Entrepreneurship: Characteristics and Impact

This assignment delves into the multifaceted world of entrepreneurship. It examines key owner-manager characteristics, explores the theoretical underpinnings of entrepreneurial ventures, and analyzes the factors contributing to business success in the context of small and medium enterprises (SMEs). The assignment also considers the broader impact of entrepreneurship on economic growth and development.

ENTREPRENEURIAL
OPPORTUNITY

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
1) Introduction to entrepreneurial idea and its value proposition...........................................1
2) Critical analysis of entrepreneurship themes. ...................................................................4
3) Development plan on chosen theme .................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneur is the person who have great vision and use innovative idea so that they can
start their own business. They have great spirit and idea that help them in achieving various
goals and objectives (Kirzner, 2015). The report will discuss abut different entrepreneurial ideas,
opportunities or its value perception in context of Enchanted Cafe. It's a small cafe in the busy
street of London. It has not been even a year science the owner setup its business. The current
report will provide with various opportunities that can adopted by enchanted cafe in order to
succeed in this competitive market. Along with this it will also discuss various entrepreneurship
themes which help owner to carry out their various function in smoother ways. In addition to this
it will also provide a proper development plan which is based on the one chosen theme that will
be mentioned in report.
1) Introduction to entrepreneurial idea and its value proposition
Entrepreneurship can be defined as the set of activities that are required for the
establishment of nay entity. It included activity like designing, launching and running a business.
It generally includes small business or start up company who provide their services, product for
sale (Kuratko, 2016). Entrepreneurship is quite different from innovation. Innovation is
responsible for bringing desire change in single activity of firm, whereas entrepreneurship is
responsible to bring change in the complete working style of firm.
Business idea
The main aim of Enchanted Cafe is to maximize its profit and expand its business across
the world. For that business owner will establish focus on providing quality products and
services to consumers. If price is reasonable then maximum people take interest. It will give
attractive discounts to college students in order to attract them towards the firm. College student
like to spend time with friends thus, they usually go to restaurant. If Enchanted Cafe offers then
affordable products then they will come here frequently. This will support the firm in
establishing its business in the cafe market and will be able to sustain in the market for longer
duration.
Enchanted cafe has come up with its own unique idea that has helped firm in
differentiating them self from their rival and attract more customer toward the firm. In order to
attract the people toward them and growing awareness among them, its has decided to use the
help of social media network.
1

Value proposition
It can be defined as the values which are provided buy firm to its valuable consumers
against their paid amount. Value proposition of the value proposition includes adoption of
leadership pricing strategy. This pricing strategy will support the firm in attracting new
consumers towards the cafe. Company will provide cafe products to them as per their amount
paid for it. This would be better in developing strong relationship with clients and enhancing
revenues of the company.
Entrepreneur spirit in entrepreneur help them in achieving various opportunity that are
presented in business. Some of this entrepreneurial opportunities are mentioned below
Entrepreneurial opportunities/ideas-
Entrepreneurial opportunities support in bringing positive modification in business unit
and accomplishing its objective soon.
Target consumers
College students are the main target market of Enchanted cafe. In order to reach to its
target audience cited firm will take support of social networking sites. It will communicate with
students through social sites. It will offer them attractive discounts on their first visits. This will
help in enhancing sales volume of the company.
Innovation
The success of an entrepreneur is based on the creative and innovative idea that can help
them in gaining competitive advantage in market. Innovative play major role in differentiating
firm from its rival. Its necessary of Enchanted Cafe to adopt this in their working style. This not
only help the cited business in gaining competitive advantage but also aid in attracting more
customer toward the firm. Innovative will also help the cafe in finding stability in market and
will also enhance their revenue (Mason and Brown, 2014). Innovation is a way through which
entrepreneurial opportunities can be enhanced. By increasing sale and revenue Enchanted cafe
can invest that money in further innovation which can bring growth in the organisation. For e.g.
Jack Ma, he is the owner of Alibaba group which is one of the biggest online platform firm. The
Jack idea of using online platform to connecting the suppliers from overseas and creating
2

