Entrepreneurial Opportunity: Analysis of Business Opportunities for a New Honey Shop in the UK

ENTREPRENEURIAL
OPPORTUNITY

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Theory of Mullins seven Domain................................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurial opportunity is a situation in which entrepreneurs take certain actions to
build profits. Those situations usually exists in which imperfections of market are exploited. This
assignment analyses the business opportunities of new business of honey shop in United
Kingdom. The new business utilizes Mullins seven domain that supports to explore effects of
seven key factors that impacts its venture.
MAIN BODY
Theory of Mullins seven Domain
This model is used to separate the planned activities into seven domains. Different
domains focusses on different levels that are described below.
Market attractiveness
This is the market domain focusses on large scale perspectives (macro level) of natural honey
shop. New venture uses Pest analysis to find out large scale factors which impacts its market.
PEST analysis
Political factors
Political solidity and necessity of beverages and food in the country's economy. Risk of
military capture. Corruption level, government's interference and bureaucracy in the industry of
food & beverages. Legal regulation for contract imposition and Cognitive property protection.
Trade tariffs & frameworks, anti trust laws and preferred trading partners. Tax rates and
regulation of prices, wage legislation like small amount of wages and system of overtime and
product labelling are the political factors which will impact new business of natural honey shop.
Economic factors
productivity, labour costs, inflation rates, unemployment rate and rate of interest. Quality
of infrastructure, workforce skill level, growth rate of economy, discretionary income and stage
of business cycle related to prosperity, period of recession and recovery puts heavy impacts on
new venture.
Social factors