(please type the answers)(entrepreneurship 5620)
Question 3: How do “entry wedges” create momentum for the entrepreneurs? Explain using two specific examples of entry wedges (that are useful to real business startups). and Karen Sharp lives in a town of approximately 20,000 in Western Kentucky. There is not a single furniture store in the town and Karen is thinking about starting one. She has good business and marketing skills and is confident she can run the store, but she is not sure whether the furniture store industry is a good industry to enter. Karen turned to you for help. What would you tell her?
ANS:Entry Wedge def:
Entry Wedge in simple words it can be stated that it is used for the development or the separation of the business in order to achieve its goal and to create a bench mark in the market of a particular firm.
Entrepreneur is the one who setup the business and create momentum. In order to achieve its goal or to be successful in particular firm 'Entry Wedge' helps for the development of the business. A successful entrepreneur will always face challenges, self motivated and take risk in each and every moment for the establishment of the business. Examples that are useful for the business startup are:
1. Providing proper service will always helps in developing the business. For example, in food business, always need to give a best taste and service to the customer. And it should be provided with good quality and quantity of the product in the market.
2. Marketing: Marketing of the product will always helps for the development of the business. It helps to create faith in the public and it saves time as well as money.
Case study:
Introduction : Karen lives in a town sharp 20,000 away from Western Kentucky. she wanted to start a new furniture store in her town where a single store is also not located. She has a good business skills, marketing skills and also she was confident in it. She does not know weather it is good to start a furniture business or not in that town. As a friend i would like to suggest her in four steps:
Step 1: To start a furniture store its strength is, there is no other store in that town and she has a good business and marketing skills and also confident about it. It helps for the growth of the business.
Step 2: Weakness : It is less populated town . The Town she lives is far approximately 20,000 in Western Kentucky.
Step 3: Opportunity: Its a great opportunity to her to start a furniture store where none of the store is located before. Through marketing , her talent and giving the best price for the product will help for the development of the business in the market. It is a great opportunity for her carrier to start a furniture store.
Step 4: Threats : In each and every business there is a risk . There is no business without risk and threats. Karen has to publish her store in a proper manner which has to reach in the public.
Finally, i conclude that i suggest her to start her a furniture business in that town. Which helps to develop her carrier and to become a best No.1 women entrepreneur.
(please type the answers)(entrepreneurship 5620) Question 3: How do “entry wedges” create momentum for the entrepreneurs?...
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