The reflection of the case Study Example | Topics and Well Written Essays - 500 words - 1

The reflection of the - Case Study Example Passion is another vital concept to bear when starting a business. A person with the passion to engage in a particular venture is often successful as opposed to an individual who does not engage in it passionately. This is because this passionate person is often optimistic and optimism is vital in business. This is as shown in the case where Vivek Khuller thought of the idea of combining SFX and the Ticketmaster (Wasserman, 1). One of the major points to understand with relation to entrepreneurship is the manner in which the market is developed and divided. In the contemporary business environment, this is referred to as market segmentation. Market segmentation refers to the manner in which a company focuses on a large group of people who are the target market and then figuring out the ones with similar needs and operating with each group differently. After carrying out market segmentation, different approaches are then incorporated to ensure that all the different needs of the various individuals are met. After the entrepreneur establishes in the market, it is vital to ensure that he increases the taskforce that he has. With the increase in the task force, the consequent of this is that the market will extend and every segment gets a manager. This in the case is after Khuller had joined forces with other 5 individuals and consequently had to share the market and profits with them (Wasserman, 9). Another point to consider is concerning the full life cycle in business. This involves carrying out of various steps that assist in determining the condition of the commodity. The first step normally involves the identification of the manners through which customers get to know the commodity. There is then the collection of information about how the consumers use the commodity. Moreover, there is the determination of the expected need of