Entrepreneurial Opportunity Evaluation Plan

This assignment requires analyzing the concept of entrepreneurial opportunity evaluation. It involves defining the plan, establishing financial requirements, and calculating the break-even point (BEP). The task also necessitates referencing relevant studies and online resources that provide insights into entrepreneurial opportunity identification, recognition, and creation. By completing this assignment, students will gain a comprehensive understanding of the entrepreneurial opportunity evaluation process.

Entrepreneurial Opportunity

Table of Contents
INTRODUCTION...........................................................................................................................1
ENTREPRENEURIAL THEMES...................................................................................................3
BUSINESS IDEA DEVELOPMENT.............................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
In current era, most of the persons want to start their own business firm with a new idea.
Thus, these types of people can be known as an entrepreneur because they have all powers and
rights to regulate and control their business activities and operations in a systematic style.
Generally, entrepreneurs focus on enhancing their income and sales of their products and goods
due to which they try to attract high number of customers towards the business firm. Therefore,
this report is based on a business idea in which will be discuss different entrepreneurial themes in
an impelling manner (Vaghely and Julien, 2010). At this time, young generations seeks
something new and attractive things for getting proper satisfaction towards their expectations.
Hence, KP provides online services and facilities of printing pictures on t-shirts, pen, mugs and
others. Additionally, it gives several ideas to clients as well as customers also can give their own
pictures and things which they want to print on selected items. One of the best thing of this
organisation is to provide better quality of services to customers within a day. In the London has
several companies which provides these type of services to clients but they take mostly 10 to 15
days in delivery. With the help of this unique ides of business owner of the firm can easy to
attract large number of clients and increase their income as well. (Wood and McKinley, 2010)
Along with this, in this report provide an effective business idea of printing pictures on t-
shirts, mugs, pillows and so more. Additionally, company self gives some ideas to clients as well
as customers also can give their own pictures which they wants to print on any items. Basically,
KP dealing with consumers via online or internet due to this clients can easy to place their
orders, pictures and requirements as well as employees also can easy to take their order with
fully information and clarification. In order to this, KP shop decide their target market is young
generations of the UK because they wants better quality of products and services at reasonable
cost without consuming large time period.(Foo, 2011) In the London market of UK, has several
companies which provides same services to customers with best quality but they take huge time
to print pictures on decided particular item. Due to this, youth not easy to attract these
organisations. Thus, KP shop has one of the major opportunity to provide service within the a
day. It aids to increase profitability and productivity of the company but it is necessary to be
maintain quality of products also should understand the actual requirements and expectations of
clients which they expect from company.
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While company focus on customers and effectively understand their requirements then
they can easy to attract towards firm also they can recommend to their friends, colleagues and
others.(Hansen, Shrader and Monllor, 2011) So that respectively may be increase sales and profit
level of business firm. KP shop decided their target market is young generation of UK because
entrepreneur of this company conduct research and analyse the external market place due to this
they find out large number of youth seeks printing services on several items as per their choice
and needs. Due to this, owner of the firm start their business and decide their target market is
youth of UK. This company provide their services and take their orders through the using online
and internet because at this time mostly persons are know how to use the internet and online
websites. Generally, it is one of the easy way of selling and purchasing products and services as
per needs and demand. So that, clients can easy to place their orders, pictures and other
requirements which they wants on their service. Additionally, company also give some
suggestions and advices of pictures and ideas which also can take by consumers. (Renko,
Shrader and Simon, 2012)
Illustration 1: Entrepreneurship
(Source- Coburn, 2017)
Meanwhile, one of the best feature of KP shop is that it deliver their orders to clients
within a day. Due to this thing, large number of customers can easy to attract towards company
and respectively increase profit and sales as well. Further, it is needed for every entrepreneur
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should be conduct research and identify the actual demand and expectations of customers before
establish firm within the competitive market place which they wants from company. Hence,
without examining the market trends and situations might be entrepreneur face loss and problems
additional it may be hard to survive within the market.(Coburn, 2017) At the last, most of the
persons seeks to be start their own business firm with their own new ideas and things so that they
can set their brand image in the market as well a earn profit. Therefore, it is hard to establish and
survive in external environment because there are large number of competitors which belongs to
same field they also are focus on compete their competitors. Thus, should try to adopt and use
smart techniques and methods within the organisation. (Suddaby, Bruton and Si, 2015)
ENTREPRENEURIAL THEMES
It is needed to be choose effective and suitable entrepreneurial theme for establishing the
firm. As per above define an business idea of printing pictures on several items and products as
per the order of customers. Along with this, there are choosing appropriate entrepreneurial
themes by entrepreneur such as opportunity creation and opportunities recognition. Therefore, in
the context of opportunities creation entrepreneurial theme, in which entrepreneur can provides
several suggestions and ideas to customers related to their services and products so that they can
easy to place their orders to the company.(Popp and Holt, 2013) Additionally, entrepreneurs are
give more facilities to customers such as they can provide their own pictures and things which
they wants to print on selected items. Due to these services large number of customers can easy
to attract towards organisation as well as they also can give effective suggestions to others.
