Assignment on Entrepreneurial Opportunity

ENTREPRENEURIAL OPPORTUNITY
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Table of Contents
Introduction......................................................................................................................................2
Entrepreneurship Opportunity.........................................................................................................2
Value Proposition............................................................................................................................3
Entrepreneur themes........................................................................................................................4
Theme 1...........................................................................................................................................4
Theme 2...........................................................................................................................................5
Development plan............................................................................................................................6
Conclusion.......................................................................................................................................8
Reference list...................................................................................................................................9
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Introduction
Entrepreneurial opportunities may be defined as the favorable conditions and ideas that help in
setting up a business. While developing a business various economic, socio cultural and political
aspects have to be kept in mind that would help in building its niche. There are various issues
that cater to the growth of a successful business and a true entrepreneur is always expected to be
dynamic and innovative in their approach. Understanding of the target customer and their
requirements and focus on the company’s product or service are essential for developing a
business.
Online fashion and retail is a globally booming sector in present times. With digitization and
technological advancement, people have started preferring online shopping and ecommerce
websites to offline shopping. Therefore more retailers have developed online shopping services
as a part of their expansion projects to make their products and services easily accessible to
people. Unique Fashion will be the implemented entrepreneurship business idea dealing on
fashionable products for men and women and the following assignment is based on the same
contextualized analysis of entrepreneurship opportunities, themes and success measures.
Goal accomplishment: Goal accomplishment or achievement is the main motive behind setting
up a business. Ramoglou and Zyglidopoulos (2015, p.71), states each firm that sells a particular
product or service aims at making it attractive for their customers. Apart from this a firm has
financial goals such as making profits and earning revenue. It also has developmental goals of
expansion and attracting more customers while increasing its popularity. All these goals are
however interrelated. In order to earn profits and more revenue the product or service sold by the
firm has to be liked by customers. As per Suddaby et al (2015, p.1), with increased revenue and
profits a company can finally expand its business and innovate its products in order to gain
popularity and attract new customers.
Entrepreneurship Opportunity
There are different aspects of entrepreneurship opportunities in terms of productivity and
availability of resources. Most of such opportunities target two prospects and those are like
production and sales. On contrary, it is also evident that a respective effort or decision of an
organisation can be defined as an opportunity when some positive measures are counted whereas
competitors remain at the same situation.
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Opportunity of production: A respective firm like Unique Fashion may find it as an
opportunity to avail raw materials in lower cost. However, this solution cannot be defined as an
opportunity as fashionable products need human expertise and creativity. In that, concern
opportunity of production of Unique fashion will be both i.e. lower price of availability and
engagement of creative professionals. In this concern, UK market can be considered as
supportive as both of the resources are greatly available. The market of raw materials of
fashionable products is getting enormous day by day and the respective organisation can
consider the scenario as production opportunity.
Opportunity of sales: Opportunity of sales can be defined as the ratio between cost of
production as well as optimum price of sale. This include high rate of profitability. According to
the current scenario, this opportunity may hold lesser importance as market competitiveness of
UK fashion industry will be the constraint. However, some of the solutions can be achieved
through promoting some latest designs, but without having a cost leadership glance, it is hard to
entertain opportunity of sales for Unique fashion.
Value Proposition
There are three major aspects of value propositions as per standards of the industry i.e.
fashionable products. It is not a matter of usual perspective, that a respective business should
follow. It is the cost structure and availability of latest products that establish value proposition
of a product. Some of the important aspects of value proposition in terms of marketing activities
are as follow:
 Quality that adds value: Quality always makes value to products. The respective
business will gain attention of customers following the same. The reason is that most of
the fashionable products follow outer look rather than quality. However, there may be an
impact on production cost, bust such value creation will bring opportunities to establish
brand value.
 Special features: Discounts or special features are always attractive for advanced buyers.
However, there is a matter of market competition as a new comer may face cost burden
by providing exciting features as well as discounts, but a marginal level will bring value
for more selling options.
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