Entrepreneurial and Business Planning - Assignment
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Added on 2020-03-28
Entrepreneurial and Business Planning - Assignment
Added on 2020-03-28
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Running head: OPPORTUNITY EVALUATION 1Opportunity EvaluationNameInstitution
OPPORTUNITY EVALUATION 2ContentsExecutive summary.....................................................................................................................2Introduction..................................................................................................................................2James Packer................................................................................................................................2Opportunity Evaluation...............................................................................................................3Pathways entrepreneurs take........................................................................................................5The role of design thinking/lean-startup/business model canvas................................................6Recommendations........................................................................................................................7Conclusion...................................................................................................................................7References....................................................................................................................................8Executive summaryThis report focuses on Entrepreneurial Business Planning by examining its vigorous nature concerning James Packer. James Packer is a successful businessman with investments in entertainment and tourism industry. This paper investigates James Packer based on opportunity evaluation tools such as frameworks, design thinking, lean-startup and business model canvas. These tools play a significant role in an entrepreneurial venture as they describe in details tools available for entrepreneurs to evaluate the opportunity, selecting paths for various ventures, articulate the role of design thinking among others such as the role of lean-startup and consideration of business model canvas for entrepreneurs.
OPPORTUNITY EVALUATION 3IntroductionThe entrepreneurial venture is a plan of activities developed by an individual aiming at starting and running a business without sufficient resources (Mishra & Zachary, 2015). An entrepreneurial venture is different from other forms of conducting business as it relates to innovation, service or product. Entrepreneurs like James Packer possess certain principles that play a critical role in the success of their businesses. Such principles include flexibility in their thinking, they are highly motivated, persistent, and can thrive in the harsh working environment (Elliott & Boshoff, 2008). James Packer is a successful entrepreneur as a result of his ability to take initiatives by overcoming challenges to ensure that the objective set is achieved as expected.James PackerJames Packer began his entrepreneurial venture after taking control of his parent's company. Over the years James realized that the ball game was changing and media companies were going to lose advertising shares because of the growth of online advertising. As a result, James Packer decided to sell stakes in media companies that he acquired through inheritance. After selling all the shares, he began investing in casinos and resorts that earned him a name in the gambling as well as the tourism industry. James owns Crown Resorts situated in Australia, London and Philippines. His resorts have villas for essential personnel, gaming sections, swimming pools, luxury spas among other entertainment activities. Packer’s resorts are said to attract more than 25 million people in a year mainly of Asian descent. Although James has been successful in his entrepreneurial venture, he has equally encountered losses in his quest to make the gambling empire a reality. James invested a quarter abillion in a casino in the United States that failed as well as the similar amount that was lost when he wanted to acquire a stake in Station Casinos. James Packer began appearing in
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