Entrepreneurial Opportunity Recognition

This assignment delves into the critical topic of entrepreneurial opportunity recognition. It requires a deep understanding of the various factors that contribute to recognizing opportunities, including individual traits, environmental influences, and the process of identifying unmet needs or gaps in the market. The assignment likely involves analyzing theoretical frameworks, empirical studies, and real-world examples to demonstrate how entrepreneurs perceive and capitalize on opportunities.

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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 Fulfilling expectations: Advanced fashion lovers tend to explore something new and this
aspect is exceptional for this industry. It is not hard to grab attention or establish value of
products through creative innovations. Unique Fashion will follow the same strategy to
establish value in the initial business stage.
Entrepreneur themes
It is essential to analyze the themes of Goal accomplishment and Innovating business in context
of online retail and fashion business for a better understanding of this study:
Theme 1
Opportunity creation: Since online fashion is highly preferred among modern customers
therefore all retailers are developing online websites for making their services accessible. As a
result there is high competition in the market and it is difficult to attract customers which are the
major goal of online retailers. Customers have shifted to online shopping simply because they
find it convenient and easy. Ferrante (2017, p.209), states people can choose from wide range of
merchandise at their fingertips and get them delivered to their doorstep.
Therefore this thing has to be kept in mind while developing an online website. It should never
hamper the customer’s convenience in anyway. Many online websites are not much improvised
and often there are glitches while working on them. As per Emami (2017, p.147), also retailers
have to be aware about the socio economic scenario and legalisations in the areas in which they
deliver so that there are no hindrances in the delivery process. Unique Fashion will be one of the
most efficient and improvised online website and mobile application with advanced features
which is why it has a wide acceptance among global customers. There is another theme as well
which can be used for the betterment of the business. Those are doing in terms of forgetting the
process of networking and there is a requirement to be a doer for achieving the success of the
organisation. In addition to that, there are some needs of changes for the development of a
business. As per the view of George et al. (2016, p.350), from the discovered theme to the
creative theme there is a requirement of any change which is helpful for the betterment of the
business. Moreover, the innovation is the main theme because every business is in need of
innovation and without the innovation, nothing can take place and if there is no innovation then
there will be any more uniqueness in the organisation. In terms of accomplishment of the gaols
are done with proper implementation of strategies for the betterment of the organisation. It is
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analysed that the theme is somehow needed for the development because the other theme is
much more creative.
There are other themes as well for the development of the business which is needed to be done
on the basis of the theme. The theme, which is present from the starting point, is required to be
developed by focusing on the created theme. There requirements of creating something new for
the development of the business. As per the opinion of Popp and Holt (2013, p.20), the theme is
needed to be developed because it then helps to make a development. The proper theme will
eventually help to maximise the development of the business for the increasing the growth level.
Theme 2
Opportunity recognitions: Mrożewski and Kratzer (2017, p.1125) states online fashion and
retail is all about innovation and hence it is the key to the success of this business. Online sites
have to know and study their targeted audience so that they can bring about innovation not only
in crating their products and services but also in their functioning. Online shopping is
undoubtedly the result of technical innovation, which has now found a wide acceptance globally
so the online retailers should particularly focus on innovating their websites and making it more
user friendly with new and improved features.
The packaging has to be attractive since that is the end product that would be received by
customers. The packaging is further to be worked on keeping in mind the type of product so that
it is delivered to the customer in proper condition without any damages. According to Becker
et .al. (2015, p.152), a detailed study of targeted customer and regional and demographic factors
of delivery areas can help online retailers in making an innovative approach. Unique Fasahion
sells products and services from many popular high street and luxury retail brands. It is also very
easy to choose apparel on their website.
This theme might help an entrepreneur to develop their business. A goal is important for meeting
demands of customers and employees. It can be said that an entrepreneur is require to set a goal
and they need to move towards that goal or objective. In the opinion of Ramoglou and
Zyglidopoulos (2015, p.71), there are some organisations that are unable to fulfil the objectives
due to lack of motivation. It is the leader that is responsible for devising strategy is for fulfilling
a goal. It has been found that successful entrepreneurs are those who are able to fulfil their goal
and try to encourage their staffs towards meeting those objectives. The second theme is based
upon innovation in business. Innovation is key to success to a business and image cafe is trying
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to innovate their business with the help of innovative ideas. Entrepreneurs are required to be
aware of certain considerations before adopting methods for managing business.
