Entrepreneurship Development Report

This report examines the opportunity formation and development of The 3D Retailers, a new business venture in the UK retail market. The report explores the company's innovative use of augmented reality technology to provide customers with a unique shopping experience. It examines the market trends, competitive landscape, and strategic decisions made by the entrepreneur to establish and grow the business. The report also discusses the theories and models applied in the development of the company's product and its positioning in the market.

Entrepreneurship Development

Table of Contents
Section 1...........................................................................................................................................1
Introduction.................................................................................................................................1
Section 2...........................................................................................................................................1
Opportunity Formation ...............................................................................................................1
Section 3...........................................................................................................................................4
Opportunity Development...........................................................................................................4
Section 4...........................................................................................................................................7
Conclusion...................................................................................................................................7
REFERENCES ...............................................................................................................................8
.........................................................................................................................................................9

Section 1
Introduction
In today's world it is important for the individual to analyse the market and capture the
emerging trends that are changing regularly. Hence for making the new enterprise and achieving
the success it is important for individual to develop and innovate new business plan to achieve
the success. The entrepreneurship development is considered as the process of improving the
skills and the knowledge of the entrepreneur so that they are able to apply this skills while
making a company. While imposing these skills, the entrepreneur has decided to develop new
business in the emerging market of UK, this business would be named as The 3D Retailers,
where the company would provide the retail service in the segment of Superstores. The company
will in its initial stage serve the middle London and after that it will Lead to other parts of
country (Biryukov and et. al., 2015). The company has decided to provide their customers an
augmented reality based shopping experience where they can see the products through their
phone while sitting at home and they would get delivery of their products at home within few
hours. Also customers would be able to purchase the products by coming to their store where
they would be given the discount on the basis of regular purchase. Also the company would use
all the organic food products in their store which is better for the health of the customer's. The
main motive of the assignment is to evaluate the opportunities that are available to the
entrepreneur while checking the market trends and in the initial years of running the business.
Section 2
Opportunity Formation
As in the current market trends this is seen that customers are now a day's more aware
about the products and wants to save time on shopping the products that they are required. As the
customer's have the perception that they would purchase those products which they have already
used before and are satisfied through them. The entrepreneur should analyse the opportunity
which is available in the market and form the strategies which would help them to capture the
market as the first mover advantage (Fritsch, 2013). The entrepreneur should check the trends
that the customer requires and should also implement them in the first instance so that the
competitors would are left back. This would help them in achieving the maximum profits. Here
the company has made an augmented reality scenario where the customer can order their
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products without coming to the stores. Here the mobile would be used by the customer through
which they can check the product through augmented reality. This would help them to analyse
the product and check it if it best suits to them. This is the process where the customer would be
able to check the products how it looks in their hands. For example if they want to purchase a
wooden product and want to check it how looks like in their home then they can check it through
this process of augmented reality. As it is seen that this innovation is new to the world and has
not been saturated in the retail industry so the company has the advantage to become one of the
few owners of this technique of selling. The company is analysing the whole market area where
they can identify the customer's needs and demand. The idea of opening the retail store which
would provide all the products of household needs through the process of augmented reality,
came in mind after the analysing the problems that were faced by the customer's while going for
shopping (Karlsson, Johansson and Stough, 2012). The customers were not able to try the
products and were also facing problems of heavy packed stores because of which the products
they purchased were not as per their requirements. The company has seen that customer's suffers
a lot while shopping due to the long waiting hours, while they want to try the product. The idea
was developed while using the products on the virtual reality platform which only includes
product look in 3D. This technology would help the customer to purchase the product through
using it in their home on reality basis.
The company developed the products with unique features which includes the user to,
 Virtually Try on the 3D products.
 Look at the 3D products in home.
 Gather the information about the products which are available in the store in real time.
 Customer could use the virtual fitting rooms.
The products that are offered by the company to the user or the customer also includes
the clothes merchandise, wooden furniture, kitchen appliances, electronic goods and food stuffs.
These would help the user to check the product in better manner according to the requirements in
home, also the customers would be able to see the fit the products virtually and match it with
their requirements (Lebedeva and et. al., 2015). All these requirements of the customers would
be solved through this technique of selling the products.
