Market Research Analysis

http://www.kwiksurveys.com/?s=OIJENH_8e2a7f79

The purpose of my survey is to find out what my customers want and also to find out my target market.

Entrepreneurs and the Economy

           An entrepreneur is an individual who undertakes the creation, organization, and ownership of a business. It can be someone who owns their own business, someone in charge of a business, or someone who is trying to start their own business. Economics is how people choose to allocate scarce resources to fulfill their unlimited wants. It is important to entrepreneurs because they analyze it, so they can be able to make money off of it for their business.

Do I have what it takes to be an Entrepreneur?

           On my self-assessment survey that I completed, I scored a total of 86. According to the survey I have an outstanding ability to be an entrepreneur. A very successful one, I hope. On this survey you had to score yourself from a 5, meaning that you strongly agreed on something, to a 1, meaning that you totally disagreed.

I scored myself a 5 on the following statements:

-My family will support my going into business.

-I am willing to accept both financial and career risks when necessary.

-I would experience more financial success by operating my own business.

-I feel a great deal of pride when I complete a project successfully.

-I have a high energy level that can be maintained over a long time.

-I enjoy controlling my own work assignments and making all decisions affecting my work.

-I believe that I am primarily responsible for my own successes and failures.

-I have a good understanding of how to manage a business.

-I can function in ambiguous situations.

-I believe that my abilities and skills are greater than those of my coworkers.

-People trust me and consider me honest and reliable.

-I have a good network of friends, professionals, and business acquaintances.

I scored me a 4 on the following statements:

-I am willing to work 50 hours or more per week regularly.

-I would like to take full responsibility for the successes and failures of my business.

-I have a strong desire to achieve positive results even when it requires a great deal of additional effort.

-I always try to complete every project I start, regardless of obstacles and difficulties.

-I am willing to do something even when other people laugh or belittle me for doing it.

-I can make decisions quickly.

I scored me a 1 on the following statements:

-I don’t need all the fringe benefits provided by conventional employment.

-One or both of my parents were entrepreneurs.

Market Research

            The role of Market Research is to collect and analyze information to understand the behavior of costumers in a certain market. The marketing process for a new business or an already existing business is the same. The market research process is used to identify markets, analyze demand, forecast sales, and make other decisions.

Who am I? Entrepreneur Collage

    

            I was born on July 1, 1906 in Corona Queens, New York and I attended Newtown High School. After high school, at the age 22 years old, I decided to start my business. I own Estee Launder beauty supply. My quality produces are retailed in stores all around the world, one of them being Macys. I lived a happy life with my husband and two sons. I am worth $5.1 billion. I am Estée Lauder!

Chapter One Reflection

            In Chapter One I learned what entrepreneurship is. I learned how entrepreneurship and the economy go hand to hand. Also how the environment affects entrepreneurs. Entrepreneurial means acting like an entrepreneur or having an entrepreneurial mind-set. In a free enterprise system people have the right to make economic choices as in what products to buy or if they want to start a business and compete with other businesses. The Entrepreneurial Start-up process is made up of five components. The components are the entrepreneur, the environment, the opportunity, start-up resources, and the new venture organization. They all work together to make a new business. An opportunity is an idea that has commercial value. The new venture organization is the infrastructure of a business. A discontinuances business may be a business operating under another game. Elastic demand is the change in the price of an item that causes a change in the demanded. While inelastic demand refers to a situation in which a change in price has very little effect on demand for products. The amount of a good or service that producers are willing to provide is called supply. Basically for a business to be able to compose and succeed in the free market system, entrepreneurs need to understand how the economy works.  

Chapter 3 Reflection

            Chapter three talks about recognizing opportunity. Knowing whether it’s better for you to start a business or buy an already existing business. The decision whether to start or buy is made easier now if you consider your personal values and goals. Considering your values, your personality, your abilities, your background, your hobbies, your interests, and your lifestyle needs. The United States has really large, important, successful family businesses. The advantages of taking over a family business are trust and togetherness. The disadvantages are that maybe your parents won’t think you have what it that’s to be a business person and the money. Another way to obtain a business is by buying an already existing business. This way is less risky. This way you don’t have to worry about hiring and training employees, or getting customers. All the equipment and procedures needed in this business would already be set. You can also buy a franchise. A franchise is the right or license given by a company or store to an individual or group to sell its products or services. A franchisee is the person or company buying the franchise. A franchisor is the person or company that sells the franchises. A business broker is a person who buys businesses and pays good money for them.

Buying a Franchise

           This video is about buying a franchise. Three thousand companies are sold as U.S. franchises. A franchise is license given by a company to a person or group allowing them to market its services or products in a specific territory without all the risks of a typical start-up of a business. Some franchises shown on the video are Dunkin Donuts, Bojangles, and Gold Gym. Step one in purchasing a franchise is getting a copy of the FDD. The FDD is the Franchise Disclosure Document. The franchise fee is from ten thousand up to fifty thousand dollars. The start-up cost can be up to two hundred thousand dollars. Lenders rely on Small Business Administration for half the franchise fee. Franchise put into buying a franchise up to one hundred thousand dollars. Item 20 in the franchise agreement helps you find out information on franchisors. The key to the success of a franchise is finding a franchisor that is willing to help you out. The role of a franchisor is to help the franchises succeed. You can find more information on buying a franchise at franchise.org, franchoice.com, and sba.gov.

http://www.bloomberg.com/video/74720473/