Surname 1
Student’s Name
Instructor’s Name
Course Title
Date
Managing a Business Scenario
A business is simply defined as an economic structure that involves the exchange of good
and services for money. Every business demands a specific investment and sufficient consumers
to whom the products can be sold consistently in order to maintain profit. Establishing and
managing a business involves various steps. Therefore, as an entrepreneur, one must be fully
dedicated to the process.
The first priority when initiating a business idea is to understand the anticipated
commitment. Majorly, this involves the target market of the products offered, as well as the
returns on investment (Fischer 12). To begin with, an entrepreneur should do a comprehensive
study on business management. This involves understanding the business environment which
constitutes the competitors and targets demographic. Competitors are the individuals already
operating businesses in an established region. The target demographic, on the other hand,
involves the anticipated consumers of the products. An entrepreneur should focus on offering
unique products at a reasonable price, as well as better services in order to maintain customer’s
royalty. Thus, this may attract more customers and surpass the competitors.
An entrepreneur should also consider the legal requirements. These are the regulatory
measures set by the government to regulate business ethics such as product standards (Fischer
38). An entrepreneur should adhere to the laws in order to safeguard their liability, as well as
Student’s Name
Instructor’s Name
Course Title
Date
Managing a Business Scenario
A business is simply defined as an economic structure that involves the exchange of good
and services for money. Every business demands a specific investment and sufficient consumers
to whom the products can be sold consistently in order to maintain profit. Establishing and
managing a business involves various steps. Therefore, as an entrepreneur, one must be fully
dedicated to the process.
The first priority when initiating a business idea is to understand the anticipated
commitment. Majorly, this involves the target market of the products offered, as well as the
returns on investment (Fischer 12). To begin with, an entrepreneur should do a comprehensive
study on business management. This involves understanding the business environment which
constitutes the competitors and targets demographic. Competitors are the individuals already
operating businesses in an established region. The target demographic, on the other hand,
involves the anticipated consumers of the products. An entrepreneur should focus on offering
unique products at a reasonable price, as well as better services in order to maintain customer’s
royalty. Thus, this may attract more customers and surpass the competitors.
An entrepreneur should also consider the legal requirements. These are the regulatory
measures set by the government to regulate business ethics such as product standards (Fischer
38). An entrepreneur should adhere to the laws in order to safeguard their liability, as well as
