Entrepreneurial Opportunities and Orientation

Entrepreneurship Theory and
Practice

TABLE OF CONTENT
TABLE OF CONTENT...................................................................................................................3
INTRODUCTION...........................................................................................................................4
MAIN BODY..................................................................................................................................4
Question 1a..................................................................................................................................4
Question 1B Five dimension of entrepreneurial orientation........................................................8
Reflection.....................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Traditionally entrepreneurship is the strategic process through which an individual often
known as an entrepreneur creates a business venture with the intention to generate profits from
its operations. Modern definition of entrepreneurship also includes the efforts ofentrepreneurs to
create and develop innovative technologies and solutions which aim at improving the quality of
life of the different social classes of the population (Discua Cruz, Hamilton and Jack, 2020). This
report primarily focuses on the evaluation of creation and discovery of entrepreneurial
opportunities by entrepreneurs, analyses the five dimensions ofEntrepreneurial Opportunities and
reflects on these dimensions.
MAIN BODY
Question 1a
Entrepreneurial opportunities are situations within the consumer markets through which
an entrepreneur can sell manufactured or procured goods, products and services at prices which
are lower than the cost it took to produce them, effectively allowing for the entrepreneur to
generate profits. Entrepreneurial opportunities require an entrepreneur to take external action to
make use of such situations in the consumer markets to make profits by exploiting market
imperfections and changes (Ekanem and Uwaje., 2017). Entrepreneurial opportunities also
include any ideas that an entrepreneur has with the intention to create new and innovative goods,
services, products, operational processes and paradigms in the consumer markets which can
allow for the entrepreneur and their stakeholders to generate profits in the consumer markets
through the opportunities that these innovations present (Davidsson, 2017). Entrepreneurial
opportunities in the consumer markets are a future oriented action, through which an
entrepreneur has to discover, assess or create such opportunities in the consumer marketsto
generate profits before even trying out the concept, thus having significant risks attached to
them. To generate profits in the consumer markets, an entrepreneur first has to identify the
entrepreneurial opportunities that are present to him in order to further their aim of exploiting
such entrepreneurial opportunities for their purposes. This can be done by anentrepreneur
through two ways creation of entrepreneurial opportunities by themselves or by discovering
existing entrepreneurial opportunities in the consumer markets with the intention to generate