Entrepreneurial Beginnings

2. How could five (5) of the ten (10) products or services observed in Question 1 (attached paper) be changed or offered differently as a new business opportunity?

Pick one (1) of the ten (10) opportunities, needs, or solutions observed and state why you feel it has the best potential to become a new business opportunity. 

 

 

 

 

 

 

ANSWER

 

Entrepreneurial Beginnings

How products or services can be changed or offered differently as a new business opportunity

Fashion designer clothes business can be offered differently by engaging top-notch designers, who will ensure that they met the needs and desires of the prospective customers.  For marketing agency business, the incorporation of modern marketing methods, which include the use of social media platforms, can be a significant change that can help improve the business. For a tutoring business, there can be changes in the ways and platforms of conducting the business. Students can be taught using online platforms such as Zoom, without having to attend physical classes. Incorporation of modern technology in tutor business would be in line with the shifting paradigm of the methods of teaching, where many people are opting to attend virtue classes, rather than attending physically.

For a retail business, changes in the product segmentation will help it improve and ensure that consumers are fully conversant with the main products that the business deals with.   Finally, for the Android application development business, there will be a need to have a partnership with persons in the technology field. This will boost its innovative efforts, and help keep up with the changing trends and needs in the market.

The idea with the best potential to become a new business opportunity

Android application development business has the best potential to becoming a great business opportunity.  More people worldwide are adopting the use of smartphones, which either use Android or IOS applications. This means that the business has a vast potential of attracting numerous potential users, a factor that will increase demand for mobile applications. Consequently, it is highly likely that the high demand will lead to more purchases, which will lead to a growth in revenue and, ultimately, high-profit margins.