Business to business operation is one of the reason why he become one of the leading business
man all over the world.
Quality product
Quality product is the main reason behind the development and success of any corporate.
Good quality product play major role in the development and expansion of enterprise in market.
Having good promotional strategy is not enough if the quality of product is not good than
customer will not return to the cafe again. This help them in profit maximisation that further can
be used for the development (Morris, 2015). This factor also play major role in earning the
satisfaction of customer and increasing the value of firm in the eye of service user.
Diversification:
Diversification is one of the great strategy that can be adopted by firm. Diversification
opens the gate of many opportunities which help in the firm in its establishment. By providing
the customer with wide range of product it can attract number of customer toward them. It also
helps them in retaining the customer as they become satisfied by getting their desired product. Its
also quite effective in enhancing the overall sales of firm (Naudé, 2013).
Enchanted cafe will diversify its products once it gets established in the market. It will
provide food, beverages, fast food to consumers along with variety of cafe products. This
diversification will be opportunity for business owner for enhancing profitability of business.
Diverse workforce
In current time it's not idea that lead to success but the mind and people who make it
possible. Having the diverse and skilled workforce aid in bringing efficiency in the firm.
Efficient worker help in enhancing the overall performance of the firm. Great performance lead
to better success in market, by achieving the satisfaction of customer. Skilled labour play major
role in gaining competitive advantage in market. With expansion its necessary of enchanted cafe
to hire skilled labour that can help them in achieving their goals and objectives and can
contribute in the success of firm.
Market
Having innovative and creative idea can provide entrepreneur a chance to run their
business in different market. Entering different market will help enterprise in expanding their
3

business and earning more profit. It plays major role in increasing the market share of firm
among its competitor and will also provide them with competitive advantage (Read and et.al,
2016) .
Investment
Effective management can help Enchanted cafe to invest in different business that can
help them in bringing profitability as we have discusses above restaurants and hotels can help in
maximization of products. Skilled labour and other various opportunity can help entrepreneur in
investing in more than one business. It will bring many benefits with it which can help firm in
their development (Schaper, 2016).
As Enchanted cafe is focusing on college students those who like to go on cafe.
Furthermore value proposition of the company will attract new investors because they would get
high return over their investments. By attracting investors company will be able to get adequate
funds which will help in improving quality of products and promoting brand effectively.
2) Critical analysis of entrepreneurship themes.
There are many themes of entrepreneurship which help owner in running their business
successful. It helps the owner of Enchanted cafe in gaining competitive advantage and enhance
their market share. Two of this theme are discussed in detail below
Take risk
Main theme of entrepreneurship is do not be afraid and take risk. Market is fluctuating
and needs of consumers can get changed any time. So business owner be always ready to take
risk. Individual have to convert risk into opportunities in order to met with organizational goal.
Entrepreneur will concentrates on future and accordingly deal with clients. Networking
will be used by the person to achieve its goal. Entrepreneur will seek advice from experts and
then make plan for growth of business. This will help in minimizing errors and providing quality
products to consumers as per their requirements. In the initial phase business owner may make
mistakes but as person have capability to take risk so individual will convert such issues into
opportunities.
Starting a business in itself is the biggest risk an entrepreneur can take. Entrepreneur
should not fear from taking risk especially if it can bring lot of benefits with it. Taking a risk will
help the owner of enchanted cafe in learning new things that will add to their experience that will
4

assist them for lifetime (Chaston, 2017). Taking risk are mostly seen as negatively, but its not
necessary that every time it will have adverse effect some time it can also have positive impact
on the working of firm. Its necessary of the cited cafe to see the risk as an opportunity which can
bring success with it (Chatterji, Glaeser and Kerr, 2014). Taking risk also ensure that important
chance do not get slip from the hand of Enchanted cafe, by taking risk person can get more close
toward the success as it doesn't come and fall in the hand of pursuer. Providing people with so
many offers and discount was one of the biggest risk that Enchanted cafe has taken. The time
when firm implement this offer in their working, the cafe has limited customer and offering this
much offer has lead to increase in the production cost.
Maintaining good network
It is another theme in which entrepreneur will develop strong relationship with
consumers and employees. It will hire skilled people those who have experience of that field.
Such talented people will be able to address needs of consumers and will be able to provide
them high quality products as per their requirement. Individual will share his vision with
workers so that they can contribute well in achieving business goal.
Having a good network in the world of business always come handy. Good relationship
and great network come up with many benefits and provide the entrepreneur a chance of
development. It plays major role in increasing the business, its one of the most common benefits
of networking and also one of the important reason why many investors have invested in this
factor. With help of this network enterprise can get potential client or partner that can help them
in the development of business (Importance of businesses networking. 2017).
Good network is another essential point that Enchanted Cafe has to keep in mind it plays
major role in the development of firm and provide them with many opportunities and option that
can help them in achieving their desired goal and expand their business (Blackburn, Hart and
Wainwright, 2013).
3) Development plan on chosen theme
Development plan will help Enchanted cafe in taking right action at right time that help
them in their further development and putting their effort in right direction. Development plan
should take various entrepreneurial theme into consideration as it play major role in the in
ensuring the success of firm (Carland, Carland and Stewart, 2015). This theme help in setting the
5

