Entrepreneurship: An Approach Towards the Development of New Product

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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