Entrepreneurial Cognition and Opportunity

This assignment delves into the crucial concepts of entrepreneurial cognition, orientation, and their influence on firm capability within the realm of entrepreneurship. It examines research exploring how these elements shape an individual's ability to identify and seize opportunities, ultimately impacting a firm's success.

Entrepreneurial Opportunities

CONTENTS
Contents.............................................2
INTRODUCTION.......................................1
TASK..............................................1
CONCLUSION.........................................6
REFERENCES.........................................7

INTRODUCTION
Entrepreneurship is defined to be a term which has garnered attention throughout the
world. It is defined to be an endeavour undertaken by an entrepreneur to present something of
value to the market of United Kingdom. It is an approach in which an individual takes up the
task of designing and introducing a new product to the market (Boso, Story and Cadogan, 2013).
Entrepreneurship and small business are the term which are often used interchangeably. The
main reasons behind that all ventures are started as small business and gradually increase their
operations. The market of United Kingdom is experiencing a latest trend for entrepreneurship
and encouraging the same as it is beneficial to a business in many folds. This assignment
undertakes evaluating concept of entrepreneurship. Various themes and literatures on the
mentioned topic will be studied as well. The development of a new business model will be
carried out with the help of chosen themes.
TASK
Introduction to entrepreneurial idea and value proposition
The concept of entrepreneurship revolves around starting a business. The efforts of entrepreneurs
in this endeavour are aimed to overcome problems persisting in the current society. The efforts
of such individuals are directed to create something of value which can help in availing positive
financial outcomes from the concept. The task is not easy as it involves lot of risk taking and
going against the market. It is mentioned to be a state of mind in which a person looks for
distinct ideas to overcome the problems. The range of entrepreneurship can be from employment
of self or giving employment to people in the market. The innovation which takes place in the
market are generally categorised on the changes incorporate by them. Incremental innovation is
the one which causes marginal changes in market functioning whereas Disruptive innovations
carry the potential to disrupt the functioning of the market with their creations (Cardon, Stevens
and Potter, 2011). Entrepreneurial activities are heavily dependent on the area of operations and
creativity which is included. The invention should carry a value proposition to the market and
which have not been seen or created in the market. It is necessary that the idea or invention
carries a value proposition so that customer perceives venture as attractive and persuades the
prospects to make use of the same. It is a marketing term which has been used in the day-to-day
manner to motivate employees to create something which makes an organisation more attractive.
Another reason for it being incorporated in the entrepreneurial adventure is that it ensures
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customers that this creation will help in solving their existing problems in a creative and
unprecedented manner (Dacin, Dacin and Tracey, 2011).
In context of the market of United Kingdom, it is a market where more than 40% of the
population have crossed their age of 40. In such an elderly dominated demographic it is essential
to cater the medical needs of people. The significant decline in the birth rate ensures that
maximum population will be elderly dominated. The amount of mobility reduces with passing
age and it is difficult for people from commute from one place to another through public
transport. Such a circumstance raises needs for better and convenient health services.
The idea in this entrepreneurial adventure is to cater medical needs of such people with
ease and convenience. The justification for this idea is that maximum number of families in the
United Kingdom prefers nuclear concept which means that elder couple will not have anyone to
look after them. The best that children do is to send them to healthcare homes. But this cannot be
the case in the smaller diseases such as joint pain or fevers. Another reason which supports this
idea is that people because of the eating habits and decline body workout are more vulnerable to
diseases therefore it is easy and beneficial for them to avail services at their respective homes.
21st century is the age of digitalisation and mobiles phones have become an indispensable part of
human lives. There are n numbers of tasks which are to be carried out with the help of mobile
phones so why not consult a doctor? So the new entrepreneurial venture will rely on using
digitisation to cater the medical needs of people across the country. This concept is unique
therefore carries a certain amount of risk with itself. The newer concept carries a high risk of
failure as people are not accustomed to it (Chaston and Sadler‐Smith, 2012). But if once this
creation is successful in maintaining a place for itself in the lives of people it carries a high scope
for growth and profitability for an entrepreneur. It has been identified as a major opportunity for
the market which is not utilised till date by an entrepreneur in the market. The reason for taking
up this idea and turning this to a reality is to do something for the society and identify ways in
which it can surpass the major hurdles to raising a healthy population for this British nation.
Entrepreneurial theme one- Recognise
It is defined to be the first step when one is looking to start a venture of his own. To identify
opportunities it is essential to ascertain the various problems in the market and then thinking of a
solution in a creative manner. There can be variety of entrepreneurial themes which can rely on
the process, innovation, uniqueness, growth and value creation. The venture can undertakes one
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of more entrepreneurial theme to introduce a product or services to the market. This is the first
step which is taken by a student’s towards entrepreneurship. It is known that entrepreneurship is
a sequential process and it begins with recognition of opportunities which lies in the market
(Davidsson, 2015). Opportunity recognition is defined to be a situation in which a student carries
an idea and have the potential to explain it to others. The task for entrepreneurs does not end
here. They have to identify an idea and execute it into a manner which is not adopted by others in
context of a market.
