Understanding Entrepreneurial Opportunities

This assignment delves into the concept of entrepreneurial opportunity, a crucial element in starting and growing successful businesses. It examines various opportunities that entrepreneurs can exploit to expand their ventures and overcome competitive challenges. The importance of development plans within organizations is also highlighted, emphasizing their role in driving business growth and success.

Entrepreneurial Opportunity

Table of Contents
INTRODUCTION......................................................................................................................3
1)entrepreneurial opportunity/idea and its value proposition ...............................................4
2) Critical explanation about entrepreneurship themes.........................................................5
3)Plan based on the chosen development themes..................................................................7
CONCLUSION..........................................................................................................................9
REFRENCES.............................................................................................................................9
Books and journals................................................................................................................9

INTRODUCTION
This report includes the study regarding the entrepreneurial opportunities and ideas. This
report explains the different themes of entrepreneurship. It explained two important themes
such as don not fear from mistakes and snatched opportunities. Snatch opportunities said that
business person should be able to catch the new opportunities to improve his business. Apart
from this report also described the importance of development plan in an organisation.
Development plan includes various factors such as further expansion, innovation and range of
products.

1)entrepreneurial opportunity/idea and its value proposition
Entrepreneurial opportunity come out at the series of individual plan with economic and
social conditions perceived as favourable to create a new service or product.
Entrepreneurship is the starting of business using own creation and innovation mind.
It is defined as situations where products and service can be sold at higher price than the cost
of production(Suddaby and et.al.,2015. ). Enterprise sold their products at high rates to gain
the benefits and to increase the business. Entrepreneurship started by individual skills and
ideas. Firstly business man started small business with low employees. Entrepreneurship and
innovation is different thing. Innovation is process of changing the business structure to gain
the more benefits on the other hand entrepreneurship is the opportunity to start he operation
and function. Following are the entrepreneurial opportunities and ideas:
 Quality products: customers are attracted by high quality products. Products with
improve quality will help entrepreneurship organisation to grow in the market.
Customers choose the new and quality products. To increase the business and benefits
entrepreneurship must provide the best product(George, 2016. ). These business are
started at small level so they can offer the effective and good quality products to their
customers. Quality products helps businessperson to satisfy their customers.
Customers satisfaction is one of the most important success key of any firm or
corporation. When customer is not satisfied with the quality of product than they will
go with other firm and organisation. Customer loyalty plays huge role in the business
so to satisfy the customers business man must provide the best quality product. To
increase the value among the customers, entrepreneurship has to maintain the quality
of products in systematic manner.
 Innovation: entrepreneurship administration based on the innovation. To maintain the
success of business entrepreneurship always used different ideas and skills.
Innovation opportunity and idea helps them to maintain sustainable business
performance in the market. It also helps the corporation to resolve the competitor
problem(Chen and et.al., 2015.). By innovative changes, entrepreneurship can gain
some competitor advantages among their competitors. By innovation process,
business person can launch new product with effective planning to improve the
business growth. Apart from this, it may seek the attention of customers and will
improve sales of ATOS consulting. Innovation is the important tool to increase the

entrepreneurial opportunities. It also helps the business person to improve their brand
image in the market.
 Diversification: after entering in the market business person can bring diversification
in their products. Diversification is the process which helps the firm to attract the new
customers towards the organisation(Chandra, 2017.). When business person used new
and innovation idea in the diversification of firm than this process will increase the
sales and productivity of business. Entrepreneurship research and collect the
information about the customer's needs and interest and then provide the product
according to customer's desire. By providing the wide range of products and service
business person can increase their market share.
 Different market: entrepreneurship organisation have opportunity to track different
markets by using the innovative ideas and skills in the business operation and
functions. Innovator business person can enter in the different market by launch the
new products and services. This process helps business person to gain many
competitive advantages. This also help to attract the new customers towards the firm.
Entering in the different market helps the business person to expand his or her
business from small to big enterprise. Different market plays main role to improve
the business image.
 Skilled Employees: employees are backbone of any organisation. To achieve the
target and success, entrepreneurship firm can hire the best and qualified workers. It
will help them to enhance their efficiency. High skilled and experienced employees
plays main role in the organisation. By their personal and different skills workers can
improve the business growth. Employees should have different and unique skills to
improve their performance. When workers are highly qualified and motivating then
they will feel relax and happy in the job environment and this will increase the
business reputation and its margin.
 Investments: investment can help the administration to generate the profits which can
be used in the future development of entrepreneurship firm. Business person can
invest in more than on business.
The above entrepreneurial opportunities or idea can be implemented on the practice of
business which is deal in managing human resource. High skilled and qualified employees
helps the organisation to remove pressure of target. Business person has different

