Entrepreneurial Opportunity Formation

The provided assignment is focused on the concept of entrepreneurial opportunity formation in entrepreneurship research. It explores different aspects of opportunity creation and discovery, including necessity and opportunity entrepreneurs, social entrepreneurship, international entrepreneurship, and strategic entrepreneurship. The document also touches upon waste management and recycling guidelines. A detailed analysis of relevant literature and online sources is presented, providing a thorough understanding of the topic.

Entrepreneurship
Opportunity
Contents
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1

Section 1.................................................................................................................................1
Section 2.................................................................................................................................3
Section 4.................................................................................................................................5
CONCLUSION................................................................................................................................8
RECOMMENDATION...................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurial opportunities are the chances which can be more profitable for the new start-
ups business or an entrepreneur who is interesting in inventing in new creation and innovation to
accomplishing need of people in marketplace more responsibly (Mainela, et. al., 2014). This
assignment accesses various entrepreneurial possibilities available in marketplace to develop a
successful business. This section 1 of this assignment decreases about the business idea and its
value proposition in marketplace to earn profit over the plan. While second section describes
various themes of business development in order to select most appropriate and profitable
themes in action plans. While last section discusses about the development plan of enterprise in
order to act more in systemised manner and as a successful business in markets.
TASK
Section 1
The entrepreneurship is having a multidimensional nature while working in business
environment. This is having an economical and innovation directional nature. This is having its
value in creating profitable business and carried out goals orientated activities in action.
Innovators can be a good entrepreneur and convert an on-going business into highly successful
firm. The innovator is the person who develops or invents new concepts ideas and products as
per the various needs of marketplace in order to add on in the higher profitability of the firm
(Alvarez Barney and Young, 2010). Inventors are the person who invents new processes, or new
objects, things in the occupational environment in order to provide new techniques and
technologies in the world. Entrepreneurs are the person who is having ability to start a new
venture and make this into a profitable business by taking higher risk and convert this into
profitability of the firm.
There is a significant relationship between innovation and entrepreneurship as this
entrepreneur realises the value of the innovators for its invention. This sometimes follow up the
innovation in their business activities while sometime this leads the innovation and come up with
higher profitability. Entrepreneurial activities largely contribute in success of the business firm.
As this is having higher risk taking ability and accessibility to the various growth opportunities
in marketplace.
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The business idea can be defined as a concept which is developed in order to gain some
financial profits in commercial environment by offering some products and services in the
marketplace. This can be defined as that the entrepreneurial business idea should be unique and
innovative in order to gain attention of higher potential customers and contribute in higher
profitability of firm (Baron and Henry, 2011). While value of the business can be described as its
importance or significance which is provided to the customers’ needs and wants. Business idea
also adds on in the value of marketing trends as well as to the environment and the society
people too.
The business idea developed by a management school entrepreneur is to earn high
amount profit from the waste and garbage management in the operations. It is very much
important that an entrepreneur company with both of its idea as well as value proposition of the
developed concept responsibly in order to attract large numbers of target segment towards
business activities. So, the defined business idea and the value proposition to the entrepreneurial
venture is discussed below.
The idea of business is to establish a firm operationally working for collection of garbage
and waste from various sources like household, restaurants, supermarket etc. and process this
raw material for electricity generation or gas generations as fuel. The company is developing an
idea to achieve success through gaining advantage of entrepreneurial opportunity available in the
huge amount of household and commercial organic wastes (Short and et. al., 2010). As the
Europe in an developed country so the people are frequent in their eating habits and this will
leads to increase in higher amount of wastage of food, non-used food etc. which defined a
growth opportunity for the entrepreneur to convert this chance or possibility in an profitable
business idea.
Value proposition: The Value proposition of Enterprise is to deliver a environment
friendly approach to earn profit in business market. Another value persist in the business idea is
the firm is engaged in recycling the waste collected from various sources. This also adds value in
the profitability of the firm by adding to sustainable growth of natural environment and reducing
land-filling in Europe.
This is concluded that the business idea is having great value for the entrepreneur as well
as for the betterment of natural environment as well as for the customer needs. This also
contributes in increasing energy sources in the world. The business idea of wastage management
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and its reducing create higher value to the profitability of the firm as the food is basic need
human. So, generation of organic food is also eventual which develop high value in the profit of
venture.
Section 2
The various themes can be developed in generating a new idea for the business. This
involves development of different themes which provide higher level of profit to the enterprise
(Suddaby, Bruton and Si, 2015). The different themes help in providing direction to the business
activities and make appropriate advantage of the entrepreneurship opportunity available in the
business environment. The various themes and concept are of business are as follows:
Theme 1- Recognition: This is defined as the entrepreneurship should be active in
recognising various growth opportunities available in the marketplace. Development of business
plan as per the possibilities will be profitable as the enterpriser will devise business strategies as
per the various growth possibilities in market which can generate higher profitability and having
lower risk.
Source 1 Daniel Clark. 2014. Guidelines: Waste Management and Its Recycling
Theme 2- Discover: This is the subject of finding something new which can be profitable
for the business in marketplace. This finds out new approaches to deal with various problems
faced in the business environment in order to increase the profitability of the firm in many folds.
