Entrepreneurial Opportunities and Challenges

This assignment delves into the concept of entrepreneurial opportunities, exploring their identification, evaluation, and exploitation. It examines the evolving nature of opportunities and the impact of factors such as technological advancements, changing consumer preferences, and global market dynamics. The assignment also analyzes the challenges faced by entrepreneurs in seizing these opportunities, including financial constraints, regulatory hurdles, competition, and market risks.

Entrepreneurial
Opportunity

Table of Contents
INTRODUCTION...........................................................................................................................1
Entrepreneurial Opportunity.......................................................................................................1
Entrepreneurial Themes..............................................................................................................3
Business idea development.........................................................................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurial opportunity is that condition where entrepreneurs will take action for
earning maximum profit to the firm (Askari and Geibel, 2012). There are various situation which
help in making lot of money or gain extra knowledge and skills for their leaders and managers. A
good entrepreneur always search new opportunities which help in identifying business
opportunity and also analyse the SWOT analysis of an individual.
Entrepreneurial Opportunity
A business idea is that approach which can be used for gain financial profitability which
is generally focused the various products and services which can be served by money. This is the
base of the business which help in analysing situations and conditions of the entire organisation.
An entrepreneur can make and develop those business idea which assist in increasing company
growth and development. They promising of making some business ideas such as innovation,
uniqueness among products and services etc. An entrepreneur idea is to make creative and
innovative goods and services serve among customers.
As an entrepreneur, I start a business of online fast food restaurant where customers can
purchase foods items through online system. It is very cost effective and attracting large number
of buyer. In this business, the uniqueness is that if a customer buy some item at first time then
he/she will get 6% discount on this goods and after some time they again purchase same food
item then they will get 10% discount rate on its buying price. The target customers of this
restaurant are those people who are over aged, small kids who can not go to the market for eating
such type of food item at any time so this restaurant business can provide them home delivery
products for their choice. They also demand for innovative and creative type of goods which are
offered by them in proper manner (Carayannis and et. al., 2014). The company will also target
market according to the area situations and condition where more people are come or not. They
always target their customers on the basis of their age, location, standard of living, qualification
level, gender, occupation, family background, status etc.
This is important for an entrepreneur is to focus on their existing customers and then
make new buyers who interested to purchase their products and services. For target the potential
customers then they can promote their goods through advertising, events and marketing
campaigns. As a Entrepreneur I should be specific when they conduct research program which
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help in searching new and desired buyers who willing to purchase their online products. The
restaurant are determine their value with new position. The price of burger King is $4 including a
small fries, cold drink, piece of chicken nuggets, bacon cheeseburger and chocolate chip and
many other items which are also offered to their desired buyers at such rate (Fengwen, Lingfeng
and Zongyi, 2012). This is the business strategy of the restaurant which gain attention of large
number of buyers towards these tasty food items in reasonable price and also provide home
delivery without any extra charges.
My Online restaurant targeted every type of customers that includes kids, teenagers,
college students, young persons and old age individuals. There are various sources which help in
targeting and reaching with large number of customers such as online sites, marketing events,
promotions, advertising, distribute templates, publicity etc. these ways to reach the target
customers.
By analysing the buyers demand and wants, company managers will conduct market
research for identifying their real needs. As per their demand, they can change in their products
and services features, characteristics, ingredients, quality and quantity in proper manner. They
are provide extra food facility for online payment given customers for the specific goods and
give discount approx. 10-20% on combo food item. According to the demand of customer,
restaurant will satisfy their buyers needs and wants in appropriate manner. The target of this
business is to gain attention of more than 6 million customers towards their online food provider
company which is rarely establish in the UK country.
As an entrepreneur I must focus on demand and desires of buyers relates to changes in
their quality and taste of food items. The restaurant will make changes and modifications as per
the need and want of customers choice and preferences in effectively and efficiently. They do
survey and research for analysing the need of potential buyers and also examining their desires
for the future demand (Hashim and Ooi, 2010). For adopting this techniques and method,
entrepreneur can attracting large number of new customers towards their unique restaurant.
There are various methods and strategies which are used by firm for establishing their business
reputation and status in the large market place. It is important for every company is to maintain
their business operations and functions for managing all employees in better manner. So that as
an entrepreneur I can analyse whole situation and condition before begin the business in the
competitive market and also identifying their target market or customers properly.
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Entrepreneurial Themes
In this restaurant, there are two themes which are described for identifying issues and
problems which occurs at the time of start the new business in the market. These are as under:
Opportunities creation- In the fast food restaurant, there are various opportunities for
creating healthy and safe environment which feel comfortable to their customers. First is the
external opportunities in which change in taste of people in the UK because they became aware
about fast food other restaurant where they get food items at reasonable price (Monteiro, Soares
and Rua, 2013). Many restaurants and hotels are provide healthy and safe food which does not
have hazardous ingredients and items. Some of the threats will show that fas food restaurant
which is provide online services to their customers are reduces number of customers base who
like to eat outside. Many buyers who like to prefer food at outside and enjoy the environment but
still there are various customers who like to choose eat inside at the home due to their health
issues and some other problem.
