Entrepreneurial Opportunities and Skills Development

This assignment delves into the world of entrepreneurial opportunities, skills development, and research analysis. It requires a thorough understanding of various entrepreneurship theories, including opportunity portfolio management, entrepreneurial alertness, and social psychology in nascent organizing. The assignment also touches on the importance of embedding entrepreneurial skills development in teacher education and revisiting the entrepreneurial mind. Students are expected to analyze and discuss different themes and concepts related to entrepreneurship, making it an ideal resource for those interested in startup research and development.

Entrepreneurial Opportunity/idea

Table of Contents
INTRODUCTION...........................................................................................................................1
1 Introduction of the entrepreneurial opportunity ideas and its value preposition.....................1
2. Critical Presentation of two entrepreneurial themes...............................................................3
3. Development Plans on Chosen Theme...................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship is the biggest opportunity to start the new business. It is the individual
idea which comes in new different way. Entrepreneur idea comes with new possibility such as
new jobs, product and services, business expansion, growth in business expansion.
Entrepreneurship is simple word which defines group of activities that helps to start the business.
Entrepreneur is the person who launch and design new ideas and designs. It helps country for
new developments, it plays very major role to accomplish the needs and wants of customers. For
the current report “Interior culture” company has been taken into action. It is a new start up
company of interior designing. The individual person is very innovative and creative to make
interior of buildings, offices, shops and houses. It will explain the various opportunity ideas and
themes which helps company to accomplish the objectives.
1 Introduction of the entrepreneurial opportunity ideas and its value preposition.
Entrepreneurship opportunity are usually defined in terms of creativity and innovation.
Individual play a very difficult role to innovate new things and ideas. The main purpose of
individual is to gain profit maximization and full fill the customer needs. Every idea has its own
value preposition that helps to achieve the customer attraction(Chandra, Styles and Wilkinson,
2015). Interior Culture company come up with new idea that Interior should be different and
positive in terms of business or for householders, it promotes their business through online. They
connect people and give all information regarding new designs and products. Online is the most
successful factor to expand the business. Like social media sites such as twitter, Instagram,
Facebook, my Space etc. “Interior Culture” also make their own website to aware the people
about new information. The company post their services and products on social sites and earn
enough amount of customer attraction. The firms also provide some additional benefits to the
customers(David, et.al, 2018). Such as some discounts or exhibitions, seminars etc. Today's time
there are many people who want to renovate their shops, house building with new different ways.
It helps to make new environment and attractive atmosphere in the place. Entrepreneur is the
person who needs to make new different ideas and service to retain the customer attraction
towards the company. Apart from this, due to heavy competition in the market business person
needs to invent new product and services to maintain the sustainability. Entrepreneurial
opportunity is that term which is future oriented action(Davidsson, 2015). Its opportunity based
on its ideas and creativity, Some of the entrepreneur opportunities discussed below.
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Entrepreneur Opportunities. Invest in multiple business: Entrepreneur needs to invest in multiple activities to focus
on single ideas. It helps to engage with many activities to accomplish the single objective.
Like “Interior Culture” may engage itself into social activities to gain the trust and faith
of the society. It helps company to build public image in the market. This increases the
sales revenue and opportunities. Apart from this investment activities is the positive to
get good returns. It also makes new business expansion and new opportunities. Quality Content and Products: Quality is the main factor in the business. Customer
always prefer durable and long lasting products. Company needs to provide quality of
services to attract the customer attraction and customer loyalty. “Interior Culture” Needs
to make Quality content for their website to attract customer preference. Good content
gives company new sales revenue and profit. It gives new opportunities and growth for
future purpose. Quality of services also make new image for the business between
competitors(Gaglio and Winter, 2017). This profit maximization helps company to invest
in further activities. Social Media Power: It is the another opportunity of entrepreneur to make their business
more competitive. Social media trend is the biggest trend in the market. Company can
easily connect with the customers through social sites. This opportunity is very flexible in
terms cost. Social Media can place the business and brand in the centre of attraction.
