Chapter 1 Entrepreneurial ChallengeRead and Complete Chapter 1 Entrepreneurial Challenge (page 36): BUILD YOUR OWN BUSINESS. You will complete these assignments for each chapter throughout the semester and put together a final report at the end of the semester. Write an analysis addressing the following:Identify the business you will build throughout this course and choose a name for your business. Write a paragraph about the business you are choosing, why this is your choice, and what products or services you will provide. Write an analysis of buyer power and supplier power for your business, using Porter’s Five Forces Model. Be sure to discuss how you could combat the competition with strategies such as switching costs and loyalty programs.Write an analysis of rivalry, entry barriers, and the threat of substitute Products for your business, using Porter’s Five Forces Model. Be sure to discuss how you could combat the competition with strategies such as product differentiation. Describe which of Porter’s three generic strategies you would use for your business. Be sure to describe the details of how you will implement this strategy and how it will help you create a competitive advantage in your industry. Instructions for your submission: Open the Word document from your previous submission:”Entrepreneurial Challenge-YourName”.You will be using this document throughout the semester.Make any requested changes from feedback received in previous weeksAdd a bold heading titled: Chapter 1: Competitive AdvantageFollow the formatting requirements belowBe sure your analysis is clear and organized.Change the Footer on the Word document to: Left (Your Name), Middle (Page number), Right (semester, year).Submit “Entrepreneurial Challenge-YourName” prior to the due date and time.Formatting Requirements:Times New Roman, 12 point fontOne-inch margins (indent first line of paragraphs 1/2-inch)Double spaced (no extra spacing before or after paragraphs)Correct spelling and punctuationComplete sentences
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