Tasks

ENTREPRENEUR TASK 1

Perform a SWOT analysis of your

business/market

Perform a PEST analysis of your industry

SWOT ANALYSIS

Martin Rooney

Guitar Lessons

Strengths Ability to connect with learners Good foundation in music Good connections with other guitarists Experience in online tutorials Have taught before Can give feedback and advice Well known in area for musical ability	Opportunities Online tutorials One to one tuition Dedicated tuition (teach party pieces) Guitar classes in other locations To buy and sell guitars and accessories on location.
Weaknesses Not a graded guitarist Lack of formal guitar training (self taught) Insufficient working capital	Threats Other guitar schools could come into the area. Graded & affiliated schools Online tutorials could reduce reliance on formal class Legal costs

PEST ANALYSIS

Political Government positivity with the start-up of sme’s Tax incentives Enterprise allowance incentives	Social People beginning to have funds for personal extras and education Retired with extra time Young musical
Economic Rent costs Insurance Instruments and accessories transport Local area/ distance	Technological You tube. Tutorials. Downloads DVD tutorials

ENTREPRENEUR TASK 2

Conduct research using the Questions from todays session &

bring notes on results.

First question what do I need to ask?

The Market

what is the size of the market for my proposed business?

what is the life cycle for this type of business?

gaps, opportunities, trends.

Access, distribution/ channels

what is my competition

Technology

Second question: Who to ask

I believe the people to ask these questions for my proposed business are the local resource centre managers. The reason for this is that they have a lot of knowledge about the resources in the area in which I wish to start the small business. I asked about two proposed businesses, andfound out that one of the businesses was already being run free of charge in the resource centre, and therefore I decided not to pursue that idea any further.

I asked about a guitar class in the area and found that there were no other such classes in the area. There was also a definite gap as there had been many inquiries about classes in the centre. This led to them offering the learning space at a reduced rate for my start-up while the class was being established. They also offered the use of their social networking and advertising resources. While talking to the manager of the centre, she offered contacts for reduced cost of public liability insurance.

Question 3: Where and how to ask

Before I began my course, I don't think I would have known how to ask. After identifying that there was an opportunity for a small business in the area, I realized that the local resource centre also wishes to be a fully rounded business, and that the way they continue to be that, is to identify the gaps in local services and try to fill them. They know that helping their potential customers, and not having people with the same businesses competing against each other is key. With this in mind I realized that they were both the where and how to ask.

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