Research key in starting business

By Christina Williams
November 13, 2003

On Saturday mornings at nine a.m. students arrive for one of Cabrini College’s newest classes, entrepreneurial/intrapreneurial leadership. There are two classes that meet at this time. Professors Mark Baylor and Constance McAulffie teach the classes.

The class is a regular part of the Masters of Organizational Leadership curriculum. McAuliffe said, “All those engaged in business need some understanding of the formation of new ventures – even if they themselves are not inclined to starts a business.” It teaches students how to analyze the prospective environment, analyze the competition within the industry, how to analyze opportunities, how to analyze a concept for a business, and how to determine if the person has the right resources to start and maintain a business, according to McAuliffe.

The class also provides answers to important questions that students need to be able to answer before starting their own business or segment of the business.

McAuliffe said, “It is critically important that the prospective entrepreneur research the industry before starting a business.”

One thing people who are trying to start their own business should research is the competition. This will allow the person to strategically plan their business. The advanced research can let the person know if the concept of the company will thrive in the industry.

Professor McAuliffe said, “Starting new businesses are attractive to young people.” According to the Global Entrepreneurship Monitor the Total Entrepreneurial Activity was mostly by those between the ages of 25 and 34 years of age.

Posted to the web by Angelina Wagner

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Christina Williams

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