Developing a Business Model Business & Marketing Essay (Essay Sample)

Developing a Business Model
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Developing a Business Model
Starting a business requires an understanding of the targeted market and what the customers therein want. Understanding of the market gap allows the entrepreneur to determine the best course of action to take in initiating, and developing his business, and consequently the most ideal business model. Farming is widely practiced in Africa, with the practice serving as the source of income and food for the people, the nation, and the world at large. However, there is little adoption of modern technology due to the high cost of equipment and lack of knowledge on its importance. The business idea conceptualized, therefore, seeks to provide cheaper farming equipment to the target market of Africa.