Identifying and Exploiting Entrepreneurial Opportunities: A Case Study of Daymukonga, Nigeria

This article discusses identifying and exploiting entrepreneurial opportunities through a case study of Daymukonga, Nigeria. It includes a business assessment of opportunity, personal assessment opportunity, and critical analysis of the assessments.

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
Critical reflection on identifying and exploiting right entrepreneurial opportunities: A case
study of Daymukonga, Nigeria
Name of the student:
Name of the university:
Author note:

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
Table of contents
Introduction................................................................................................................................3
Company profile.........................................................................................................................3
Mission...................................................................................................................................3
Values.....................................................................................................................................4
Market information................................................................................................................4
Discussion..................................................................................................................................4
Reasons for selection..............................................................................................................4
Business Assessment of opportunity......................................................................................5
Analysis of the assessment.....................................................................................................9
Personal assessment opportunity..........................................................................................10
Analysis of the personal assessment....................................................................................13
Critical analysis of the assessments.....................................................................................14
Exploitation of the identified entrepreneur..........................................................................15
Critical analysis of the framework for identifying and exploiting the entrepreneurial
opportunities.........................................................................................................................17
Correlation between the criterions of assessment framework..............................................19
Conclusion................................................................................................................................20
References................................................................................................................................21
Bibliography.............................................................................................................................24

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
Introduction
Entrepreneurship is an opportunity for the marketers in terms of reaching to the
customers. Setting goals improves the focus on the business and helps the marketers in
providing proper shape to the business dynamics. Strategic evaluation of the current business
condition is assistance in terms of measuring the scope and arena for reaching to the
benchmark level of performance (Eftekhari and Bogers 2015). Propositions innovation is an
initiative towards altering the business scenario. Managing the proposed changes is crucial in
terms of stabilizing the foundation. This assignment, through the example of Daymukonga,
attempts to identify and exploit the right entrepreneurial opportunities.
Company profile
Daymukonga has achieved accolades and glory by emerging as one of Africa’s online
retailing supermarket. As a matter of specification, the company deals with products like
food, beverages, home décor items, beauty and personal care, baby care products, home
appliances, book, media supplies and office supplies among others. Practising direct
marketing has enabled the staffs to enhance their relation with the customers. Selling quality
and branded products at affordable prices is the key towards adding happiness into the lives
of the customers.
Vision
The vision of the company is to emerge as Africa’s biggest online retailing
supermarket.
Mission
The mission of the company is to upgrade the standards of living for the common
public in the threshold of Africa.

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
Values
The employees of the online retail company strive towards the preservation of the
core values, which are honesty, integrity and transparency. Consciousness towards this
direction reflects adherence to the standards and protocols of Ethical Code of Conduct.
Market information
Rise in the demand for electronic transactions has enhanced the parameter of foreign
exchange. As a matter of specification, smart means of conducting the online transactions has
widened the network chain for the company. Typical evidence of the lies in the investments
made by the officials of Europe and Asia in the infrastructural projects of the company.
Advent of smartphones have added stability into the customer base.
Discussion
This segment attempts to discuss about the entrepreneurial opportunity of introducing
an e-commerce store for identifying target audience. This would be done through the means
of incorporating a web hosting service, which would add automation into the operations. At
the initial stage, contracts would be developed with the vendors and the suppliers, who would
ship the products to the customers. This would reduce the burden of inventories within the
business. For assessment, frameworks of business assessment opportunity and self-
assessment opportunity gains a significant position. Self-assessment can be related to the
efforts of the employees in presentation of the stores for luring more and more customers
(Cooper 2017). Without the supervision and guidance of CEOs, the plan of e-commerce store
cannot be implemented.
Reasons for selection
Conducting target marketing is important in terms of improving the focus on the
business activities. Customers are the one, who adds value to the products and services.