Theme 3- Invent: The invent theme followed by business involve invention of new ways
in the commercial market in order to act more profitably and competitively in commercial
surrounding. This particular theme helps in developing competitive advantage in the among
various businesses dealing in same operational lines (Block and Wagner, 2010).
In this respective entrepreneurial project recognition and innovation both is selected in
order to act as per the market needs as well as come up with new innovations to act more
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profitably and gain competitive advantage in their processes. These themes largely contribute in
higher profitability of the firm in many folds.
As per the recognition theme the entrepreneur is responsibly engaged in identifying
various growth opportunities in the business of the waste and garbage manger. The person finds
out the most profitable entrepreneurship opportunity in the management and recycling of wet
waste i.e. organic garbage collected from the various MNCs, industries, supermarkets,
restaurants, hotels and homes. The company is functioning on increasing needs of organic waste
management. As this is largely increasing the landfills size with increment in population and
their eating habits. Also this wastage is leads to stinging smells in air and also contains infectious
germs which harm the human body to a large (Perrini, Vurro and Costanzo, 2010). So, through
entrepreneurial activity a person can make profitable use of this huge amount of organic wastage
available at very low cost. This recognition of entrepreneurial opportunity motivates an
individual to come up with new approaches in order to deal with the wet waste more profitability
and develop profitable outcome from the collected garbage from houses and various restaurants
and supermarkets.
The second theme selected for the entrepreneurial opportunity is invent which involves
coming up with new in innovative creation or idea which helps in effectively achievement of all
the growth possibilities available in marketplace. The business firm is inventing new approaches
to deal with wet waste and the garbage. The venture is developing various new innovation like
producing electricity and the gas from the waste and organic garbage processing (Webb and et.
al., 2011). This leads to production of large amount of energy from the process and contribute in
higher profitability of the firm through utilising the waste material of households, restaurants and
supermarkets sustainably. So, enterprise is following up the various approaches in order to
produce higher amount of electricity from the wastage processing by collecting the garbage at
very low cost and making agreement with clients to provide a profitable products in return or
making electricity available at lower cost.
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Source 2WASTE MANAGEMENT OF SAN DIEGO & ORANGE COUNTY. 2017
This can be concluded that the recognition theme is necessary for development of a
profitable business plan as this access the various growth opportunities in marketplace and acting
profitably in business environment. While the invent theme contribute in increasing the
profitability of the firm through developing new innovation by increasing the productivity of
firm or developing better values to environment as well as social needs (Dimitratos and et. al.,
2012).
Section 4
Entrepreneurial development plan is the blueprint of business vale and the reflection of
the value that it is adding the business environment or to the market needs. The development
plan of waste management company is discussed as follows:
Company Information:
The company is working for sustainable management of waste available in the Europe.
The company is working from making an effective use of huge amount of garbage produced in
home and restaurants from the unused or wasted food material. The firm is producing electricity
from the processing of organic food and delivering it’s to residential homes and to restaurants,
supermarkets.
Product Portfolio
The company is developing recycled products form the waste management collected from the
various sources of organic garbage like home, supermarkets, restaurants and hotels. The products
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of the recycling of organic food are electricity and the gas. While the by-product of recycling
organic waste is fertiliser.
Situational Analysis:
This particular step in development plan helps in accessing the current condition in
marketplace and the comparability of the enterprise in existing situation in commercial
environment. This largely contributes in reacting more confidently and profitability in external
marketplace to gain the present entrepreneurial opportunity and establishes a profitable
enterprise.
Strengths
The strength of the business that it is working
for sustainable development of natural
environment. The raw material used do not
harm to the external climatic conditions. This
creates positive value in the marketplace amount
various users and clients related with enterprise
operations.
Weakness
While one of the weaknesses of waste
management and its processing is that the
workers working in plant may get infected or
suffer from various disease. While another
weakness of the firm is less aware participation
of the client in collecting waste from houses,
restaurants in maximum amount.
Opportunities
The company can make use of various new
techniques in order to increase efficiency of the
electricity production in recycling plant. Also
business firm can go for further inventing new
approaches to handle waste and garbage more
responsibly. Also the business can expand their
business in recycling operations while dealing
all different types of waste of country.
Threats
Noncompliance of the government policies or
any change in regulatory bodies’ policies is the
biggest threat to enterprise of waste
management. Another threat is entry of new
entrants in the business as this is having large
scope of profitability with increasing eating
habits of people and organic waste in country.
Environmental Audit:
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The entrepreneur should be responsive in accessing the various growth opportunities
available in external environment and also evaluating the various threats present in the external
commercial surrounding in order to act more profitability and establish a profitable enterprise
(Hitt and et. al., 2011). So, the Pestle analysis can be effective approaches in external
environmental audit of enterprise. The political issues can affects the establishment of enterprise
working for waste management and this can be affected by the legal laws of the country too.
Also the various economic factors and the environmental aspects also influences the
development plan of an enterprise in marketplace.
Objectives:
Corporate Objectives
The company is strategically acting to collect large amount of waste from the households,
restaurants and supermarkets.
