enterpreneuship essay

My business will be a restaurant that will be a Food truck that make and sell sweets.

2. Present your choice in a few sentences.

3. Next, in the same Word document, write a one page description of the industry you are choosing to enter with your entrepreneurial idea. Conduct a search on the Internet, the Online Library, or your local library to learn more about this industry. (It might be fishing, hunting, auto, weaving, bowling, office equipment, computers, and so on.) What opportunities for you new business ideas do you find within the industry? How well might your idea fit within this industry?

Suggestion: Dig into two or three trade journals published within the industry you are considering.

1. Finally, write a one paragraph analysis of your business idea based on the Opportunity Checklist linked below. Based on the checklist, assess whether or not your idea is just a weaker idea or a better opportunity. Share details from the checklist.

Opportunity Checklist Need a checklist just like this one for my business? You need to open Opportunity Checklist

Need reference (APA)

Opportunity Checklist

Print this form. Study each business area in the left column below (Customer, Trends, Market, Product, Funding, and Locations) and compare your new venture product/service attributes with Weaker Opportunities (center column) or Better Opportunities (right column). Circle the opportunity level that seems to fit. (Remember, no product/service will fit each level perfectly.) When you are done, take notes on For Analysis at the end.

Business Area	Weaker Opportunities	Better Opportunities
Customer
Is the customer identifiable?	General customer – coming from many types of groups	Specific customer with specific characteristics
Demographics – age, economic, location	fuzzy	Clearly defined
Trends
Window of opportunity	Closed/closing	open
Market
Size	Small/Narrow	Large/diverse
Growth	Stagnant/declining	Growing
Product
Frequency of purchase	One time purchase	Multiple purchases
Price	Market penetration pricing	Value reflected in price
Direct competitors	Many	Few
Indirect Competitors	Many	Few
Substitute Products	Many	Few
Government regulation	Complicated/high	Low/simple
Taxes	High	Low
Vendors/suppliers	Few/unavailable	Many/interested
Profit	GM>30%	GM<30%
Funding
Start-up costs	High	Low
Investors	Few/unavailable	Many/highly interested
Locations
Stores/ Outlets/ Service Centers	Specific location types needed	Varied location types acceptable

For Analysis

As you complete the opportunity checklist on your new venture, you should begin to see a trend. (Take notes!) Either your product/service will fit more with the Weaker Opportunity characteristics or fit more with the Better Opportunity characteristics. If your product or service falls in the weaker opportunity characteristics then you may just have a good idea but not an opportunity. Write your analysis in a separate Word document for each business area – Customer, Trends, Market, Product, Funding, and Locations.

…………….Answer preview………………

A food truck offers the convenience needed by the customers. A mobile kitchen is in a position to cook up new customers. It is key to customer satisfaction. An entrepreneur can make modifications on their brand so easily………………………

APA

668 words