The idea needs to possess the power to influence others for purpose of raising funds. To
identify major opportunities it is essential for an individual to be aware of the market and to
identify the factors and facilities which are lacking. Asking question is another tactics which is
helps in facilitating a deeper understanding of concept and identify what is not there in the
market. Mark Zuckerberg recognised a need for a common platform where people residing in
various parts of the country can connect with each other and identify about their well beings.
Jack Ma founder of Alibaba recognised assessed about technological revolution and build an app
that sells products and services to wholesalers around the globe. The theme which is emphasized
by these two entrepreneurs is to creating something of value through innovative means which
carries power to earn huge profits for the corporation. The need of having a 24*7 health care
services are felt which can be delivered to needy in a convenient manner. It is very crucial that
opportunity recognised should carry all major themes of definition of entrepreneurship as
without it they might fail in fulfilling their tasks (Douglas, 2013). Theme of entrepreneurship
guides an individual in value creations and garnering financially sustainable results for an
entrepreneur. The idea should be unique, creative, and innovative, value creating and should
have the capacity to fulfil needs and expectation of consumers.
Entrepreneurial theme two- Discovered
The word discovered means to identify something which have not yet been discovered. This
word is suitable in this context of entrepreneurship as it aims to create and invent a product or
service which is not yet experienced by prospects in the target market. There are variety of
business opportunities which lies in the market but it is a task to discover the one who have the
capacity to fulfil themes in definition of entrepreneurship. These opportunities can be termed as
business ideas which have grew in the target market (Grégoire and Shepherd, 2012). There are
opportunities in the market and it solely depends on the person who undertakes this venture on
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idea that he discovers. The proactiveness in the entrepreneurs helps them in taking advantage of
the chances than other who process gradually. Supposedly an entrepreneur is looking for
opportunities in the hospitality sector and subconsciously discovers a way to supply healthcare
services to people can be undertaken in this domain. Students should keep an opportunity
seeking behaviour so that they are able to discover opportunities which carry the potential to
provide appropriate financial returns and growth in the market.
Another perspective of theme which is taken into consideration is the fact that there is nothing to
be discovered in the market if one willing to take up entrepreneurship he has to create
opportunities in the market. The perfect example of this theme is Lord Karan Bilmoria who
created a billion dollar empire in spite of major organisation catering that segment. The values
creation and uniqueness along with right amount of value proposition helped him in building a
brand out of a beer. It is necessary for young entrepreneurs to incorporate creativity into their
behaviour. The market is a rough place for young wolfs and they may not be able to discover the
opportunities for which they are wondering. Therefore in that scenario creating opportunities
takes the stage. This theme states that markets and opportunities are both created by humans. The
opportunity relies on the ability of a human to create and avail the same. The interaction among
people and entrepreneurs leads to a creativity (Madhok and Keyhani, 2012). Another example
which can be given in this extent is of eBay’s founder. In a interview when asked about this
opportunity he stated that he build this business as it is his hobby. The creation process in context
of an entrepreneur not always results in creation of opportunity in a market but carries a large
influence on manner in which functions are carried out.
Development of an idea on the chosen themes
The process of creating an idea is known by the term ideation (McMullen and Dimov,
2013). It undertakes a process of creating an idea and communication so that it can be developed
in the best possible manner. The chosen theme for development of idea is that opportunities in
the market are created which can be further utilised to make profitable outcomes. In this
competitive market there are varieties of organisations catering the same segment and fulfilling
the same requirements. For instance Tesco, Aldi and marks and spencer are carrying out their
operations in the retailer sector in United Kingdom. An individual’s who discovers opportunities
would not be able to identify any but it is Primark’s owner who entered into this competitive
segment and now ranked as 3rd in terms of revenue. The difference is that he created opportunity
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which other failed to recognise or discover. There are variety of companies who are striving hard
to digitalise the healthcare domain in such a scenario one can work hard to recognise opportunity
or a person can work hard to create a unique and value offering to the customer which is hard to
ignore.
A student can come up with a business idea but it is necessary to be assisted with right
knowledge and guidance so that it can be developed. In order to develop a startup plan it is
necessary to follow the below mentioned steps in a step by step manner.
Consideration of relevant markets: This is most crucial step which is to be carefully
analysed. It is essential to identify a niche market where this idea carries relevance. In this step
the extent to which problems of consumers are resolved will be taken into consideration. The
idea to digitalise health care facilities carries its relevance in the British market and carries a
significant impact in manner people consult doctors in the country. TED is a programme
developed to spread the ideas which are potential in nature and sharing of information.
Expansion of ideas: Expansion and improvement of ideas is paid emphasis in this step. Ideas
are documented and evaluated so those major shortcomings are addressed (Patzelt and Shepherd,
2011). Notes are collected and synced so that a serial can be allotted to them.
