Environmental AssessmentShort

Environmental AssessmentShort - Entrepreneurship...

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Unformatted text preview: Entrepreneurship Environmental Assessment Draft Dr. David Y Choi Purpose Detailed understanding of your opportunity-Size-Trends-Key opportunities (low hanging fruit)-Purchasing process Identify segments you want to target Understand your competition in detail Prepare for your Business Plan Opportunity Analysis (1) 1. Macro-Economic Factors What is going on in the world that could impact the environment for your business? What are some general trends that is affecting your business? The industrialized world is becoming more health conscious 2. National Situation What is happening on a national scale that could be important to your business? Are there technological trends and developments? Economic? Political? Social? The latest figures show that the American people now eat about 40% of their meals out, and it is expected that this will grow to about 50% by 2000. The following is a rather general outline of an approach towards studying the environment. Please note carefully that this is not all inclusive , and it would vary by the type of business you are going into. Opportunity Analysis (2) 3. Your Industry Look at your specific industry and determine what is happening any mega- trends? What is the size, statistics, trends, changes etc. etc. etc. that give you both opportunity, and worry? 4. Local - Your Market Depending on the type business you are going to start in this project, local may mean in a small neighborhood in Westchester, citywide, statewide, regional, etc. Look at who your customers are, it should profile them to some degree, and identify them . Understand the Customer Purchasing Process Who is the main buyer (for your target segment)? Who else is involved? Is it the wife? Parent? Teacher? Is it the child? What are the concerns and motivations of the buyer? Are the buyers conservative and interested in proven methods only? Is the product an impulse product? Is it the safety of his firefighters? Is the chief measured by the number of injuries? Is he stressed about the amount of health care costs or worker compensation costs? What will convince a potential customer to become a customer? How important is pricing? What aspect of the curriculum will really convince the buyer? How long does the decision process take?...
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Environmental AssessmentShort - Entrepreneurship...

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