ENTREPRENEURSHIP (Assignment #3)

1. Discuss the things to consider before establishing a business nowadays?

Before establishing a business nowadays, there are many things to
consider and should be prepared for. Things such as to (1)create a striking
message, (2)concentrate on the consumer and completely comprehend the
market, (3)begin small and gradually expand, (4)recognize your own talents,
abilities, and time constraints. You should also (5)gain knowledge from
others success and failure, (6)find a mentor, (7)prepare a solid business
strategy, (8)understand your numbers, (9)have a strong desire to succeed,
and (10)when in doubt, avoid doing it alone.

2. Why it is important to identify the customers for your planned business

venture?
Recognizing your consumer is essential for every company venture.
Successful business owners understand what their consumers want and how
to make their product or service available in the most efficient way. The
variety of information is also important; knowing more than their names,
ages, and salaries is required. Understanding and comprehending consumer
demands is fundamental to every successful organization, whether it sells to
individuals or other enterprises. Once you have this information, you can use
it to persuade future and current clients that doing business with you is in
their best interests.

3. As an entrepreneur which is the most important method for segmenting

market and why?
There is no one-size-fits-all response to which market segmentation
approach is the most significant because it varies depending on a variety of
criteria such as your industry, product or service, target audience, and
company goals. The segmentation approach you use should be consistent
with your company strategy and the characteristics of your clients. However,
the demographic method is one of the most basic and widely utilized forms of
market segmentation since the products and services we buy, how we use
those items, and how much we are prepared to spend on them are frequently
influenced by demographic characteristics.
Age, gender, income, education, and employment are all elements in
the Demographic Segmentation. This strategy might be critical for
organizations that provide items or services with distinct demographic trends.
A toy firm, for example, may significantly rely on age-based segmentation to
target children of certain ages.
Subsequently, a mix of different segmentation strategies may be required in
many circumstances to provide a full picture of your clients. The goal is to
assess and update your market segmentation strategy on a regular basis to
ensure that it remains aligned with changing client wants and current market
conditions.