opportunities for expand the business. Skilled employees provides the best services to the
customers. By all these opportunities such as innovation, skilled employees, investment,
diversification etc. business person can improve his or her business and productivity.
2) Critical explanation about entrepreneurship themes.
There are various entrepreneurship themes which can be used by business person to improve
the performance and generate the revenue as well as market share within the market. These
themes help business person to achieve the success(Cheung, 2016.). Apart from this, different
themes also help to solve the issue of competition in the market. Different themes are as
follows:
 Avoid the negative comment from competitors
 Be the good leader.
 activities for the improvement of the workers
 positive attitude in behaviour
 learn from others
 set new objectives by new ideas
 maintain the health environment
 Risk taker
 Hire the best employees
 work in a same direction for gaining experience
 creative and innovator
These are the different types of themes which plays huge role to start the business. These
themes are required to maintain the image and stability of business in the market. Employer
should be creative and innovator to increase their business.
Two of these themes are as follows
Do not fear from doing mistake/ and taking risk: This theme states that the business
person should not be afraid of doing mistakes, as people learn from their mistakes. In the
starting, everything is not perfect, business person suffers from different problems and issues
in starting(Lewin, 2015). Business person took many risks in staring the business. In order to
gain the success and start a business entrepreneur needs to take risks and move ahead.

Business person has provided motivation to his or her employees and himself. In starting
success is not achieving in easy way so that entrepreneur has responsibility to motivate the
employees to perform at high level. Motivation will help the employees to improve their
skills and knowledge. Apart from this motivation is also helped to improve the productivity
of business and brings benefits for firm. Business person should not have any fear of making
mistakes and errors as everyone does that at the start. This mistakes help them to learn more
experience, they will not do same mistake in future development. Gaining experience from
the errors plays main role in the future development and growth. In starting business person
faces negative traits such as depression, negative feedback etc. To get the success business
person should not listen negative feedback he should avoid all the negative traits to improve
his business.
Business person should accept is or her mistakes and try to resolve the errors by
making effective plans and changes. To improve the business, entrepreneur should avoid
those mistakes in the future. This process will help the corporation to perform in better way
in the future. Business person can learn new ideas and important elements from the mistakes
and errors.
The “do not fear from mistakes themes” states that business person should take risk
and start business without any fear of making errors. Mistakes will help the business person
to learn something new which help the firm improve the performance and growth. Mistakes
will help them to create effective plans and changes to avoid those mistakes in the future.
Snatch the opportunities: every business person gets chance and opportunities to expand
their business in the market(Hunter, 2014). So to achieve the success entrepreneur should
focus on those opportunities. Every administration has many competitors in the industry
market who are also trying to achieve the opportunities available in the market. To improve
the business and achieve the success every entrepreneur should ensure that his or her
corporation bit the opportunities from the competitors before they catch it. If business person
is not able to achieve those opportunities than his organisation will suffer from lack of
development and benefits. Opportunities plays hug role in the success of organisation. To
achieve the opportunities every business man should make effective plans and strategies.
Once entrepreneur gets opportunities than he will be able to expand his or her business. On
the other hand opportunities goes once can be a huge loss to every corporation as they are
cached by rival to develop their business which can be a threat or loss for our organisation.

These themes state that to achieve the success business person must catch the
opportunities. Entrepreneur can get the opportunities from his innovative ideas and skills.
Apart from these opportunities also helps business person to expand their small business into
big business. These opportunities used to attract the new customers towards the firms.
Business person are optimistic and future oriented, they believe that success is possible and
are willing to risk their resources in the pursuit of profits.
Following are the ways to get the opportunities
 Firstly business person has to identify the steps and collect the all dates and
information about the opportunities.
 Secondly move out the comfort zone and take risk
 use creativity and innovative skills to find out the simple and easy way
3)Plan based on the chosen development themes
Every corporation needs to develop their business planes, structure and strategies to improve
the business and achieve the success. Planes and strategies made according to theme of
organisations. Strategies works on the basis of entrepreneurship themes which the
organisation is following. Entrepreneurship themes plays main role because it set important
principles and rules for the business person to take the decision and steps in the favour of the
ATOS consulting(Hunter, 2013). ATOS helps its clients to deliver innovation to their
customers, reduce costs and improve productivity and effectiveness.
The two themes do not fear from errors and snatching the opportunities are important an
effective for the growth of organisation. The development plans belong various goals and
objectives. Errors helps business person in developing plans for the future to avoid the
mistakes and overcome them effectively. Development plans also includes modification and
changes in business structure. Modification and changes helps firm to overcome any issues
and problems which are faced by the organisation(Richardson,2017. ). Development plans
also helps to overcome the problems of competitors in the market.
Development Plan: the development plan of corporation includes some target and goals
which are needed to be complete efficiently to ensure further success and development in the
firm. The purpose of this plan is to design and developed plan section for organisation to
achieve the target. There are three most important areas which used in the development plan

