University:
California State University, Northridge
Course:
ENT 101 | Exploring Entrepreneurship
Academic year:

2023
Views:

16

Pages:

2
Author:

Mahmoud M.

Entrepreneurship notes A business idea is an idea that can be used for business. If a business idea is received on the right time, the can be a profitable commodity for the business should demand for the services or products the idea demonstrates increase. Business ideas can be obtained from many sources; however, what time creates or breaks is on these ideas. The main sources of business ideas are: Personal interests or hobbies: Many businesses have entrepreneurs working on repairing old cars, diving, etc. It is established because it likes to do things. A successful business venture can be built around personal interest in a product or activity. Business, Knowledge and Skills: Using business knowledge from a particular business or working in a business, entrepreneurs voluntarily come to identify potential areas. For example, if you have traveled you have seen boxes with wheels. Robert Plath created the first wheeled box, the Travelpro Roller board, because in his job as a pilot he frequently moved luggage from one place to another and was looking for something more convenient, easier to do. In the process of using the knowledge and experience of his business, he created not only new products but also new jobs. Products and services currently available (both known and unknown): products and services we use every day and what we know and think we should do to make our lives simpler and easier. External environment: Good models or changes have unique and unusual opportunities for innovation and value creation- In the business environment. These opportunities can be found in the arts, culture, civil, economic and legal-political fields. A good business idea combines your skills with thinking and business requirements. business opportunities or ideas often come from everyday problems that someone is solving. Successful businesses identify a need and satisfy it by providing a service or product. Entrepreneurs who find ways to improve existing products or services are the same as those who create or create them. Competition is great. Business Success and Growth: Project can work effectively only if there is a business that is recognized for the product or service. In other words, current and potential needs in the market, consumer market, competitive situation, changing materials and technological developments, sales need and export capacity are the main factors that marketers measure. Government regulations: the proposed project must not violate government rules and regulations. Risk: Risk is inevitable. Entrepreneurs face not only simple risks, but also financial risks. A willingness to take risks is one of the hallmarks of an entrepreneur. Predicting the future is difficult. However, the potential impact of adverse events on the future of each of the strategies will be analyzed. Raw Materials: Ensuring continuity and demand for quality raw materials is half the challenge of any project. The availability of raw materials, the cost of acquiring, and the government's preferred price supply are all things investors should consider.