Entrepreneurial Opportunities and Strategies for Exploitation

ENTERPRENEURSHIP
THEORY AND PRACTICE

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
QUESTION 1A...............................................................................................................................3
Creation and discovery aspect of Entrepreneurial Opportunities................................................3
Firm level capabilities or strategies for effective exploitation of opportunities..........................5
QUESTION 1B................................................................................................................................7
Dimensions of entrepreneurial orientation..................................................................................7
Reflection.....................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
The term entrepreneurs signify someone who is extremely creative and innovative in the
ideas that have been developed and is able to create a business out of the ideas thus developed
(Miocevic and Morgan, 2018). In this report, the different aspects related to entrepreneurial
opportunities, opportunity exploitation, entrepreneurial strategies and entrepreneurial orientation
will be analysed and reflected upon.
MAIN BODY
QUESTION 1A
Creation and discovery aspect of Entrepreneurial Opportunities
The term entrepreneurial opportunities indicate the different innovative processes and
activities or the decision making activities that can be used in order to develop or create an
emergence of the new entries in the business (Discua Cruz, Hamilton. and Jack, 2020). The key
features of the entrepreneurial opportunities indicate the key dimensions that have been indicated
by a propensity or desire to act apart from each other, the acceptance of the risk that will arise at
different levels and the willingness to be innovative at all costs are the major aspects that can
lead to the better positioning and capturing of the market segments. When an entrepreneurial
opportunity arises, the tendency generally moves towards being aggressive with the competitors
that have been identified and taking proactive actions or approaches in relation to the different
opportunities that are available in the marketplace.
This ultimately leads to the creation of those situations where the entrepreneur can sell their
products and services at an increased than what it actually took to produce or manufacture them
(Smith, 2020). The recognition of the entrepreneurial ventures is comparatively a subjective
process but it can be adequately said the opportunities in themselves are completely an objective
phenomena and they are known and in acknowledgement of all the parties at all times. In order
to create a profitable situation in the markets in which the entrepreneur plans to launch
themselves it is essential that they first analyse the existing market and forecasts the chances at
success and acceptability i.e. by identification of the different entrepreneurial opportunities that
already exist or can be created in the market. Such entrepreneurial opportunities can arise in a
variety of forms i.e. it can be through identification of the new products or services that did not
exist previously, or by identifying the already existing opportunities in the markets that were not
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acknowledged previously etc. (Masango and Lassalle, 2020). These can be broadly discussed
through two major aspects i.e. Opportunity creation and opportunity discovery:
 Opportunity Creation: The term opportunity creation indicates that the innovative ideas that
have been developed are on the basis of the creation or development by the entrepreneur
themselves. The creation process is more oriented towards the manner in which the existing
needs and demands are perceived and view that has been developed regarding the
opportunities thus identified (Piva, 2018). Creation does not involve active search of any
pre- existing ideas as they have not been already created anywhere in the market i.e. they do
not exist. The opportunities are identified on the basis of actions and response of the people
in the market thus being created or manufactured rather than being discovered.
 Opportunity Discovery: Opportunity discovery on the other hand is a more subtle where the
opportunity already exists but it just needs to be identified. Under this type of opportunity, it
is believed that the opportunities are already out there but they have to be discovered or
identified and then developed in such a manner that they can address those unmet needs or
desires (Nieto and González-Álvarez, 2016). This is possible only when the entrepreneur is
able to develop a foresight and can keenly work towards the analysis of different paradigms
and work fields that already exist so that the score of new and relative opportunities can be
identified and analysed adequately.
Differences between opportunity discovery and opportunity creation:
Opportunity Discovery Opportunity Creation
 The major difference is that in
opportunity discovery the
opportunities already exist and they
are just waiting to be discovered by
the entrepreneurs independently. This
is generally in regards with the realist
philosophy related to entrepreneurship
(König, Gudd and Baltes, 2017).
Under this type of approach the nature of
the entrepreneurs is different from
those of non entrepreneurs and the
Opportunity creation involves those
Opportunities that do not already exist
and the entrepreneurs need to create it
themselves. Here the identification of
such opportunities is dependent on the
entrepreneurs. Additionally the
philosophy involved is evolutionary
realist philosophy for such
opportunities.
Further, under this the nature of the
entrepreneurs can or cannot differ
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