Seeing Entrepreneurially - Industry Condition

7 important questions on Seeing Entrepreneurially - Industry Condition

Understanding of knowledge and demand conditions will help the aspiring entrepreneurs determine what? 

how to compete effectively within their chosen industry

What are knowledge conditions?

the amount and type of knowledge that is required to create and deliver the industry's products or services.

Industries where _________ is a key success factor favor new ventures.

knowledge
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How can demand conditions be met?

by introducing a product or service that: (1) satisfies customer needs in a better way than competitors; and (2) at a price that is greater than the cost of creating and delivering that product or service.

What 3 aspects of demand can you focus on to help you capitalize on demand conditions and ensure that you pursue a sufficiently large and growing market with similar sets of needs and wants?

1) The magnitude of customer demand for products or services (quantifies your number of prospective customers)
2) The rate of growth of that demand (make sure to enter a growing market)
3) The consistency of that demand across customer segments

Segment your market into sub-groups (needs, wants, location, demographics, etc.) in order to prioritize your _________ and align your _____.

resources, focus
This will help you carve out your niche

____________ presents an opportunity for entrepreneurs to specialize.

Segmentation
(once you have built your reputation, this will help you leverage your brand into new segments later)

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