Entrepreneurial Opportunity and Business Growth

This assignment explores the role of entrepreneurial opportunity in business growth, focusing on the development of a clothing store business in the UK market. It discusses how entrepreneurial themes can help create opportunities for creation, discovery, and recognition, leading to maximum profit from a proposed business strategy. The assignment also references various studies and research papers on entrepreneurship and business growth.

University
ENTREPRENEURIAL OPPORTUNITY
Student Name
Lecturer Name
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Table of Contents
1. Introduction..................................................................................................................................3
2. Entrepreneurial Themes...............................................................................................................5
3. Business Ideas Development.......................................................................................................7
Conclusion.......................................................................................................................................9
References......................................................................................................................................10
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1. Introduction
The business ideas need to implement in such a manner to meet the demand of customer from
the better quality of services and products in the market. The main aim business ideas exist with
the starting a clothing store in the market of U.K. The entrepreneur needs to learn the process of
starting the clothing business venture. It might be the ideal small business ideas for the person
enjoying the clothing and fashion. Starting a clothes store business might be carried out as the
small and could be increased in the larger scale from the support of staff members. It is vital for
conduct a market research before starting the entire business. The entire business ideas would be
successful from the planning of entrepreneur (Alonso et al. 2016).
The main uniqueness of the ideas includes the consideration of start-up cost in the business. This
is the vital things in the starting the business. It helps the person to understand the expenses
required in the manufacturing of clothes. The person needs to focus on the permits and license
before starting the business. All the requirements such as sales tax need to be considered as the
main ideas in the business. Other vital ideas include the choosing the proper location in the
market that will attain maximum consumers to acquire the products. It will help in increasing the
chances of success in the business venture of clothing. The main ideas include the better quality
of products with the effective presentation of service through the dedicated employee. However,
the supply would be maintained throughout the season as per the demand of consumers.
The target market provides the identification of the consumer based on the demographic areas. It
includes the income, age, regional styles and psychographic characteristics. The person gets the
ideas from the entrepreneur to develop a unique style and looks that could easily grab the target
market. The efficient cost and tactics in the innovative advertisement provide the truly resonate
target market with the better strategy. The target market provides the luxury apparel that could be
conveyed in the better sense of class. The effective marketing plan in clothing stores helps to
focus on the target consumer that provides the maximum profit (Alvarez and Barney, 2013).
A strong value proposition helps the person to believe in the entire collection of persuasive
reasons that meet the target consumers. In order to develop the value proposition, the person
needs to know the demand of customers at the time of selling of clothing products from the
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stores. The value proposition lies to meet the exact quality of products or the service provided by
the staff members. The personal value proposition includes knowing the existing competitors in
the market. This provides the ideas to deliver a better quality of services among the consumers.
The clothing stores are focused to supply all the new trends products upon all the consumer that
lies in men, women and kids section. The products and clothing are targeted primarily among the
all the customers of all ages. The clothing stores are focused on the various clothing lines such as
premium, boutiques, designer and collections. The clothing products are willing to sell the
products through online as well as offline stores to enhance the maximum amount of availability
of services. This helps to meet the demand of consumers in the country of U.K as well as in the
global areas (Amorós et al. 2013).
In order to implement the business ideas in the proper way, the person has focused on various
ideas to reach the customers. The management of clothing stores has implemented the better
strategy to reach the maximum amount of consumers. The clothing stores have used social media
as the main platform to spread the products among the consumers. The social networking sites
have provided the unique ideas to reach the maximum number of consumers.
The existing consumers want the fashionable quality clothing and follow the new trends lying in
the market. The consumers could get the product at an affordable price to carry the new trends
existing in the market. The management of the clothing stores could able to know the demand of
consumers from the online sites. The organization has developed feedback forms to understand
the demand of consumer and particularly which section needs to focus to yield a maximum
amount of profit.
The clothing stores business provides the unique ideas about the demand of consumers. The
management provides new ideas and develops the new perspectives to resolve the problems of
the consumers. The clothing stores needs to deliver a better quality of products among the
customers to meet the demand of customers. The management needs to understand the demands
of the consumers before delivering the services among the consumers.
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2. Entrepreneurial Themes
There exists with various entrepreneurial themes that helps in the growth of business and develop
the ideas. The two important themes that assist to relate the proposed business venture are
followed as:
i. Don’t afraid of the mistakes:
In order to carry out the new business ventures, there might be arise with various mistakes. The
person needs to able to overcome the mistakes that arise in the business. The clothing stores
needs to develop the business in such a manner to mitigate the chances of error. The
management might not be afraid of any sorts of mistakes happened in the business. This provides
the important entrepreneurial themes to understand the problem from the business. The biggest
factor in the success of business is to learn new things from the caused mistakes. The mistakes
might arise from the internal as well as external stakeholders existing in the clothing stores
business. This themes helps the entire management to gain new knowledge and helps to
implement a better services among the consumers. This sort of fault might arise from the
entrepreneur at the time of providing of planning in the business. The clothing stores business are
connected with variety of things that provides the maximum chances for developing of mistakes
(Anderson and Eshima, 2015).
ii. Don’t listen on the negativity:
At the time of carrying out of new business venture, there is a high chance that various people
will comment on the negative side of business. Another important entrepreneurial theme include
with the not listening on the negative impacts of people at the time of carrying out of business.