The entrepreneurial themes that are significant in the online fashion sector are Goal
accomplishment and Innovating business. These two themes are much important in growth of an
online retail business. They have been discussed in detail below:
Entrepreneurial idea: There is ample scope of innovation and curation in the fashion industry.
Online fashion has a wide acceptance by global customers due to its convenient and accessible
nature. Also there is a huge variety of apparel and merchandise to choose from on online retail
websites. Fashion websites like UNIQUE FASHION should focus on including more fast
fashion brands than luxury and high street brands on their websites. According to Autio et.al,
(2013, p.1348), fast fashion is more affordable than high street and luxury fashion and hence
would make these sites more popular and attractive among customers. Thus there should be an
improvised team of fashion marketing who would come up with new better ideas on content
curation. Online retail is largely focused on the websites and applications used by customers to
shop from a particular retail brand. It should be made sure that there are no bugs or glitches in
the functioning of these websites. In case there is one steps should be taken to fix it as fast as
possible. This requires an efficient technical team who would be able to look into these problems
whenever required.
Customer complaints about technical issues also should be taken into account if any. These
companies should hire good website designers. In the opinion of Karimi et.al, (2016, p.187),
often online retail depends on the portrayal or featuring of merchandise on websites. The images
on the websites influence the buyer’s psychology immensely. Good website designers can help
in designing an attractive website for the company. Logistics is also an important factor that
determines the quality of service provided by online retailers. Online retailers should wisely
choose their logistics partners to ensure that the qualities of products that are received by
customers are good. Any sorts of damages in received product may affect the repute of the online
retailer.
Development plan
In the business organisation, there is a requirement of proper planning for developing the
business. The Burt's bees have a strategy for making the organisation more advanced. As per the
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view of Suddaby et al. (2015, p.5), the development plan is put on the consideration for the
betterment of the organisation. In the competitive environment, there is a huge change for the
organisation because to be on the top in the competitive market. The development plan mainly
includes the development of innovation and accomplishments of goals theme. The business is
needed to be developed by focusing on the theme of the organisation. The plan mainly requires
the implementation of a more advanced theme for the business. There is a requirement of
focusing on the current trend in the business environment and then the theme is needed to be
developed. The trend is found by conducting the survey from the other business areas as well as
from the customers.
The development plan is then required to be implemented in a proper way because then it could
be helpful for gaining a positive image the business in the competitive market. In the view of
Tseng and Tseng (2017, p.390), the development plan is important because it provides a clear
view of the goals of the organisation and the theme then helps for making an impact on the
business in the competitive market. Moreover, the proper implementation of the development
requires some time to get accustomed to the changes by focusing on the other organisational
theme. The development plan provides a clear view that the goals are needed to be done
properly. The situation is needed to be analysed properly so that in the tough time the
development plan is required to be organised in a proper way.
The proper implementation of the development plan is required to be done in such a way that it
does not create any type of problem. In the organisation, the business development is required to
be organised in such a way that it does not create any problem for the development of
organisational. As asserted by Wang et al. (2013, p.260), the plan also includes the proper
implementation of marketing strategy for the betterment of the organisation. Moreover, the
development plan also makes guidance for each of the members of the organisation.
In entrepreneurship, it is mainly the process of designing as well as the launching of new ideas
regarding the business which is mainly a small business. In order to start a business, there is a
requirement of two themes which help them to make on the top level. The two main themes for
the creation level are innovation and goal accomplishments. In the opinion of Gaglio and Winter
(2017, p.55), rather than the two themes there is some theme which is set at the beginning of the
business for attracting the customers. The created theme are required to be innovative and
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strategies in such a way that for the future it can be developed and created an advantage for the
business. For the created section, the theme can be better from the developed sections. In the
starting of a business, there is a requirement to be innovative and have a clear set of goals for
achieving the target in the given time frame.
Conclusion
As gathered from the above study, the two them which makes the mark in the development is
innovation and accomplishments of the goals for making a mark in the competitive market. In
the business environment, the entrepreneurial opportunities are much helpful for the developing
of business. There are various issues which make a challenging effect on the development of
business but it can be solved with the proper implementation of the development plan. The
development plan is required to have some of the analysis of the situation and some of the
improvement of the theme from the marks of the business environment. The internal, as well as
external analysis is much helpful for the development of the business for the long turn as well.
The development plan requires being organised in such a way that it is helpful for the betterment
of the organisation. The development plan makes sure that the plan is properly implemented in
the new business areas. Moreover, the discovered themes are required to be implemented from
the created theme.
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