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EEE 370 QUESTIONS AND ANSWERS SURE A.pdf

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EEE 370 QUESTIONS AND ANSWERS SURE A.pdf

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EEE 370 QUESTIONS AND ANSWERS SURE A+
✔✔CS: Phantastic Candles - ✔✔Industry: Customized candle-making industry
Competition: Yankee Candle, local companies
Firm: Her, salesperson, and supplies (assets)
Market: Primarily younger women

Porter's Five Forces:
1. Threat of new entrants - high
2. Bargaining power of buyers - high
3. Threat of substitutes - high
4. Bargaining power of suppliers - high
5. Rivalry among existing competitors - high

SWOT:
S - Contract with local shop owners
W - No money
O - Syracuse market
T - Seasonality of market

✔✔ Why do people become entrepreneurs? - ✔✔1. To be their own boss
2. Pursue their own ideas
3. Pursue financial rewards

✔✔What are the primary characteristics of a successful entrepreneur? - ✔✔1. Passion
for the business
2. Product/customer focus
3. Tenacity despite failure
4. Execution intelligence - The ability to fashion a solid idea into a viable business

✔✔What are the types of entrepreneurs? - ✔✔1. Salary-Substitute Firms
2. Lifestyle Firms
3. Entrepreneurial Firms

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