Entrepreneurial Opportunity: Seven Domains and Application

This document discusses entrepreneurial opportunity and the application of the seven domains model in the marketplace. It focuses on the benefits and attractiveness of the sector market, specifically in relation to biometric training gloves for millennials. The document also explores trends within the segment and potential market segments. It concludes with a summary and list of references.

ENTREPRENEURIAL
OPPORTUNITY

Table of Contents
INTRODUCTION...........................................................................................................................1
SEVEN DOMAINS.........................................................................................................................1
APPLICATION OF INDIVIDUAL DOMAIN...............................................................................3
Sector Market Benefits and Attractiveness............................................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Entrepreneurial opportunity covers effective aspects related to new business ventures,
along with possible benefits that it could gain from the marketplace (Karlesky, 2015). Moreover,
it is necessary to assess these benefits as per the Seven Domains to highlight how the business
could use these domains to enhance its business competence. Hence, the report below is based on
a new start up idea and application of one particular domain upon the same.
SEVEN DOMAINS
The Seven Domains Model was developed in 2003 by John Mullins which was subjected
upon the entrepreneurs that were willing to start up new ventures. The basic notion on which this
model works upon is to test whether a particular idea is fit for the market or not. This new
venture or business idea is segregated in seven domains within this model, under which, four
domains focuses on the micro and macro environments surrounding the venture, as well as three
emphasises on the team of individuals within the venture or formation of idea. It judges the
likelihood of success for a business venture.
The company is a manufacturer of training gloves for individuals of a vast age range.
Moreover, currently the company is willing to update its offerings to Biometric Training Gloves
that would be attached to a mobile application which would be recording health statuses of
individuals during training (Sheckter and et. al., 2019).
Thus, in regards to this, below is the description of all the seven domains, along with the
description of the chosen domain as well:
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Illustration 1: Mullin's Seven Domain Model
 Market Attractiveness:
This domain deals with the attractiveness of the venture or idea from the macro environment
perspective, which takes in consideration the overall market and all the elements within the
same.
 Market Benefits and Attractiveness:
Since it is very complex for the idea to satisfy each customer within the marketplace, this
domain requires the company to narrow down its targeting towards specific segment of
customers. Hence, as for the new business idea of biometric gloves, the firm would be targeting
its segment of millennials upon whom the effectiveness of this product would be judged
(Mattingly and et. al., 2019).
 Industry Attractiveness:
At a macro level, this domain helps the businesses in evaluating attractiveness of the whole
industry in which it operates in.
 Sustainable Advantage:
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This domain is inclusive of the sustainable advantage which the business idea could get from
analysis of its Unique Selling Propositions and Core Competencies.
 Mission, Aspiration, Propensity of Risk:
Within this, commitment of the overall members of the company would be evaluated towards
the set idea.
 Ability to Execute on Critical Success Factors:
The new venture in this domain is required to determine the Critical Success Factors related
to the new business idea upon which the success would be measured.
 Connectedness up, Down, Across Value Chain:
The last domain would be related towards connections within the team and across the overall
value chain.
APPLICATION OF INDIVIDUAL DOMAIN
Sector Market Benefits and Attractiveness
As mentioned above, it is necessary for the company to narrow down the needs of
customers and choose a particular segment of whose needs the firm will be addressing with its
new offering. In context of Biometric Training Gloves, this domain is applied below:
 Segment Most Likely To Benefit:
The company is willing to deal in a new range of training gloves which will be having
biometric technology within them that would allow individuals to keep a track on their health
status. Moreover, the same would be supported by a mobile application which would denote the
status to the customer. Since this is a new offering for training purpose, the segment which is
most likely to benefit are Millennials, who are aged between 18 to 35 years. The reason for this
is because they indulge themselves in exercising regularly and hence would be beneficial for
them to track their current health status.
 Differential Attributes of the Offering:
Usually, the sports accessories market does provide comfort and stability. However, the new
Biometric Training Gloves would be different from all the other products already servicing the
segment (Dimov, 2016). The reason for this is that it would be providing the customers with
technological assistance during their training and additional benefits of keeping a tab on their
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health status, which is different in terms of providing a value added service of being more health
conscious.
 Trends within the Segment:
There are several trends within this segment, which has been showcasing quite too often
lately. For example, millennials seek better technological gadgets during training so that they
quantify their hard work and could monitor their progress. Another trend is related to comfort
and value added requirements of these individuals. This growth is set to continue as there is a
very keen interest and progressive trend within this market segment towards being inclined
towards technology, as well as being health conscious. Hence, this segment will be quite
beneficial to the venture.
 Other Market Segments:
If the firm gets successful in this segment, the other market segment that would be
approached would be elderly individuals who seek different tools and equipments for their heart
and blood related statistics. Providing them similar gloves where they could easily monitor their
health status is a vital plan if the Biometric Training Gloves succeed in the millennial segment
(Mullins, 2017).
CONCLUSION
Thus, it is concluded from the report above that entrepreneurial opportunities are very
essential for new businesses that are planning to succeed within the marketplace. Moreover, it is
necessary to gain insight on the seven domains and choose one particular domain in order to
evaluate the business. Lastly, application of the chosen factor to the entrepreneurial idea would
clearly be helping in identifying the necessary benefits that the company could cease with
appropriate implementation of its idea in the marketplace.
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REFERENCES
Books and Journals
Dimov, D., 2016. Toward a design science of entrepreneurship. Advances in entrepreneurship,
firm emergence and growth. 18. pp.1-31.
Karlesky, M.J., 2015. Identifying entrepreneurial opportunities: cognition and categorization in
nascent entrepreneurs (Doctoral dissertation).
Mattingly, T.J., and et. al., 2019. A Systematic Review of Entrepreneurship in Pharmacy Practice
and Education. American journal of pharmaceutical education. 83(3).
Mullins, J., 2017. The New Business Road Test: What entrepreneurs and investors should do
before launching a lean start-up. Pearson UK.
Sheckter, C.C., and et. al., 2019. Applying a value-based care framework to post-mastectomy
reconstruction. Breast cancer research and treatment. pp.1-5.
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