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
Identifying the target audience in specific parameters would act as a gradual development
towards enhancing the efficiency within the business activities. Moreover, e-commerce stores
would help the company in reaching to large number of customers. Web hosting services
would prove beneficial for the company in terms of popularizing the brand among the
stakeholders and shareholders.
In the present age of competition, companies and organizations need efficient and
effective technologies for automatizing the business activities. However, lack of technical
skills compels the personnel to encounter delays in completing the business activities. This is
a drawback as well as challenge in terms of enhancing the efficiency within the business
activities. Moreover, the customers belonging to the old age are not properly acquainted with
the latest technologies. Therefore, for them, e-commerce stores would be appropriate in terms
of getting the required products. One of an important aspect here is trust within the process of
receiving the orders. Most of the customers are concerned about the quality of the products.
Buying the items online would help to avoid standing in long queues.
Business Assessment of opportunity
Criteria Questions for analysis Yes No Additional
information
Unknowable

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
Reality in the
opportunities
 Is this a real
business?
 Are customers
identifiable
and reachable?
 Does the
product/service
deliver
superior
value?
 Is the economic
model viable?
 Is the model
suitable for the
open up
options?





Durability of
the
opportunities
 Will we be able
to develop
distinct
competencies?
 Can we build
entry barriers?
 Can we
identify and
surmount




Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
regulatory
compliance
issues?
 Can we
identify and
address
stakeholder
goals and
needs?
 Can we
anticipate and
respond to
changes?


Marshalling
the resources
 Can we
determine and
choose between
resource
levels?
 Are the
economics
sufficient for
the
establishment
of a proper
budget?
o
o

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
 Are we capable
of defining
safety
margins?
 Do we hold the
capabilities of
identifying and
accessing
critical
resources?
o
o
Managing
the ventures
 Will we be able
to monitor and
manage critical
resources?
 Do we hold
flexible
resources for
measuring the
performances
and results?
 Will we be able
to organize
mid course
corrections if




Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
needed?
Harvesting
the ventures
 Are there
realistic
mechanisms
for harvesting?
 Are the
harvesting
measures
properly
structured for
aiding
harvesting
process?
 Do we
understand the
conditions,
which trigger
or preclude
harvesting?




Table 1: Business assessment opportunity
(Source: Created by the author)
Analysis of the assessment
High involvement of the service users reflects the reality of the entrepreneurial
opportunity. Social media marketing is an effective channel for reaching to large number of

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
customers. Keeping track of the responses of the customers would help the personnel to
identify the prospective customers. High demands for the products would add superior value
into the business dynamics. Utilization of the value chain analysis would reflect viability of
the economic model. Value chain analysis would enhance the awareness of the personnel of
Daymukonga regading the options, which they can avail for upgrading the infrastructure.
Taking post training tests would enhance the awareness of the personnel regarding the
competencies needed for enhancing the efficiency in the business opportunity. Conducting
market research would enhances the awareness of the company personnel regarding the entry
barriers, which exists in the process of the expansion.
Becker et al. (2015) states that lot of research is needed in terms of fulfilling the
specific needs, demands and requirements of the stakeholders. The personnel are hesitant
towards anticipating and responding to the required changes. Herein lays the appropriateness
of Kotter’s eight step change management process. This model enhances the understanding of
the personnel towards the proposed changes and their proper management. Training helps the
employees of Daymukonga to enrich their knowledge, skills, competencies and abilities
about effective utilization of the resources. However, insufficient of the economic stability is
a challenge in terms of luring the foreign investors. Lack of awareness regarding the safety
margins indicates incapability towards the exercise of risk assessment.
Personal assessment opportunity
Criteria Questions for
analysis
Yes No Additional
information
Unknowable
My goals  Is the venture
consistent
with my
Yes

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
goals and
values?
 Is it my best
option at the
time for
moving
towards the
goals?
 Will it
minimally
close or open
doors for new
ventures?
 Am I
comfortable
with the
risk/reward
profile of the
business?
No
Additional
information
is required
Unknown
My
capabilities
 Is this role
profitable for
me in this
venture?
 Are the skills
and
Yes
No

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
experience
appropriate
for adding
value to my
personal
development?
My lifestyle  Will this
venture allow
me to control
my life
according to
the
requirements
?
 Am I capable
of
understandin
g the impact
of this
venture on
my lifestyle?
 Do I possess
the flexibility
for assessing
the impact of
No
Additional
research
needed
Unknown

