Entrepreneurship and Business Development

This assignment provides a detailed analysis of entrepreneurship and business development, including the process of developing products that meet customer demands. It also discusses the importance of marketing research in creating successful business ideas. The assignment draws from various academic sources, including books and journals, to provide a comprehensive understanding of these concepts.

Entrepreneur Opportunity

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
Entrepreneurial Themes..........................................................................................................2
Business idea development ...................................................................................................4
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business idea is a concept that is used for financial gain that is usually a product that is
offered in take of money by business. It is required that business should be able to make effective
business idea so that it may gain profits by satisfying customers. In business idea customer
demand is analysed carefully so that which product to be made by entrepreneur may be exploited
in effectual manner (Madhok and Keyhani, 2012). By this act, wastage of resources is not made
and as such, profits are not deteriorated. It is the milestone for entrepreneur to incept business
idea in accordance with potential customers. The uniqueness of idea of manufacturing in food
sector is to provide same product to consumers but by innovating some features in it. The
uniqueness is centrally focused to customer's satisfaction. By implementing some new feature
like adding some new flavours in product, making some more additions to product like more
nutritions, a product may be get unique from that of rivals in the same industry. This is required
so that customers may be attracted and lure to buy innovative goods. Thus, this provides speedy
sales to firm in effectual manner.
The target market of food firm is adults and so that food provided to them in effective
manner. The target group of customers may be identified by entrepreneur so that he may focus
on that homogeneous group and may provide goods according to their needs and demands. Thus,
there will no wastage of funds and products may be made according to their wants. Thus,
customers will get satisfied and firm will be able to accomplish its set goals. Value proposition is
marketing of products in that manner by convincing customers that why they should buy
products of company. It means creating value of goods in the mind of consumers. By showing
value proposition, firm can make speedy sales of products. The value proposition in my business
is that hygiene factor is purely focussed in it so that customers may be provided with better
quality of food which enhances their satisfaction (Barringer, 2012). By conducting marketing
research, homogeneous group of customers may be discovered and by identifying their needs,
product may be manufactured with much ease. This is required so that customers may be
satisfied and firm may earn profits. Marketing research helps entrepreneur to make effective
products as needs and wants are met by conducting research. This makes more profits to firm by
analysing demands of customers.
1

Entrepreneurial Themes
The entrepreneurial themes are as follows:
1. Opportunity creation-
Entrepreneur is a person who aim to start a venture because of his skills and talent in the
business. He incepts a business idea and then creates opportunities in business field so that he
may satisfy needs and demands of customers and as such, he earns good reputation and profit
from the customers evolving brand image. But how he establishes a business is great challenge
for him. For this, he creates opportunity (Venkataraman and et.al, 2012). This is a difficult as
well as complex task to accomplish. Opportunity creation is a key theme in entrepreneurship
research. The research of opportunities consists of at least four elements. They are innovations or
new ideas, with some objective to build business, strong determination to achieve those
objectives and lastly, implementations of all above stated activities so that opportunity may be
created in the best possible manner. These elements are required to be stated by entrepreneur so
that he may start his new venture in positive and better way.
The proposed business idea was initiated by me in the field of food sector. As such, food
sector is evolving as a better sector for profits which may be earned by firm. It is complex also
because several nutritional factors are also to be considered while manufacturing food in the
production process. It was a great challenge for me as I had to go through themes of
entrepreneur. I had found that business idea is an easy task but to implement it in reality is a
complex task. I had to formulate my opportunities such as to assess new ideas and form business
objectives and then to implement it effectively so that business may be started in the effectual
manner.
The gap was to be filled in the packaging of food as it was wrongly packed and as such,
product looses its nutrition in totality. This makes food products durable and making it hygienic
to be made available to customers (Santos, 2012). But as I found that food products were not
packed in better way and which lead to low nutritional factor. This gap was much irritating for
me. I intended to fill this gap because if food is not properly packed then all its nutrition element
2

