Entrepreneurial Opportunities and Strategies: A Critical Review
Added on 2019-12-28
11 Pages3277 Words867 Views
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Opportunity Analysis of newbusiness venture1
TABLE OF CONTENTSIntroduction .....................................................................................................................................3Opportunity analysis .......................................................................................................................3Elements of self analysis .............................................................................................................3Description of proposed venture .................................................................................................4Market research ...........................................................................................................................5Industrial analysis .......................................................................................................................6Technically feasibility .................................................................................................................7Financial feasibility .....................................................................................................................7Scenario version...........................................................................................................................8Scalability of the new venture......................................................................................................9Conclusion.......................................................................................................................................9References......................................................................................................................................112
INTRODUCTION In modern era, competition in the international business environment has become sointense that it is not easy for any new venture to establish itself and earn adequate profit(Barringer, 2012). Further in order to achieve the same, ventures are required to come up withinnovative and creative ideas which can differentiate them. New business finds it tough to enterthe market because there are many players which provide same kind products and services.Therefore, with the help of innovative and creative ideas, businesses try to offer somethingdifferent to different people in the market. Further it also helps in lowering the entire degree orlevel of competition in marketplace. The present report explains viability of a new businessventure which is Music Station. Opportunity analysis of new business has been carried out in thisreport in order to examine its feasibility.OPPORTUNITY ANALYSIS Elements of self analysis Entrepreneur can be defined as the person who establish a new business and takes variouskind of risk in order to achieve profit (Dimov, 2010). Further the person plays very significantrole in the development of innovative and creates idea which becomes the foundation ofbusiness. It is the ideas, vision, creativity and risk taking abilities of an entrepreneur whichmakes a firm successful (Carter, 2007). Along with these entrepreneurs they also need to havevarious kinds of quantities and competences which helps in management of new venture in mosteffective manner. In addition to this qualities such as venture specific human capital,entrepreneurship specific human capital and general human capital are required to become asuccessful entrepreneur. Every entrepreneur is required to posses some skills and capabilitieswhich can help in maintain and managing the business enterprise (Anderson andKhedair, 2009).In addition to this, he is required to have general capabilities such as ability to raise money forventure and its expansions. He must be passionate and motivated towards accomplishment ofaim and objectives of the ventures. Other than this, he is also required to have abilities such asrisk taking, time management etc. This helps in making bold decision and getting most desirableoutput (Schiraldi and Silva, 2012). The grading matrix for the entrepreneur of is provided belowas: 3
Human Capital CharacteristicsRating General capabilitiesAbility to raise moneyPassion and motivationLevel of education(Kew and Stredwick,2005).Self believe anddisciplined High High High Moderate Entrepreneurship specificRisk taking (Jones andPenaluna, 2013).Networking abilities Time management Moderate Medium High Venture specificKnowledge regardingthe industry Capabilities requiredfor competitorsanalysis (Werbel andDanes, 2010).Moderate High Description of proposed venture The new venture is going to be introduced on the name of Music Station. Further awebsite will be created with a domain name of Music Station (Harrison, 2013). This venture willprovide trading platform to all the music composers of UK, where they will be able to publishdemo of their composition for online bidding and sale. All the buyers will bid for the particularmusic demo in order to purchase the same (Glackin, 2013). There are various factors which willcontribute in creating value proportion for the website. Separate category will be developed inorder to make the entire process of uploading, bidding and sale more convenient. New andadvanced technology will be used to provide people with good speed in order to upload anddownload the music (Hiduke and Ryan, 2013). The website will be created in such a manner thatit won't face any kind of problem related to payments. For example a compositor has uploaded4
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