Reference no: EM133615829

Critical Thinking Questions

Explain and give two examples of how a business owner may use analysis to assess demand for a product or service. Explain what an entrepreneur must assess when establishing a new physical site for a business operation and how different business types and locations impact that assessment. Ava is an avid roller-skater and has fond memories of her youth skating in a roller rink. She's now looking to establish a roller rink in her town. As part of the process, she has conducted a Porter's Five Forces assessment for her new business. The results reveal the following: Competitive rivalry: positive Threat of substitution: positive Customer power: positive Supplier power: mixed Barriers to entry: mixed Analyze these results and explain what challenges Ava may have in establishing her roller rink. Compare and describe the resources available to business owners looking for technical assistance when starting a new business, and then explain which resources are good starting points for an entrepreneur entering a new industry. Explain the process for how a business generates new ideas and how those ideas are evaluated to see if they can be real business opportunities.