T-Mobile 9:43 PM elearn.monroecollege.edu Case Study Analysis 3 of 3 1-21. Evalu

Question

T-Mobile 9:43 PM elearn.monroecollege.edu Case Study Analysis 3 of 3 1-21. Evaluate how Foursquare fits Schum- peter's definition and the five basic ways entrepreneurs find opportunities to cre- ate new businesses. 1-22. Compare Selvadurai's seven formulas with the seven rules for building a suc- cessful business in this text. 1-23. Apply Porter's generic strategies to the industry in which Foursquare competes using case information and your own knowledge. Synthesize your analysis. Based on this work, what did you find:? 1-24. What prepared the founders to create Foursquare? 1-25. What gaps in the founders' team and resources needed to be filled by outside sources? Name four specific resources they acquired 1-26. Identify the features and benefits the founders included in the app to ensure its popularity. Why were these selected? 1-27. Is Foursquare the only app of its kind? If not, what other apps are similar? 1-28. What future do you predict for Foursquare? Case Sources Spencer E. Ante, "Foursquare locates new funds to expand," The Wall Street Journal, June 28, 2010, ac- June 30, 2013, http://online.wsj.com/article/ B10001424052748704846004575333222375027784 html. Foursquare," Crunchbase, accessed June 29, 013, http://www.crunchbase.com/company/ ursquane

Explanation / Answer

1-21: Reviewing Schumpeter’s definition and the five basic ways entrepreneurs find opportunities to create new businesses, Foursquare provides an app that keeps itself alive by staying relevant and using the popularity of other businesses, such as restaurants, museums, etc., to keep them popular. They have a location “check in”, so, therefore, everyone checking in on this app are generating profit as users on the app Foursquare.

1-22: First of all the seven rules on both are pretty similar by starting the list off with recognizing opportunity, which goes hand-in-hand with keeping good company. You usually recognize who you need to stay in contact with to maybe help you along the way. Evaluating and making something people want means the same thing almost. They similarly state that you make what people want so you will be evaluating the people’s wants/needs. On the seventh rule for both to me just means to stay relevant and create wealth by always recruiting.

1-23: They could us Porter’s generic strategies to lay out all of the competitors with each “product uniqueness”, and then keep your company unique by not using what they are using, or using it in a better, more inventive way.

1-24: Their extensive background in “hefty” work experience and the types of places they had the opportunity to work. They both had the ability to take what they learned and keep their business up and running. Each new innovation leads to something with much more of an impact than the previous invention.

1-25: They needed help with money/capital. They sought out help through four specific resources and they are as follows, Union Square Ventures, Alpha Tech Ventures, Andreessen Horowitz, and Spark Capital.

1.26: They used coupons and incentives like discounts to keep people in contact with the app and keeping it running. They were selected because the restaurants and other places mentioned would offer these to the founders of Foursquare to provide to the users of said app.

1-27: No, Foursquare is not one of a kind. There are many others like this one , such as Groupon, and Yelp. But, these are just used for reviews mainly and they provide coupons and other items of that nature.

1-28: I envision the future for Foursquare to be bright and successful because it takes other inventions and technologies to make their cluster of innovations, and it works by making it more convenient. Having all of the other apps and tools merged into one cohesive app.

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