1) What creates opportunities for entrepreneurs to start a business?
I think that when the market demands a certain good it is a perfect time of a person to start a business. The reason is because you know there we be at least a descent amount of customers. When selling the produces to the customers, the owner can earn money to expand the company allowing the goods to be sold more often. Another perfect time in starting a business is when the local economy starts to grow after the bubble has popped. Start a company at this time is good because there are more cash in the streets, this allows the citizens of the local place to spend more money.
2) How do entrepreneurs respond to the needs & wants of society?
Entrepreneurs in the world respond to needs and wants by starting business to for fill the requirements and at the same time earning money. Although they might respond to the needs the adverting must be good. I think this is because one day walking in elements I found a shop that is isolated from everything with no one walking by. Even if i told someone about the shop, no one would believe me. Hence I think advertisements is very important. Also, recently i watched a video about beats, it mentions how important about the getting the word out for people knowing your company.
3) Why do individuals become entrepreneurs?
In my opinion anyone can be a entrepreneurs, but there are requirement in becoming successful. Three important thing in becoming a interpreters are money, knowledge of business environment and the skills of getting the name out. Money is one of the key factors of making a success business because you needed the money to buy materials, hiring people and etc. Not only people like you can buy any business with lots of money, with also makes you an entrepreneurs. The second factor in my opinion is knowledge of the environment. If the entrepreneur does not know what the customers needs, the new business might run into some competition losing it business. Third is getting out the name of your company. For example, the beats video shows that getting the name out is important because when they ask people to name a headphone company beats by dr.dre came out 63% of the time. This can greatly increase the rate of selling, and earning more money in the end.
4) What drives innovation?
Everyone gets idea very often, but most of the time the people by base the idea of something else which makes it a innovation. People might think that the idea they made could be very successful, so they start a business to sell it.
Everyone wants to earn money but since nothing new has been invent companies try to create products with new and better functions.
5) Are the traits that are needed to be successful as an entrepreneur always the same?
(use the business survey)
6) Is there an optimal form of business ownership?
There are two types of business ownership that i have learnt so far. One of the ownerships is limited and the other one is unlimited. A limited company is when the owner is a separate identity for the company. For example, if one of the employees punches a customer, the customer will sue the company but not the boss. After suing the company, the owner will not lose any of his private property/ assets. The other type of business ownership is unlimited. The unlimited company is the complete opposite of the limited. That mean the company and the owner has a same identity.
Another set of companies is partnership business and sole trade business. These two types of company have a both positive and negative sides. A positive of a sole trader business would be it is easy to start and close, this means if the own loses or gains interest in the company he or she can create it or close it quickly. Another advantage would be it requires very little paperwork to create.
7) To what extent should competitors work together?
I think that competitor should work together in some situations