Podcast
Questions and Answers
What is one of the primary risks faced by entrepreneurs in the electric scooter market?
What is one of the primary risks faced by entrepreneurs in the electric scooter market?
- Limited government regulations
- High operating costs of electric scooters
- Inadequate infrastructure support (correct)
- Saturation of demand in the scooter market
Why might the electric scooter market experience saturation?
Why might the electric scooter market experience saturation?
- High number of start-up businesses (correct)
- Government subsidies for new businesses
- Constant innovations in scooter technology
- Low consumer interest
What factor can significantly reduce demand for electric scooters among consumers?
What factor can significantly reduce demand for electric scooters among consumers?
- Reduction in petrol prices
- Emergence of alternative transportation methods (correct)
- Increase in scooter rental companies
- Lack of interest from tourists
What advantage does the electric scooter market have according to current trends?
What advantage does the electric scooter market have according to current trends?
What can entrepreneurs do to mitigate risks in the electric scooter market?
What can entrepreneurs do to mitigate risks in the electric scooter market?
What is the implication of the UK Government's stance on privately owned electric scooters?
What is the implication of the UK Government's stance on privately owned electric scooters?
What potential benefit exists for entrepreneurs if they can generate revenue in the first year?
What potential benefit exists for entrepreneurs if they can generate revenue in the first year?
What is a significant factor that may affect the longevity of an electric scooter rental business?
What is a significant factor that may affect the longevity of an electric scooter rental business?
What could lead to financial loss for an entrepreneur starting an electric scooter business?
What could lead to financial loss for an entrepreneur starting an electric scooter business?
How can changing consumer trends impact the electric scooter business?
How can changing consumer trends impact the electric scooter business?
Flashcards
Entrepreneur risk
Entrepreneur risk
The probability of experiencing loss, such as financial loss, when starting a business.
Market saturation
Market saturation
A market with too many similar products or services, making it difficult for new businesses to compete.
Unpredictable market demand
Unpredictable market demand
Consumer trends change quickly, making it hard to know how much people will want a product.
Financial loss risk
Financial loss risk
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Infrastructure needs
Infrastructure needs
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Market research
Market research
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Growth potential
Growth potential
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E-scooter market growth
E-scooter market growth
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Government regulations
Government regulations
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Unique Selling Point (USP)
Unique Selling Point (USP)
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Study Notes
Risks of Entrepreneurship
- Entrepreneurship involves starting a business, taking risks, and aiming for profit.
- Probability of loss (financial) is a risk factor.
Electric Scooter Market
- Highly competitive market with many start-up businesses renting scooters.
- Possible market saturation, making it challenging for new businesses to succeed.
- Difficulty in establishing a unique selling point to generate substantial income.
- Market demand is unpredictable due to rapidly changing consumer trends and alternative transport choices (e.g., tourists/commuters).
- Research on scooter usage by the target demographic is crucial.
Financial Risks
- Entrepreneurs may use personal savings/loans to start a scooter business.
- Business failure can result in significant financial loss.
- Infrastructure (charging stations, parking) is essential for scooter use; inadequate infrastructure can affect demand.
Electric Scooter Market Growth
- Growing market in the UK with cities trialling services.
- Successful implementation can lead to financial rewards.
- Potential increase in demand if the UK Government restricts privately owned scooters.
- Rental electric scooters would increase revenue for businesses.
Future Trends
- Electric scooters are a more sustainable and convenient alternative to cars.
- Increasing popularity and potential for growth due to people moving away from fossil-fuel vehicles and bikes.
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