Entrepreneurial Opportunity: Seven Domains and Application

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:
1