A Comprehensive Review of Entrepreneurial Opportunities

The assignment provides a detailed analysis of various research papers and studies related to entrepreneurial opportunities. It covers topics such as the relationship between entrepreneurship education and entrepreneurial intentions, the impact of prior knowledge on identifying entrepreneurial opportunities, and the role of perspective-taking in discovering entrepreneurial opportunities. The review also discusses the concept of clusters of entrepreneurship and innovation, and how demographic changes give rise to new entrepreneurial opportunities.

ENTREPRENEURIAL
OPPORTUNITIES

Table of Contents
INTRODUCTION...........................................................................................................................1
1- Introduction of the entrepreneurial opportunities or ideas and its value proposition.............1
2- Critical Explanation about entrepreneurship themes..............................................................3
3- Development Plan based on the chosen development themes................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurs are the people who start their business by their own ideas and creativity.
They have set of skills and traits through which they manage their work in an effective and
efficient manner. They create their vision and mission and make business plans to accomplish
the objective. Entrepreneurs are the individual who always gives different innovative product
and services to their customers. It helps me to fulfil the needs and wants of the buyers. This
report includes the entrepreneurial opportunities and their different ideas and its value as well.
Entrepreneurial themes will discuss elaborating the personality of business persons. On the other
side, development plans for my new idea which is related to clothing sector. Furthermore, this
report will discuss about other characteristics of good entrepreneur and skills which are
important for them. Present report based on clothing firm RK company situated in United
Kingdom. It is a small entrepreneur firm deals with clothing.
1- Introduction of the entrepreneurial opportunities or ideas and its value proposition
My new business idea come up with their creative ideas and innovation. Entrepreneurship
is different from entrepreneurial opportunities. Entrepreneurial opportunities archived by
entrepreneur spirit(Bae and et.al, 2014). Individual make their own plans and goods and services
to accomplish the target of entrepreneurship. On the other hand, an entrepreneur is the person
who modify the plans and strategies to make them perfect; thus, this is the quality which takes
business on the top of the world. It helps to grab more possibility to earn profit. There are ma ny
opportunities for the entrepreneurship to enhance their business growth and earn maximum
revenue(Chaston, 2017). My business idea is related to the clothing which provides men and
women clothes at reasonable price.
Opportunities/ideas-
On the basis of my new idea which is related to the clothing sector. To enhance
the business growth I need to adopt some new opportunities and ideas through which customers
likes the product and services. To improve my customer attraction it is necessary to adopt some
effective changes like given below.
 Innovation: Entrepreneurship is totally based on new ideas. Businessmen create
many new and attractive ideas by which they grow their business opportunities.
Innovation is the best quality of a good entrepreneur. It helps to maintain the good
image in front of the customers and in the market as well. On the other side,
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innovation and new goods and services always attracts more new customers. It helps
to increase the product sales and earn good profit. Innovation is an essential element
to achieve the entrepreneurial opportunities. RK needs to develop new styles and
trendy clothes which attracts more new customers towards them. In clothing sector
customers wants new and trendy styles of clothes. New product and services grab
more new buyers.
 Diversification in changes: This is another opportunity of entrepreneur. In this part,
diversification creates new goods and services. It leads to create more product sales
and revenue(Chatterji, Glaeser and Kerr, 2014). It assists to attract newer potential
customers. Diversification is done on the basis of research about the needs and wants
of the customers. This makes customer satisfied and happy with the company. It also
increases the market value and image in front of the buyers. Diversification is the
process which gives new services which is different from others. It helps to develop
the business image and market share. Diversification helps me to analyse the new
customer wants and full fill customer satisfaction.
 Investments: Investment is very necessary activity which is important for every
business. This opportunity gives profit to invest on other business activities. Rk
Company has the ability to invest some part of money into profitable areas which can
be used in other activities. On the other side, investment helps to expand the business
opportunities and gives new ideas of product and services(Zahr and et.al, 2014). new
better investment helps me to take my business into further growth.
 Talented Employees: It is the biggest opportunity for the owner of the company to
recruit skill-full and talented staff. It will increase the efficiency level of
entrepreneurship. Employees are very important to implement the plan. It gives their
services to accomplish the objective of the company. Also, it helps to enhance the
performance level and give long term commitments. On the other side, talented
employees help to understand the needs and wants of the customers because they are
the people who directly interact with them. Employees are the assets of a company
who give their services towards the company’s growth. Without the help of good
employees, entrepreneurs cannot implement their plans properly(Davidsson, 2015). I
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need to recruit talented employees which gives best efforts to accomplish the business
ovbjective.
