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Read the following scenario carefully and attempt the tas ks that follow. Hobbies as a Source of Business Ideas
Entrepreneurship is one of the recurring current trends nowadays; in short, this is the age of entrepreneurship. The advancement made in the technological field and the rapid emergence of e- commerce have made it easier for people to launch their own business. The increase in use of social media and ease of access and connection with the market has also contributed in bringing business cost down. In addition, due to bad performance of economies, people are finding it more challenging to find jobs that pay well. Thus, an increasing number of them are venturing into business world.
Nevertheless, business world is really tough and sustainability in it requires constant innovation and creative idea generation to stay afloat and competitive. As a consequence, idea generation has become a vital skill to possess in this age and time. Hobbies have come into prominence as one of the main sources of business idea generation. A number of prominent businesses today are fruits
of their foundersâ€™ hobbies and interest.
eBay, one of the biggest online sellers, was established by its founder Pierre Omidyar in 1995. Pierre was a computer programmer working for Claris and sepecialised in system upgrades. He moved his hobby and interest in computers to the next level by launching a website where people can buy items through auctions online instead of fixed prices. Now, eBay is considered a
business that is worth billions of dollars.
Mrs. Fields is another company that was inspired by the hobby of its founders, Debbie Field and her husband. Debbie was interested in baking cookies and she had invented unique recipes that had her signature. In 1977, she launched her business, Mrs. Field, and has been selling her products using different mediums including her own stores across United States.
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Complete the following tasks:
1. Think of all of your hobbies that you are really good at and explain how you could turn them into
successful businesses. (100 words)
2. Select one hobby out of the identified earlier and explain why it is the best to convert into a business compared to others and explain how your business idea would stand out in the market. (100 words)
3. Lay out the basic background of your business idea (the products, prices, expenses, and projected salesforoneyear). (100words)
4. Back up your answers with references – Minimum of 3 and maximum of 5 varied references.