Entrepreneurial Opportunities & Recognition

This assignment delves into the complex nature of entrepreneurial opportunities, examining various theoretical perspectives on their identification and exploitation. It analyzes scholarly works discussing the role of knowledge, social networks, technology-market combinations, and individual perception in recognizing and pursuing entrepreneurial opportunities. The assignment encourages a critical understanding of how opportunities are discovered, constructed, or translated within specific contexts.

Entrepreneurial Opportunity

Table of Contents
INTRODUCTION...........................................................................................................................3
ENTREPRENEURIAL THEMES...................................................................................................5
Business Idea Development.............................................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneur opportunities provide the chance to individuals to be self-dependent and
create value for the development of economy of country. There are large number of opportunities
available for the individuals of UK to start their own business. Large support is provided by the
government and their policies to motivate young generation. There are many difficulties faced
initially in starting their own venture but it helps to generate high profits by taking some amount
of risk. To start their own venture, students are required to have some amount of entrepreneurial
skills which help to generate their own ideas and understand about the market forces which have
effect on business activities. These skills are essential to be in an entrepreneur to successfully
start their new venture. In starting their own business, two things are involved i.e. recognition of
opportunity and converting idea in a successful business venture. It is necessary to understand
about the value proposition of such venture which is going to be delivered by their business
operations (Alvarez and Barney, 2010).
The business idea which is going to start is “Restaurant business with digital technology
and gaming zone”. Main aim behind the business is to provide touch facilities on tables to select
their menu and order their food. They also provide separate gaming zone in restaurant which
attracts a large number of young generation people. Implementation of censor touch facility in
section of their menu is decided because of the high impact of digital technology in creating
value of business operations.
Uniqueness of this business idea is that it will have combination of digital technology in
selection of their orders and separate gaming zone in which a large number of games are offered
like bowling, play stations, etc. In the modern era of technology, individuals want everything to
be covered at one place and they don't have to go at any other place. This venture provides every
facility to their customer under one roof which helps to attract a large number of children and
young generation persons.

The target market of this venture is to attract nuclear families of UK to well spend their
holiday at one place by getting all services under one roof from food to gaming. This also helps
to attract a large number of college students spending their day with friends by playing different
games and having variety of foods.
Value proposition of this venture is their unique censor touch facility to select their menu
and order their food. This is an innovative idea of using digital technology to make the process of
getting their orders fast. This will reduce the involvement of manpower and chances of mistakes
happening because of their behaviour towards customers. This venture provides the facility of
gaming which contributes to attract customers to spend their whole day without going at other
places.
They have selected the best pricing policy for their services. This helps them to attract
both upper and middle class people to enjoy their services. Quality products and services as well
as their innovative ideas contribute to retain and maintain long term relationship with their
customers. They also provide their contribution for the benefit of society. The extra food at end
of the day is provided to NGO who are working to serve food to poor people. This is indirect
help provided by them to the UK government to serve food to poor people who are depriving
from the basic facilities (Alvarez and Barney, 2013).
For the success of their business operations and their innovative ideas, entrepreneur has
selected the best marketing plan through which they communicate their services at mass level.
Large number of advertisement methods are used by them to popularise their diversified
products and services like print media, social media and electronic media. They put their
advertisement on large hoardings and newspaper which are circulated among all the individuals
of country. The main role played in advertisement is societal media which is accessed in large
amount by individuals. By use of this platform, they are able to show pictures and videos of their
restaurants and services provided by them. This also enables the customers to search their
locations and prices of their services easily. Initially, to attract local customers, they provide
many combo offers like free gaming with lunch. They also provide discount coups to their
customers which are used by them next time or by their family members to get discount on their
services. These facilities provide them opportunity to build their market base strong and attain
the loyalty of customers towards their services. So, marketing is an important tool considered by
entrepreneur in development of their business operations (Alvarez and Barney, 2014).

A proper system has to be developed by them to get the reviews and feedbacks from
public about their services. They have to prepare proper questionnaire in which different
questions are asked related to their services, quality of products, CSR activities, effective waste
disposal system, environment protection activities and their recommendations about betterment
of services. This helps to determine the preferences of customers and their views about services
as well as to implement new policies which enhance future activities.
ENTREPRENEURIAL THEMES
There are mainly two kinds of themes which help the entrepreneur to generate new
business ideas. The first theme is about recognition of opportunities which can be converted into
new business idea through which they can earn profit and second theme is creation or innovation
through which shape is given to new ventures to satisfy the different needs of consumers and
provide benefits to society. Both these themes provide an opportunity to generate profits through
their functions. These themes can be understood as they help in generation of solution of new
products, services and business line as per the requirement of individual society and government.
The main two themes which help in creation of entrepreneurial idea are defined as below:
 Recognition: This includes the process of recognise opportunities that are available at
market place to convert them in successful business venture. This can be identified
through the possibilities of profitability on selected business idea. On this basis,
entrepreneur has decided to open a restaurant with the use of digital technology in
selection of their menu and providing gaming zone to attract young generation people
who want all services under one roof. This provides an opportunity to identify the risk
associated with their services and make strategies accordingly (Davidsson, 2015).
 Innovation: This includes about giving the shape of the opportunities identified above in
new ventures which provides some innovative services and products for the benefit of
society and to earn higher number of profits. The use of digital technology and gaming
zone provides competitive advantage to the activities of new venture and helps to attain
competitive advantage. This new venture provides the facility to well spent their whole
day with their families by getting all services under one roof.
Both these themes helps in identification of new business idea through which they can
address the problems of society and provides the services according to that. Since the problem is