There are several fast food restaurant who provide unhealthy food but now they are given
healthy salads, snacks, wraps at the reasonable price rate. As an entrepreneur, our restaurant has
also run their fast food chain for attracting more customers towards the foods and services. There
are some internal opportunities where business will provide chance to invest money in their
small and local fas food stoles. They will help in increasing economy growth rate of country for
maximum profit ratio. This can assist in increasing demand in the local restaurant sector which
includes fast food segmented area. As an entrepreneur I should adopt different strategies for
making higher payment of and also attract talented and skilled employees for enhancing products
and services quality.
Opportunity recognition- As an entrepreneur it is difficult for me is to identifying future
opportunities which help in earning maximum profitability (Mudana, Sutama and Widhari,
2017). This refers to the explore the business ideas for create new company and research on the
whole market and also analysing technologies possibilities. I has to adopt various techniques and
methods for taking accurate decision for regarding creating of products and services and serve to
the large number of customers. In the online restaurant, these methods are used for attracting
more buyers for purchasing desired products from home delivery and pay money after receiving
the package. It is predicted that any one can recognise different opportunities which occurs
within the large market place. According to me, entrepreneur is a person who carry all functions
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and activities of overall business and it id the duty for satisfy their employees for doing best
work. This will motivate them for achieving potential goals and objectives in proper manner. An
innovative person can transform all demand and supply of different products by creating new
goods and placed it in the top market position where numerous customers will try to purchase
them.
The marketing merchandise will help in identifying opportunities which are related to
profits and equilibrium amount. Entrepreneur learning can assist in filling the gaps of markets by
providing knowledge and give extra opportunities to them (Ozcam and Karadeniz, 2012).
Opportunities recognition occurs when business can actively participated within specific plans
and policies. An individual role in opportunities identification procedure will show the economic
discipline that includes opportunities for making imperfect market into perfect market without
exploitation of other persons in any manner. As an Entrepreneur I can analyse the advantages of
such markets by identifying these things which are not known by others. There are two
perspectives which are totally different from each other and they must be differ by creating and
making any things. First is that external market are ready for discover the entrepreneur and
second point of view is that most of the people are argue on that reality is defining the actual
result of an individuals. Entrepreneur opportunities recognition is also known as cognitive
procedure. This will help in spending lot of time for searching new information and data that will
lead to the new businesses. Both the external and internal environmental factors help in changing
their preceptive which are main ways for gaining opportunities in the firm.
The propose business idea is come for analysing market situation where most of the
customers are come for purchasing products and services (Shams, 2016). Most of them are prefer
to deal in online basis. So I start that restaurant which is only provide online food services and
deliver items at the home of desired buyers. For this, customers are happy and also satisfy with
the services and they will pay reasonable price for each item in compare with other restaurants.
Company will also offers them discounts at different situations. When customers will happy with
these services then other customers also attracted with the deal. After analyse the market, there
are various gaps which must be filled by entrepreneur such as provide extra meals, cold drinks,
gift hampers etc.
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Business idea development
For the business, it is important for developing new ideas for attracting large number of
customers towards their products and services. There are various stages which help in creating
new business idea of restaurant that are as follows:
Conception- This is the first stage where entrepreneur form idea and present in front to of
other members. Then all the team of group members will analyse that if any one used this idea
before and after that they ask for producing these goods and services. After collecting all the
ideas then they will make a list of business (Skarzauskiene and Šimanauskienė, 2017).
Research- It is the second stage in which team or group members short list the business
ideas needs and wants. After the approval of this concept, this will send it to the research
components process. It will includes research of market, new products creation, analyse the
interest and choice of desired customers, expectations of price. Then all the market segmentation
and customers targeted this idea will move forward.
Business Plan- This is the third stage where company will prepared business plans for
customers goods and services in proper manner. Business will compile all the required
information, financial data of market and components of firm are correct for the resources
allocation and management.
Development- It is the fourth step in which team of production are develop and create
innovative products and services for their potential customers. This concept will analyse the
actual demand and wants of buyers which is necessary to fulfilling by them.
Validation- It is fifth stage in which team members of manufacturing department are
checked the validation date of each products. Business required to test the buyers response after
completing the goods and services. Various changes in the process, materials and techniques are
in this stages.
Products Launch- This is the last stage where firm will bringing products and services in
the large market place (Taylor, 2014). They try to place it in the top position of the market. After
introduced products and services among large number of customers.
