Question 1
Lizer was aware through personal experience that the most of the car stereos available in the market did not satisfy their purpose. Most of the stereos worked for a short time then broke down. He saw a need to create a product, which did not have similar problems. Therefore, he designed Dash to exploit the opportunity of reliable car stereos. He also exploited an online freelancer site to acquire technical help. He was able to accomplish prototype product development through outsourcing some of the design steps. He exploited the virtual workplace to hire part time workers who were cheaper than full time workers were. He also understood the challenges he would face supplying the product alone as a new entity in the market. Lizer exploited the opportunity to have Dash supplied by a known supplier. This is a virtual supply chain.
Question 2
Question 3
The main features of crowd funding include the internet, which is the platform where individuals meet. The project; is the main purpose for pooling funds. The funders; are the individuals who have financial resources to put into the project. Advantages of funding through kick-starter include availability of capital in a short period. It is good for building awareness because those who pledge are excited to see it work so they will tell others about the project. The project receives quick feedback because individuals give their response and feelings about the project. The disadvantage of funding through kick-starter is that, it may ruin the reputation. Once people reject a project for the first time, they may not accept it in the future. Lizer was right to finance dash through kick-starter because he could access capital quickly.
Question 4
The motive of being a hybrid entrepreneur is to provide a solution using a reengineered product. A hybrid entrepreneur identifies a problem in an existing product and creates a modified product. Lizer experienced a problem with car stereos. He had the knowledge of designing a personal car stereo that solved the challenge. He found that he would produce the car stereo for mass supply. His decision to work on the project full time did not surprise me. As an entrepreneur, Lizer has an opportunity to develop Dash further. He has gained skills through the development process and can use the skills to start a new career.
Question 5
Lizer identified the opportunity while he was working on a project to have a personal car stereo. He identified the resources needed to assemble Dash and identified a chance to make profits. His decision to pursue the project is not a surprise. Along the way, Lizer found that designing and developing the new product was more exciting than his job. Lizer, just like any other entrepreneur had the desire to see his product grow. He sees a chance of having his product compete in the market with other car stereos.
Question 6
Lizer decided to incorporate his new venture so that he could have unlimited liability. By incorporating the venture, Lizer enjoys unlimited liability. The venture will have all rights to the product. The venture also exists separately from Lizer, which means that his life events like insanity or death will not lead to closure of the venture. The venture will experience continuity. The disadvantages of incorporating a new venture include sharing of profits. The profits earned through the sale of Dash will be shared among the owners. Lizer will also seize to be the sole decision maker in the venture; thus, the product may lose the originality.
