Entrepreneur that created a product or service

 

Share an overview of an entrepreneur that created a product or service. Indicate risk, opportunity costs of the entrepreneur, how a change in technology or consumer tastes or supplier resources could affect the good or service.
Reply to fellow students with your comments on the affects that competition could have on the good or service, or changes in inputs and how those changes might affect the price of the good or service.

 

 

 

 

Sample Solution

Eric Lefkofsky is an entrepreneur who co-founded the online group deals service Groupon in 2008. His innovative idea provided massive opportunity for small businesses to increase their sales by offering discounted services and products to consumers. By taking advantage of technological advances such as the internet, Groupon was able to quickly become a dominant platform in the e-commerce industry.

Inherently high risk strategies also became part of Lefkofsky’s business practices; this included venture capital investments which increased Groupon’s capital base but at same time put company at greater stock market volatility should their investments not perform well . Furthermore , despite initial success – Lefkofsky and his team undertook costs associated with acquiring daily deal sites around the world– further increasing financial risks within organization.

Today, changes such as smartphone usage along with emerging trends like subscription services present both opportunities and threats for Groupon . The ability reach customers through mobile platforms allows them respond more quickly changing customer needs/preferences while providing tailored experiences — thus creating competitive edge versus traditional e commerce companies (Knott & Bloemer, 2019). On other hand , shifts towards subscription technology could negatively affect their profits due lower overall selling prices – leading need diversifying offerings or focus differentiating factors.

Ultimately , Eric Lefkofsky’s entrepreneurial endeavors have been successful because he understood potential rewards that came with taking calculated risks – something all entrepreneurs must consider when developing new ideas making real impact society.

Section I: INTRODUCTION TO THE STUDY Introduction The country is encountering a basic deficiency of medical care suppliers, a lack that is supposed to increment in the following five years, similarly as the biggest populace in our country’s set of experiences arrives at the age when expanded clinical consideration is vital (Pike, 2002). Staffing of emergency clinics, facilities, and nursing homes is more basic than any time in recent memory as the huge quantities of ‘gen X-ers’ start to understand the requirement for more continuous clinical mediation and long haul care. Interest in turning into a medical caretaker has disappeared lately, likely because of the historical backdrop of the extraordinary and requesting instructive cycle, low compensation, firm and extended periods of time, and fast ‘wear out’ of those rehearsing in the calling (Wharrad, 2003).

A complex oversaw care climate in this country is restricting the dollars accessible to be spent on nursing care. Numerous wellbeing callings, particularly nursing, have the standing of ‘eating their young’ as opposed to offering compelling coaching to develop future medical services suppliers. Because of these variables, the quantity of medical attendants has diminished and businesses regard themselves as understaffed and seeking able work force. Before 2001 the decay had been apparent for a considerable length of time (Sadler, 2003). Nursing schools, public pioneers, medical services pioneers and the overall population is impacted by the absence of Registered Nurses (RNs) accessible.

As the populace ages, the assumption is that a rising number of RNs will be required essentially to keep up with the ongoing degree of medical care. Furthermore, the momentum ecological and political worries of expanding pandemic sickness, event of synthetic and catastrophic events, and expanding dangers of war, requires critical expansions in the medical services labor force (Jefferys, 2001). The public nursing lack and factors that increment the interest for expanding the nursing labor force notwithstanding public, state, and nearby debacles make the potential for a general wellbeing emergency. Nursing programs have endeavored to satisfy need for medical attendants by expanding enlistment and campaigning effectively for expansions in program subsidizing by schools and states for understudies.

Tragically, the issue of nursing understudy weakening hampers the best endeavors of nursing programs and irritates the public lack of Registered Nurses in the United States (Ofori, 2002). In 2003, the National League for Nursing revealed a positive vertical pattern in the nursing labor force supply in any case, the American College of Healthcare Executives (2006) detailed that in 2005, 85% of emergency clinic directors decided medical clinics needed more enlisted medical attendants to fulfill patient consideration needs. The United States Bureau of Labor insights showed by 2014, more than 1.2 million new and substitution nursing positions would be expected to meet the public medical services needs (Ramsburg, 2007).

Various broad endeavors to diminish weakening have been made by nursing programs including reinforcing affirmation methods and executing maintenance programs. Unfortunately, the issues of weakening keep on continuing nursing schools the nation over. Admission to a nursing program is serious and numerous potential understudies are denied confirmation every semester. Steady loss from nursing programs influences not just the particular understudy who is acknowledged to a nursing program and ineffective, yet in addition the understudy denied confirmation that might have been effective. Steady loss rates are expensive to understudies, nursing projects, and medical services the same by diminishing the quantity of likely alumni from schools of nursing and adding to the nursing lack. Many examinations feature the a lot higher than wanted whittling down rates for nursing understudies and endeavor to decide expected scholar and non scholastic contributing reasons for this undesired weakening rate (Ostrye, 2001).

As indicated by Barr (1999), there is a lack of information accessible on what elements impact understudy achievement; in any case, scholastic indicator factors neglect to make sense of every one of the variables that influence understudy execution completely. Many college’s affirmation divisions commit significant time and cash for the enrollment and confirmation of nursing understudies. Besides, confirmation sets up are entrusted with the perpetually troublesome charge of recognizing candidates who can find success. Enlisting qualified candidates is only the starting move toward encouraging project culmination.

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