The firm is working for developing profitable strategies accounting for its sustainable
development in marketplace.
Also the firm is strategically developing various approaches in order to install new
technologies in functions and operations of the firm.
Evaluation:
The enterprise should evaluate the complete development plan responsibly in order to act
more confidently and profitably in marketplace. This business development of the business idea
should be evaluated on various ground in order to analyse the efficiently of plan with reference
to various entrepreneurship opportunities available in external markets (Mainela, Puhakka and
Servais, 2014). The business idea of waste management plan should be evaluated in breakeven
point and the prior margin over the cost of collected waste and garbage from house and
restaurants.
Implementation and Control:
Then the blueprint of entrepreneurial plan is developed responsibly and implemented in
practices to make efficient amount of profit. The enterprise development plan should be
controlled at various levels in order to increase the efficiency of various involved operation in
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process of wastage management and goals activated optimally with contributing to maximum
profit.
Final Analysis
This can be finally decrease that the business plan can be profitable in developing higher profit
as the waste is increasing day by day as the food is basic need of people and also the population
in countries are increases with higher rate. This increase raw material for enterprise operations
largely and contribute in development of higher amount of electricity to contribute in higher
profitability of the firm. This develops higher entrepreneurial growth opportunities in market
place to act more profitably in the markets of Europe. This is the invent theme which leads to use
of technically more profitably to contribute in devolvement of new products to accomplishing
needs of the business more efficiently and more profitably.
CONCLUSION
This can be concluded from the above report that the entrepreneur should be responsible and
actively involved in accessing various entrepreneurial opportunities in marketplace. This is
concluded that the business idea defined in first section i.e. of waste management largely adds on
in its value proposition this is an environment concerned process. While second section
concludes that the waste is increasing in large amount which is a recognise needs of it to be
managed responsibly through inventing new processes in enterprise operations.
While last section adds on that the enterprise follows up a defined set of activities while
accessing the effectiveness of the developed business idea and as per the requirements. This
discusses the defined corporate strategies and the goals which are to be achieving through the
enterprise establishment and defined budget limits in order to achieve breakeven point more
responsibly and contribute in profits of the firm.
RECOMMENDATION
Some of the recommendation to defined entrepreneurial opportunity in the marketplace is
are as follows:
 The company can go for up gradation in technologies and innovative ideas in order
to act more profitably in business environment.
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 The firm can recycle the different types of waste in their operations like, dry, wet and
e-waste differently.
 Also the firm should innovate in new ideas to handle large amount of waste is
produced in the country and act profitably towards this entrepreneurial opportunity.
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REFERENCES
Books and Journal
Alvarez, S. A., Barney, J. B and Young, S. L., 2010. Debates in entrepreneurship: Opportunity
formation and implications for the field of entrepreneurship. In Handbook of
entrepreneurship research (pp. 23-45). Springer New York.
Baron, R. A and Henry, R. A., 2011. Entrepreneurship: The genesis of organizations. American
Psychological Association.
Short, J. C and et. al., 2010. The concept of “opportunity” in entrepreneurship research: Past
accomplishments and future challenges. Journal of Management. 36(1). pp.40-65.
Suddaby, R., Bruton, G. D and Si, S. X., 2015. Entrepreneurship through a qualitative lens:
Insights on the construction and/or discovery of entrepreneurial opportunity. Journal of
Business Venturing. 30(1). pp.1-10.
Block, J. H and Wagner, M., 2010. Necessity and opportunity entrepreneurs in Germany:
Characteristics and earnings differentials.
Perrini, F., Vurro, C and Costanzo, L. A., 2010. A process-based view of social
entrepreneurship: From opportunity identification to scaling-up social change in the
case of San Patrignano. Entrepreneurship and Regional Development. 22(6). pp.515-
534.
Webb, J. W and et. al., 2011. Where is the opportunity without the customer? An integration of
marketing activities, the entrepreneurship process, and institutional theory. Journal of
the Academy of Marketing Science. 39(4). pp.537-554.
Dimitratos, P and et. al., 2012. International entrepreneurial culture—Toward a comprehensive
opportunity-based operationalization of international entrepreneurship. International
Business Review. 21(4). pp.708-721.
Hitt, M. A and et. al., 2011. Strategic entrepreneurship: creating value for individuals,
organizations, and society. The Academy of Management Perspectives. 25(2). pp.57-75.
Mainela, T., Puhakka, V and Servais, P., 2014. The concept of international opportunity in
international entrepreneurship: a review and a research agenda. International Journal of
Management Reviews. 16(1). pp.105-129.
Mainela and et. al., 2014. The concept of international opportunity in international
entrepreneurship: a review and a research agenda. International Journal of Management
Reviews. 16(1). pp.105-129.
Online
WASTE MANAGEMENT OF SAN DIEGO & ORANGE COUNTY . 2017. [Online].
Available through: <http://chemistrypr.com/clients/waste-management-of-san-diego-
orange-county/>.
Daniel Clark. 2014. Guidelines: Waste Management and Its Recycling. [Online]. Available through:
<http://americanpreppersnetwork.com/2014/12/guidelines-waste-management-
recycling.html>.
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