However, it helps to increase profit and sales of business firm. One of the major uniqueness in
KP shop is that this company deliver customers orders within a day. With the help of opportunity
creation entrepreneurial theme entrepreneur can create several thoughts and ideas such a same
day delivery which can take by clients as per their requirements. (Wang, Ellinger and Jim Wu,
2013)
Generally, KP shop operate their business through the using online and internet facilities
because at this time most of the persons are using internet for selling and purchasing products
and services as per their demand and needs. Every companies has their own official websites
which is available every kind of information regarding company, offers, products, services and
so more. With the help of this, clients has several choices and ideas so that they can easy to place
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their orders with proper clarification without consuming huge time period. All these smart and
unique services provided by KP shops to customers with better and effective quality due to this
large number of clients can easy to attract. Further, respectively will increase profit and sales of
the business firm. At this last, opportunity creation is the important theme of entrepreneur which
is the combination of different things through this employers of the firm can get different
appropriate opportunities within the competitive market place. Therefore, entrepreneurs can easy
to compete with their major competitors as well as set a effective brand image. (Miao and Liu,
2010)
Opportunity recognition is the another one essential entrepreneurial them which adopted
by KP shops. Basically, this theme is totally based on fundamental factors which can be used by
entrepreneurs in the entrepreneurial process for getting success and reaching decided targets.
While a person seeks to be start their own business firm have to be required some special
qualities and skills so that they can easy to handle any kind of critical situations and conditions
of the firm. Entrepreneurs are focus on to find out something new and smart techniques so that
they can implement in their business process and working environment. Unique ideas and
strategies helps to set an effective brand image because customers can easy to differentiate with
compare to other company's services and products. In this addition, entrepreneur have to be
concentrate on find out some better opportunities and chances which they can be adopt in their
business.(Puhakka, 2010) Generally, opportunities recognition can be consider as a process
became in which recognise and find several chances therefore there are included some steps such
as preparation, incubation, insight, evaluation and elaboration. However, Owner of KP shop
should be recognizes the actual market trends and customer's demand which they expect from the
company for getting proper satisfaction towards their needs. Every individual firm wants to be
expand their business within several areas because expansion is the best source of earning and
taking benefits of the competitive market place. Due to this, it is essentials to be adopt smart and
innovative business ideas for taking large number of attentions from clients also must be
implement something new methods and techniques within the firm so that staff members can
maintain the qualities of services and products. Apart from this, at this time it hard to give
satisfaction to customers as well as understand their demand because their taste and choices are
regularly changed as per the market. (Siegel and Renko, 2012)
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Entrepreneurs must be analyse and examine the actual market trends and conditions so
that employers can modify their existing services and system through using smart ideas and
methods. Basically, it is required to be provides facilities to customers as per the trends because
they wants something new an attractive items towards their needs and expectations. Due to this,
respectively improve sales and income level of organisation. Additionally, with the help of this
employers also can set their own brand image in the external market. So that company can easy
to compete with their major competitors of printing pictures shops of UK which is provides same
services to clients but they taking maximum 15 to 20 days in delivery. This is the best
opportunity for KP shop for developing and enhancing revenue of the firm.
BUSINESS IDEA DEVELOPMENT
Every entrepreneurs have several ideas and thoughts which helps to increase profit and
sales of the organisation in an systematic style. Generally, it is hard to develop new and
innovative ideas for the business because in which included several factors all those causes have
to significantly analyse and evaluate with the help of smart techniques and methods. Therefore,
development can be consider as a process in which included four major steps which aids to
manage and control all over activities and operations. In the context of first stage of development
procedure has been conduct a research within the external market place due to this entrepreneurs
can identify the actual market condition and situation additionally with the help of this employers
will easy to examine how they can implement their plan in action. This stage has been done by
the interact with young generation of the UK because they were share their expectation and
demand which they want from company within a day with better and effective quality. In the
next of development plan is related to the prototype of company's services and products through
the prototype entrepreneur can give as a sample to customers so that they can identify which type
of pictures printed by the KP shops on the pens, mugs, t-shirts and so more. Basically, prototype
of services and products assist to clear actual facilities and their quality which will provided to
the consumers.(Ko, 2012) After using the prototypes of by clients if they provide some
suggestions to entrepreneurs then they can modify and update their existing services through
using smart ideas and methods. An effective operational process also has been developed which
is related to the operations and dealings of enterprise in which significantly arrange all operations
and activities of business in a systematic style such as marketing, promoting and so more.
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Further, it is required by every kind of organisations must be arrange and manage operations of
the company due to this staff members will easy to understand and identify how they should
complete that with better and high quality of services.
