The Establishment Of An Enterprise - 1648 Words

INTRODUCTION: When establishing a small to medium enterprise, it is VITAL that an entrepreneur considers establishment influences, which can often determine the success or failure of a business to flourish. These establishment influences consists of those in the internal and external business environment and include the business idea, legal considerations and influence of government on SMEs and market considerations. THE BUSINESS IDEA: Prior the establishment phase of an enterprise, an entrepreneur must have a concept that has the possibility of establishing a profitable business. This is known as the business idea, and can include the ideas related to goods and services that are already existing in the market, have been improved or†¦show more content†¦By identifying this gap as well as changing consumer needs, consumer attention was brought upon Winkiwoo, making it a lucrative and viable business. Once the business opportunity is determined areas such as competition need to be considered and investigated before the business opportunity becomes a reality. Competition refers to rivalry amongst businesses that may have similar goods and services to satisfy a market. Hence entrepreneurs must decide who their target market is in order to identify the main competitors as well as the level of competition. Businesses who are able to, at the lowest cost, produce and sell a good or service have a greater potentia l to attract the market share. As well as that competitiveness can be achieved through the differentiation or goods and/or services in which the goods and/or services are unique, higher quality or different than its competitors. Winkiwoo was the first Facebook application worldwide that allowed individuals, with their Facebook photos, to easily design a photobook. Not only was it the first application it is a quick, worldwide, affordable, and high quality service, giving it a competitive advantage amongst its competitors which in turn increased the success of the business. Although the business idea is very important to considerShow MoreRelatedCorporate Social Responsibility : Csr1746 Words   |  7 Pagesassociations, it is vital to move past philanthropy. Hone in this field recognizes distinctive sorts of establishments, corporate affiliations, the measure for ordering them being business reliance. An alternate methodology includes a different characterization that considers the all foundation parts (counting board), are individuals of business. Methodology and strategy for success of the establishment is created in line (and once in a while covering) with organization method. 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