Consider a small business you want to create. In your post, address the following: What type...

Consider a small business you want to create. In your post, address the following:

What type of business would you create?
Conduct some research on companies offering a similar product. What distinguishes you from your competitors?
Name 2-3 risks you need to consider in your new venture? Consider the risk factors similar companies may have encountered.
How could you leverage e-commerce and social media to make your business profitable?

Solutions

Expert Solution

A business that I would want to create is Smartphone Manufacturing Business.

Based on the research work of companies offering similar product, below are the given features of our product that distinguishes us from our competitors :

Better Battery Life
Better Display
Better Quality Sound
A Super Fast Processor
Good Quality Camera
Relatively Cheaper
More Space for Storing Data

The types of risk that we need to consider are :

Competitive Risk : Due to competition in the industry for better product competitors in order to gain superiority will try to make better product and at a cheaper cost

Quality Risk : Quality Risk is the risk when we fail to meet the quality goals for our product and services.

Innovation Risk : Innovation risk is the risk faced by the business when the company is producing same type of products continuously without any innovation like not using latest technology.

We can leverage e commerce and social media to make our business profitable . Following points state the advantages of using e commerce and social media in business :

Faster buying/selling of products.
Easy to find products
No need of physical company setups
Easy to manage
Buying/Selling 24*7 hours
No geographical limitation
Wide scale advertising
Low operating cost

jeff jeffy answered 1 year ago

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