Identifying Entrepreneurial Opportunities

ENTREPRENEURIAL
OPPORTUNITY

Table of Contents
INTRODUCTION...........................................................................................................................1
Entrepreneurial themes....................................................................................................................2
Business idea development .............................................................................................................4
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
In the modern world of business there are various types of entrepreneurs that have came
up with their business idea (Dimov, 2011). These business idea must be innovative so as gain
more popularity. There are several factors that makes the idea successful which needs to be
understood by the entrepreneurs and properly applied. There must be proper business idea
development plan so that it does fails at any stage of its life cycle.
Business idea that is being discussed in this report is “ a mechanism that will covert
household goods in electricity”. Since there are large amount of household garbage that is
produced on the daily basis hence it can used for converting into electricity. Organic waste will
be the major waste that will be in concern.
Uniqueness of the idea can be justified that there are many systems that are developed in
this regard but this provides unique solution to completely disposes the organic waste. With the
growth of restaurants and ready to eat habits the generation of organic have increased and since
the requirement of electricity have also enhanced Hence this has a better chance of generating a
higher profits.
The target market that it is focusing is family members and the people who are living in
UK. It ranges people from different segments of the society. Since waste is generated by almost
every people hence it does not segment in terms of demographics. This system can be installed in
the colony where few houses can be lit up using the generated electricity.
Value preposition for the firm is to produce and environment friendly approach that will
help in the generation of profits in the market (Garud and Giuliani, 2013). Another value that is
present in this business idea is that company is supporting in the cause of recycling of waste
gathered from various sources which ensures sustainable growth of natural environment and
hence diminishing land filling in UK.
Firms consumer are the people that lives in the society and are facing both kinds of
problems i.e. energy related as well as waste management. The consumer ranges from different
sections of the society. Both upper and lower class people can take use of this facility. People
living in the rural and sub urban areas are the prime consumers as the system for waste
management is not appropriate as it is in the bigger cities.
Firm has adopted an excellent marketing plan which will ensure that company idea is
well communicated among the masses. There will be holdings outside the society and newspaper
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ads. Apart from these people are using large amount of internet sources for their daily life
problems related to waste and consumption of electricity. Digital marketing can provide an
excellent solution to these two problems. There is another way of promoting the entrepreneurial
idea like if the firm arrange some of the seminars and conferences with the help of local
regulatory or authoritative bodies. Company can sponsor society related events which will help
them in creating name in the minds of people. Proximity marketing can be a beneficial tool in tis
regard so as to reach to local consumers in every society.
Customers of the company wants that the mechanism must be able to provide effective
solution to the waste management on daily basis. The system must be able to process the garbage
in a such a way that no organic residue gets left and even when it remains it must be self capable
of disposing it. Consumer want that this system must be able to provide the amount of electricity
which can fulfil its extra energy consumption needs (Grégoire and Shepherd, 2012). They want
that company staff must be available for 24 hours surveillance of the mechanism so that they do
not have to call every time in case of any difficulty. Apart from this there must be a recruitment
of staff that will have the responsibility of collecting garbage by knocking every door. It is
essential that the system must be developed in the ways that satisfy the need of consumers. For
understanding the needs of consumers and targeted individuals firm needs to conduct an survey
asking the details about what kind of problems they face in their day to day life related to waste
management as well as extra energy consumptions. Apart from this they can distribute
questionnaire on various websites as well as social media sites where it can be possible to collect
large amount of data.
Since in this system there is a complete arrangement of gathering the waste as well as
processing it and producing electricity. Since the cost of the electricity for which people have to
pay larger amounts is a bigger problem this is an cost effective method. It also helps them in
getting rid of the organic waste that starts to smell if not properly disposed. Both these problems
are properly addressed by this mechanism.
Entrepreneurial themes
While developing any business idea there is generation of several kinds of themes. This
themes are important since it gives the shape to overall entrepreneurial activity (Davidsson,
2015). It ensures that a firm will be capable of generating higher profits through the operations.
Entrepreneurial opportunities can be understood as favourable set of circumstances which will
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