faced by the families that they have to go different places for gaming and quality food products.
This new venture has address this problem and provides both services under one roof. This idea
ensures that the entrepreneur earn more profit and attain competitive advantage in market. To
make their business idea more attractive, they also use digital technology for selection of their
menu and booking of their orders. This will reduce the manual work which saves the operational
cost and attract the customers.
According to their first theme of recognition, entrepreneur has identifies growth
opportunities which are available to them in their selected business idea. They have to check the
reaction of society on application of such kind of services with restaurant. They also have to
identifies the games which are popular in market and most popular in between children's and
young generation. They have to consider about competition in market which are providing such
kind of services by use of digital technology. This helps to determine their strategies and future
plans. They also need to consider the external market forces and government policies which
affect the business operations. This contributes in determination of the viability of their project
and identification of solution for effect of such market forces. So, ultimately this theme includes
about the process of determination of the viability of their project, future growth opportunities
and capacity of attaining the market share to earn high profitability (Dimov, 2011).
According to second theme of innovation, entrepreneur has duty to convert such idea into
new venture with the help of creativity and technology. This helps to combine their core business
idea with innovations to achieve their desired results. This theme contributes in development of
venture which address the problems of society and woks for the development of economy. To
address the problem of families, new venture is started which have food and gaming facilities
simultaneously. This business idea also have aim to remove the situation of poverty from society
and provide basic facilities to them. This venture contributes in the development of society by
provide extra food to poor people with the help of NGO. This enables them to increase their CSR
activities which helps to build their goodwill. While implementing their business idea they also
have to proper focus on waste disposal system and environment protection activities. This waste
disposal system has use of proper technologies which reduce the emission of waste products and
gases during production process of their foods. These environmental protection activities
provides the opportunity to prevent the venture from criticism of society and penalties regarding
environmental harms (Fuentes,Arroyo, M.R., Bojica and Pérez, 2010).

Business Idea Development
Development plans are like blueprint which is prepared by the entrepreneur for their new
venture which is going to start in market. These development plans includes determination all
important aspect which are necessary to start their functions like determination of finance
requirement, preparation of budgets, marketing plans etc. So, it is the duty to follow all the plans
for the successful implementation of operations of venture. This helps to complete their different
tasks within stipulated time and achieve desired results. The development plan of Restaurant
with gaming zone is defined below:
Company information
A new venture is start by entrepreneur to provide combine services to the individual of
UK. They start restaurant business with gaming zone to attract the families and young generation
and provide diversified services under one roof. To attract customers they also use digital
technology in the process of selection of menu and serving the food. This is the unique feature
which helps them to attain competitive advantage. All these activities helps the entrepreneur for
sustainable growth of their business operations (Garud and Giuliani, 2013).
Operational plan
To start activities of their new venture entrepreneur has to make operational plan. These
operational plans are required to follow by the workforce of venture to effectively complete their
function on time. These operational plans includes about preparation of food, staff services,
advisory services etc. which are requires to perform by employees of venture. These plans are
like guide which are follow by them to maintain the quality of their services and achieve their
desired targets. To effectively run the business of restaurant with gaming facilities in UK,
entrepreneur has to make operational plans to carry out their functions. For the success of
business in UK there is need to have following things as per the requirements which are defined
below:
 Staff members: To effectively provide their services and handle customers, entrepreneur
has to appoint the adequate number staff members which satisfies the different demand of
customers. They also have the responsibility to understand about the preferences of
customers and helps them to make their choices (Gonzalez-Alvarez and Solis-Rodriguez,
2011).

