In class today, we learned about starting a business. Firstly, we watched a interesting video about a young man on the TV Show Dragon’s Den pitching his idea to the millionaires and billionaires. You can’t start a business with just a good idea, but you need a lot of money to start and run a business.
We started on a activity to present new company in a form of a presentation. My seating group chose a new technology company called Ouya that created an Android console. I suggested the idea as it is interesting on how it was started. As businesses and products need lots of funding to start up, the company used a funding website called Kickstarter, where people in the public could contribute to it for different benefits called “perks”, where you can receive a t-shirt or a console for the amount you contribute.
Businesses are started partly due to the conditions of the marketplace. Businesses are started when there is enough demand and hype for a certain type of product. Existing businesses can alter and create new products based on the needs and wants of the public. For example, Apple was originally a computer company and it was started because personal computers were starting to become something people bought, and also because they believed in their product. Or when the iPad came out, it was something that people wanted. Other companies then started making similar tablets.
Business can be started when there is a product or service that hasn’t been addressed or done yet. For example, in class we learned about Doggles in a class presentation. It is something that hasn’t been done before. It is something new and interesting, with a purpose of protecting the eyes of dogs.
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