 Different Markets: Different market gives multiple opportunities to accomplish the
business objectives. Through entering in various markets, it helps me to increase the
market share and help to compete with their competitors. Nowadays, the market is
very competitive therefore, it is important for me to maintain the position in the
market by giving new services. It will also attract the attention of many customers
towards the company products. Entering into new market will increase the business
growth and profit turnover. More business value create faith and trust among the
customers.
 Quality of Product and services: Customer are rational as they want good upper-
class products at lower prices. Quality will make entrepreneurship exist in the market.
Entrepreneur needs to use superior of employment and products so that customers
will purchase the commodity. My organisation have the opportunity to attract large
number of customers by giving them good quality of products. This will support to
increase the sales and profit revenue. On the other side, profit helps to invest on
further businesses by which entrepreneurs make new market share. Maintaining the
quality of services helps to retain the potential customers. Nowadays, buyers always
consider product quality first and then prices(Knight, et.al, 2015.). So, it is the main
challenge for the businessman to maintain its position in the market. It also increases
the value in the mind of customers. I will need to adopt quality of clothes variety
which is long lasting, durable. This features attract customers and helps to increase
the brand image.
 These are some opportunities or ideas which is very important for the
entrepreneurship to extend the business. These opportunities help to increase the
goodwill and business growth. It also assists to expand the business opportunities in
the future. This increases the share of the business among their competitors as well.
This is very important to make their product and services different from other
companies.
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2- Critical Explanation about entrepreneurship themes.
There are many entrepreneurship themes which helps them to increase the market value.
This aids to enhance the performance of working environment. Moreover, it supports in
competing with other competitors. These entrepreneur themes are very important for My new
business plan growth which gives sales and business opportunities(Eckhardt, 2014.).
Entrepreneurs themes are listed below:
 Avoid negative environment
 Employee oriented
 Customer oriented
 Take participation in activities
 Socialite
 Get Experience
 Maintain good relationship with others
 Recruit talented employees
 Innovative and Creative
 Work in High Pressure
 Don't get stop until you reach your goal.
 Problem Solver
 Good Leadership power
These themes help My RK Company to increase their brand image and market share in
the clothing industries.
These are the themes of entrepreneurship which gives direction to do the work. This increases
the potential power of working and get success. It is necessary to take things positively. This also
helps in making difficult decision in innovative ways. For every new entrepreneur, these themes
will help to manage the things properly. Some of the themes are listed below:
 Maintain good relationship with others
This theme is very helpful to maintain good relation with the employees,
customers, distributors and suppliers. It gives long-term relation with the crucial persons which
is of the essence for the business growth. Like I will need to maintain healthy connection with
their employees because human resource department is responsible to implement all business
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plans for that company needs to full fill their needs to maintain the performance
management(Garud and Giuliani, 2013). On the other side customer's relationship with the
company is most important to maintain faith and trust.
 Customer Oriented
Customer oriented is the another necessary theme of the entrepreneur. It needs to
be customer oriented to maintain the potential customers. They need to identify the demands and
wants of the customers and then make product strategies. Every businesses runs on the basis of
product and services. It is needed to get all information about the customer wants and then give
their services accordingly. RK needs to analyse the current trend and full fill the needs and wants
of the customers. Clothing sector is one of the most challenging aspect. It needs constant changes
and new variety through which customer's get attract, so that RK should be adopt customer
oriented strategies to grab potential buyers.
 Problem Solver
In the starting time there are many problems and hurdles aeries. For me it not
need to fear from those challenges. Try to make new method and way on which they enhance
their competency level. This happens may give new experience which is helpful in future times.
Entrepreneur is the person who have quality to remove the big challenges and problems. This
sector faces many issues and problems related to quality durability, so it the responsibility of Me
to resolve the buyers problems and give the best solutions.
 Socialite
It is the most important theme of entrepreneur that the individual need to
contribute in social services. As an entrepreneur its my duty to analyse the needs and wants of
their customers. It helps Me to maintain the big image in the society. On the other side it also
helps to gain the customer attraction towards their product and services. Entrepreneur always
needs to adopt fair practises with the customers and provide healthy goods and services(Alvarez
and Barney, 2014). According to that as a business owner its very important to abide all laws
related to the society.
