Challenges to Industry Giants
smartworksof
challenges_to_industry_giants__bus_433_week_5.docx
In your lifetime, do you think companies such as Coke, McDonald’s, or Google will be overtaken by new, entrepreneurial companies? In a 200-250 word response, indicate why you selected your answer.
Ans.
In my lifetime I not think that think companies such as Coke, McDonald’s, or Google will be overtaken by new, entrepreneurial companies because Being recognized all over the world as a respected brand is a sustained competitive advantage that companies such as Coke, McDonald’s, or Google have used as leverage to hold the market sway for years and they has used its brand name as leverage to break into new markets in completely new territories.
An entrepreneur is an “individual who starts a new business,” and that’s true as far as it goes. Another definition identifies an entrepreneur as someone who uses “resources to implement innovative ideas for new, thoughtfully planned ventures “which is also true as far as it goes. But an important component of a satisfactory definition is still missing. Being successful as a business owner requires more than coming up with a brilliant idea and working hard. You need to learn how to manage and grow your business. In the process, you’ll face numerous challenges, and your ability to meet them will be a major factor in your success (or failure).
Do I want to start a new business, take over an existing one, or buy a franchise rather than company. If you want to grow a business and have some type of nonwork life at the same time, you’ll have to give up some control—to let others take over some of the work. Thus, you must develop time-management skills and learn how to delegate responsibility. Studying people’s buying habits isn’t just for big companies, though. Even small businesses and entrepreneurs can study the behavior of their customers with great success. . Entrepreneurs, therefore, are always working under a certain degree of uncertainty, and they can’t know the outcomes of many of the decisions that they have to make. Consequently, many of the steps they take are motivated mainly by their confidence in the innovation and in their understanding of the business environment in which they’re operating.
I selected this answer because the financial challenges faced by most entrepreneurial companies, in many cases, owners simply cannot justify this expense. In contrast, MSC does not rely on revenue generated from membership dues or event fees. In fact, members are not required to spend a single penny!
References: - http://steveblank.com/
