Entrep

Cadap, Rwynn Memory L.
Gentrep 1361 11:00-12:00 MWF
1. Sociocultural trend
Social and cultural factors are important to consider in creating and implementing
marketing strategy. Thus, we should be aware of and understand the factors or trends in
connection with the buying habits of the consumers. Lately, I have observed that many
university students visit coffee shops and cafes after school or during their vacant times.
Coffee shops are very popular to students because of the relaxing and intimate atmosphere
of it. Students enjoy the chill background music, the unique individuals staying for hours
with their laptops, talking with friends, reading books and what students like the most is
the free Wi-Fi that coffee shops provides.
Coffee shops is a great business opportunity in starting a business because it is the
most popular trend and loved not by only university students but also other people.
Opening a coffee shop can be extremely profitable if it is done right. Serving quality coffees
and snacks in a trendy, relaxing atmosphere is a hugely successful business model
pioneered by Starbucks, which has grown to more than 31,000 coffeehouse locations
around the world. However, like most of the coffee shop operators, there are certain
common problems in running s coffee shop which are quiet preventable. Running out of
inventory or stocks like coffee beans is surefire way for coffee shops and owners to
disappoint customers and put a crimp in business. Thus, to prevent this kind of situation, a
point of sale system (POS) is the antidote here. A good POS system has an inventory control
module that tracks inventory quantities and generates alerts and automatic re-orders when
quantities reach pre-defined levels.
2. Technological trend
Although technology is undoubtedly making out lives easier, the ease of access to
shared information presents wide range of legal implications for businesses. Technology is
an essential enabler for business owners. It not only makes things easier and faster but can
also change things for the better. Mobile phones is what students and teens love most above
all technology. This is because smart phones can connect students to everything they care
about- from socializing with their friends on messanger and social media accounts or
applications.
Mobile applications are on the rise and in demand of all the audience. Mobile app
development is the best business opportunity in technopreneurship. Every new innovation
contribute to shifting demand from demographics, be by users or clients. However,
challenges may arise in every business establishment. Understanding the challenges and
making strategic solutions to overcome those are very important. Of course it is not a cake
walk to build an app and get it approved from Apple and Android app stores. Beside
developing a successful app and providing superior customer experience, most app
developers face a common challenge for ensuring a world class app performance.the
challenge includes a running application without crashers or bugs and at the same time
consumes as little space in the device without affecting battery life. A good performing app
can provide a good number of audience. The challenges should be fully addressed so that it
would not affect the overall application performance and the business as well.
3. An economic issue
The current crisis that everyone of us around the globe has a changed the lives of many
people. During this course of enhanced community quarantine it also affected our
day-to-day lives and our economy as well. In response to this pandemic, government
institutions and businesses have taken important roles in saving human live. Thus, in this
course of crisis a lot of people are thinking about starting a business.
Online delivery businesses is at a high boom. Currently, most people prefer shopping
online. College students are fund in online shopping nowadays because of online shopping
is convenient as it can be done from anywhere at anytime and even from phones. Also,
many online shopping is cheaper than offline. This is the best business anyone can manage
during this enhanced community quarantine.
4. Politico-legal trends
Political trends can impact any level of society, whether individuals, families or
organizations. Trends in politics set by government institutions can affect the legal
framework within which businesses operate. Being aware in the political trends at both
national and local level is an essential part of planning and strategy development of
entrepreneurs.
In as much taxes are necessary for the government of a country to function and meet up
with its obligations to the people, taxes are seen by small businesses as one of the
challenges they face while managing the business. Students loves making poses on their
selfies and editing pictures, but most of them doesn’t have the skill in editing photos and
videos. If you are an aspiring entrepreneur who has photo and video and editing skills you
could actually make business from it. A video editing service is a tax free business than can
be successfully started.
5. Societal problem
One of the problems in our environment is pollution, the air and water are
contaminated because the wastes. Poor waste management contributes to climate change
and air pollution, and directly affects many ecosystems. However, there are some business
opportunities with regards to waste management. The electronics recycling business can be
an opportunity for an entrepreneur to help improve the environment. This type of business
is becoming increasingly important and an upcoming trend which growing immensely as
there is a severe need to protect human and environmental health. Electronic waste
recycling is the reprocessing of electrical and electronic equipment of different types of
which have been discarded so as to reuse it.
6. Market gaps
Finding a gap in the market gives entrepreneurs a chance to innovate their businesses.
An entrepreneur can come up with ideas from looking at the trends and allows him/her to
build an entirely new business. Analyzing the market gap means that you need to be
different or unique from other players on the market to ensure that consumers will be able
to know about the business. Adapting an existing product or service that you know their is
something missing in their performance is also a way to better fit the market. Like for
example the Netflix, the entertainment giant who successfully identified the market gap that
its competitors were not filling. Instead of wading through the aisles of a brick-and-mortar
video rental store, Netflix customers could browse the DVDs online. Netflix also expanded
their offerings and include streaming services and producing blockbuster television shows
which are most enjoyed by the customers.

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