Use the following guide question to identify the need of your potential market 1. What specific product or service they need every day?
2. Is the product or service they need is already available in the market?
3. If the product or service is already available, are they able to afford it?
4. What other product or service they need that is not available in the market?
Potential Markets:
1.
2.
3.

Needs of potential market
1. What product or service does potential market number 1 has? (Ex. PPE product like face
mask)
Product Needs of potential market
2.
Product Needs of potential market
3.

Over the past several years, joyce chen has been able to save regularly. as a result, today she has $54,188 in savings and investments. she wants to establish her own business in 5 years and feels she will need $100,000 to do so. a. if she can earn 6% on her money, how much will her $54,188 in savings/investments be worth in 5 years? will joyce have the $100,000 she needs? if not, how much more money will she need? b. given your answer to part a, how much will joyce have to save each year over the next 5 years to accumulate the additional money? assume she can earn interest at a rate of 6%. c. if joyce can afford to save only $4,000 a year then, given your answer to part a, will she have the $100,000 she needs to start her own business in 5 years?