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Business

In: Business and Management

Submitted By saadq88
Words 1131
Pages 5
Assignment - I

Question-1

On the basis of Chapter-2 elaborate on the emerging trends and conceive a product considering all these four trends?
Being an entrepreneur is often associated with successful individuals who have accumulated loads of money. However, an entrepreneur must deal with never-ending stress and frustration. Many people forget that most new businesses fail, but when a business succeeds, entrepreneurship can be highly rewarding, both emotionally and monetarily. As one entrepreneur's innovations pave the way for others. The economy has always been fueled by the innovations and new products entrepreneurs bring to the market. Big businesses started out small, usually as one man or woman with a good idea and the willingness to work hard and risk everything. While it is true that about half of all new businesses fail, the ones that succeed contribute a great deal to the creation of other new ventures which leads, in turn, to a dynamic national economy. For that you need to observe trends that give you opportunity. The four observing trends are economic forces, social forces, technological advances and political action & regulatory changes. Entrepreneur should launch innovative products that should meet the consumers demand and could easily pass through from all these trends. By keeping in mind all these things the product I am launching is touch screen tablet pc that can be use for multi-tasking (office use, entertainment, student use etc.). As the world technologies advances and dealing so much into surface interface devices through which you just simply touch and your task is done. This Tablet PC is ultra mobile and ultra thin. It has a high resolution widescreen display and it is super comfortable to hold and easy to carry. It has full flash 10.1 with hardware accelerated video and can run HTML 5 at the same time. This Product offers both rear facing and front facing cameras offering full video. You will be able to play something on the screen and record something else. Some key features that make this product distinguish from other products. 10.2 touch screen display, Full Multi-touch screen, Dual HD Cameras (Front facing camera is 3MP and Rear facing camera is 5MP), HD Video Playback, HDMI video output (Watch High Definition movies by just connecting it with your TV set and get rid of buying expensive Video players), Wi-Fi, Bluetooth etc. As I mentioned above that this device could be use for office use also like E-mail: Mainstream web mail service gmail / yahoo mail etc. and can be use for communication Software: skype out can call local phone, long distance also. * While moving ahead to trends, there are two ways entrepreneurs can get handle on these trends. First, we can carefully study them and observe them. Some entrepreneurs are better at this than others, depending on their personal characteristics and level of motivation. Any business organization has one goal, to maximize profit. The process of maximizing profit is simple. Analyze demand of consumers, and provide appropriate supply, in good quality and quantity. There is however many economic factors that affect this simple operation. The demand and supply are two principal factors that affect the working of any business model. The demand is the will and ability of consumers to purchase a particular commodity and the supply is the ability of the business to provide for the demand of consumers. Another very important aspect of the economy that affects the working of the business is the level of employment and rate of income. As our nation is facing a deficit situation and inflation became a major issue prices are rising up day by day, so we should consider all these things. Because launching a product in inflation stage could lead more probability to failure of the business. Secondly Economic forces affect consumer’s level of disposable income. When incomes are high, people are willing to buy products and services that enhance their lives.

* In social forces trend we consider the tradition and norms of the people living in a particular society. And we also study the number of two-income household and the number of the single-parent families, which age group we are targeting to like as I mentioned in my product specification that this tablet pc can be use for office, entertainment, and for student use. Student use in a sense that now days student have to give and prepare numerous assignment and presentation so that task could be easily done in this device. This tablet pc is much more handy than laptop and also easy to carry.

* In third trend technological advances it is vital for entrepreneurs to remain on top of how new technologies affect current and future opportunities. The word technology is not a new one. In fact, the root of the word means to shift or to change, and was used originally in relation to changing nature. “Technology is an accelerator” In other words, technology can accelerate both good and bad ideas, and it can accelerate these ideas towards success or failure. Think of technology as some sort of widget that sits in between ideas and the future. If we take a look at the product that we are launching a tablet pc on which you can perform numerous tasks. And from entertainment perspective through this device you can enjoy HD quality movies and also while sitting in a wireless environment you can have an access to internet easily. As technology is also future oriented so for that in future we can provide technological advancement in battery life, display resolution, more efficient handwriting recognition software, larger memory etc.

* In Political action and Regulatory Changes there are a multitude of legal issues to think about when it comes to starting your business. As we are launching a product so we take this in consideration that which business structure best suits your business. Your business could be structured as a sole-proprietorship, partnership etc. Depending on what type of business you plan to engage in, you may need a variety of licenses or permits. At a minimum, you will need a business license and tax registration. When you are selecting the location for your business, you will need to make sure it is properly zoned for the type of business you plan to operate.
And after studying or doing surveys on these factors we could be able to introduce our product to market. However, there are a number of things that individuals might be interested in knowing when it comes to starting a business. You would ideally want to get familiar with these trends. Once you understand these trends, you will be in a better position and probably might be all set to start making some money from the enterprise.

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