Apart from this it gives you new ideas and helps to determine the current trends.
Company needs to analyse the customer wants and requirements on the basis they create
new designs. Skilled employees: It is the important entrepreneur opportunity in the business.
Employees is the key factor to implement the pans and ideas. Cited Firm can use Human
resource to make quality of services and designs(Lerner and Hmieleski, 2015). Without
the help of Employees company cannot achieve the overall task. In terms of Interior
designing Company needs to recruit skill full employees who contribute their efforts in
companies goals. Talented employees of the company also give new ideas and thoughts
to make environment positive and motivated. Investors: Company business growth also attracts new investors towards the company.
Innovative ideas and quality of services. For new start-ups most of the investors
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interested to invest on new opportunities. Unique ideas and innovative creativity helps
interior culture to attract investors to expand their business growth(McBride and
Wuebker, 2014). Crowdfunding: Another entrepreneur opportunity is crowdfunding. There are many
institutions who provide different loans facilities for the new businesses. This increases
the start-up opportunities. Through which individual can easily develop their innovative
idea and get funds from any reputed firms. It makes easy to start any business idea and
earn maximum profit. It helps Interior Culture to grow its business with new opportunity.
 Customer Satisfaction: Customer satisfaction is the most effective opportunity for the
businesses. Customer is dynamic in nature they always want different innovative styles
and products. Interior Culture company needs to determine the actual requirement of
customer and give designs accordingly. Its is the interior designing company which needs
to listen the customer demands. It helps to make good relationship with the customers.
Interior Culture is the Start-up company, it requires different activities through
which they select entrepreneur opportunities. Entrepreneur opportunities assists person to make
new creative ideas and new attractive designs(McCann and Vroom, 2015). This makes company
more reliable and strong. These opportunities also make company competitive. Interior Culture
needs to maintain the image in front of the customers to acquire more opportunities.
2. Critical Presentation of two entrepreneurial themes.
Entrepreneurial theme is the tool which helps company to develop their business plans. It
also makes new ideas and business opportunities for the company. It is most effective in terms to
gaining customer attraction in competitive market. Interior Culture company also may adopt
some positive themes which is effective to accomplish the firm objectives. This increases the
future opportunities and growth for the company. These themes help to guide the company to
make better product and designs which is more realistic and attractive. In current time, People
want their house different and unique(Read, Sarasvathy, Dew and Wiltbank, 2016). For that
company needs to analyse the customer demand and give them best output. For that they need to
acquire some of the themes given below.
 Networking
 Learning from Mistake
 Innovation Creativity
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 Ethics and Moral in working
 Skilled Employees
 People Quality of services
Two themes of Entrepreneur
Networking
Having good relation with the stakeholder, suppliers, customers is very important for the
company. This networking provides future opportunity for the business. Interior Culture needs to
make healthy relation with the peoples to sustain in the market. Interior Culture company also
needs to full fill the all requirements of the client to full fill their desire. It gives chance for
development in future perspective(Selden and Fletcher, 2015). Good relation and healthy
network come with many opportunities in the business. It also helps to expand the business
growth. Good services provides by the company make new customer chain which gives new
network and customer attraction. Apart from this. Enterprise can get potential customers to
enhance the profit revenue. In terms of internal environment. With the help of good image in the
market. Skill full employees always attracts to engage with reputed company. Having good
relation with the investors, it gives new investment plans to grow the business. On the other side
having good relation with the suppliers, it gives new quality of raw material and equipments to
the company. Suppliers are the important stakeholders for the company. If company has good
relation with supplier, it may give some additional services to the company. This help to
minimize the company costs and give higher profit. Apart from this New Networks also gives
new business connection and profit revenue. This entrepreneur theme will help company in the
time of critical situations. Through social media sites company will connect people and having
good relation to expand the business sales. Apart from this, Interior Culture needs to maintain
good relation with the employees who working for the company. It helps to increase the trust and
faith in between employees. Besides, it also develops new enthusiasm power towards the goals.
