Applied Entrepreneurship Report 2022

Student’s Last Name 1
Report: Applied Entrepreneurship
By (Name)
Course
Professor
University
Date

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Executive Summary
Recently, entrepreneurial culture has been widely adopted in the world. As more people are
seeing the need to start and manage their business premises, entrepreneurship can be considered
as one of the most common trends in the twenty-first century. Coming up with a functional
entrepreneurial idea is the first step in the entrepreneurship ladder. Business entrepreneurs with
good entrepreneurial ideas eventually end up setting up profitable business ventures. Therefore
the process of identifying a good business idea proves to be very critical in the process of
developing working business models. Bearing in mind the relationship between good
entrepreneurial ideas and working business ideas, this report mainly focused on devising good
entrepreneurial ideas that would promote effective business models

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Table of Contents
Contents
Executive Summary................................................................................................... 2
Introduction................................................................................................................ 4
Entrepreneurial Idea and Opportunity........................................................................4
Business Model........................................................................................................... 6
Critical Assumptions................................................................................................... 7
Testing Critical Assumptions...................................................................................... 9
Recommendations.................................................................................................... 10
Pivoted Business Model............................................................................................ 12
Business Model Canvas......................................................................................... 12
Bibliography............................................................................................................. 13

Student’s Last Name 4
Introduction
Entrepreneurship can be defined as the process of identifying and utilizing new or
existing business gaps and turning them into profitable opportunities. Usually, entrepreneurs are
known for identifying risks and turning them into business opportunities. Therefore, for success,
entrepreneurs are required to come up with viable business ideas that would thrust their
businesses to success. The problem of identifying the business effectiveness of any good
entrepreneurial business model can be attributed to the quality of the entrepreneur's unique
business idea. Entrepreneurs with sublime novel ideas usually end up gaining significant market
shares. This project’s report attempts to thoroughly investigate the processes involved in our
business idea, opportunity and business model formulation. Our business idea to investigate how
the use of a specific software would enable customers to purchase grocery products online. Five
assumptions that made during the hypothesizing of the business model are also critically
investigated and justified. Three of methods of data collection are adopted and their adoption is
sufficiently justified. To abide by report requirements, findings, data analysis, and data
interpretation processes were also amply discussed. Based on report findings, recommendations
suggesting possible modifications that would lead to the formulation of better entrepreneurial
ideas and project models are also proposed. Lastly, a detailed, self-explanatory and
comprehensive business model is adopted to show the tabular representation of our report. A
conclusion functions as a summary for this entrepreneurial report.
Entrepreneurial Idea and Opportunity
The consumption of grocery products in Australia has been reported to rise in recent
years. According to Wu, et al., (2015, pp. 448), like the majority of other people in the world,