Also while preparing for the business it was taken into consideration the scope of the
business and how will it be incorporated. The company while making the proposition take into
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consideration the Desires of the audience as they were supposed to be most effective
stakeholders, which decides the path of the company. Also the company chose the path of market
features that they would offer to their customer while planning the incorporation. The market
feature which is benchmark in their industry includes the Augmented reality. Also the strategies
were developed while taking into consideration the competitors and what are the products that
they were supposed to offer to their customer's. The company took various steps for formation of
their product these includes, the company first analysed the market of the country whether the
customers are ready for this technology to be used while doing shopping ( Mohamed and et. al.,
2012). Also the financial feasibility of the customers were checked as the products that were
formed by the company were costly and were also considered to be more durable then other
products in the industry.
Company used various theories that were taken into consideration while opening the
business and making it successful. These includes Entrepreneurship innovation theory, The
economic theory and the theory of achievement. These are bifurcated below:
 Entrepreneurship Innovation theory: This was the theory that was taken into
consideration while implementing the new innovative idea of selling products to their
customer's. This helped the company to innovate the new product which helped them to
achieve the objective of making first mover advantage while using the new technique.
 Economic theory: The company took into consideration that how the economic
condition of the country is, this would help them to analyse the favourable condition that
would help them to make their company make maximum profits. As the countries
economic condition is fruitful so the country has the ability to accept the costly products
because of high durability and innovation that their product has.
 Theory of achievement: This is the theory that was applied by the company after all the
steps of formation and incorporation of the business took place. Here the company
decided to do things in a new and better way through which they would be able to
achieve the success (Movahedi and Yaghoubi-Farani, 2012). Also it helped the company
to take decision while in case of any uncertainty happens. These are the ways through
which they were able to achieve the objective of making maximum profits and expanding
the business in the other parts of the world.
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Through this product that they offers to the customers, they have the advantage of
achieving the long term opportunity for the same. As this is the new technique that the customers
of the organisation would prefer the most. Through the process of augmented reality that they
are using to sell their product, also as more and more customers would be attracted towards them
they would be able to achieve the objective of maximising their sales as well as the profits.
Section 3
Opportunity Development
The company has used various opportunities to use the product that they have developed
into the business venture which is known as The 3D Retailers, also the company has used
various methods which helped them to make the company more attractive towards the customers.
While in the process of opening the business and developing the app the company first
introduced the pilot feature where some of the users were given the right to use the app. After
which it made the way to the other customers. Also the company used various techniques to
target their product in the market.
The company has used the MVP process in the development which helped them to make
the product minimally viable. Through this way they were able to gain feedbacks from the
customers about the application and the innovation technique that they have before launching
new idea the product. This would help them to earn the desired profits (Nkechi, Emeh
Ikechukwu and Okechukwu, 2012). This helped them to provide the support and the analyses
about the scope and the accuracy of the new service so that they are able to fulfil the actual
requirements with full satisfaction of the users.
The company and the managers developed the scheme to access the opportunities so that
they are able to successfully put it into the venture that they have formed. Development of
pathways is a process in which development of behaviour is created between more than two
problems with those people who differ in propensity that is long with progress by the help of
success problems that is presented through pathways for development. As the company is
forming a new era of shopping where the users would be able to analyse the product through the
innovative technique of augmented reality. Here the each product that the company is offering to
their customers are unique and are appealing to the customers. The application that is used is
designed in the way that it suits each and every customer in best and effective manner.
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The entrepreneur has used the creation of change theory of Entrepreneur through which
they want to create and the change by adjusting, adapting and modifying one personal
approaches and skills. These skills meets the different opportunities that are available in the
business environment. The entrepreneur has also seen that this industry requires innovation as
more and more customers are facing issue while engaged in shopping. As it is seen that
innovation is considered as the hiding plain sight.
They used segmentation, targeting and positioning model for making their product
available in the country. These steps of the company are defined as under:
 Segmentation: This is the process where the company has to decide to divide the
products and the things into the different categories according to the requirement of
customers. This would allow the company to tailor the approach of meeting the need of
making their product cost effective (Naudé, 2014). This would also help the company to
eliminate the competition where their rivals uses the approach of “one size fits all”
approach. The different ways that the company has decided to settle and distribute their
products includes:
 Demographic profile: As the company is in the industry of supermarket, hence
they takes care of the product should match with the requirements of the all the
customers. They have included all the products which related to the age, marital
status, gender, ethnicity, sexuality, education or the occupation of the individual.
 Geographical factor: Company has taken care of the preferences of the
customers which differs from the country, region, state, city or the
neighbourhood. The augmented reality app would provide them the feature of
searching the products according to their preferences.
 Behavioural: This is seen as the method where it shows that how the product
would be used and how the customer would get the benefit from them. This
would make the user understand and analyse the product according to their
requirements.
