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AGEC 242 (6)
Lecture

2012.09.21 - Lesson 2.docx

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Department
Agricultural Economics
Course
AGEC 242
Professor
Brahm Canzer
Semester
Fall

Description
Hottest business right now is how you’re being paid - When buying with credit card, CC company gets commissioned  high end is 4%, bigger corporations that use CCs pay maybe 0.25% or flat rate. - Paypal: an intermediate that helps protect consumers from merchants (CC information) Business Plan: - Need to make sure that there is the need for such a business - How to KEEP customers for long time  need to keep reason for success - Who are competitors - What’s our competitive advantage? Maybe taste - Strategizing  looking at competitors, what they’re doing, what we can do differently/better - Use contemporarybusinessupdates.com - Need to cite references and information - Surveys, focus groups, interviews for understanding/knowing your customer! - Effort made to reduce amount of risk as much as possible - Whatk ind of people do you have to hire - Can you outsource - How to improve productivity  optimize PayPal Startup Advice: - One thing uniquely well better than anyone else in the world - What do you know that’s true that no one else understands? What great business exists that nobody has built yet - We don’t have the major breakthroughs, but we have incremental improvements - Paying companies for very minor improvements to things that are there  not focusing resources and energy toward any major breakthrough - Not o
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