 Get Experience
Experience is always get after making some new things. It is important for the
entrepreneurs to make new ideas. Sometimes all business plans are not successful and profitable
but business learn something from that. It helps to give new learning and methods.
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 Don't get stop until your goal.
It is the another theme of entrepreneurship. It means entrepreneur has never
stopped until its target is finish. Employees and the management staff needs to be very much
serious about the work business objectives. On the another side entrepreneur always make better
business plans. It helps to accomplish the target on time. Entrepreneur needs to explain the
business plan to their employees in systematic way So that employees will achieve the target on
time(Kohlbacher Herstatt and Levsen, 2015).
From the above explanation it was concluded that entrepreneurship themes help to full
fill the business needs. This increase the business value in the market and also increases the sales
revenue. Furthermore, it gives new challenges and opportunities by which entrepreneur creates
new productive ideas. It assists to increasing the product image in the competitive market.
3- Development Plan based on the chosen development themes
Development Plans are the element which is necessary to grow the business into new
level. It gives new set of authorities policies and methods. It creates new challenges and
opportunity to take business further. Development plans should be made on the basis of
entrepreneurial themes it helps to achieve the objective in efficient manner. These themes create
some set of ethics and rules which helps to achieve successful Development planning. Working
on the correct path ensures the better performance of employees. Development plans helps to
sustain the business in long time(Canavati, et.al, 2016). They make new ideas and product by
which customer attraction will increase and sales as well. In development plan it includes new
ideas and objectives which are to be achieved within set of structure.
Development plans-
Development plans includes new strategies and plans which are to be achieved in
effective and efficient manner. For that it needs to make small targets and objectives to
accomplish the over all objectives. My new development plan is to attract customers attraction
for that I will use social media site through which I will provide some gift vouchers for the new
customers. Customer is rational according to them I will set my cloth prices, so that I will
provide gift coupons for prime customers. If customer purchase any clothe they will get some
discount for the another shopping. To achieve the development plans entrepreneur need to follow
these small target to make the plan more effectively.
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 Quality of goods and services: As a owner of the company needs to maintain the
quality of product and services. It makes the customer satisfied and happy. This factor is
important to be followed by the business firm to maintain the customer attraction.
Satisfied buyers make more reputation of the business in the market. On the other side
many problems are facing by the new business but entrepreneur not need to take fear
from them try to solve these issues and make proper changes to accomplish the overall
target (Prandelli Pasquini and Verona, 2016).
 Business Expansion: I will need to think about my new business expansion. Expansion
will give new market values and build business image in among the competitors. New
business development strategies increasing the customer faith and trust. Also, they get
satisfied with the goods and services. It makes market more competitive which is
challenging for the other rival firms. Business expansion may happen in terms of product
expansion and location expansion. This increases the confidence level of entrepreneur to
make new strategic plans.
 Innovation: Innovative services attract more new customers. As the owner of the
company I should bring new product in the market on the basis of customer needs and
wants. It increases the customer attraction and sales as well. Innovation brings new
opportunities for the entrepreneurs to enhance their profit revenue. Advanced ideas make
more business profit and sales. In today's market customers prefer those companies which
gives new product and services. It is concluded that innovation helps to make better
development plans to achieve the overall objectives.
 Investors: It is very important to get attention of investors by getting good amount of
money. Investors are very important for the business. Every investor invest money after
measure the performance of the company So that enterprises needs to maintain the proper
development plans to attract more investors. Entrepreneurs needs to adopt proper
planning and strategies by which investors create more interest into the business.
Investors are the stakeholders who helps to grow the business(Omorede and Axelsson
2018).
 Variety of Range of products: Every Customer is different from each other their
preferences are different. They demand the product on the basis of prices, gradation,
quantity and quality. It is necessary for me to give variety of range in product and
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services. It helps to attract more new customers towards there services or products.
Satisfied customers increases the Demand of the products and sales as well. It helps to
increase the profit revenue of the company. It also makes more goodwill and market
share for the company. During development plans entrepreneur needs to identify the
customer needs and wants related to the product price. It also provides product on
different ranges so that customer purchase accordingly. It helps to full fill the customer
satisfaction(Uygur, 2017.).
These are some important points which is important to follow the development plans. It helps me
to accomplish the business objectives in systematic form. It also helps to identify the customer
needs and wants. These set of themes create some styles and ways which entrepreneur have to
work. There are some strategies which helps to accomplish the objective of development plans.
