Business ventures in smart phone IndustryIntroductionIn the world, today, there are numerous business ventures available to entrepreneurs. In addition, the world is dynamic meaning that the business fraternity is exposed to excessive uncertainties emanating from economic evolutions. In this light, it is evident that a business venture maybe functional but may inculcate certain shortfalls that threaten its entire well being. This implies that, the entrepreneur should focus keenly on the economic behavior and adjust accordingly. An entrepreneur is believed to be unique and innovative. Innovation implies that the entrepreneur can adjust in light of the prevailing circumstances and develop a product that will meet the consumer’s needs.
It is inherent that for any business venture to pick up and thrive, the business idea has to be articulate and clearly confront an imminent niche in the market. Each and every market experiences market niche’s once in a while due to turn of events (McKeever, 2012). This is because; given the structural dynamics and changes both in the economy and its participants for instance change in consumer preferences, it is essential to carry out tentative research.
Research ensures that the business architect or entrepreneur is well aware of the prevailing challenges in the market and the issues that resonated to the niche. Once this is fully addressed, any business will flourish if the products meet the needs of the clients also inculcating appropriate pricing methodologies. Once this is achieved, clients will be available in various figures because most clients look for tastes and preference in a product before price. The first crucial step required by each and every entrepreneur is the recognition of a market niche.
Secondly, it is beneficial to device or formulates a product that will meet the needs of the client. In addition, before undertaking any investment endeavor, the participants need to evaluate on the market feasibility. A good product is useless if there is no market. The intention of this discussion is to delineate a market niche, propose a solution as well as a feasibility study on the market performance. The problemPursuant to the increase in resource expenses for the manufacturing enterprises, it is evident that this has an adverse effect on production costs.
Once production costs are hampered with and consecutively increased, it is apparent that this tendency affects the standards of living affecting the entire humanity. In addition, there has been an upsurge in the usage of technology across the universe given the recent trends. For instance, the livelihood of many individuals depends on mobile phones for communication. However, since the blue chip corporations in the industry have already secured various copyright, the price of manufacturing is on the upsurge. In light of all this, it is noteworthy that various clients in the industry purchases a mobile phone that suits their requirements to the core (Truitt, 2001). For instance, some clients purchase a mobile phone device entirely for internet connectivity, others for messaging while other predominantly use the mobile phone device for calling.
It is noteworthy that a company deeply entrenched in this endeavor look for a solution to qualm the biting problem. Lack of immediate action would devolve into serious loses as the increase in factors of production is prevalent pursuant to the prevailing economic circumstances in the United States.
In addition, since various companies dominate with regard to patent rights, it will be difficult for the continued success of the upcoming firms in the exceptionally lucrative industry.