Like “Interior Culture” also provide apps to connect customers and give all related information.
Furthermore, Company also needs to abide all legislation and rules imposed by the government.
It makes good image in front of the government(Uygur, 2017). Moreover, Company needs to
make good image in terms of laws otherwise government not give any benefits to those
companies who will not serious about the safety.
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From the above explanation. It states that this entrepreneur theme will also reduce future
risk. With the help of good network enterprise can get good amount of customers who helps
them for development plans.
Innovation and creativity
Innovation and creativity both are the key to success. It gives new customers and brand
image in the competitive market. Customer like to adopt those services which is attractive and
different from others. In terms of interior designing, clients wants unique design for its place
weather it is shop, house and other place(Williams and Wood, 2015). It helps company to
maintain good brand image in front of the customers. Like Interior Culture wants to make their
website creative and innovative through which customer get attract. This versatile entrepreneur
theme will give best results to the company. This feature explains the information more
specifically to the clients. It helps client to collect all information regarding company through
websites. Apart from this, Interior Culture needs to give different attractive designs which is
different and unique. It helps to get new customer pool. To sustain the position it is necessary for
the company to adopt innovative themes to enhance the company growth. Entrepreneur is the
person who gives new competitive market through producing unique services and products, So
that this theme play very vital role to retain the business in the market. This increase the client
demands and profit revenue for the company. Apart from that innovation itself is strong factor to
compete with the rival companies. It also makes company different from its different services.
Furthermore, this theme is very important to sustain in the market. Entrepreneur come up with
their new ideas and opportunities to attract customer attraction. It increases the future
sustainability and growth. These all factors helps company expand their business into other
segments(Wood and Mckinley, 2017). Apart from this, Every company should take their
business into new level by given new attractive services. It increases the business growth and
sales revenue.
From the above discussion it was concluded that, for getting higher level of performance
company needs to adopt some entrepreneurship themes. It increases the scope of different
opportunities. Apart from that it gives better performance in the working environment. These
types of opportunities helps company to expand their business into new segments. It increases
the customer image and sales revenue. To expand the business enterpriser needs to adopt some
risk factor to accomplish the overall business objectives.
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3. Development Plans on Chosen Theme.
Development plan is the most important process in the company. Interior Culture needs
to adopt new plans and strategies to expand their profit revenue(Wood, McKelvie and Haynie,
2014). New development plan will help company to focus on single direction. It will also help to
enhance the employee performance in the company. Interior Culture company necessary to adopt
new creative business plans and interior designs to make customer happy. It will help them in
further business development plans as well. Development plans take this entrepreneur themes
into correct direction and accomplish the company objectives. Development plans make on the
basis of company objectives and preferences. Company always determine the current needs and
wants of the customers to make them happy. This increases the brand image of the company in
the market. Development plan of the company must be correct and according to the business
profile. Interior Culture needs to make their development plans after analysing the competitors
strategies. It will help to minimize the future risk.
Development plan.
According to the above scenario it was concluded that company must be adopt some
development themes through which company achieve their objective and goals. It needs to make
short term task to accomplish the long term goal. It gives new direction and opportunities to earn
maximum profit revenue. Having clear objectives and goals will help them to achieve desires of
the company. Clear planning will help employees to work in more effective and efficient
manner. Some of these target given below:
Customer satisfaction
Customer satisfaction is the main aim of every company. Clients of the company
will decide that weather company is good or bad. Interior Culture needs to understand the client
needs and wants accordingly they prepare designs for them. Entrepreneur must be aware about
the customer requirement to accomplish the business objectives. Interior is the most trendy
business these days. Customer invests very huge amount on interior designing to make their
space unique and attractive for this, company needs to make better presentation to make
customer happy. Interior Culture is the brand known company which provide the best interior to
the customers(Read, Sarasvathy, Dew and Wiltbank, 2016).
