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Sample Essay on Chap 2 & 3 Phoenix

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Sample Essay on Chap 2 & 3 Phoenix

Chap 2 

What is the relationship between idea generation, opportunity, and feasibility analysis?

These three terms are closely related as they are the key elements necessary for starting a business. In other words, they are the processes an entrepreneur should follow when trying to establish a new venture. Though individuals come up with varied business ideas, it has been established that for the idea to be sustainable and successful, all these processes must be adhered to. After coming up with an idea on what business to venture into an entrepreneur seeks the available opportunities that he/she can utilize so as to ensure his/her ideas are put into action. Opportunities are not always sought after; some lucky individuals encounter opportunities in their day to day undertakings. After identifying an opportunity, an entrepreneur tries to investigate where his idea and opportunity can be applied. If the idea is to start whichever business that he/she decides then there feasibility study will be identifying the location, the pricing of the goods and services and the customers.


Chap 3
  What factors must be considered when conducting a feasibility analysis of a health care service or product? Explain. Class, how can an entrepreneur assemble a good management team with limited resources?

Among the factors to consider when conducting a feasibility study concerning a health care service or product includes; location, accessibility, the population of the target market, the level of income of the target market. The location where one plans to start a health care service is critical in the sense that it should be strategically positioned to enable movement to and from the business. Accessibility is also important as customers should be able to easily locate the business premise. The level of income of the targeted individual enables the entrepreneur to decide on the kind of services the audience can afford. An entrepreneur can start carry out a feasibility study by doing an analysis of the existing businesses as well as using statistics from the regions administrative organs. Building a good management team for an entrepreneur can be done through matching individuals’ strengths with the abilities and giving an individual a task that he/she is knowledgeable

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