Starting a business

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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3 thoughts on “Starting a business

  1. I like how you explained starting a business very organized and with a lot of information in this blog post. I understood more about this unit and topic more better than before. Overall it’s very well done.

  2. In your blog post, you really helped me understand more of the concept of making a business. The examples and the terms you used were very specific and they were well understood. I liked how you gave a mind map on the bottom to show your brainstorming and ideas about starting a business. However in the mind map, you should at least change the font size of the unit question box and the main points because it looked kind of confusing and hard to find. But Overall nice job!

  3. You helped me better understand how this topic fits in with all these others with your mind map. I also learnt that businesses are started due to the conditions of the market place, what the consumer’s need or want. For your mind map, you could of made the Unit Question bold so it stands out, for the topic “Starting a Business” could be in a different colour so its easier for the audience to locate.

    – Trevor

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