Overview
Chapter 5:
Hugh Lemasters
Sep 8 4:37pmChapter 5 introduces the reader to industry and competitor analysis. This ties into the feasibility analysis introduced a few chapters back. Key components of this analysis correlate directly to whether the desired industry is accessible, whether the markets are primed for innovation, and whether there are positions to avoid which carry negative connotations. The ‘Five Competitive Forces Model’ examines an industry’s structure and profitability; each force is trying to reduce profitability, which tasks the firm with avoiding or diminishing all forces to beat the industry’s average rate of return. Competitor analysis considers the competitor’s information and sales to find a way to compete or outperform in the target industry. Christopher Saylors
Sep 8 4:22pmI would say the most important part of the chapter was to analyze your companies strengths and how they compare to leaders in the market already. One example I have for this would be planning to open a grocery store in a town that already has two established customer bases at a Kroger and Whole Foods. Another thing this chapter introduces is porters five forces model. Which are 5 different ways you could be at a disadvantage to another company or product in a market. We also learned about the threat of substitution where a product could be replaced with something similar that is easier to use or cheaper to purchase.
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chapter 2:
Emina Brown
Sep 1 12:04pmIn Chapter 2, opportunity is introduced as a factor in the starting of business. It the distinguishes opportunity from an idea by clarifying that entrepreneurial action has to be taken upon an opportunity or it can become just an idea.
An Idea could lead to a business but an opportunity is the favorable conditions that allow for a business to be made.
Kaci Clark:
Chapter 2 focuses on how entrepreneurs can recognize problems and turn them into opportunities. It explains the importance of paying attention to trends, noticing gaps in the market, and finding ways to create change through new or improved products and services. The chapter also explains how ideas and opportunities can come from different places. Having previous experience, strong social connections, and creativity can make it easier to recognize these opportunities and use them to become a better entrepreneur.
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chapter 1:
Christopher Saylors:
Chapter 2 focuses on how entrepreneurs can recognize problems and turn them into opportunities. It explains the importance of paying attention to trends, noticing gaps in the market, and finding ways to create change through new or improved products and services. The chapter also explains how ideas and opportunities can come from different places. Having previous experience, strong social connections, and creativity can make it easier to recognize these opportunities and use them to become a better entrepreneur.
Hailey whitehead:
What I got from Chapter One is Entrprenuership is more than just selling something or a service, It’s building something and making it your own. Sometimes it will take a long time for things to get rolling but you have to be willing to take the risks that come with that whether its financially or having to work long hours. Your business may not only benefit you but also those around you who may not have access to simple pleasures or even just making someone smile. Entrprenuership is also about changing how one thinks about a problem ,or how you respond to solving said issue. It’s about creating difference in the way things are made and done.
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