What demographic and psychographic changes are creating business opportunities for new ventures? Demographic changes can present a host of opportunities for my new startup. I may be able to gain insights on the demographics of my target customers by researching on the industry. There are many demographic changes going on within the US, and those are an aging population, increasing ethnic diversity, and a society challenged by obesity. In the case of sporting goods/ apparel, we can try to explore the data in the places that hold the most of family, young adult, and people who enjoy sports. By staying up to date and knowing our data, we can follow the opportunities. Psychographic changes is the attitudes, values, opinions, interests, and related …show more content…
V.) The assets can either be tangible or intangible. Examples of tangible assets are money, real estate, and equipment, while intangibles assets include knowledge and relationships, and my intellectual property. I believe that the most important assets in the sporting goods/ apparel startup are the money, equipment, knowledge, and relationships. The industry requires a lot of money to build a store, hire the employees, and buy equipment (Sporting Goods Stores). The equipment is essential because it allows me to move and catalogue items with efficiency. Out of the four things listed, I believe that the two important is knowledge and relationships. In the retail world, I need knowledge to make sure that I am up to date with the trends, and anything that can help me contend with my competitors. Relationships are important to have and keep. If I am collaborating with other partners to build my complimentary assets. Then there is a chance that both of us could benefit from this agreement. In this industry, I may need to partner with someone else who could manage the inventory and order fulfillment, with me having to build a system of my own. As a result, complementary assets may increase demand, improve your commercialization, and increase the