is wiped away and food becomes no more hygienic as well as edible by customers. This had led
to achieve my objectives to satisfy public with good nutrition and hygienic food.
2. Opportunity recognition-
Entrepreneur indulges in recognition of opportunities after creation stage is formulated.
Opportunity recognition is an important element as it provides way to figure out the
opportunities available to him in effectual way. This takes way of preparation so that
entrepreneur is able to make competitive venture (Lavoie, 2015). Preparation starts with
exploiting customer needs. Demands and wants of customers is vital factor as he delivers
products to them so that they all may be satisfied effectively. This is however not an easier task.
He has to form a segment of people so that particular homogeneous group may be satisfied by
providing them the goods they want. This ultimately leads to opportunity recognition by
entrepreneur as he comes to know the demands of customers in manner which provides clarity to
him to produce only those goods which they prefer.
Opportunity recognition is discovered and recognised by entrepreneur which leads to
appropriate allocation if resources so that different costs may be controlled by him. This provides
him idea to be formulated to met needs of customers. The knowledge of markets is also required
so that he may exploit opportunities in effective way. Knowledge of markets is needed to be
discovered by entrepreneur so that he may assess the needs and demands of public as well as
strategies of competitors in the market. Rival firm strategies are required to be assess by him so
that he may formulate his strategies in different way. This is required to make the product
differentiated with that of competitors. It helps entrepreneur to convince to customers regarding
the product that it is different from rival's product. As such, more competitive strategy is
implemented by owner so that he may attract customers.
The proposal of business idea in food sector lead to effectively identifying market and
assessing needs of consumers so that food may be manufactured in full hygienic conditions. This
was essential for flourishing of business as customers may be provided with high nutritional
level food so that they may remain healthy and all required nutritional ingredients are delivered
to them in the best possible way (Rideout and Gray, 2013). The gap of lack of hygienic food
intended me to provide quality and standard food products to consumers. Entrepreneur intends to
3

provide quality products to consumers by identifying needs and implementing those needs to
provide them satisfaction.
Business idea development
The business idea development is complex task which can be summarised below:
1. Creation of business idea-
Ideas are important to formulate so that business may be start by entrepreneur. Keeping
track of ideas is also vital so that they may be potentially relevant to business. Reviewing of idea
is also required so that its appropriateness may be assessed by owner (Karimi and et.al, 2016).
2. Assessment-
This stage of business idea belongs to market research by him. Market research is needed
so that customer's needs may be analysed and accordingly products may be produced. The owner
must understand market so that targeted customer group may be satisfied by the products, they
want to prefer.
3. Business Plan-
After analysing the market, next step is to formulate business plan in that way so that
business goals and objectives may be easily identified. It is required because it will provide
entrepreneur a clear approach to produced products so that customers may be easily be satisfied.
4. Development-
It is necessary so that the concept which has been initiated by owner may be transformed
in concrete way. It means that product to be offered to customers may be in pure developed
form. Also, marketing launch and testing plans may be formulated.
5. Testing of product-
Next step is to test the product so that its viability may be established in real market that
whether product will be successful in meeting demands of consumers or not (Garcia, Leles and
4

Romano, 2017). This stage provides clarity and transparency to entrepreneur about utility of his
product. By analysing market test, he comes to know that the incepted product may be move
forward in market or it requires some sort of modifications to satisfy customers.
6. Launch-
Last step is to launch product of business so that market may be captured by owner. This
business idea development addresses whether employees are properly trained and war ready to
support product and whether all marketing activities are executed and all documentations have
been developed. This leads to effective launch of product in the market (Read, Sarasvathy, Dew
and Wiltbank, 2016).
Operational plan is quite necessary to provide clear picture about them that how it will
contribute to accomplish the goals of organisation. Operational plan includes specific goals of
business, what actions are required to achieve those goals in effective basis, need of humans
resources and most important budget formulation so that costs may be controlled.
The success of business depends heavily on staff. Employees provide firm to accomplish
its set targets in effective way. Strong team members are required so that goals may be achieved
in much ease. Hiring of experienced professionals are needed by business so that their expertise
may provide benefit to firm.
The development of business depends on following factors-
1. Market research-
Market may be fully exploited by entrepreneur so that customers may be targeted
specifically in the market. This is required so that they may be fulfilled by their preferences and
demands in the manner which provides entrepreneur clarity in its working (Manso, 2016). It is
required so that customers may be enhanced in better way and no wastage of resources may be
made by business.
2. Marketing plan and marketing strategy-
5