Competitive Analysis: it is forecasting the manner in which idea will compete with rivals in
the target market. The comparison helps in identifying the grounds which are to be improved so
that it can be launched successfully in the market. Another reason it is carried out is to identify
whether concept is able to cater the domain which are untouched by rivals. The online provision
of healthcare services is supported by delivering medicines to the doorstep to make it more
convenient. This provides an edge to idea when compared to its competitors
Modelling of business: It is necessary to create a model of business so that various
dimension which are not yet considered such as value proposition, resources, revenues and
customer relationships are provided with due consideration. Impersonation of the business idea is
to be done. This modelling uncovers various segments which are untouched by a student such as
cost structure, partners and value creation activities (Su, Z., Xie, E. and Li, Y., 2011).
Designing of prototype: the prototype of idea is to be developed. A student can engage
himself in designing of prototype of services. The online web portal is developed so that it can be
tested. There are variety of tools available which helps in creating right website for services and
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portals such as InfluenceApp helps in evaluation design of a website. Students can be provided
with right guidance so that are able to create a suitable website for their idea.
Market survey: this is done to ascertain feedback of customers and their reactions on
development of the idea. The URL will be sent to the target market along with a questionnaire to
take inputs to improve service provision. It is easier to conduct an online survey rather than a
field one as it carries less physical workout and wider reach (Thornton, Ribeiro-Soriano and
Urbano, 2011). Adoption of focus groups can be beneficial for an upcoming entrepreneur.
Product development: this is last step in idea development which aims to create a service and
deliver to the target market. The necessary changes are to be incorporated to the services and
launched in the market. The launching of product should be accompanied by marketing tactics
such as value proposition so that it is perceived attractive by consumer in the targeted segment
(Zellweger and Sieger, 2012).
CONCLUSION
It can be concluded from the above report the entrepreneurship have become a crucial part
of the market. Opportunities in the market can be recognised, discovered and created.
Entrepreneurial opportunities are created so that healthcare services are delivered to consumers.
The idea possesses all themes of entrepreneurial definition such as uniqueness, creativity and
value creation. It is necessary to develop an idea so that it can reap profits for an entrepreneur.
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REFERENCES
Books and Journal
Boso, N., Story, V.M. and Cadogan, J.W., 2013. Entrepreneurial orientation, market orientation,
network ties, and performance: Study of entrepreneurial firms in a developing economy. Journal
of Business Venturing, 28(6), pp.708-727.
Cardon, M.S., Stevens, C.E. and Potter, D.R., 2011. Misfortunes or mistakes?: Cultural
sensemaking of entrepreneurial failure. Journal of Business Venturing, 26(1), pp.79-92.
Chaston, I. and Sadler‐Smith, E., 2012. Entrepreneurial cognition, entrepreneurial orientation
and firm capability in the creative industries. British Journal of Management, 23(3), pp.415-432.
Dacin, M.T., Dacin, P.A. and Tracey, P., 2011. Social entrepreneurship: A critique and future
directions. Organization science, 22(5), pp.1203-1213.
Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-
conceptualization. Journal of Business Venturing, 30(5), pp.674-695.
Douglas, E.J., 2013. Reconstructing entrepreneurial intentions to identify predisposition for
growth. Journal of Business Venturing, 28(5), pp.633-651.
Grégoire, D.A. and Shepherd, D.A., 2012. Technology-market combinations and the
identification of entrepreneurial opportunities: An investigation of the opportunity-individual
nexus. Academy of Management Journal, 55(4), pp.753-785.
Karimi, S. and et. al., 2016. The impact of entrepreneurship education: A study of Iranian
students' entrepreneurial intentions and opportunity identification. Journal of Small Business
Management, 54(1), pp.187-209.
Madhok, A. and Keyhani, M., 2012. Acquisitions as entrepreneurship: asymmetries,
opportunities, and the internationalization of multinationals from emerging economies. Global
Strategy Journal, 2(1), pp.26-40.
McMullen, J.S. and Dimov, D., 2013. Time and the entrepreneurial journey: The problems and
promise of studying entrepreneurship as a process. Journal of Management Studies, 50(8),
pp.1481-1512.
Patzelt, H. and Shepherd, D.A., 2011. Recognizing opportunities for sustainable
development. Entrepreneurship Theory and Practice, 35(4), pp.631-652.
Su, Z., Xie, E. and Li, Y., 2011. Entrepreneurial orientation and firm performance in new
ventures and established firms. Journal of Small Business Management, 49(4), pp.558-577.
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Thornton, P.H., Ribeiro-Soriano, D. and Urbano, D., 2011. Socio-cultural factors and
entrepreneurial activity: An overview. International small business journal, 29(2), pp.105-118.
Zellweger, T. and Sieger, P., 2012. Entrepreneurial orientation in long-lived family firms. Small
Business Economics, 38(1), pp.67-84.
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