Starting a Business: an Open Door for Anyone Essay example

1214 Words Dec 15th, 2011 5 Pages
Starting a Business: An Open Door for Anyone
Brenda R. Austin
Professor Michael Clark
Lithonia Campus
Business 100
November 2, 2011
Strayer University

Starting a Business: An Open Door for Anyone
Question 1: Identify at least three challenges when setting up a business. Explain why they are challenges:
Three challenges involved in starting a business are finding an idea or ideas, finance or funding, and finding committed people.
Finding an idea or ideas for a new business may not be as hard as it sounds or seems. Most of the time, the idea comes from inside you. There is a deep, nagging desire to see something accomplished or provided. This focus may start with a select group of people, as it did with “Urban
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Finding your business niche is great, but can prove challenging because, usually, niche markets are difficult to serve because the numbers of customers are so small, too spread out, or are looking for something difficult to reproduce (Steve Jobs, 2011).
With a great niche you must have a great location. When Urban Outfitters’ first started, their niche was selling used goods to college students, in locations close to college campuses. As their business expanded, they started selling casual clothing, accessories, and housewares to the 18 – 30 age groups, and kept their locations close to college campuses. Urban Outfitters expanded the business by starting a line of stores called Anthropogie, which peddle a variety of upscale apparel and housewares to women 30 to 45. Continuing to advance into the Technology environment, Urban Outfitters and Anthropologie offer their customers hip and trendy apparel and home furnishings through retail locations, catalogs, and Web sites (Reference for Business - Encyclopedia of Business, 2011). Their niche has grown into a strong business market to be taken seriously.
Besides niche products like those sold by Urban Outfitters and Anthropologie, other niche products are coffee (Starbucks), iphones (Apple), and casual clothing for young urban Aftrican-Americans (FUBU).
Question 3: Explain why a niche company might have an advantage

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