Seeing Entrepreneurially
112875909
University of Maryland, College Park
Industry Condition
What knowledge do you possess that can contribute to serving a market need?
The knowledge that I possess that can contribute to serving a market need is involved in patterns of human behavior. As a psychology major, I have learned a lot about the science behind how people think, act, and what motivates them. This is an essential component of serving a market need because you need to be able to understand the costumer. The use of psychology in entrepreneurship is needed to make intelligent decisions regarding the costumers needs and reactions. Additionally, serving a market need is a lot about effectively connecting with costumers. Having …show more content…
This industry is in its growth phase of its life cycle, meaning that it has passed the entry stage and the number of sales continue to rise, due to an increased number of establishments. Yoga has many health benefits that appeal to the public, which include "increased flexibility, performance enhancement, proper alignment of skeletal and muscular structure, and injury prevention" (Griffin, 2002). It is a good time to enter this industry because there of an increased interest in health and wellness lately, which only continues to intensify. Research on diet trends in the U.S state that now 75% of adults exercise regularly ("Exercise Trends-US", 2016). The industry is mostly made up of independent facilities. However, there are no major competitors. The lack of competitors in this market would help me succeed because it is easier to attract customers. Major players in a market can be difficult to compete against because they have the loyalty of a large number of costumers and have enough assets to advertise their products and services successfully. Therefore, individuals will most likely pick the company that they see their friends and family using, or that they are more familiar with. Although entering a market at its earliest stage improves one’s chances of success, there is still a good chance of being successful if I entered the yoga industry in its growing phase. According to the 2016 Yoga in America Study Conducted by Yoga Journal and Yoga Alliance, 44.4% of Americans did not practice yoga but stated that they were interested in trying it. This means that the market will only continue to expand in the next few years. This is also an opportunity to develop services that appeal to individuals that would normally not try yoga, such as the elderly or
112875909
University of Maryland, College Park
Industry Condition
What knowledge do you possess that can contribute to serving a market need?
The knowledge that I possess that can contribute to serving a market need is involved in patterns of human behavior. As a psychology major, I have learned a lot about the science behind how people think, act, and what motivates them. This is an essential component of serving a market need because you need to be able to understand the costumer. The use of psychology in entrepreneurship is needed to make intelligent decisions regarding the costumers needs and reactions. Additionally, serving a market need is a lot about effectively connecting with costumers. Having …show more content…
This industry is in its growth phase of its life cycle, meaning that it has passed the entry stage and the number of sales continue to rise, due to an increased number of establishments. Yoga has many health benefits that appeal to the public, which include "increased flexibility, performance enhancement, proper alignment of skeletal and muscular structure, and injury prevention" (Griffin, 2002). It is a good time to enter this industry because there of an increased interest in health and wellness lately, which only continues to intensify. Research on diet trends in the U.S state that now 75% of adults exercise regularly ("Exercise Trends-US", 2016). The industry is mostly made up of independent facilities. However, there are no major competitors. The lack of competitors in this market would help me succeed because it is easier to attract customers. Major players in a market can be difficult to compete against because they have the loyalty of a large number of costumers and have enough assets to advertise their products and services successfully. Therefore, individuals will most likely pick the company that they see their friends and family using, or that they are more familiar with. Although entering a market at its earliest stage improves one’s chances of success, there is still a good chance of being successful if I entered the yoga industry in its growing phase. According to the 2016 Yoga in America Study Conducted by Yoga Journal and Yoga Alliance, 44.4% of Americans did not practice yoga but stated that they were interested in trying it. This means that the market will only continue to expand in the next few years. This is also an opportunity to develop services that appeal to individuals that would normally not try yoga, such as the elderly or