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
this venture
on my near
and long
terms
finances?
My
relationships
 Do I
understand
the potential
impact,
which the
venture
would have
on my
relationships?
 Do my
significant
others
understand
and support
me in my
commitment
towards the
venture?
Yes
Additional
information
needed
Table 2: Personal assessment opportunity
(Source: Created by the author)

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
Analysis of the personal assessment
This assessment is the examination of the capability of the employees in terms of the
being capable of executing the business activities. For this, self-assessment skills needs to be
incorporated within the work schedule of the employees. Herein lays the importance of the
role of the managers in terms of providing motivation and encouragement to the employees.
Conducting need analysis is appropriate in terms of driving the employees to the right path.
Taking post training tests is advantageous for examining the extent to which the employees
are successful towards making practical application of the learnt skills in the business
activities. Within this, goals are crucial in terms of evaluating the connection between the
personal skills and the requirements of the venture.
Conducting the personal SWOT analysis enhances the awareness of Daymukonga.
This is in terms of the effectiveness of their preconceived skills towards running the
operations of the store efficiently. Providing practical demonstrations of the store operations
would be effective in terms of aligning their goals. Sequentially, journey mapping would be
fruitful for the employees in terms of assessing the future scope with the current skills,
abilities and competencies. Within this, if the employees carry out 3D protoyping for the
current performance, the managers would be able to plan programs for enhancing their visual
observation skills. Typical examples can be showing videos of store operations to the
employees for enriching their knowledge.
Critical analysis of the assessments
Goal setting theory is crucial is appropriate in terms of laying the foundation for the
physical store. This is because goals improves the focus of the personnel of Daymukonga in
terms of carrying out the business activities in an efficient and effective manner. Assessment
of the goals is effective in terms of measuring its effectiveness towards opening the physical

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
stores. Moreover, this assessment proves effective in terms of measuring the feasibility of the
skills towards attaining personal development. Launching the stores would enhance the
awareness of the personnel regarding the approach of the customers. This approach would
determine the changes in the life of the customers.
Maintaining effective communication with the customers would help the managers of
Daymukonga to plan quality monitoring techniques. This monitoring would act assistance in
terms of regulating the lifestyle of the customers. Conducting evaluation of the achievement
from the store transactions would result in recapitulation for the feasibility of the venture into
the personal development. Assessments and evaluation are crucial in terms of aligning with
their impact on the short and long terms investments. In this, the financial parameter gets
prime importance, as it is the keystone towards luring the customers towards the stores.
For giving proper shape to the self-assessment, Gibbs Reflective Cycle is appropriate
in terms of enriching the personal skills, abilities and competencies. This evaluation would be
effective in terms of measuring the extent to which the assumptions are in alignment with the
requirements of the venture.
Entrepreneurship is the conglomeration of societal needs, personal satisfaction and
economic feasibilities. The e-commerce store would be feasible for Daymakonga in terms of
catering to the needs of the residents living into the locations nearby the stores. If home
delivery is done, then it would lead to the personal satisfaction of the customers. The concept
of social media would help the store personnel in tracking the steps taken by the
contemporaries for gaining trust, loyalty and dependence from the customers. These aspects
bring 3c model into the discussion. Social media marketing relates to the fulfilment of the
societal needs. Keeping the products, which have long shelf life, would be assistance for
Daymuknonga in terms of gaining the support of large number of customers.

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
Figure 1: Components of entrepreneurship
(Source: Zahra, 2015)
Aligning with the venture of e-commerce store, if the personnel of Daymakonga sare
not confident, then it would not yield better results. One of an important aspect in this context
is the time when the individuals can move towards the identified and the specified goals.
Assessment needs to be made about the appropriateness, feasibility and appropriateness of
the goals and the available time. Here, consideration of the transition between one passion
and other. Learning provides shape to this transition, as it upgrades the preconceived
knowledge, skills and expertise.
Critical analysis of the framework for identifying and exploiting the
entrepreneurial opportunities
The environment in which the entrepreneurs operate is filled with uncertainty. This is
the reason why they need to conduct consistent evaluation for upgrading the standards and
quality of their performance. This evaluation enhances the awareness towards the drawbacks,
Entrepreneurship
Personal
satisfaction
Societal
needs
Economic
feasibility

