Market Analysis for a Business Plan
• Write Your Business Plan
• Shark Tank