CREATING A BUSINESS

CREATING A BUSINESS

CREATING A BUSINESS

Introduction

Setting up a business or making it work in a limited amount of time can be tough at times. Whenever the economic conditions are sound, people are more inclined to start up a business, the demand and supply ratio keeps on increasing with the passage of time

Question.

What is the sort of challenges while initializing a business? Explain those challenges.

Answer.

Challenges during a business setup

There are a number of things that are needed to be kept in mind while initializing a business setup. The challenges and barriers are a “by and part” routine in a business environment.

First you need to develop the idea and a broad vision for the company. Broad vision is extremely important as you must know where the company stands after let's say 5-8 years. Then after the development of a broad vision, there must be sufficient investment. The next challenge is of how much to invest? After investment the location is crucial. This is never easy, as people might think it as a piece of cake but actually it can create difficulties as a peaceful environment is a must. (Schultz, 2001)

Question.

Explain what a “niche” product is by giving 3 examples

Answer.

Niche product

A niche product is a product that is specific. It is a complicated product such as TV remote control or a computer mouse. It is more often than not a bit sophisticated or technical and is designed for catering a small market. It is focused towards a small group of people. Other examples include a solar powered Hat and hand held devices.

Question.

Explain what advantage a niche company has in a market.

Answer.

Niche products in market

Niche products are dedicated to a particular segment in the market and can gain profitable outcomes from that particular brand. The niche market has a clear ...