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My idea is to develop an online jewelry store. Jewelry and accessories are very popular in
foreign countries these days. The business will not be limited to the geographical boundaries
of one country. It will cater to many different countries where traditional jewelry and other
The product will connect the people with their culture and traditions. They will get
something unique and different in terms of design and looks. The product will help the
customers in getting the accessibility of the product from anywhere in the world. The main
The market will not be limited to one country; it will be spread all over the world. The access
to the markets will be thorough the online channel only. The market research of the different
countries will be done before offering them the product. This will be done using a
questionnaire that will be also spread with the help of mass mail.
Financial Projections
Initially, the cost of setting up the online presence will be costly because aggressive
marketing is required for promoting the product in the market of foreign companies. But,
subsequently, the costs will decline because there is no physical store that will be set up so,
there will not be any running or maintenance cost for the same.
The future action plan is to collect data about the need and preferences of the customers in
the foreign markets and to become more aware about their traditions and customs so that the
Answer 1
Advantages are:
He has great skills of entrepreneurship and leadership so he can manage the business and
His networking is strong because he know many people who can help him in this.
Answer 2
Problems:
George could get confused between investing in farm or the distillery because he does not
Just like the profits, the risks also unknown so incorrect risk assessment may cause
In my opinion, George was a high growth entrepreneur because he set up the distillery, he
planned everything in advance and as a result of it the working was successful and it grew in the
future. The first step to set up the business i.e. making a proper plan was done by him in a proper
way and after that all the things fell in place. So, he is a great entrepreneur.