Researching and Understanding Markets Video Review (Movie Review Sample)

Researching and Understanding Markets
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Researching and Understanding Markets
An entrepreneur is an individual who tries to make an idea to be real. This means that he or she risks everything to ensure that the idea he or she has turns out to be a practical idea. According to the video, an entrepreneur is supposed to be dissatisfied. Dissatisfaction makes an entrepreneur continue making his or her idea to be real. The entrepreneur tries much to ensure that the idea they have succeed, if it does not, they experience some loss. According to the video, it is evident that the entrepreneur looks for the niche in the market so that they can utilize it to make an opportunity for a business idea. When one decides to make a particular idea practical, one must be ready for all the risks associated with it (Kalms, 2014). When an entrepreneur comes up with an idea, their intentions are to build a competitive advantage over the other existing ideas. We can learn from the video that a good business idea is worth focusing than markets and customers. When one concentrates more on offering quality goods and services, the customers just come, and the market favors the entrepreneur. The customers mostly look toward good satisfaction of the needs they have. Therefore, the customers require assurance that they are going to get the best good and services from the business. For example, if one comes up with an idea of selling coffee, they must ensure that whatever the quality they intend to satisfy the customers. The entrepreneur must stick to customer satisfaction if they want to generate a good income. Hence, Lord Kalms insist on maintaining the quality of the products and services rather than whatever the idea that one has generated.
According to the video, understanding the competition in the market when aspiring to invest in a foreign market is imperative and an essential component, always shun to be the top competitor to remain secured in the market (Luke, 2014). Unlike studying markets and customers, studying competitors helps one draft a strategy that will surpass competition by focusing on delivery, quality, price change and other components that foster competition. In real life, one can study the competitive advantages of Samsung and Apple companies in regards to mobile gadgets before investing. Focusing...