There are various resources which are needed for start a new business that includes
capital, expertise, management and plan and marketable products. This is important for firm is to
conduct market research for analysing customers needs and wants which easily earning
maximum profitability and productivity in the firm. The marketing is necessary for introducing
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certain product in the large market. As an entrepreneur I need to conduct whole market situation
and condition for making innovative goods and services.
Marketing mix- This is the process of help in setting marketing methods and tools which
is used by firm and it is determine the targets and objectives. There are four 4Ps of marketing
mix which includes price, product, place and promotions. These are help in analysing all the
factors in effectively.
For making business idea, it is important for firm is to analyse whole competitors
strength and weaknesses which help in performing each function and activities in proper manner.
This will assist in establishing unique and creative products and services for gaining attention of
large number of customers. There are certain steps which describes the competitors such as list
of their goods and services, past and current strategies, cost structure, weakness and strength,
organisation structure, size and business scenario. It is necessary for firm is to compare with their
products with the other organisation goods in better manner. There are various features and
characteristics of specific goods such as price, colour, size, target market etc. online restaurants
does not have maximum competitors who give them tough competition in the entire market
place.
Financial plan of entrepreneur regarding estimating cost value for the start up of new
business. The value of beginning of new business in the new area is the main responsibility for
the entrepreneur and it is required to them is to analyse whole market situations and then predict
specific capital which is invested for the new restaurant. They should developing those goods
which are demand and need by customers in better manner. This is essential for business is to
make strong image of firm products among customers mind and it can help in earning maximum
profitability and productivity (Entrepreneurial Opportunities. 2017). There are various methods
which assist in making profit for the business that includes adopt strategies, making innovative
products, fulfilling demand and needs and various others. Financial plan is necessary for
evaluating different products and services due to the conduct research in whole market place.
Hence, it is important for company manager is to analysing overall business operations and
functions in appropriate manner.
CONCLUSION
From the above mentioned report A business idea is that approach which can be used for
gain financial profitability which is generally focused the various products and services which
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can be served by money. This is the base of the business which help in analysing situations and
conditions of the entire organisation. Entrepreneur should be specific when they conduct
research program which help in searching new and desired buyers who willing to purchase their
online products. Our online restaurant target every type of customers that includes kids,
teenagers, college students, young persons and old age individuals. An entrepreneur must focus
on demand and desires of buyers relates to changes in their quality and taste of food items.it is
important for developing new ideas for attracting large number of customers towards their
products and services.
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REFERENCES
Books and journals
Askari, H. and Geibel, R. C., 2012, January. Opportunity Recognition as an Entrepreneural
Task: An analysis of opportunities and entrepreneural personality traits in the medical
biotechnology field. In International Conference on Innovation and Entrepreneurship
(IE). Proceedings (p. 18). Global Science and Technology Forum.
Carayannis, E. and et. al., 2014. Entrepreneurial Profiles of Creative Destruction: Courage,
Imagination and Creativity in Action. Springer.
Fengwen, C., Lingfeng, C. and Zongyi, Z., 2012. Research on Signal Monitoring Mechanism of
Technology Entrepreneural Company Based on the Double-Sided Moral Hazard. In
Forum on Science and Technology in China (Vol. 12, p. 011).
Hashim, N. and Ooi, Y. K., 2010. Exploring entrepreneural learning among Malaysian
universities students'.
Monteiro, A. P., Soares, A. M. and Rua, O. M. L., 2013, September. Linking entrepreneural
orientation to export performance: the role of intangible resources and dynamic
capabilities. In 6th Annual Conference of the EuroMed Academy of Business:
Confronting Contemporary Business Challenges through Management Innovation (pp.
1554-1567). Demetris Vrontis, Yaakov Weber, Evangelos Tsoukatos.
Mudana, I. G., Sutama, I. K. and Widhari, C. I. S., 2017. Entrepreneural Figure of Mount Agung
Trekking Guides. E-Journal of Cultural Studies. 10(3).
Ozcam, A. and Karadeniz, E., 2012. The Determinants of the Growth Expectations of Turkish
Entrepreneurs in the Way up the Entrepreneural Ladder Using Ordinal Logistic Model
(OLM). International Journal of Economic Perspectives. 6(2). p.140.
Shams, S. R., 2016. Entrepreneurial challenges in the 21st century: creating stakeholder value
co-creation. Springer.
Skarzauskiene, A. and Šimanauskienė, V., 2017, September. Modelling Entrepreneural
University. In European Conference on Innovation and Entrepreneurship (pp. 638-
643). Academic Conferences International Limited.
Taylor, Y. ed., 2014. The entrepreneurial university: Engaging publics, intersecting impacts.
Springer.
Online
Entrepreneurial Opportunities. 2017. [Online]. Available through:
<https://thegedi.org/entrepreneurial-opportunity-is-it-an-illusion/>.
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