New Venture Creation: Individual Reflection on Identified Opportunity for Business

Running head: NEW VENTURE CREATION
NEW VENTURE CREATION
Name of the Student:
Name of the University:
Author’s Note:

1NEW VENTURE CREATION
Table of Contents
1.0 Introduction................................................................................................................................2
2.0 Individual Reflection on Identified Opportunity for Business..................................................3
2.1 Rationale for the Selection of the Business Idea...................................................................3
2.2 Analysis of the Novelty and Scope of the Opportunity.........................................................5
2.3 Justification and Explanation of the Business Idea and its Reasons.....................................6
3.0 Conclusion.................................................................................................................................7
References........................................................................................................................................9

2NEW VENTURE CREATION
1.0 Introduction
As stated by Joe (2017), the entrepreneurs need to take the help of the process of business
opportunity identification for the selection of the business ideas on the basis of which they
establish their business ventures. Ahmed et al. (2020) are of the viewpoint that this is important
since since the overall success or for that matter the effectiveness of the business ventures
established by the entrepreneurs substantially depends on the nature or the kind of business ideas
they have selected. In addition to these, they also need to adequately scan the existing business
environment or for that matter take into account the present market scenario to identify the
novelty or the scope of the business idea that they have selected and also for the purpose of
analyzing whether there are future growth prospects for the concerned idea or not (Pollack, Barr
and Hanson 2017). This is important since the entrepreneurs are required to select the kind of
business ideas which while being profitable presently would also help them to attain the desired
level of success or profitability in future as well (Tracey, Dalpiaz and Phillips 2018).
In this paper, I will undertake a critical analysis of the business idea which had been
formulated by me for the establishment of a business venture. The paper will firstly offer
justification for the selection of the business idea. This will be followed by a discussion of the
novelty as well as the scope of the opportunity or the business idea on the basis of which the
business venture would be established. Lastly, a discussion of the business idea along with the
reasons or the factors which had propelled me to select the business idea had been undertaken.

3NEW VENTURE CREATION
2.0 Individual Reflection on Identified Opportunity for Business
2.1 Rationale for the Selection of the Business Idea
Jiang and Tornikoski (2019) are of the viewpoint that the recent technological
developments, globalization, the support which is being offered by the national government of
the different nations of the world and others have significantly transformed the nature of the
contemporary business landscape. Adding to this, Davidsson, Recker and von Briel (2018) have
noted that an important implication of this is that the entrepreneurs or for that matter the
individuals willing to establish new business ventures are getting ample opportunities for the
establishment of new business ventures. However, at the same time it needs to be said that the
entrepreneurs need to take the help of the framework of Innovative Value Chain or for that
matter the process of business opportunity identification for the selection of the business ideas
which will enable them to establish business ventures that will prove to be profitable (Schmidt,
Braun and Sydow 2019). For instance, in the first stage, the entrepreneurs are required to identity
a wide range of business ideas which are available to them for the establishment of their business
venture (Auschra et al. 2019). In the next stage, they are required to select the business idea
which is most feasible and also likely to offer them the maximum amount of profit in the longer
run. In the last stage, they are required to take adequate actions like the formulation of the
business plan, business model, management plan, financial plan and others which will form the
central lacuna of their business venture (Lichtenstein 2016).
I have taken the help of the framework of Innovative Value Chain for the selection of the
business idea which will form the fulcrum point of the business venture that I intend to establish.
In this regard, I would like to say that initially I was a bit confused regarding the kind of business
venture that I wanted to establish however upon analysis of the different options that were