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
limitations and constraints, which acts as an obstacle in the path of opening the physical
stores. Ample opportunities needs to be provided to the customers for influencing their
purchasing power. This approach would be effective in terms of identifying the target
audience. If behavioural theories are considered, then entrepreneurs need to be rational
enough. This is in terms of the luring the customers. Therefore, rationality in selling the items
would be fruitful in terms of gaining the support of the customers. Herein lays the
appropriateness of need analysis in terms of reaching to the specific needs of the customers.
For this, planning is effective in terms of systematizing the tasks. This planning seems fruitful
for incorporating the approach within integrated framework from the basic stages. As per the
assumptions of Kuratko, Hornsby and Hayton (2015), honesty and transparency in the ideas
is advantageous in terms of luring prospective customers. Herein lays the effectiveness of
group discussions, which provides the individuals with logical reasoning. Reasoning behind
the tasks is effective in terms of enhancing the parameter of judgmental rationality.
Journey mapping can be conducted for assessing the effectiveness, appropriateness
and feasibility of the plans towards personal growth and development. Within this,
assumption testing can be included for ensuring whether the propositions and assumptions are
in alignment with the identified and the specified goals (Plummer and Gilbert 2015). I think
3D prototyping would be an effective option in terms of widening the thought horizons. As a
matter of specifications, these aspects are helpful in terms of enhancing visual and
observation skills.
Problem solving cycle is effective in terms of displaying appropriate approach
towards the acquiring solutions. This is also effective in terms of conducting risk
assessments, which is one of the crucial components for stabilizing the foundation of the
companies and organizations (McMullen and Warnick 2016). One of the fundamental
questions, which the entrepreneurs need to consider is visual skills towards enhancing the

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
reality of the business ideas. Pictorial representation of the proposed plans is assistance in
terms of assessing the effectiveness, appropriateness and feasibility of the assumptions and
propositions.
Evaluation bestows effective ideas on the individuals. This contradicts the aspects of
assumptions. However, assumptions testing cannot be ruled out in terms of checking the
feasibility of the proposed budget and plans. This experiment seems fruitful for online retail
supermarkets in terms of securing their market position in the competitive ambience.
Zampetakis et al. (2016) feels that this is the time when he thought of operating in V-
squared capitals, private Investment management outfits. Typical evidence of this lies in
developing websites and launching them before the customers. This approach involves
planned and reasoned action towards reaching the customers. Being profitable in this
approach is one of the essential qualities of an entrepreneur (Fayolle and Liñán 2014).
Correlation between the criterions of assessment framework
Effective management techniques is necessary for assessing the durability of the
business. This includes ensuring whether the proposed plans would assist in increasing the
profit margin. A rational approach in this context is to think about the threat of substitutes,
which might add vulnerability into the market position. Apart from this, mention can be made
of return policies in the items purchased by the customers. Effective implementation of these
policies would reflect conscious approach towards the wellbeing of the customers.
Evaluation is needed in terms of gaining an insight into the current resources. This
evaluation, further, enhances the awareness about the economic feasibility and fulfilment of
the societal needs.

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
Conclusion
Personal and professional assessment is necessary for improving the entrepreneurial
skills, abilities and competencies. Within this, maintaining balance is important in terms of
systematizing the activities according to the priorities. For maintaining the balance,
frameworks need to be used, as it provides proper shape to the assessment. Placing the focus
on the identified requirements of the ventures is beneficial in terms of averting the instances
of diversions. Conducting self-assessment is the primary step, which leads to the assessment
of the business opportunities. The venture of ecommerce store would be appropriate in terms
of expanding the scope and arena of Daymukonga. Along with this, the store would be
effective in terms of influencing the purchasing power of the customers. Considering the
frameworks of business assessment opportunity and personal assessment opportunity would
seem fruitful in terms of attaching proper justification towards launching the stores.

Running head: ENTREPRENEURSHIP AND NEW VENTURE CREATION
ASSESSMENT
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