goals and objective so that they can work in that direction in order to achieve development and
success (Chittithaworn and et. al., 2014).
Development plan
Development plan is ad below described: Creation: In this initial level business owner of Enchanted cafe will generate new ideas
through brainstorming. After that ideas will be reviewed and that will help in analysing
values and needs for consumers. Assessment: In this phase business owner will conduct market research and will collect
relevant information about cafe, market trends, consumer preferences. This will help in
making proper planning. Planning: After gathering information entrepreneur will plan activities and will
concentrate on objectives. Planning will be done by looking at the resource of the
organization. Development: In this phase business owner will implement its ideas into reality. Testing: It would be next phase in which owner of Enchanted cafe will test its market
plan and accordingly make changes so that overall objective can be achieved.
Customer satisfaction
Customer satisfaction is one of the important aim of Enchanted Cafe. Enchanted firm
focuses on the need and demand of the service user and provide them with quality product which
can satisfy them. With help of their unique idea and entrepreneurial opportunity cafe ensure the
satisfaction of the customer. Their main aim is to increase the loyalty of customer by providing
them with satisfaction (Fassin Van Rossem and Buelens, 2016).
Market expansion
Like every entrepreneur, Enchanted cafe also wanted to expand their business in market.
This will help them in increasing their market share also creating awareness among the service
user. It effective in enhancing the image and reputation of the firm in the eye of service user. In
order to expand their business it necessary of firm to take necessary risk. Taking risk will help
firm in grabbing right opportunity at the right time. Great network will come handy for firm at
the time of expansion it can use any provided option like joint venture to expand its business.
Innovation
6

Innovation is the key to success from time to time Enchanted cafe should implement
innovative change in their working style so that they can maintain the development of firm and
make their business successful. Bringing innovation in the firm is one of the major risk
Enchanted Cafe can take. Its necessary of them to take necessary steps in case it has adverse
effect on the working of firm. Risk and bad decision made in past help firm in making right
decision in current time (Gorgievski, Ascalon and Stephan, 2015).
Strategies which can be used in achieving the goal and objectives Good Network: Enchanted cafe should maintain healthy relationship with various people
in market. Having a great connection can help firm in the time of need. This also help
them in gaining competitive advantage.
 Skilled employees: Its necessary of Enchanted cafe to hire employees with great skill
who can put their efforts and idea in achieving the goals and contributing in the success
of firm. Skilled employee perform their job with efficiency which help them in achieving
various target mentioned above (Parker, Congregado, and Golpe, 2012).
CONCLUSION
This report includes various points that are necessary for the establishment of an
entrepreneurship business. The report discusses various opportunity such as quality product,
innovation etc., that help Enchanted cafe in value proposition and also provide them with
benefits. Customer satisfaction, market share, expansion are few of such target. In order to meet
this target firm has also accepted few strategies which are mentioned above.
7

REFERENCES
Books and Journals
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development.20(1). pp.8-27.
Carland, J. C., Carland, J. W. and Stewart, W. H., 2015. Seeing what's not there: The enigma of
entrepreneurship. Journal of small business strategy.7(1). pp.1-20.
Chaston, I., 2017. Entrepreneurship. In Technological Entrepreneurship (pp. 1-24). Palgrave
Macmillan, Cham.
Chatterji, A., Glaeser, E. and Kerr, W., 2014. Clusters of entrepreneurship and
innovation. Innovation Policy and the Economy. 14(1). pp.129-166.
Chittithaworn, C and et. al., 2014. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science.7(5). p.180.
Fassin, Y., Van Rossem, A. and Buelens, M., 2016. Small-business owner-managers’ perceptions
of business ethics and CSR-related concepts.Journal of Business ethics.98(3). pp.425-453.
Gorgievski, M. J., Ascalon, M.E. and Stephan, U., 2015. Small business owners' success criteria,
a values approach to personal differences. Journal of Small Business Management. 49(2).
pp.207-232.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Mason, C. and Brown, R., 2014. Entrepreneurial ecosystems and growth oriented
entrepreneurship. Final Report to OECD, Paris. 30(1). pp.77-102.
Morris, M. H., 2015. Entrepreneurship as Experience. Wiley Encyclopedia of Management.
Naudé, W., 2013. Entrepreneurship and economic development: Theory, evidence and
policy. Browser Download This Paper.
Parker, S.C., Congregado, E. and Golpe, A.A., 2012. Is entrepreneurship a leading or lagging
indicator of the business cycle? Evidence from UK self-employment data. International
Small Business Journal. 30(7). pp.736-753.
Read and et.al, 2016. Effectual entrepreneurship. Taylor & Francis.
Schaper and et.al, 2014. Entrepreneurship and small business.
8

Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Online
Importance of businesses networking. 2017 [Online]. Available through:
<http://www.startupist.com/2014/11/07/the-importance-of-business-networking-for-
entrepreneurs/>
9