Opportunity Identification in Entrepreneurship
Added on 2020-07-22
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EntrepreneurialOpportunity
Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................2Meaning of entrepreneurship and its importance ......................................................................2Passion for entrepreneurial opportunities....................................................................................4TASK 2............................................................................................................................................4Generating and developing novel and interesting entrepreneurial ideas and opportunities........4TASK 3............................................................................................................................................7Themes of Entrepreneurship.......................................................................................................7TASK 4............................................................................................................................................9Development plans in respect of chosen start up idea or theme.................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................111
INTRODUCTIONEntrepreneurship is a set of skills, abilities, capabilities which are implemented and usedin forming an image of new business, to expand the size of existing business. Persons who retainentrepreneurship skills are known as entrepreneurs (Foo, 2011). These skills the person frombusinessman, leaders and managers. This is a concept which is used to create new ideas, seekingout new opportunities, forecasting of future incidents and analysis of past records of businesses.Basically, entrepreneurs are the persons who remain centralised around find out unique ideas andconcepts which remain different from existing business types and formats of organisation. Thisreport is formed to identify new opportunities and ideas of start-ups, introducing new product,process or services by using entrepreneurship skills.TASK 1Meaning of entrepreneurship and its importance EntrepreneurshipIt is considered as an engine of growth which helps in building economic structure ofcountry strong and credible (Hansen, Shrader and Monllor, 2011). It is an idea which comes inmind to set up a picture of business, launching a new concept of product and service in market aswell as implementing new tactics in a creative manner. These are the skills which are found innature and behaviour of a person by birth or by real life experiences. The person who containsthe ideas and skills are known as entrepreneurs. From thinking an idea of business and establishand from the idea in actual from are the main objective and aim of entrepreneurs.It is considered by an example that a person name David is think about creating andsoftware program to centralise all the information of operational department and functionaldepartments of an organisation. The software would be eligible to categorise as per nature anddepartment of organisation by itself. This is an idea which is roaming the mind of David. Now itis required a team to analyse the sources of information regarding the idea of software. Theteam which remain involve in framing the image of idea in actual format are calledentrepreneurial teams. David invite and three friends and tell them about the idea and explainedthe dynamics and scope of software program. How does it work, where does it work and forwhom it would be beneficial are the major fields around which the team will work and makethere strategies. It requires a huge amount of investment requires to start the project and design2
the idea. At initial stage, entrepreneurs have to face different types of challenges and problems togenerate cash and investment. David and his team needs to make impressive and attractive strategies which could attractthe interest of investors and financiers. They need to present the idea and concept effectively.College seminars, convocations and workshops are the sources where they can introduce theirideas and concepts. There are some set of criteria needed to set in respect of idea like motive ofidea, fields where it would be use, impact of implementing the idea.Virtues of EntrepreneursIt is a point of question and curiosity in human mind that what are the skills and virtuesare required to be presented in a person to be a successful entrepreneur (Renko, Shrader andSimon, 2012. Some of the critics said that this skills are found a person by birth and someexperts estimates that these skills can be generated and grow by improving internal skills likeself confidence, creating own goals and targets, dedication, risk taking factors, courage,consistency and determination. Risk taking and analysing new opportunities are consideredimportant virtue of entrepreneurship. There is a positive attitude and mind set must be maintainby entrepreneur. There are various negative consequences and effects are also found in generalbusiness environment. A successful entrepreneur keep all the negative and threatened factors inmind while framing new ideas and new opportunities.Creativity and innovations are the main factors which bifurcate the skills and nature ofentrepreneurs from normal persons. There are some example of successful entrepreneurs whoruled the world like a king and established their own empire. Bill Gates, who is the founder ofMicrosoft is considered in the list of world's richest man. Mark Zuckerberg who gave the idea ofconnectivity with friends and colleague without having physical appearance via “Facebook”.Pierre Omidyar who is the founder of eBay and so on. These are the people who firstlyintroduced the image of entrepreneur and entrepreneur skills in front of world.These are the person who faced lots of challenges and problems in setting up theirempire. But all these challenges and conflicts became small and worthless in front of theirdetermination, courage, patience and will power. Being consistent in every situation is one of thequality which differ the person from normal human being. For whom it is important 3
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