Question

For this assignment, express your thoughts on which businesses/industries you believe would be easy and difficult to start as entrepreneurs. Once you have named a business/industry that is difficult and one that is easy to start, you must then explain why you believe this. Be sure to reply to a classmate and discuss what you agree with, don't agree with, etc. in a respectful, constructive way.

Answer 1

An industry in which it is easy to start as entrepreneurs is the “self-development” industry and an industry in which it is difficult to start as entrepreneurs is the “digital currency” industry.

It is easy for entrepreneurs to start new ventures in the “self-development” industry. In this industry one can become a corporate coach and take seminars and training sessions for employees of different companies on ways to improve their productivity, their outlook in life, their motivation levels and their overall personality. Companies and organizations are always on the look out to engage the service of specialists who can enable their employees to strive for more. This business and industry does not require too much investments and all a person needs as an excellent network and a good background rich in diverse experiences that can be used to enrich the lives of others.

An industry which is difficult for entrepreneurs is the “digital currency” industry. Thus is because the dynamics of this industry changes very rapidly and this can be seen from the examples of Bitcoins. The wealth of Bitcoin investors has seen rapid changes and a high degree of volatility. Secondly the industry is still evolving and hence the structure and framework associated with the industry is very weak. Lastly is this is a technology intensive industry high amounts of initial and continuous investments are required.