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Report on Opportunities in Competitive Market

   

Added on  2020-06-05

11 Pages3196 Words32 Views
ENTREPRENEURIALOPPORTUNITY

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11) Introduction to entrepreneurial idea and its value proposition...........................................12) Critical analysis of entrepreneurship themes. ...................................................................43) Development plan on chosen theme .................................................................................5CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8

INTRODUCTIONEntrepreneur is the person who have great vision and use innovative idea so that they canstart their own business. They have great spirit and idea that help them in achieving variousgoals 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 busystreet of London. It has not been even a year science the owner setup its business. The currentreport will provide with various opportunities that can adopted by enchanted cafe in order tosucceed in this competitive market. Along with this it will also discuss various entrepreneurshipthemes which help owner to carry out their various function in smoother ways. In addition to thisit will also provide a proper development plan which is based on the one chosen theme that willbe mentioned in report.1) Introduction to entrepreneurial idea and its value propositionEntrepreneurship can be defined as the set of activities that are required for theestablishment 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 forsale (Kuratko, 2016). Entrepreneurship is quite different from innovation. Innovation isresponsible for bringing desire change in single activity of firm, whereas entrepreneurship isresponsible to bring change in the complete working style of firm. Business ideaThe main aim of Enchanted Cafe is to maximize its profit and expand its business acrossthe world. For that business owner will establish focus on providing quality products andservices to consumers. If price is reasonable then maximum people take interest. It will giveattractive discounts to college students in order to attract them towards the firm. College studentlike to spend time with friends thus, they usually go to restaurant. If Enchanted Cafe offers thenaffordable products then they will come here frequently. This will support the firm inestablishing its business in the cafe market and will be able to sustain in the market for longerduration. Enchanted cafe has come up with its own unique idea that has helped firm indifferentiating them self from their rival and attract more customer toward the firm. In order toattract the people toward them and growing awareness among them, its has decided to use thehelp of social media network. 1

Value propositionIt can be defined as the values which are provided buy firm to its valuable consumersagainst their paid amount. Value proposition of the value proposition includes adoption ofleadership pricing strategy. This pricing strategy will support the firm in attracting newconsumers towards the cafe. Company will provide cafe products to them as per their amountpaid for it. This would be better in developing strong relationship with clients and enhancingrevenues of the company. Entrepreneur spirit in entrepreneur help them in achieving various opportunity that arepresented in business. Some of this entrepreneurial opportunities are mentioned belowEntrepreneurial opportunities/ideas-Entrepreneurial opportunities support in bringing positive modification in business unitand accomplishing its objective soon. Target consumersCollege students are the main target market of Enchanted cafe. In order to reach to itstarget audience cited firm will take support of social networking sites. It will communicate withstudents through social sites. It will offer them attractive discounts on their first visits. This willhelp in enhancing sales volume of the company.InnovationThe success of an entrepreneur is based on the creative and innovative idea that can helpthem in gaining competitive advantage in market. Innovative play major role in differentiatingfirm from its rival. Its necessary of Enchanted Cafe to adopt this in their working style. This notonly help the cited business in gaining competitive advantage but also aid in attracting morecustomer toward the firm. Innovative will also help the cafe in finding stability in market andwill also enhance their revenue (Mason and Brown, 2014). Innovation is a way through whichentrepreneurial opportunities can be enhanced. By increasing sale and revenue Enchanted cafecan 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. TheJack idea of using online platform to connecting the suppliers from overseas and creating2

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