 Training and development: To accomplish the target in effective manner. It is requires
a proper training and development to the employees. Employees needs to understand the
purpose and needs of the new changes so that they work in more effective way. This
training gives help to enhance the employees' performance which is important for the
objective.
 Healthy Relationship: I will need to maintain healthy relationship with the customers,
employees and their competitors. This helps to achieve the target in more effective way.
 Skilled Employees: I will need to hire skilled employees and qualified workers for their
company. Talented employees is more compatible and easily get understand the
development plans. It also helps to give best output level. Better performance helps to
accomplish all the objectives of development plans(Entrepreneurship and innovation.
2017).
From the above strategies helps to maintain the proper working environment in the company.
These strategies are very helpful to accomplish the overall objective of the firm. All those factors
must be followed by entrepreneur to achieve the effective customer satisfaction.
CONCLUSION
From the above report concludes the essential points which is important for my new
developments plan. There are many opportunities are available through which business can
easily achieve their development plans easily. Entrepreneurship themes was also explained the
different benefits and essential points which is important for my business growth. It helps to
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maintain the proper business ethics and working environment. Development plans are based on
themes which gives way for proper performing the task. These plans helps me to grow the
business. It also gives new ideas and innovative product and services which helps to attract more
new potential customers. This increases the market share and sales of the company. RK
Company needs to adopt new technologies and strategies by which they improve their product
and services and makes brand popular. Adding to that they also accept new market changes and
make new product development plans by using new technologies.
REFERENCES
Books and journals
Garud, R. and Giuliani, A.P., 2013. A narrative perspective on entrepreneurial
opportunities. Academy of Management Review, 38(1), pp.157-160.
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Alvarez, S. A. and Barney, J. B., 2014. Entrepreneurial opportunities and poverty
alleviation. Entrepreneurship Theory and Practice. 38(1). pp.159-184.
Bae and et.al, 2014. The relationship between entrepreneurship education and entrepreneurial
intentions: A meta‐analytic review. Entrepreneurship theory and practice. 38(2). pp.217-
254.
Canavati, S., Libaers, D., Sarooghi, H., Burkemper, A. and Hornsby, J., 2016. The impact
of prior knowledge on the identification of entrepreneurial opportunities: A cross-country meta-
analysis of institutional factors. In United States Association for Small Business and
Entrepreneurship. Conference Proceedings (p. IT1). United States Association for Small
Business and Entrepreneurship.
Chaston, I., 2017. Entrepreneurship. In Technological Entrepreneurship (pp. 1-24). Palgrave
Macmillan, Cham.
Chatterji, A., Glaeser, E. and Kerr, W., 2014. Clusters of entrepreneurship and
innovation. Innovation Policy and the Economy. 14(1). pp.129-166.
Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-
conceptualization. Journal of Business Venturing. 30(5). pp.674-695.
Eckhardt, J. T., 2014. Entrepreneurial Opportunities in the Individual-Opportunity
Nexus. The Routledge Companion to Entrepreneurship. p.406.
Knight, G., et.al 2015. Creation and Capture of Entrepreneurial Opportunities Across
National Borders. Journal of International Business Studies.
Kohlbacher, F., Herstatt, C. and Levsen, N., 2015. Golden opportunities for silver
innovation: how demographic changes give rise to entrepreneurial opportunities to meet the
needs of older people. Technovation. 39. pp.73-82.
Omorede, A. and Axelsson, K., 2018. Migrant Entrepreneurs and Their Spark for
Entrepreneurial Exploration. World Academy of Science, Engineering and Technology,
International Journal of Law and Political Sciences. 5(8).
Prandelli, E., Pasquini, M. and Verona, G., 2016. In user's shoes: An experimental design
on the role of perspective taking in discovering entrepreneurial opportunities. Journal of
Business Venturing. 31(3). pp.287-301.
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Uygur, U., 2017. An Analogy Explanation for the Evaluation of Entrepreneurial
Opportunities. Journal of Small Business Management.
Zahr and et.al, 2014. Contextualization and the advancement of entrepreneurship
research. International Small Business Journal. 32(5). pp.479-500.
Online
Entrepreneurship and innovation. 2017 [Online]. Available through:
<https://www.london.edu/programmes/topic/entrepreneurship-and-
innovation#.Whem0XV95CU>.
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