1. In your own words, are entrepreneurs born or made?
- I believe that it is a combination of both being born and made. There are people
that grow and just know that they are meant to do greater things and create
some
...
1. In your own words, are entrepreneurs born or made?
- I believe that it is a combination of both being born and made. There are people
that grow and just know that they are meant to do greater things and create
something that may change the world. They have the will to be more than just a
regular employee and pursue a dream, even if it means going through difficult
times . There are also people that may not grow knowing it, but somewhere along
the line of being an employee maybe they pick up a few ideas and immediately
know how to make those ideas greater or they find a specialty that clicks with
them and they never even knew that they could develop that type of skill.
2. In your own words, what is a venture capitalist?
- Venture capitalists are an entrepreneurs best friend. They provide a financial
stabilization for any business starting in the early stages of growth. For example
the show Shark Tank has five venture capitalists that take on new entrepreneurs
looking to expand or start up the business. This can be both a good or bad thing
for an entrepreneur. On one hand they gain financial stabilization allowing the
business to grow, but the venture capitalists can choose how, when, or how much
that entrepreneur needs to pay back after providing the finances and sometimes
that can be costly.
3. In your own words, explain three of the nine building blocks for managers to use in
developing an innovative and effective business model.
1) Customer Relationships is very important to a business because as the
name says, it relates the customers. This is how the business interacts with
the customers and helps them feel wanted within the business to attract
them into buying whatever goods or service is being provided.
2) Key Partnerships is another important building block because it involves
other companies or outside sources to help with a business. This can be
really effective with new products being produced and figuring out the
best quality resources at the cheapest prices in order to satisfy customer
needs and demands.
3) Customer segments relate to what type of customers are within the
business areas. Even if a business is world wide, there are a variety of
customers in different areas with different needs and usually those
individual groups of customers are looking for the same thing. People in
California could be interested in finding the best summer clothes, whereas
people in North Dakota need better winter clothes. Not the greatest
example but shows the distinction.
4. What is a competitive advantage? How does marketing contribute to the creation of a
competitive advantage
- A competitive advantage is when a business has an up on another business. This
usually means one business has a better financial standing and can afford to spend
money on better resources and quality products to attract more customers. This is
where marketing comes into play because they can spend money onadvertisements, and find investors to better the business. Smaller businesses cannot afford to
always advertise their products or invest to make the productsbetter for the customers
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