Innovation
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Innovation is the key factor for the company through which they accomplish their
company objectives. Innovation and creativity must be required to sustain the customer attraction
towards the company. It is the main factor for Interior Culture to implement the innovative
changes in designs. By adopting innovative plans it involves heavy risk and challenges like
innovative plans may not accepted by the clients so in that case company needs to modify in
their plans and make according to the customer demand. It helps company to make new decision
for future developments.
Market Expansion
Every Business wants to expand their business into new market. Like Interior
Culture may expand their business into new market. It gives new opportunity and ideas to earn
more new profit for the company. Market expansion is the new opportunity for the firms to make
their image in front of the customers. It involves heavy risk to make new business, apart from
that having good image in the market. It helps company to promote their new services in the
market(McCann and Vroom, 2015).
CONCLUSION
From the above report, it concluded that entrepreneur has different opportunities and
ideas from which they discover new services and products. That can help him for further
developments. Interior Culture needs to adopt some more innovative and creative designs for
their customers. It helps to achieving the satisfaction level of clients which helps company to
earn maximum profit revenue. Furthermore, it concluded different entrepreneur theme which
helps company to make more new development plans. It helps to accomplish the overall
objective of the Interior Culture.
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REFERENCES
Books and journals
Chandra, Y., Styles, C. and Wilkinson, I. F., 2015. Opportunity portfolio: Moving beyond
single opportunity explanations in international entrepreneurship research. Asia Pacific Journal
of Management. 32(1). pp.199-228.
David, K., et.al, 2018. Embedding Entrepreneurial Skills Development in Teacher
Education. In Entrepreneurial Learning City Regions (pp. 319-340). Springer, Cham.
Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-
conceptualization. Journal of Business Venturing. 30(5). pp.674-695.
Gaglio, C. M. and Winter, S., 2017. Entrepreneurial Alertness and Opportunity
Identification 3.0: Yes, We Can Talk Empirical!. In Revisiting the Entrepreneurial Mind (pp.
359-377). Springer International Publishing.
Lerner, D. A. and Hmieleski, K. M., 2015. SOCIAL PSYCHOLOGY IN NASCENT
ORGANIZING: WHAT DO WE INFER ABOUT AN ENTREPRENEUR, AND DOES IT
MATTER?(SUMMARY). Frontiers of Entrepreneurship Research. 35(3). p.14.
McBride, R. and Wuebker, R., 2014. Is entrepreneurial opportunity objective? Implications
from the ontology and epistemology of social institutions.
McCann, B. T. and Vroom, G., 2015. Opportunity evaluation and changing beliefs during
the nascent entrepreneurial process. International small business journal. 33(6). pp.612-637.
Read, S., Sarasvathy, S., Dew, N. and Wiltbank, R., 2016. Effectual entrepreneurship.
Taylor & Francis.
Selden, P. D. and Fletcher, D. E., 2015. The entrepreneurial journey as an emergent
hierarchical system of artifact-creating processes. Journal of Business Venturing. 30(4). pp.603-
615.
Uygur, U., 2017. An Analogy Explanation for the Evaluation of Entrepreneurial
Opportunities. Journal of Small Business Management.
Williams, D. W. and Wood, M. S., 2015. Rule-based reasoning for understanding
opportunity evaluation. The Academy of Management Perspectives. 29(2). pp.218-236.
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Wood, M. S. and Mckinley, W., 2017. After the venture: the reproduction and destruction
of entrepreneurial opportunity. Strategic Entrepreneurship Journal. 11(1). pp.18-35.
Wood, M. S., McKelvie, A. and Haynie, J. M., 2014. Making it personal: Opportunity
individuation and the shaping of opportunity beliefs. Journal of Business Venturing. 29(2).
pp.252-272.
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