Market Research Analysis

http://www.kwiksurveys.com/?s=OIJENM_fe408bf6
 The purpose of this survey is for me  to get an idea of what type of customers my business is going to have and overall want they want from my business. After I get enough people to take the survey that allows me to understand what to have in my shop and at reasonable prices so people can afford them.

Market Research

  The basic role of the market research to me, is generally finding out who and what your customers want from a business, and what are the typical people you  can get to buy your good or service. For instant some people prefer to drive a hour and some minutes away to go to a mall, bakery store, or hair salon because of prices or even it feels more home to them. Using the 5 steps above helps you gather information so you know what to sell and what not sell.  

Chapter 3 Reflection :)

  Before We beginned this chapter, I had no idea what the eight entrepreneurial trends were. 1. Internet business conducting business online, 2. Service business intangible things that are done to make our life much easier, 3. Home-Based business conducting business from your house, 4. nonprofit business a business that does a job without a fee( giving back to the community), 5. Focus on tecnology, 6. outsourcing which is contracting with other business for a service, 7. Strategic Alliance two companies coming togather under on name and finally 8. Corporate Ventures which is a smaller business formung inside a lager  business. I knew what a franchise was but I didn't know that a business broker was the person to bring a franchisee which is the buyer and the franchisor which is the seller togather. I learned how McDonald's bacame famous because of Ray Kroc. I learned advantages of being in a family business, trudt, loyalty, and togatherness, but at the same time the disadvantages conflict and money.

My Franchise!

I franchise I chose to purchase is Jimmy John's Sand which Franchise. Jimmy John Liautaud started this business in 1983 in Charleston, Illinois in a garage. During the time jimmy John's opened, America was going through the Cold war, and jimmy wanted to create an affordable place where people could eat. Jimmy John's provide a fast food restaurant service. I chose this franchise because I keep hearing the commercial on the radio about how delicious and fast at delivering they are, and I really want to try their Sandwiches. Jimmy John's has over a thousand location in thirty- nine states.

   If somebody were to start a business today I believe they would try to start up a Strategic Alliance. I say that because to me if they do that they are already ahead of the game. Whoever they choose to make this alliance, that company is most likely already famous for their product and or service  and all the new business owner has to is introduce his/her product and or service and become famous also. This alliance will work if both partners know how to play their cards right. When I say that I mean split the profit fairly and don't get to stingy over the customers.The goal of this trend is to get more customers to buy their product so I chose this trend because this is the  smartest and quickest way to grad and keep customers because as long as both company's are together they both make money.  

Chapter 2 Reflection- The Potential of an Entrepreneur

    Before we did this chapter, I was already aware that anybody could be an entrepreneur if they had what it took. I didn't know the tweleve characterics of and entrepreneur which are risk-taking, goal-oriented, action-oriented, responsible,persistant, independent, restless, enthustatic, creative,  realistic, self-confident, and last but not least self-dmanding. We learned each of those in dept. I didn't know about the percentages like 62% had parents or realitives who owned business, or like 40% had high school diploma's or less and to me that seemed like a low number but I guess its not. I already knew about role-models because when kids are young they tend to state who they admire or look up to. I already knew about competition because a lot of businesses have rivaries,which they compete for customers. We also talked about the rewwards and the risk of entrepreneurs. The biggest reward to me is being your own boss because you don't have to be told what to do,and being creative because you get to use your own ideas and run your business how you want it to run. The biggest risk is losing investments because its not always guarented that you get all the money back that you placed in your business, and not spending a lot of time with your family because of late hours or work.

12 characteristics of an Entrepreneur

      I feel like the most needed characteristics is being responsible. Because I think If you lack that your setting yourself up for failure, and a person who is responsible says a lot about them. Like you can count on them or their very reliable to you.