BUSS 221: Fundamentals of Entrepreneurship

Institution: Kenya Methodist University

Course: Bachelor of Business Administration

Content Category: Summaries

Posted By: izulu1999

Document Type: PDF

Number of Pages: 12

Price: KES 500
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Summary

An entrepreneur should conduct thorough analysis of the competition before launching an entrepreneurial venture. Discuss factors of consideration during the analysis and clearly explain the reasons why you think they are important to an entrepreneur who is intending to start a software development business in Nairobi County.

Introduction
radley (2007) defines analysis as the ‘identification of meaningful patterns in data, this applies both qualitative and quantitative data.’’ (pg. 315)
Competitors in a business environment and thus a competition according to Sally & Willian (2012) are the businesses marketing products similar to, or substitutable for its products when targeted at same customers. Therefore, in analysis of business competition the entrepreneur identified patterns on the business that are both qualitative and quantitative and relates it to the competitors in a similar environment.
A software entrepreneur in Nairobi or any other metropolitan location therefore needs to understand the existing market, existing products, marketing strategies by other competitors in the market and various other factor where in, he or she he/ she pin points the factors to consider and hence strategize for the proposed business noting down both the qualitative and quantitative aspect of the competition.................................
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