E-Traits homework

E TRAITS!

Here is a list of the 10 most common characteristics of successful entrepreneurs.  Do you have some of these traits? Analyze yourself, then ask you friends and parents which of these apply to you. List three in the comment section below.

CONFIDENCE: belief in yourself and your abilities; self-confidence

PERSISTENCE:  to continue firmly in a plan or course of action; to last or endure

INTEGRITY: moral character;  honesty; consistently following rules of right behavior    

                              

CREATIVITY:  the ability to “think outside the box” and come up with original and imaginative ideas

ENTHUSIASM:  a lively interest that is applied to different activities;  excitement

DETERMINATION: making a strong decision and being purposeful about following through on it

RISK- TAKING: being able to take decisive action, even if the outcome is unknown.

INDEPENDENCE:  able to act on one’s own;  free from the control of others

ADAPTABILITY: able to adjust to new situations;  the ability to make changes to fit a new situation or set of problems

HARD WORKING- willing to put in the extra time and effort to make a project successful

What Types of Market Research Are there?

What Types of Market Research are there?  

          SURVEYS:  A set of questions designed to find out information about the Target Market's interest.  This helps the business owner make wise decisions about which products to sell  and how to market.  Surveys can be on paper, digitally sent (email), or even asked in person or over the phone.  

          FOCUS GROUPS:  A group of people are brought together to answer questions or to have a discussion, which can provide direction for the business idea.  Answers are usually more personal than a survey.  Usually videotaped or recorded in some way

        

          PERSONAL INTERVIEWS:  Unstructured, open-ended questions (not “yes or no” questions) are asked in person.  This is especially helpful in determining why a particular product is not doing well.  

OBSERVATION:   How do people really act?  What do they really want? Watching people's behavior tells you a lot!   Individual responses to surveys and focus groups are sometimes different than people’s actual behavior. When you observe consumers in action, you can observe how they buy or use a product. This gives you a more accurate picture of customers’ usage habits and shopping patterns.  (for example, on surveys, parents say they want to buy healthy cereals.  But, in fact, data shows that more parents still buy the sugary cereals).

FIELD TRIALS:   SAMPLES!  Businesses can offer samples of their product to evaluate response.  Placing a new product in selected stores to test customer response under real-life selling conditions can help you make product changes, adjust prices, or improve packaging.  (HOW COULD YOU DO THIS AT WCS?)