Operational plan aids to provides actual and reliable details regarding combination of
several departments of firm with the help of them can easy to reach their decided goals and
objectives. KP shop is basically categorised into three main departments such as customer
services, printing and marketing. Along with this, in the first step has to be systematically
identify the budget of customers as per their buying capabilities employees will suggest services
and facilities to them. Hence, KP shops has available same services in different qualities so that
clients can easy to choose services and facilities as per their needs and choice. Apart from this,
marketing department of the KP shops working and focusing to conduct research and find out
current market condition and trends which consumers expect from the organisation. Whereas,
printing department working for printing pictures on several items as per the order of clients. Ion
this process required several resources like pictures, printers, plain t-shirts, mugs, sample books
and so more. In order to this, an organisation needs several ideas for getting success and setting a
brand image in the competitive market place. Due to this must be significantly analyse and
measure the current market trends and customer's demand which they seeks from the enterprise
within best quality and reasonable cost. One of the best thing of KP shops is that it provides
various ideas and suggestions to customers so that they can choose from them as well as clients
can also give their choice or pictures to the company also an effective idea which they wants to
be print on different plain items. (Heinonen, Hytti and Stenholm, 2011)
At this time, young generation wants something new and attractive things from
companies for executing their requirements in an systematic way. Due to this, research is one of
the best source to find out customer's demand and market trends because with the help of
analysing employers will take better decisions and provide better services to consumers. One of
the major reason behind chosen printing pictures business idea is that to full fill needs of young
generation or youths. After implementing this business plan in action entrepreneur of the firm
earn profit as well as set an effective image in the competitive market place. Thus, young people
of UK easy to attract towards KP company due to this effectively increase profit and sales of the
firm.
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Before implementing this business plan in action has been conduct a market research for
identifying the recent market trend and situation. Marketing plan for this business idea focus on
to give proper satisfaction and promoting services in the UK. In which included appropriate
marketing mix, there are have four major terms such as product, price, place and promotion.
Product of the KP shops is to print pictures on different items as per the order of customers. Price
of these services decided as per the size and quality so that customers can easy to choose printing
facilities according to their needs and demand. After that, place is the another aspect of
marketing mix is KP shops provide their services through online or internet tools they does not
wants to open their branches. At the last, it using online advertisement technique for promoting
their printing services and facilities at world wide level. Apart from this, Snap-fish is the major
competitor of KP shops in UK. In the context of financial term, approximately 2 -4 million
required for establishing this type of business in UK because 30 to 40% expenditures and 50%
printing and marketing will be done. At the last, entrepreneur expectation is to earn maximum
27000 pounds in a year and that will be grow at the rate of 25%. So that break even point of firm
will achieve in 5th year approx in 2021.
CONCLUSION
From the above mentioned report it has been concluded that entrepreneurs are those
person who start their business with their own new idea. Thus, here has been start a business firm
of printing pictures on t-shirts, pen, mugs and other items. Additionally, has been decide their
target market is young generation of UK due to this has been conduct research and implement
the plan. At the last, has been defined financial requirements and calculate the BEP as well.
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REFERENCES
Books, Online and Journals
Foo, M. D., 2011. Emotions and entrepreneurial opportunity evaluation. Entrepreneurship
Theory and Practice. 35(2). pp.375-393.
Hansen, D. J., Shrader, R. and Monllor, J., 2011. Defragmenting definitions of entrepreneurial
opportunity. Journal of Small Business Management. 49(2). pp.283-304.
Heinonen, J., Hytti, U. and Stenholm, P., 2011. The role of creativity in opportunity search and
business idea creation. Education+ Training. 53(8/9). pp.659-672.
Ko, S., 2012. Entrepreneurial opportunity identification: a motivation-based cognitive approach.
Journal of Applied Management and Entrepreneurship. 17(2). p.23.
Miao, Q. and Liu, L., 2010. A psychological model of entrepreneurial decision making. Social
Behavior and Personality: an international journal. 38(3). pp.357-363.
Popp, A. and Holt, R., 2013. The presence of entrepreneurial opportunity. Business History.
55(1). pp.9-28.
Puhakka, V., 2010. Versatile and flexible use of intellectual capital in entrepreneurial
opportunity discovery. Journal of Management Research. 2(1). p.1.
Renko, M., Shrader, R. C. and Simon, M., 2012. Perception of entrepreneurial opportunity: a
general framework. Management Decision. 50(7). pp.1233-1251.
Siegel, D. S. and Renko, M., 2012. The role of market and technological knowledge in
recognizing entrepreneurial opportunities. Management Decision. 50(5). pp.797-816.
Suddaby, R., Bruton, G. D. and Si, S. X., 2015. Entrepreneurship through a qualitative lens:
Insights on the construction and/or discovery of entrepreneurial opportunity. Journal of
Business Venturing. 30(1). pp.1-10.
Vaghely, I. P. and Julien, P. A., 2010. Are opportunities recognized or constructed?: An
information perspective on entrepreneurial opportunity identification. Journal of
Business Venturing. 25(1). pp.73-86.
Wang, Y. L., Ellinger, A. D. and Jim Wu, Y. C., 2013. Entrepreneurial opportunity recognition:
an empirical study of R&D personnel. Management Decision. 51(2). pp.248-266.
Wood, M. S. and McKinley, W., 2010. The production of entrepreneurial opportunity: a
constructivist perspective. Strategic Entrepreneurship Journal. 4(1). pp.66-84.
Online
Coburn, 2017. ENTREPRENEURSHIP LIVING AND LEARNING COMMUNITY. 2017.
[Online]. Available through:<https://studentliving.georgetown.edu/llc/e-ship>.
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