 Targeting the customer's: Here the company focuses on the target customers and make
reference as to who are the customers that would be loyal customer's (Oyelola and et. al.,
2013). Here the company would check the profitability of each segment under which they
have divided their products. Here the analysis of the size and the potential growth that
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each customer segment provide to the company is analysed. Here the company would
target the customer's through various techniques of discounting and frees delivery of the
products. Also the company would do the PESTLE analysis that will help them to know
the target customers.
 Positioning: It is the last stage where the company would decide to position the product
in the market to the target customers. As by analysing the product the company has seen
that the they are functioning in Middle London. This is the best suitable place due which
they would be able to target most of the customers.
The main products and the features that the company would offer to their customer includes:
 Wooden furniture: Here the customer of the company would be provided with the a
unique app which would be downloaded in their mobile phone (Parvin, Jinrong and
Rahman, 2012). Here the customer would be able to locate the furniture virtually in the
location at their home and would also be able to check that whether it fits in size or not.
 Clothes and apparels: The customers would be able to use their mobile phone as a trial
room where they would be able to check how the cloth looks on them in real life.
The company has used the Mckinsey model where the framework for organizational
effectiveness that postulates that there are seven internal factors of an organization that need to
be aligned and reinforced in order for it to be successful. They have classified various models
which consist of Hard and Soft models. The company has classified the hard model as strategy,
structure and systems. While on the other hand soft model has been classified as shared values,
skills, styles and staffs.
The company has also classified the business portfolio into different segments which
includes question marks, stars, poor dogs and the cash cows (Smallbone and Welter, 2012). As
these are classified as per the BCG matrix. The companies products which are considered as
question marks are the food stuff that they are approaching to sell. The star products are wooden
furniture and the durable electronic appliance that they are tending to sale. As the company is in
its initial stage of formation so there are no poor dogs which in the companies portfolio, and the
main cash cows of the company are the apparels that they selling to their customers.
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Section 4
Conclusion
Form the above analysis and the report that is prepared, it is concluded that
entrepreneurship development is the main process which includes the development of the skills
and the abilities in the entrepreneur this helped the company as in the given case to achieve the
success in the market. Also the skill of analysing the market was developed while establishing
the company. How the customer reacts to the new innovative ideas and the customer preference
can be predicted through various steps are also seen and analysed.
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REFERENCES
Books and Journals
Biryukov, V. V., and et. al., 2015. Cyclic-temporal competitive advantages of the national
economy and entrepreneurship development. Mediterranean Journal of Social Sciences.
6(4). p.64.
Fritsch, M. ed., 2013. Handbook of research on entrepreneurship and regional development:
national and regional perspectives. Edward Elgar Publishing.
Karlsson, C., Johansson, B. and Stough, R. eds., 2012. Entrepreneurship, social capital and
governance: Directions for the sustainable development and competitiveness of regions.
Edward Elgar Publishing.
Lebedeva, T., and et. al., 2015. Intellectual provision of the innovative entrepreneurship
development. Mediterranean Journal of Social Sciences. 6(5 S3). p.303.
Mohamed, Z., and et. al., 2012. Enhancing young graduates’ intention towards entrepreneurship
development in Malaysia. Education+ Training. 54(7). pp.605-618.
Movahedi, R. and Yaghoubi-Farani, A., 2012. Analysis of the barriers and limitations for the
development of rural women’s entrepreneurship. International journal of
entrepreneurship and small business. 15(4). pp.469-487.
Naudé, W., 2014. Entrepreneurship and economic development. International Development.
Ideas, Experiences and Prospects.
Nkechi, A., Emeh Ikechukwu, E. J. and Okechukwu, U. F., 2012. Entrepreneurship development
and employment generation in Nigeria: Problems and prospects. Universal Journal of
Education and General Studies. 1(4). pp.88-102.
Oyelola, O. T., and et. al., 2013. Entrepreneurship for sustainable economic growth in Nigeria.
Journal of Sustainable Development Studies. 2(2).
Parvin, L., Jinrong, J. and Rahman, M. W., 2012. Women entrepreneurship development in
Bangladesh: What are the challenges ahead?. African Journal of Business Management.
6(11). pp.3862-3871.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Smallbone, D. and Welter, F., 2012. Entrepreneurship and institutional change in transition
economies: The Commonwealth of Independent States, Central and Eastern Europe and
China compared. Entrepreneurship & Regional Development. 24(3-4). pp.215-233.
Terziev, V., Arabska, E. and Nichev, N., 2018. Social entrepreneurship development in Bulgaria.
Online
Entrepreneur. 2018. [Online]. Available through:
<https://www.investopedia.com/terms/e/entrepreneur.asp>.
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