Management Enterpreneurship | Assessment 1

Running head: MANAGEMENT
Entrepreneurship
Name of the Student:
Name of the University:
Author’s Note:

2MANAGEMENT
Table of Contents
Introduction......................................................................................................................................4
Problems to be addressed.............................................................................................................4
Entrepreneurial idea.........................................................................................................................4
Viability and feasibility................................................................................................................4
Pain points....................................................................................................................................4
Critical assumption..........................................................................................................................4
Customers.....................................................................................................................................4
Competitors..................................................................................................................................4
Tools and technologies.................................................................................................................4
Potential targeted customers............................................................................................................5
Demographic................................................................................................................................5
Psychographic..............................................................................................................................5
Socio logical.................................................................................................................................5
Behavioral....................................................................................................................................5
Contextual factors............................................................................................................................6
Pestle analysis..................................................................................................................................6
Competitive advantage....................................................................................................................9
Market penetration.......................................................................................................................9

3MANAGEMENT
Market development....................................................................................................................9
Product and development...........................................................................................................10
Diversification............................................................................................................................10
Discovering the entrepreneurial idea.............................................................................................10
Personal Ideas............................................................................................................................10
Effectuation Principles...................................................................................................................11
Build the puzzle.........................................................................................................................11
Bird in hand................................................................................................................................12
Opportunity Cost...........................................................................................................................13
Next best Idea.............................................................................................................................13
Money to be made at a probable job..........................................................................................13
Conclusion.....................................................................................................................................13
References......................................................................................................................................14

4MANAGEMENT
Introduction
Problems to be addressed
Entrepreneurs are the ones who can take up many risks to develop a new kind of business idea.
The business idea must be such that they will be able to solve a certain problem that already
exists in the market scenario. Entrepreneurs usually have a huge responsibility to not only to
develop some new and innovative products but their products must be such that they can act as
the solution to some of the persisting problems in the market. One such problem is the increasing
number of skin problem. Due to large scale pollution, many people including male and females
have the issue of skin problem (Nabi et al. 2018). As a result of this, they often have to restrain
themselves from going put to any social gatherings. Apart from this, the other more severe issue
is that they have to often distance themselves even from reaching out to fulfill their professional
goals. Modeling is one of the most sought after professions in the modem day scenario.
However, people with very sensitive skin often feel that they are not for this profession as they
will not be able to use any makeup on their sin. As a result of this, they feel that their skin type is
suiting to this profession. As a result of this finding out some product that will be made from the
pure organic materials and will also be made to suit all the different kinds of skin types.
Therefore this product must be brought into the market and made sure that they are being used
by all the targeted customers.
Entrepreneurial idea
The entrepreneurial or the new business idea is to develop some beauty products that will be
solving the skin problems. This is one of the most useful products as it will help in solving the