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Intorduction to Business Entrepreneurship

Essay by   •  March 19, 2018  •  Essay  •  604 Words (3 Pages)  •  979 Views

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Entrepreneurship Assignment

  1. I would be building a company around Volunteer sphere. I feel like there are a lot of things already present out there, but there is still a big potential. I would make platform or an app for volunteers who are willing to volunteer and organizations that are in need of volunteers.  
  2. It definitely is, because I had this idea for a long time. Moreover, I was involved in this sphere myself and found a lack of this particular aspect. Additionally, my project is read. I have all the counting and business plan ready. This idea came as a part of the competition program that my friend and I took part in. However, I feel like I will never be doing the same thing or stay in the same business sphere forever. There a huge field out there with many opportunities. I have already thought trough what this business plan can evolve into.
  3. It is pretty safe. The potential marketplace is big and competition rate is pretty low. But there will be financial troubles. Promotion also has to take place as there won’t be any story behind my business. This will create a trust issue. But, generally speaking, as soon as I possess certain startup capital I am good to go. Money decides major part of any business. Personally, I am ready to take risk.
  4. I don’t see major conflict between those two points (assuming you meant 2 and 3). If I am passionate about something I realize how much time and effort I will need to put in order to overcome all the obstacles. I have people who I trust and who will back me up if I need them to. Passion and risk might resolve into a bad scenario. However, it won’t be a problem if you are a man of solid mind, which most businessmen have.
  5. There are 2 biggest barriers that I am facing right now. Financial and time consuming. First of all, I will have to find investors for my startup. Then I will need reliable partners to help me out on the way. I will not be able to build a trust among customers without proper support. People will gladly use the services of the company they heard of or at least the subsidiary company.  Next thing may be time barrier. As I am a student right now it would be hard to be involved in my project 24/7. And startup requires a lot of time in the beginning. Moreover, my entire backup is left back in Ukraine, so here I will need to find trustworthy resources and people again.
  6. Having an app is just like being a retailer; it is always the customer, who chooses whether your offer is worthwhile. In this case, the number of downloads will decide the future of the business. Long-term revenue generating model is what investors are looking for. Text gives good resolutions on how to build a team or where to fins supporters. Those pieces of advice are helpful. I particularly looked into the case of Nick D’Aloisio, because of similarity of our projects. Although his experience and timing were better, I think that a lot has changed and potential grew much more. He was lucky to receive support from Yahoo. I feel like this is what I need to do. Look at the big companies that are willing to support small, yet promising start up. I agree that I have not achieved that much success that D’Aloisio did at this point of life, but hard work and passion will get me there.

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