Essay on Entrepreneurial Opportunities
Added on -2020-07-22
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ENTREPRENEURIALOPPORTUNITY
Table of ContentsTASK 2............................................................................................................................................1Entrepreneurial theme.................................................................................................................1REFERENCES................................................................................................................................3
TASK 2Entrepreneurial themeThere are two themes which are labelled to my proposed business of baby's clothes andaccessories from Poland.Opportunities creation - As I have chosen a business option which is very safe thereare a number of opportunities which can be explored to earn higher profits. It is in trend thatparents like to dress their newly born babies in a different and a beautiful way and by fulfillingtheir this dream I can earn higher and higher profits. It is important that proper market research isdone in advance before starting with the manufacturing of products so that best demandedclothing is provided. By keeping the balanced price customer attraction can be achieved andonce the brand get established gradual hike in the value can be made. Since the product isspecifically for young babies who are very sensitive it should be ensured that usage of chemicalsand other harmful raw material is not done (Koçoğlu, Akgun and Keskin, 2017). Organic use ofinputs can help in better establishment of brand name as people supports the firm who does notdo any harm to the surroundings and even to their children. Exciting and emotional theme shouldbe kept for the promotion of the product as this well help in developing better personalconnections with the market. Innovation in the products will help in defeating the other existingbrands and total market share can be raised to a great extent. Use of social media will help muchto the business as people nowadays spend much of their time in net surfing. Brand promotion ondifferent social sites will help in establishing an effective brand name. Required level of stockshould be maintained especially at the initial stages as demand increases with a high speed whenthe product is new and therefore non availability may result into loss of potential sales and alsothe brand name will get effected. Employment of different work force should be such which isgood at communication as in the retail sector it is a basic requirement. To sell the product oneshould have skills to convince the customers and therefore such candidates should only beselected (Shepherd and Patzelt, 2017). Recognising opportunity – Once the idea is clear it is important to do the brainstormingso that new market can be captured and it will also assist in giving a close competition to thosewho 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 sufficient1
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