Market Research Analysis

http://www.kwiksurveys.com/?s=OIJEOK_e381f82

The purpose of this survey is to find out what my customers want and get some feedback from them. This survey will help my business and will affect how I run my business. It will help me get a headstart on my business.

Market Research

Market research is an essential part of any business that wants to offer products or services that are focused and well-targeted. Business decisions that are based on good intelligence and good market research can minimize risk and pay dividends and by making market research part of your business process. By collecting data on factors that affect your business, you already have a head start on your competition. You can also collect data on your competition, and see who’s the customer favorite and see who is in the bottom of the food chain. Ultimately, collecting data on anything can help any situation but in the business world in can be a huge difference from your business being a huge success, to it being a huge fail.  

REFLECTION ON CHAPTER 3

I have learned a ton of interesting and valuable information in Chapter 3! I learned the eight entrepreneurial trends. The eight entrepreneurial trends include, internet business, home based, strategic alliance, social responsible non-profit business, corporate ventures, services, outsourcing and focus on technology. They all differ from each other in how they are made, how they are run, where they are run, and many other ways; but together they make up the business world and they all have their own effect on the society they are in. I learned the difference between a franchisee and a franchisor. The franchisee is the buyer of the franchise, while the franchisor is the seller of a franchise. They have many similarities and difference which I learned thanks to the vin diagram. I also learned about trade magazines, trade shows and specialty magazines which are all huge parts of the business world! They are magazines based on the business world that let you know what is going on and can keep you updated. I learned that demographics are personal characteristics that describe a community. The main point I really learned is this chapter is all about the “franchise”. I never knew any of this information before taking this class. A franchise is a legal agreement to begin a new business in the name of a recognized company. It’s a quick way to start your own business without all of the other obstacles you have to deal with, when starting a business from scratch. The only down fall is that you aren’t your own boss because your just taking ownership of a store but you still have a higher power to answer too. Over all, this was one of my favorite lessons yet and I thoroughly enjoyed learning more about the business world!  

FRANCHISE VIDEO feedback

We watched a franchise video in class. It was a video to show us how to get started on buying a franchise. It showed us how many companies are sold in the U.S. as franchises. A franchise lets people own/run business without risk of a typical start up. It showed us some of the steps in purchasing a franchise. For example, step one of buying a franchise is getting a copy of the FDD. The FDD is an acronym for, Franchise Disclosure Document. The normal start-up cost is $200,000. A Franchise fee is usually varies from $10,000 to $50,000. Lenders rely on the Small Business Administration for franchise information. Item 20 helps you learn more about store openings, closings, franchisees numbers, and gives you an idea of the success you should expect from your franchise. It was a great informal video!

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

ENTREPRENEURIAL TRENDS

I think the Strategic Alliance is the most successful Entrepreneurial Trend. I say this because you work together with another successful company, to make more profit. You also attract your clientele and theirs. So you can possibly increase your sales by getting some of their buyers to buy your products. This is why I think the Strategic Alliance is the most successful entrepreneurial trend.

RELFLECTION OF CHAP. 2

I learned a ton of things in Chapter 2. I learned the rewards and risks of taking on a business and becoming an entrepreneur. I learned the difference between capital and investment. I learned that competition is everywhere, even in the business world. As an entrepreneur, you have more freedom than your employees. You can choose to work from home or from a work place. As an entrepreneur you make an economic contribution to the community. I learned the skills you need to organize a business. I learned the 12 characteristics you need to be a successful entrepreneurs. I learned a lot in chapter 2 and look forward to getting more business knowledge.