For entrepreneurship and small business course - Case Study Example

Case Study Affiliation: Question Lugar’s startup idea fits both Type A and Type Cclassifications. This idea is Type A because it identifies an unmet need in the market. A new market idea capitalizes on an unexploited opportunity in the market. Most garage sales lack standard business procedures, an aspect that gives Lugar an upper hand in the garage sale market. The idea is also Type C because the underlying opportunities are economically viable. While Lugar will reap financial gains from the service fees charged, garage sale owners will enjoy a standardized way of doing business.

This will benefit all the parties involved in garage sales.Question 2The source of Lugar’s startup idea is his participation in his mother’s garage sale. Even though he took part in the garage sale to assist his mother, he eventually realized that many more people would be interested in the same service he offered his mother. In this respect, being part of a garage sale actually gives Lugar his startup idea.Question 3At a personal level, this startup concept is worth giving a try. There are a number of supporting observations in Lugar’s idea.

First, garage sales lack key business principles and underpricing or overpricing is highly likely. Secondly, marketing is critical as far as sales are concerned. The need to reach out to the target market validates Lugar’s idea. Most importantly, sales are just as successful as marketing. Lugar’s idea addresses these concerns and further provides a mechanism for effective pricing. Finally, the concept is potentially profitable.