Entrepreneurial Opportunity Analysis

This assignment provides a comprehensive analysis of entrepreneurial opportunities in the baby clothes and accessories market from Poland. It discusses market research, brand promotion, and risk management strategies to establish a successful business in this niche. The assignment also references relevant literature on entrepreneurship and opportunity creation.

ENTREPRENEURIAL
OPPORTUNITY

Table of Contents
TASK 2............................................................................................................................................1
Entrepreneurial theme.................................................................................................................1
REFERENCES................................................................................................................................3

TASK 2
Entrepreneurial theme
There are two themes which are labelled to my proposed business of baby's clothes and
accessories from Poland.
Opportunities creation - As I have chosen a business option which is very safe there
are a number of opportunities which can be explored to earn higher profits. It is in trend that
parents like to dress their newly born babies in a different and a beautiful way and by fulfilling
their this dream I can earn higher and higher profits. It is important that proper market research is
done in advance before starting with the manufacturing of products so that best demanded
clothing is provided. By keeping the balanced price customer attraction can be achieved and
once the brand get established gradual hike in the value can be made. Since the product is
specifically for young babies who are very sensitive it should be ensured that usage of chemicals
and other harmful raw material is not done (Koçoğlu, Akgun and Keskin, 2017). Organic use of
inputs can help in better establishment of brand name as people supports the firm who does not
do any harm to the surroundings and even to their children. Exciting and emotional theme should
be kept for the promotion of the product as this well help in developing better personal
connections with the market. Innovation in the products will help in defeating the other existing
brands and total market share can be raised to a great extent. Use of social media will help much
to the business as people nowadays spend much of their time in net surfing. Brand promotion on
different social sites will help in establishing an effective brand name. Required level of stock
should be maintained especially at the initial stages as demand increases with a high speed when
the product is new and therefore non availability may result into loss of potential sales and also
the brand name will get effected. Employment of different work force should be such which is
good at communication as in the retail sector it is a basic requirement. To sell the product one
should have skills to convince the customers and therefore such candidates should only be
selected (Shepherd and Patzelt, 2017).
Recognising opportunity – Once the idea is clear it is important to do the brainstorming
so that new market can be captured and it will also assist in giving a close competition to those
who are old in the industry. At festival and wedding season people do maximum shopping.
Therefore it should be kept in mind that at these time the work force in the business is sufficient
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enough so that every costumer is given maximum attention. Proper strategies should be
formulated which are capable of attracting customers in the main seasons. Attractive discounts
can be given promotion of which if done on print media will help much in enhancing sales. In
order to maintain continuity in the operations external audit should be done on regular basis so
that if any favourable change is done than it is adopted at the same time. Apart from this
knowledge of external factors is also important to remain updated with the government laws and
present economic conditions which act as a base for carrying out the operations and fixing the
price of our product. When threats are identified in advance it becomes easy for the management
to take the required precautions which further helps in reducing the total degree of risk involved.
By construing required code of conduct against the possible problems hold in market can be
maintained and threats can be effectively converted into opportunities for new start up (Wood
and Mckinley, 2017).
Hence I can continue with my idea of serving children of young age by using effective
promotional techniques. Clothes will be designed in such a manner that it attracts maximum
parents so that sales can be developed. Keeping high value of product will be avoided as this
may effect the choice of target customer. Location of stores would be such that it can be easily
approachable to pregnant ladies as their emotions are attached with their upcoming child and
they like to shop themselves for the same. All the safety measures will be taken at the store by
designing a layout where there are no chances of accidents.
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REFERENCES
Books and Journals
Koçoğlu, İ., Akgun, A.E. and Keskin, H., 2017. The Role of Business Model Development in the
Ex-Post Creation of Online Entrepreneurial Opportunity. In Key Challenges and
Opportunities in Web Entrepreneurship. pp. 1-32. IGI Global.
Shepherd, D. A. and Patzelt, H., 2017. Researching the Generation, Refinement, and Exploitation
of Potential Opportunities. In Trailblazing in Entrepreneurship. pp. 17-62. Springer
International Publishing.
Wood, M. S. and Mckinley, W., 2017. After the venture: the reproduction and destruction of
entrepreneurial opportunity. Strategic Entrepreneurship Journal. 11(1). pp.18-35.
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