Entrepreneurship: Case Study Approach

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Questions and Answers

How can personal hobbies or skills lead to viable business opportunities, as demonstrated in the case study?

Personal passions can be translated into business opportunities by identifying a market need or gap that aligns with those skills.

What are some key considerations a professional should evaluate when contemplating a career change into entrepreneurship?

Skills assessment, realistic financial planning, and understanding the market landscape are vital considerations.

Explain how knowing the regional variations of a product can provide a unique selling proposition.

Offering unique, regionally-inspired variations can differentiate a business from competitors and attract customers.

Describe the role of competitor analysis in assessing the feasibility of a new business venture.

<p>It helps identify market saturation, competitive advantages, and potential areas for differentiation.</p> Signup and view all the answers

Why is it important to understand your personal motivations before starting a business?

<p>Understanding motivations ensures alignment between personal values and business goals, fostering resilience.</p> Signup and view all the answers

How does assessing customer needs contribute to identifying market gaps that are not being fulfilled?

<p>Understanding customer needs reveals unmet demands, which can be targeted by new products or services.</p> Signup and view all the answers

What is the significance of setting SMART goals in the early stages of business planning?

<p>SMART goals provide clear direction, facilitate progress tracking, and enhance accountability.</p> Signup and view all the answers

Explain how a feasibility study helps in determining the viability of a business idea.

<p>It assesses market opportunity, technical resources, and financial viability to predict success.</p> Signup and view all the answers

Describe how skills from prior employment can be leveraged in a new entrepreneurial venture.

<p>Prior skills can be adapted and applied to manage operations, customer relations, and strategic planning.</p> Signup and view all the answers

Apart from financial capital, what non-monetary resources are critical for starting a business?

<p>Networks, mentorship, knowledge, skills, and intellectual property.</p> Signup and view all the answers

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Flashcards

Entrepreneurship

The process of starting, organizing, and managing a business, often involving risk and innovation.

Market Research

Assessing the viability of a business idea and understanding the competitive landscape.

Unique Selling Proposition

Identifying what makes your business different and more attractive to customers than competitors.

Competitor Analysis

Analyzing the strengths and weaknesses of current and potential competitors.

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Market Gap Identification

Understanding the unmet or poorly met needs of customers in a specific market.

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SMART Goal

A goal that is Specific, Measurable, Achievable, Relevant, and Time-bound.

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Feasibility Study

An assessment of the practicality and potential success of a proposed business plan or project.

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Career Change Drivers

Factors that initiate or drive an individual to change careers, such as dissatisfaction or new opportunities.

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Personal Motivations

Evaluating why someone starts a business, whether for financial independence, passion, or other reasons.

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Customer Needs Assessment

The process of figuring out what the customer wants or needs.

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Study Notes

  • A structured approach to understanding entrepreneurship is provided through a practical case study lens. The approach incorporates both theoretical knowledge and real-world applications.

Key Business Concepts

  • Includes entrepreneurship and business fundamentals.
  • Includes career transition considerations.
  • Includes market research principles.
  • Personal experience can lead to business opportunities.

Case Study Analysis Skills

  • Includes business motivation identification.
  • Involves market opportunity assessment.
  • Involves understanding unique selling propositions.
  • Example: Jane's discovery of regional paella variations and limited local competition.

Practical Applications

  • Includes market research methods such as competitor analysis.
  • Includes methods for customer needs assessment.
  • Involves market gap identification.
  • Real-world example: Jane's research into existing paella providers.

Business Planning Elements

  • Includes personal motivations in entrepreneurship.
  • Encompasses career change drivers.
  • Encompasses skill utilization.
  • Demonstrated through Jane's transition from council work to food service.

Assessment Practice

  • Includes SMART goal setting.
  • Includes feasibility studies.
  • Includes business resource identification.
  • Focus on examination questions provided.

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