Entrepreneurial Opportunity: Reflection on E-commerce Business Plan

This essay provides a detailed reflection on an e-commerce business start-up, exploring the entrepreneurial opportunity it presents. The business idea centers around developing a website offering various products and services, including clothing, home accessories, electronics, and financial services. The business plan encompasses operational, strategic, tactical, and contingency planning, alongside market analysis, product/service evaluation, marketing, logistics, and financial strategies. A critical aspect is the security plan to protect sensitive data and prevent cybercrimes. The essay also discusses the application of the seven domains of entrepreneurial opportunity to the e-commerce start-up, including market attractiveness, industry analysis, sustainable advantage, team capabilities, and connectedness within the value chain. The analysis highlights potential benefits such as faster buying/selling processes, cost savings, affordable marketing, and customer flexibility, emphasizing the importance of strategic planning and implementation for success. Desklib provides access to similar solved assignments and past papers for students.

Entrepreneurial
opportunity for a
business start-up

Table of Contents
Task 2: Reflection............................................................................................................................1
Description of your business start-up.....................................................................................1
Application of the domains to the business start-up...............................................................2

Task 2: Reflection
Description of your business start-up
Business idea I have chosen is the E-commerce where the development of website will be
conducted in which the online ordering systems and online payment system will be available
with other facilities as well. Products and services such as clothing, home accessories,
electronics, gift hampers, loan services and credit card services will be available. Business plan
includes the operational and strategic along with the tactical and contingency planning for proper
formulation of a business plan of E-commerce. Market analysis and products and services along
with the marketing plan and logistics and operations plan which is followed by the financial plan
is also conducted while establishing the business plan for proper analysis of the industry and
risks associated with it along with the mitigation plan as well. E-commerce is very profitable in
nature as it costs less and earn more with good profit margin in the revenue of the company. The
most important plan for the e commerce business is the security plan and this is because
everything will be operated online using networks and internet and therefore in order to secure
the systems and big data, it is necessary to develop the security systems so that the private and
essential information could not get breached and to save the organization to become the victim of
cyber crime as it spoils the image and huge loss of the company which ultimately leads in the
shutting down of the firm. Hence, security plan is highly required by the organization. Moreover,
on an initial basis, it is important to operate locally so that initially the awareness could be
generated in a particular region and then after gaining the attention from large customers then the
business will get expanded on a global basis. It is analysed that the e commerce can benefit the
business in many ways if an appropriate planning and implementation is done such as there will
be the faster buying and selling process thus saving time and energy. There can be attractive
store and product listing creation for better look of the website. Owner will be benefited in terms
of cost saving also because low cost are required to operate the e commerce business. Moreover,
there will affordable marketing and advertising of products ad services offered by the business
with good profit margin and large revenues if functioned in a strategic manner. There is an
advantage for the customer as well because of the provision of flexibility in using the site
without any time and place restrictions as the product will be at the doorstep thereby saving time
and energy of customers also creating the long term relationship with the customers with loyalty
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towards brand. Furthermore, there is no reach limitations towards the target market and large
number of audiences. Company can easily compare the product and prices with their competitors
in order to manage their pricing policy accordingly. This is the whole description of the business
start-up with the outcomes in a positive manner.
Application of the domains to the business start-up
There are various applications of the seven domains to the business start up introduced of
E commerce such as first domain of determining market attractiveness at the macro level helps
the business in telling about that how the market works along with the information of prospective
customers in the market place so that it can be analysed that how big the market is in terms of
their potential buyers. Estimation of number of units to be sold and examination of past records
in order to analyse the growth opportunities in market in future. Second domain is research
sector market benefits and attractiveness at the micro level which helps the business in telling
about the what will be the market segments that will benefit from the product rendered by the
business. Features and uniqueness of products and services in order to identify their level of
stand out in the market so that its difference can be determine from existing market products. It
also assists in analysing that the chosen target market is really growing at their average level or
slower or faster so that accordingly the business activities can be conducted. Third domain is
determining the industry attractiveness at the macro level which helps the business in telling
about the complications and easiness to enter into the industry for better planning process and
decision making. It also informs the greater power of buyer and seller along with the competition
in the market in order to fight against it. Fourth domain is look for a sustainable advantage at the
micro level which helps the business in telling about the strategies of developing the unique
selling proposition along with the tactics of maintaining the business competitive and
sustainable. Moreover, ensuring that the product or service offered should be copied by someone
else. Fifth domain is examining the team’s mission, aspirations, and propensity for risk which
helps the business in telling about the commitment of the team towards the start up along with
the contribution in it. Clear reason about operating the business which describes the goals sand
vision for the venture. Level of risk the business is ready to take so that major loss can be
avoided. It also informs that the business must relate with the personal values of the owner. Sixth
domain is looking critically at the team’s ability to execute on critical success factors which
helps the business in telling about the types of decisions that benefits the business and that can
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harm the business. It examines that the team has the ability to meet the critical success factors
and if not then how the bridging of the gaps in knowledge an skills can be performed. Seventh
domain is considering the team’s connectedness up, down, and across the value chain which
helps the business in telling about the prospective investors and suppliers along with the
relationships with them. Connections with the distributors and customers in order to leverage
them. Ways the competitors can affect the business is also determined in this domain.
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