The successful businessperson tries to overcome the negativity arising from the other people in
implementing of business ideas as well as carrying out of business. All the decision required in
the business needs to planned in such a manner so that the negative impacts transform into the
positive sides. Then the positive sides will provide the maximum amount of success in the
business. In this case, clothing stores business has been planned to start in the market of U.K
through the help of dedicated staff members as well as the support from the entrepreneur. The
management of the clothing stores has faced negative impacts from the outsiders. The
entrepreneur needs to implement a different form of ideas that provides the maximum success to
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transform the business ideas. The important decision and planning assist for not listening the
negativity of outsiders regarding the staring of business (Davidsson, 2015).
These two entrepreneurial themes help the proposed business venture to transform in the positive
sides to achieve the success in the market of U.K. The entrepreneur can able to understand the
negative influences that might arise in the business from the starting of clothing stores. These
entrepreneurial themes provide the creation of opportunity in the market. It enhances the
business to create the unique products and deliver a better service to the consumers. The
entrepreneurial themes assist to recognize the opportunity that implements the maximum growth
of business in the current market. The opportunity recognition delivers the brainstorming at the
time of developing a new business venture (Vermeire and Bruton, 2016).
The owner of small business tries to engage the recognition opportunity at a certain point where
the person can able to realize the capabilities, strength and ideas that will match the target
market. Entrepreneurial business owner tries to recognize the opportunity to seek the new stream
of revenues. This opportunity is required for the business to meet the success and long-term
viability. This helps the company to stay ahead of the competition lying in the market. The
entrepreneurial themes enhance opportunity discovery in a systematic process in innovation to
generate opportunity and ideas in business. It helps to identify the promising areas at the time of
analyzing the commercial development (Funk, 2014).
The person has concluded on the proposed business ideas by applying the skills on the entirely
new fields of business. This person has implemented the new idea and develops a design on the
clothing products. This has helped the person to start the business in clothing stores in the market
of U.K. This unique design is the clothing has never been introduced in the market of U.K,
hence, the maximum consumers can able to gets the new design products. This helps to
implement the exact business ideas required in the proposed business venture. The person is
willing to fill the gap of using the current trends of clothing in the market. Previously another
clothing business has not sold the new trends products in the market. The person wants to fill the
gap that exists from the previous ideas of business. However, in the proposed business ideas
helps the person to grab the various opportunity in the market to meet the demand of consumers
from the effective planning process by the entrepreneurs (Funk and Luo, 2015).
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3. Business Ideas Development
The business ideas need to planned in a step by step process and are followed as:
i. The first step includes with the analyzing on the relevant market that could provide the
maximum opportunity for the growth of a business.
ii. The owner of the business needs to note down the planning and ideas, in order to expand the
business.
iii. The third steps include the carrying out the competitive analysis existing in the market.
iv. The fourth step lies with the developing the model in the proposed business.
v. The fifth steps include the execution of the market survey to know the existing target
audiences.
vi. The sixth steps include the launching the final products in the market.
vii. The seventh steps lie with the gathering the feedback of consumers and help to measure the
results of a business (Gaglio and Winter, 2017).
The operational plan provides the details planning that helps the team to meet the strategic goals
of the company. In the planning of business, the operational planning helps to identify the goals
that can be achieved, resources required to meet the set goals and align the objectives with the
strategic plan.
In order to carry out the proposed business, there require the resources in an exact manner to
achieve the success of the firm. The resources include the financial aspects, human resources,
emotional, physical and educational. This resource helps to meet the set objectives required in
the business.
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The person has chosen to develop the business, particularly in the clothing areas due to the lack
of new trends introduced in the market to meet the demand of consumers. The person provides
the new design of clothing products that can be available to all the consumers. From the planning
of entrepreneurs, the owner was willing to start the clothing stores business in the market of U.K.
At the time of developing of the proposed business, there are certain areas that need to be a focus
by the owner of clothing stores. These include the market research, market plan, marketing
strategy, marketing mix, competitors analysis, financial planning, gaining profit and breakeven
point (Garud and Giuliani, 2013).
The market research could be carried out by introducing the marketing person by the owner of
clothing stores. This helps to get the location and meet the target market that helps to grab the
maximum number of consumers. In order to develop the own marketing plan, the owner needs to
aim the exact area of business, the products, timeframe and development of the budget. The
marketing strategy needs to develop the planning that clearly defines the mission statement,
analysis of the current situation, goals, developing of marketing advertisement and blogging. The
marketing mix provides the success of the proposed business. The owner has focused on the
marketing mix that includes meeting the target audiences. The first things included in the
marketing mix includes the identification of overall goals. The owner needs to focus on the
marketing mix that lies with the product, price, place, promotion, people, position and physical
evidence to carry out the entire business (Kohlbacher et al. 2015).