1) Product development
2) market development
3) organisation development
 Further expansion: to improve the business image and growth every business person
should focus on expanding his or her business in new areas and market. Business
person can expand the business by launched the new products and services. New
product will help the firm to attract the new customers. As number of customers
increases benefits and productivity will also increase. This helps the entrepreneur to
grow and increase the market share with developing a re-putative image in the market.
 Innovation: this element is used in organisation for developed a plan to achieve the
target. This element also helped to attract the person by different ideas and innovative
techniques.
 Range of products: the development plan works on the basis of being fearless and
catching opportunities themes.
Different themes used by different entrepreneurship, themes helps the business person to
build different various plans for the growth and development in effective manner.
Entrepreneur can develop following strategies to achieve the business goals
 Recruiting talent: as the employees are backbone of any organisation, they play a
huge role in the success of business. Business person should select the best and high
qualified employees because workers are one who responsible for the total
functioning of an organisation. Skilled and knowledgeable employees are able to
increase the business growth and profits in corporation. So to complete the target
business person should hire the best workers. Skilled employees are able to give extra
efforts in the firm that helps the business to grow in effective manner.
 Training: this process is used to expand the knowledge of employees. Most workers h
ave some weakness in their workplace skills. A training and development program
allows business person to remove the weakness of their employees. Workers can
share their personal skills with each other and improve their knowledge. An employee
who receive the necessary training is able to perform better than compare to
another(Mrożewski and Kratzer, 2017). Furthermore, this process also help to
motivate the employees. When workers feel satisfy with job conditions then they will

give their best to the organisation which improves the business growth. Apart from
this business person can use reward system for motivate their workers.
Entrepreneurial should offers reward system for the extra efforts of workers.
Employer can offers voucher and prize to his employees. Apart from this employer
can motivate the workers from offering the extra facilities.
 Healthy relation : in order to implement development plan, business person should
build a healthy relation in organisation. Entrepreneur can make healthy environment
by good communication skill and positive attitude. Business person should carry calm
and helping nature to build a healthy environment.
CONCLUSION
From the above report it has been concluded that entrepreneurial opportunity is an important
factor and element for starting business and firms, Business may be small or big size.
Different opportunities helps business person to expand their business apart from these
opportunities also helped to remove the competitor problems in the market. Different themes
included in this report. Furthermore, this report also described the importance of development
plan in the organisation.
REFRENCES
Books and journals
Suddaby, R., Bruton, G.D. and Si, S.X., 2015. Entrepreneurship through a qualitative lens:
Insights on the construction and/or discovery of entrepreneurial
opportunity. Journal of Business Venturing.30(1). pp.1-10.
George, N.M., Parida, V., Lahti, T. and Wincent, J., 2016. A systematic literature review of
entrepreneurial opportunity recognition: insights on influencing
factors. International Entrepreneurship and Management Journal.12(2). pp.309-
350.

Chen, H.P., Wang, C.N. and Hsueh, M.H., 2015. The Critical Success Factors of Biotechnology
and Pharmaceutical Industry in SIAT---Integration Entrepreneur, Entrepreneurial
Opportunity and Entrepreneurial Resource Perspective.
Chandra, Y., 2017. A time-based process model of international entrepreneurial opportunity
evaluation. Journal of International Business Studies.48(4).pp.423-451.
Cheung, C.W.M. and Cheung, C.W.M., 2016. Exploitative learning and entrepreneurial
opportunity recognition of a family business in Hong Kong during and after the
Second World War. Journal of Entrepreneurship in Emerging
Economies.8(3).pp.321-334.
Lewin, P., 2015. Entrepreneurial opportunity as the potential to create value. The Review of
Austrian Economics.28(1).pp.1-15.
Hunter, M., 2014. CREATIVITY AND MAKING CONNECTIONS:“THE PATCHWORK OF
ENTREPRENEURIAL OPPORTUNITY”(II). Psychosociological Issues in
Human Resource Management.2(1).pp.63-104.
Hunter, M., 2013. A typology of entrepreneurial opportunity. Economics, Management and
Financial Markets.8(2).p.128.
Richardson, S., 2017. The Role of Impulsiveness in Entrepreneurial Opportunity Evaluation
Decisions (Doctoral dissertation).
Mrożewski, M. and Kratzer, J., 2017. Entrepreneurship and country-level innovation:
investigating the role of entrepreneurial opportunities. The Journal of Technology
Transfer.42(5). pp.1125-1142.

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