Entrepreneurial Opportunity

This report discusses the concept of entrepreneurial opportunity and focuses on a new business start-up called 'Soul Sound' that offers online music tutorials through its application 'Sky Beat'. It covers the description of the business start-up and the application of different domains to the venture. The report concludes with the importance of considering various aspects for the success of the business.

Entrepreneurial Opportunity
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Contents
Introduction......................................................................................................................................3
Task 2...............................................................................................................................................3
Description of business start-up...................................................................................................3
Application of domains to the business start-up..........................................................................4
Market: The Micro Market..........................................................................................................4
Market: The Macro Market.........................................................................................................4
Industry: The Macro Industry......................................................................................................4
Industry: The Micro Industry.......................................................................................................4
Team: The mission, aspirations and risk propensity...................................................................4
Team: The “can you execute?”....................................................................................................5
Team: The connectedness............................................................................................................5
Conclusion.......................................................................................................................................5
REFERENCES................................................................................................................................6
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Introduction
Entrepreneurship is an act of initiating a new venture by taking up financial and other risks
in the hope of earning huge profits. The entrepreneurs start their business with new and
innovative idea which helps in fulfilling the needs of society. This report is based on the new
business named as "Soul Sound" which will provide online music tutorial to people through its
application "Sky Beat". By the help of this application, people can learn music online. This
report covers description of business start-up along with the application of different domains to
the business venture. At last, a brief conclusion is given based on the entire report.
Task 2
Description of business start-up
"Soul Sound" is a new business venture which will launch its application named as "Sky
Beat". Through this application, people will be able to learn different types of music online. In
this, different music professionals take music classes online and people can learn music by
sitting at their homes as per their convenience. The company will provide its services 24*7 and
people can choose the time of the session according to their own convenience. The company will
provide its services all over the United Kingdom to the people who want to learn music online.
The business will provide an opportunity to all those people who want to learn music at the time
spread of corona virus pandemic by sitting at their place. The organisation will provide its
services at minimum price and people can learn a lot about music through the online application.
After the spread of Covid-19 pandemic, a massive shift has been seen in the lifestyle and
way of working of people. They now less prefer to go outside and want to work and learn by
sitting at home only. This will provide opportunity to many entrepreneurs to start up a new
business by exploiting opportunities from the market. During the spread of corona virus, the use
of internet is also increase and people spent much time on internet. The owner of business
identifies this opportunity and think to start up this new business as it will provide benefits to
both people and society. The e-learning service which will provide by company provide it with
opportunity to attract large number of people who are willing to learn music and earn adequate
revenues in this crisis period.
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Application of domains to the business start-up
In the field of music, there are plenty of career opportunities just as many music forms like
jazz, fusion, classical, folk, pop etc. Besides becoming a teacher or performer, an individual can
opt for roles like composer, music publisher, disc jockeys, artist manager, music therapist, music
generalist and video jockeys. Today, with the growing sponsorship of musical events and
popularity of music channels, has created music a huge sector with immense potential. So,
learning music will be beneficial for the people in their future career growth in this field. It
provides them with the opportunity to opt for the role ranging from composer to artist manager.
In order to ensure the success of business, firm requires to consider some aspects. There are
seven domains application of which in context of business is discussed below:
Market: The Micro Market
The target market of the company will be all those people who want to learn music,
specifically young people are the potential buyers of the product and service provided by "Soul
Sound". The company will provide them the opportunity to learn music from home at minimum
fee. The tutorials which will be provided by firm online through its music application “Sky Beat”
and involves several professionals who help the students to learn music. The main benefit that
the students will get is to learn music by sitting at home and in low prices.
Market: The Macro Market
At this level, the owner will analyse all the macro factors which will provide opportunity
to generate revenue to the company. Currently, because of spread of coronavirus, people are not
preferring to move outside so, developing online music application will provide an opportunity
to company to attract huge number of people towards its services and generate profits in this
crisis period. Apart from this, the e-learning services provided by "Soul Sound" also provides
opportunity to people to learn music by sitting at home only and fuel their career growth.
Industry: The Macro Industry
In this, all the 5 forces in the music industry will be assess by company. In the music
industry, the competition is low as there are very less firms which provide online music learning
services to people. However, the threat of new entrants is high as there are a lot of opportunities
available in the market in electronic tutorials but, by providing highly innovative services at low
prices company will able to win attention of more number of people.
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Industry: The Micro Industry
The unique selling proposition of the company will be its minimum priced services. The
company will assure people to provide services at the lowest prices in the market. Its innovative
online services will provide value for money to customers. The professionals hire by the
organisation will be highly skilled and competent which will be its valuable and rare resource.
Team: The mission, aspirations and risk propensity
The organisation will be highly committed to provide high quality services to people which
will provide them with value for money. The main goal of the company is to attract large number
of people towards learning music by the help of its team members and attain long-term
sustainability in the market.
Team: The “can you execute?”
In this, the owner of the business will take such decisions that assist in improving the
performance of company and provide it with high benefits. the business look upon the skills and
knowledge of team members which ensure successful delivery of critical success factors. The
key critical success factors of the business include the skilled team of professionals, innovative
services, minimum prices and electronic music tutorials.
Team: The connectedness
The company will develop good relationship with its customers, investors, suppliers and up
and down value chain in order to ensure success of business in future. The entrepreneur will
ensure that the entire team of professional work collectively towards accomplishment of
organisational goals.
Conclusion
As per the above mentioned report, it can be concluded that creation of new business will
require an entrepreneur to consider different aspects and take effective actions and decisions
which will lead it towards success. The company must analyse the macro and micro market and
industry along with the risk propensity so that business can be establishing successfully.
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REFERENCES
Books and Journals
Camelo-Ordaz, C., Diánez-González, J.P., Franco-Leal, N. and Ruiz-Navarro, J., 2020.
Recognition of entrepreneurial opportunity using a socio-cognitive
approach. International Small Business Journal, p.0266242620939843.
Green, J.V., 2015. The opportunity analysis canvas. Venture Artisans.
Lewin, P., 2015. Entrepreneurial opportunity as the potential to create value. The Review of
Austrian Economics, 28(1), pp.1-15.
Li, Y., Wang, P. and Liang, Y.J., 2015. Influence of entrepreneurial experience, alertness, and
prior knowledge on opportunity recognition. Social Behavior and Personality: an
international journal, 43(9), pp.1575-1583.
Wood, M.S. and McKinley, W., 2018. The entrepreneurial opportunity construct: Dislodge or
leverage?. Academy of Management Perspectives, (ja).
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