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I have used my skills in economic and entrepreneurship to identify viable business opportunities. From my analysis, I have discovered that there is a high demand for groceries in my neighborhood. As an economics student, I ascertained that the demand for groceries also includes the need for delivery. Most people in the area do not like commuting to the market to pick up groceries regularly. There is a business gap in the market for a grocery delivery service in the area. As a result, I will use my skills to structure a way to fill in the gap. I will use stakeholder engagement skills to outsource software developers who will be able to help me develop a mobile application and customer order management (Turner & Gianiodis, 2018). I am determined to come up with a business plan that will enable me to obtain the financing and resources to start the business.
The main aim of running a business is to make a profit. Proper management of a business is essential in ensuring that a profit is realized in the long run. The skills I have learned from the economics course will enable me to identify various ways to set up ways to ensure that the business is profitable. I will apply my understanding of economics to market my products and services, thereby increasing turnover. Running a business requires a proper understanding of how to deal with personal finances. As a result, I will use my personal finance management knowledge to ensure that the business finances are well managed (Turner & Gianiodis, 2018). There will also be many financial issues that arise during the lifetime of the business. I will be able to handle them in the best way. In conclusion, I am equipped with a good set of skills to start and run a grocery delivery business efficiently.
Reference
Turner, T., & Gianiodis, P. (2018). Entrepreneurship unleashed: Understanding entrepreneurial education outside of the business school. Journal of Small Business Management, 56(1), 131-149.
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