Why The Business Will Be Successful Or Not - 921 Words

2) If one is looking specifically at the market, there are a lot of factors to consider to determine whether the business will be successful or not. One of these factors is competition which is important because it will impact the amount of customers and could also pose a barrier to entry. For instance, if there is an established pho restaurant in Charlottesville one has to consider their market power and ability to outprice your restaurant or if they’ve been in the market for a while they may possess a competitive advantage over your future restaurant. Slightly related to competition is demand for pho which determines the price and number of customers willing to purchase pho at that price. One has to ask in relation to demand how many people in Charlottesville are willing to purchase pho at $4, is that price optimal? Demand also has sub-factors which must be considered such as are there substitutes for pho and what is the demand for those products (i.e. ramen restaurants). F urthermore, in the context of markets, it is important to consider supply costs. Are the supply markets for inputs volatile? Would I be able to handle a sharp increase in input prices and for how long? While market factors are important there are also more general factors to consider. The most important one to consider is the opportunity cost of this venture. Would time spent on this venture earn more in another venture? Earn more in a salary job working for someone else as opposed to running aShow MoreRelatedWhy Business Management Is Becoming A Successful Business4224 Words   |  17 PagesAbstract Owning a business is often a dream of many people but the reality of entrepreneurship can be an amazing experience. It takes a lot of planning and dedication for a business to be successful. Small business management is becoming very popular in the society in which we live. More and more people are looking to going into business for themselves. 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