 Technology: This is the core strength of this new venture because their business is
depends upon the use of censor technology on selection of their menu and serving the
food to customers. For this purpose, entrepreneur has to appoint technical staff which
takes care about proper regulation of their technological services.
 Allocation of resources: In operational plan, they have to effectively allocate the
different resources to their departments to effectively complete their tasks within
stipulated time. This helps in timely allocation of their services to customers without any
delay.
Marketing plan
To make their business idea and activities popular entrepreneur has to adopt rigorous
marketing policies. This helps to entrepreneur to reach mass number of persons. To attract the
large number of customers towards their services marketing plan is must. This also provides the
opportunity to attain competitive advantage and increase their profitability. Various platforms are
available to advertise about their products and unique services. The main platforms which are
used by the entrepreneur to advertise about their services are defined below:
 Print media: This includes newspapers, magazines, articles etc. in which advertisement
has given about their variety of services and their speciality of digital technology. The
reach of this platform is medium which covers local area and other main city's where
such newspaper are circulated (Grégoire and Shepherd, 2012).
 Social media: This is the main method which is used by the entrepreneur to advertise
about their services. This effective because large amount of young generation is active on
different social media platforms. The reach of this medium is very high as it covers whole
world.
 Electronic media: This includes about the advertisement of the products and services
through television adds. This reach is high but it id very costly method. This will increase
the operational cost of company very high.
Situational analysis
This includes about the evaluation of business plan for the purpose of identification of
their viability and profitability. For this purpose, entrepreneur has conduct SWOT analysis of his
new hotel in UK. This helps in identification of their plans strength, weaknesses, opportunities
and threats which are defined below:

Strength
 The main strength of this restaurant is use of censor touch facility in selection of their
order and serving the food.
 They also provides gamine zone combined to restaurant which attract the families
 This idea has unique features, so less competition in market
Weaknesses
 The major weakness of this venture is required large amount of marketing activities about
their services and ideas to aware about their services to public.
Opportunities
 To capture large market share by providing unique services
 To help the society to provide free food to poor peoples
Threats
 The main threat to this venture is large competition in restaurant business
 Another threat to new venture is government policies which are required to follow by
them for conducting their services (Korsgaard, 2011).
CONCLUSION
It has been concluded from the above report that, entrepreneurial opportunities provides
chance to start their own venture. For this purpose the entrepreneur has some kind of skills and
knowledge to identifies the opportunities present at workplace and with their innovation convert
such opportunities in business plans. Such opportunities provides chance to be self dependent
and contributes in development of economy and society. Such new venture helps in creation of
employment opportunities, increase the cash flow in economy, increase the living standard of
people etc. To covert the business into venture there is need to develop the skills and prepare the
plans which helps in implementation of idea into reality and earn profits for the benefit of their
stakeholders.

REFERENCES
Books and Journals
Alvarez, S.A. and Barney, J.B., 2010. Entrepreneurship and epistemology: The philosophical
underpinnings of the study of entrepreneurial opportunities. Academy of Management
annals. 4(1). pp.557-583.
Alvarez, S.A. and Barney, J.B., 2013. Epistemology, opportunities, and entrepreneurship:
Comments on Venkataraman et al.(2012) and Shane (2012). Academy of Management
Review. 38(1). pp.154-157.
Alvarez, S.A. and Barney, J.B., 2014. Entrepreneurial opportunities and poverty alleviation.
Entrepreneurship Theory and Practice. 38(1). pp.159-184.
Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-
conceptualization. Journal of Business Venturing. 30(5). pp.674-695.
Dimov, D., 2011. Grappling with the unbearable elusiveness of entrepreneurial opportunities.
Entrepreneurship Theory and Practice. 35(1). pp.57-81.
Fuentes, M.D.M.F., Arroyo, M.R., Bojica, A.M. and Pérez, V.F., 2010. Prior knowledge and
social networks in the exploitation of entrepreneurial opportunities. International
Entrepreneurship and Management Journal. 6(4). pp.481-501.
Garud, R. and Giuliani, A.P., 2013. A narrative perspective on entrepreneurial opportunities.
Academy of Management Review. 38(1). pp.157-160.
Gonzalez-Alvarez, N. and Solis-Rodriguez, V., 2011. Discovery of entrepreneurial
opportunities: a gender perspective. Industrial Management & Data Systems. 111(5).
pp.755-775.
Grégoire, D.A. and Shepherd, D.A., 2012. Technology-market combinations and the
identification of entrepreneurial opportunities: An investigation of the opportunity-
individual nexus. Academy of Management Journal. 55(4). pp.753-785.
Korsgaard, S., 2011. Entrepreneurship as translation: Understanding entrepreneurial
opportunities through actor-network theory. Entrepreneurship & Regional
Development. 23(7-8). pp.661-680.
Renko, M., Shrader, R.C. and Simon, M., 2012. Perception of entrepreneurial opportunity: a
general framework. Management Decision. 50(7). pp.1233-1251.
Shane, S., 2012. Reflections on the 2010 AMR decade award: Delivering on the promise of
entrepreneurship as a field of research. Academy of Management Review. 37(1). pp.10-
20.
Vaghely, I.P. and Julien, P.A., 2010. Are opportunities recognized or constructed?: An
information perspective on entrepreneurial opportunity identification. Journal of
Business Venturing. 25(1). pp.73-86.
Wood, M.S. and McKinley, W., 2010. The production of entrepreneurial opportunity: a
constructivist perspective. Strategic Entrepreneurship Journal. 4(1). pp.66-84.
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