These areas provide the unique ideas in the development of services among the customers. The
price provides the costing of the products among the consumers. The entire marketing plan can
be developed through analyzing the marketing mix. The competitor analysis provides the
marketing plan in the strategic management with the weakness and strength of the potential
competitors. The competitor analysis provides the essential parts of the corporate strategy that
helps the better operation of enterprises. The financial plan provides the unique ideas and
planning for the growth of a business. The financial plan provides the investment planning that
helps to focus on the particular areas which include the risk management. In order to start-up the
business, the financial planning provides the major advantage in the growth of business to
arrange the necessary requirements in the clothing stores (Majumdar and Saini, 2016).
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There are certain things that need to focus to boost the profit of a business. It includes the mark-
ups of product, sharing of clients, paid advertisements, taking of fees from consulting and
affluent the maximum number of clients. The clothing stores business needs to focus on
surviving on the lower marginal profit. The bottom could be increased through knowing the
exact cost of products. The breakeven point delivers the sales volume on the business that helps
to earn no capital. It is useful in various sorts of situation used in the business. It helps to
determine the required amount of the remaining capacity which breakeven point might reach.
The maximum amount of profit can be generated from the breakeven point. It provides the
number of sales required in the business (Mrożewski and Kratzer, 2017).
These all criteria provide the ideas for the development of business and helps the owner to adopt
the appropriate strategy in the development of the growth of business in the clothing stores.
Conclusion
It has been concluded that entrepreneurial opportunity helps in the growth of a business. The
clothing stores need to start in the U.K market by implementing better ideas in the development
of a business. The entrepreneurial themes help in the growth of the proposed business venture by
developing opportunity for creation, discovery and recognition. The business development ideas
can be implemented through the proper steps in the planning of marketing. This helps the start-
up business to yield a maximum amount of profit from the proposed business strategy.
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References
Alonso, M.A.P., Sanchez, J.C. and Maditinos, D., 2016. Entrepreneurial Opportunities
Perception and Intentions within European Innovation-Driven Economies Under the Shadow of a
Financial Crisis. In Entrepreneurship, Business and Economics-Vol. 1 (pp. 3-13). Springer,
Cham.
Alvarez, S.A. and Barney, J.B., 2013. Epistemology, opportunities, and entrepreneurship:
Comments on Venkataraman et al.(2012) and Shane (2012). Academy of Management
Review, 38(1), pp.154-157.
Amorós, J.E., Felzensztein, C. and Gimmon, E., 2013. Entrepreneurial opportunities in
peripheral versus core regions in Chile. Small Business Economics, 40(1), pp.119-139.
Anderson, B.S. and Eshima, Y., 2015. FIRM GROWTH, STRATEGIC ADAPTABILITY, AND
ENTREPRENEURIAL ORIENTATION. Frontiers of Entrepreneurship Research, 35(13), p.1.
Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-
conceptualization. Journal of Business Venturing, 30(5), pp.674-695.
Funk, J., 2014. Industry architecture, the product life cycle, and entrepreneurial opportunities: the
case of the US broadcasting sector. Industrial and Corporate Change, 24(1), pp.65-91.
Funk, J.L. and Luo, J., 2015. Open standards, vertical disintegration and entrepreneurial
opportunities: How vertically-specialized firms entered the US semiconductor
industry. Technovation, 45, pp.52-62.
Gaglio, C.M. and Winter, S., 2017. Entrepreneurial Alertness and Opportunity Identification 3.0:
Yes, We Can Talk Empirical!. In Revisiting the Entrepreneurial Mind (pp. 359-377). Springer
International Publishing.
Garud, R. and Giuliani, A.P., 2013. A narrative perspective on entrepreneurial
opportunities. Academy of Management Review, 38(1), pp.157-160.
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Kohlbacher, F., Herstatt, C. and Levsen, N., 2015. Golden opportunities for silver innovation:
how demographic changes give rise to entrepreneurial opportunities to meet the needs of older
people. Technovation, 39, pp.73-82.
Majumdar, S. and Saini, G.K., 2016. CSR in India: Critical review and exploring entrepreneurial
opportunities. Journal of Entrepreneurship and Innovation in Emerging Economies, 2(1), pp.56-
79.
Mrożewski, M. and Kratzer, J., 2017. Entrepreneurship and country-level innovation:
Investigating the role of entrepreneurial opportunities. The Journal of Technology
Transfer, 42(5), pp.1125-1142.
Vermeire, J.A. and Bruton, G.D., 2016. Entrepreneurial Opportunities and Poverty in Sub-
Saharan Africa: A Review & Agenda for the Future. Africa Journal of Management, 2(3),
pp.258-280.
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