Running head: PROFILE OF A SMALL BUSINESS
Profile of a Small Business
December 19, 2010
Profile of a Small Business
In my Profile of a Small Business, I will examine three issues of an entrepreneur: (1). the product sold and its opportunities, (2). what has made the business successful: marketing, location, product, management, and (3). discuss the effects, challenges, and benefits of globalization on the business.
The Product Sold and its Opportunities
Ali Perry and her friends (Byron Myers and Brenton Taylor) were inspired to develop a business idea ...view middle of the document...
Upon concluding the group’s business plan, the dream team would enter the formal statement of their business goals for this contrivance at a business plan competition on the University of California at Santa Barbara campus for a triumphant victory (Scarborough, Wilson, & Zimmerer, 2009, “Entrepreneurial Profile: Byron Myers, Ali Perry, and Brenton Taylor and Inogen”).
What has made the Business Successful: Marketing, Location, Product, and Management?
Of the four factors: (1). marketing, (2). location, (3). product, and (4). management, the most pivotal one was management in developing this successful business, Inogen. The business idea of designing “a portable oxygen concentrator that filters out nitrogen from room air to replace the oxygen tank...Inogen’s machine plugs in anywhere and is portable, using a rechargeable lithium ion batter for power” (Scarborough, Wilson, & Zimmerer, 2009, “Entrepreneurial Profile: Byron Myers, Ali Perry, and Brenton Taylor and Inogen”) would not have originated without management first pursuing such a budding invention. In addition to starting a business, an entrepreneur (management) should accomplish two procedures before writing a business plan: (1). feasible analysis, and (2). SWOT analysis to test the validity of the business idea. Fortunately, Inogen had completed these two preliminary steps before proceeding to a more detailed plan (business plan) as the last option on this venture’s success before continuing to spend more money, time, and effort on this business idea. Eventually, the team would explore areas of this business undertaking from angles and objectively use critical evaluation in the following manner: (1). for their industries, (2). for their target markets, (3). for their pecuniary requirements, (4). for their competing companies, and (4). for their weighing of other factors to become a successful entrepreneur (Scarborough, Wilson, & Simmered, 2009).
Discuss the Effects, Challenges, and Benefits of Globalization on the Business
As an entrepreneur, Inogen could prepare for the challenges and benefits of globalization by focusing on these five issues, which according to Danev (1999-2011) are: “(1). competition, (2). international policies, (3). developing an international business, (4). intercultural communication” (What Are Some of the Challenges Posed by...