Join Whitney Johnson for an in-depth discussion in this video Playing in your own field, part of Entrepreneurship Foundations (2014).
- Two summers ago, my friend's 11 year old…triplets wanted to earn some money.…As children often do, they set up a lemonade stand.…But instead of earning the usual friends and family dollars,…these kids made nearly a hundred dollars in a half an hour.…It was late August.…They set up shop next to the football field.…Students were finishing up hours worth of practice.…They were thirsty, very thirsty.…And here were my friend's children…with their lean-to lemonade stand.…These kids intuitively understood the difference…between competitive and market risk.…
There was no guarantee there would be customers,…but in this particular location there was no competition.…If there was going to be demand,…these entrepreneurs were going…to make much more than a pittance.…As you start a business,…you need to think about how you can postion…yourselves so that you are taking on market,…rather than competitive risk.…Here are three questions you can ask yourself…to help figure this out.…First, is it easy to find information…about the market opportunity?…
- Cite the steps that can help you find an unmet need.
- Differentiate between a business and a hobby.
- Recognize how to decide between an online business and a brick and mortar business.
- Describe how to protect your intellectual property.
- Explain the best practices for hiring the right people.
- Recall the importance of tapping into networks of expertise.
- Cite the best practices for building a business website.
- Summarize the best metrics to use for your online business.
Skill Level Intermediate
Management Foundations (2013)with Britt Andreatta2h 9m Intermediate
1. Finding Your Big Idea
2. Starting Your Business
3. Building a Team
4. Marketing Your Business
5. Scaling Your Business
6. Funding Growth
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