Marketing plans states that how marketing goals may be achieved by firm. It is
application of various strategies which will guide in accomplishment of goals. Marketing
strategy on other hand is shaped by business goals. It involves strategy to how to inform
consumers about the product and also informing them about the difference of its own products to
that of rivals. Marketing plan should be made in accordance to needs of customers.
3. Marketing mix-
It is a process of promoting the products to public so that speedy sales may be achieved
buy form in effectual manner. It is required that 7 P's of marketing such as product mix, place
mix, promotion, price, people, processes and physical evidence (Kuratko, 2016). A perfect blend
of all these mixes are needed so that food products may be well informed to consumers and they
purchase it.
4. Competitors analysis-
Competitors are to be analysed by owner as it provides him effective strategies to be
implemented so that rivals may be beaten by owner. The competitors are required to be carefully
analysed s that their strategies may be identified and entrepreneur may implement another
competitive strategy so that consumers may be lured by him.
5. Financial plan-
This plan is referred to predicting the future cash flows and asset values by evaluating of
current financial state so that comprehensive of evaluation may be made regarding future.
Financial plan allocates future income to various expenses such as utilities and also reserves for
some savings related to short as well as long term.
6. Break even point-
It is the point where no profit as well as no loss is incurred by firm. This situation arises
when total revenue equals total cost. It means that opportunity cost have been paid and capital
has been adjusted according to the expected risk.
6

The development of business idea is incepted and implemented through these factors and
as such it helps entrepreneur to start the venture in effectual manner (Entrepreneurial potential
self assessment, 2016). By analysing and conducting marketing research, he comes to know
about the demands and needs of customers. This results in formulating appropriate product so
that they their wants may be fulfilled in righteous manner.
CONCLUSION
From above report, it can be concluded that customers may be satisfied by entrepreneur
only when business idea is effectively made in accordance with needs of customers. Business
idea may be incepted by making products according to the desires of customers which is
analysed by conducting marketing research. This research is important to be conducted as it
provides clarity to owner to produce only those goods which consumer prefers. Customers are
then delighted with quality of products and thus, firm make good quantum of profits. Business
idea passes through process by which a product is made and then tested and launched in market.
This process requires effective foreseeing of demands of customers so that no wastage of
resources is made in development of product. This is important as it decides the viability of
product in real market whether it will be liked by customers or not.
7

REFERENCES
Books and Journals
Madhok, A. and Keyhani, M., 2012. Acquisitions as entrepreneurship: asymmetries,
opportunities, and the internationalization of multinationals from emerging economies. Global
Strategy Journal. 2(1). pp .26-40.
Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures.
Venkataraman, S. and et.al, 2012. Reflections on the 2010 AMR decade award: Whither the
promise? Moving forward with entrepreneurship as a science of the artificial. Academy of
Management Review. 37(1). pp .21-33.
Santos, F. M., 2012. A positive theory of social entrepreneurship. Journal of business ethics.
111(3). pp .335-351.
Lavoie, D., 2015. The discovery and interpretation of profit opportunities: Culture and the
Kirznerian entrepreneur.Culture and Economic Action. 48.
Rideout, E. C. and Gray, D. O., 2013. Does entrepreneurship education really work? A review
and methodological critique of the empirical literature on the effects of university‐based
entrepreneurship education. Journal of Small Business Management. 51(3). pp .329-351.
Karimi, S. and et.al, 2016. Fostering students’ competence in identifying business opportunities
in entrepreneurship education.Innovations in Education and Teaching International. 53(2).
pp .215-229.
8

Garcia, D. H., Leles, A.D. and Romano, R. R., 2017. Program Entrepreneurship and Innovation:
Education as the Core of Innovation. In Advances in The Human Side of Service Engineering
(pp. 235-244). Springer International Publishing.
Read, S., Sarasvathy, S., Dew, N. and Wiltbank, R., 2016.Effectual entrepreneurship. Taylor &
Francis.
Manso, G., 2016. Experimentation and the Returns to Entrepreneurship. The Review of Financial
Studies. 29(9). pp .2319-2340.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Online
Entrepreneurial potential self assessment, 2016 [Online] Available Through:
<https://www.bdc.ca/en/articles-tools/entrepreneur-toolkit/business-assessments/pages/self-
assessment-test-your-entrepreneurial-potential.aspx>
9