Entrepreneurship Report: Opportunity Analysis and Pitch Development

This report delves into the core aspects of entrepreneurship, commencing with an introduction to the subject and the conceptualization of business ideas, specifically focusing on 'Foam & Tear Free Shampoo' and 'Waste to Wow'. It meticulously examines problem and need analysis, consumer behavior, and market dynamics, including internal and external business environments. The report assesses internal capabilities, explores commercial viability, and emphasizes the importance of generating innovative ideas, leveraging skills, and achieving goals. It covers critical aspects such as cash flow management, employee selection, time management, pricing strategies, and financial planning. The report highlights the necessity of understanding consumer preferences, analyzing competitors, and adapting to market changes to ensure business success. It also discusses the development of a winning team and the importance of unique selling points and investment planning.

Running Head: Entrepreneurship aspects
Opportunity Analysis and Pitch Development

Entrepreneurship aspect
Table of Contents
Introduction................................................................................................................................2
Problem and need analysis.........................................................................................................3
Consumer analysis.....................................................................................................................3
Market Analysis........................................................................................................................4
Internal Capabilities..................................................................................................................5
Commercial viability................................................................................................................6
Conclusion.................................................................................................................................7
References.................................................................................................................................7
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Entrepreneurship aspect
Introduction
The report includes the initial and ideal concept of entrepreneurship and how the business
gets started. Hypothetically the ‘Foam & Tear Free Shampoo’ and conversion of ‘Waste to
Wow’ has been selected as the ideas for inculcating the business. In order to start the business
firstly, the niche market is targeted, in concern with Foam and Tear-free shampoo the target
market is newborn babies but the product connects the USP that it could be favorable to all
kind of age group, it explains the versatility of eth product. The skills, entry mode and the
new field are examined and the up gradation in the innovativeness is made and where the
products already exist their modification is been done. The ideas are noted down for the
further referrals, also the brainstorming session is conducted to extract out some beneficial
and smart business ideas. The reverse brainstorming is another option which focuses on the
negativity so that positive things could be seen and focused lately (Belinsky & Gogan, 2016).
The report answers certain section in which the first one is problem and need analysis
which detects the challenges and they are solved after entire evaluation thereafter the
consumer analysis is made where buyer’s behaviour is focused and thereafter the market
analysis takes place under which internal and external business environment are investigated
and best possible solution is rendered. After that, the internal capabilities of the entrepreneur
is examined and is finally tested in commercial viability where the investment criteria are
discussed.
The report is the view to gain the knowledge about the working of an entrepreneur
and what qualities and qualification is needed. Above all the thing that affects the business
most is the generation of an idea, usage of skills and ability and accomplishment of goals
using the various attributes and there are numerous things that need to be kept in mind before
starting the business so that development and success are ensured at the later stage.
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Problem and need analysis
To be an entrepreneur is not an easy task there are various measures that need to be
kept in mind before undergoing the business or making a start-up. In the present scenario, the
entrepreneur has multiple solutions to the emerging problem. The problems that are likely to
arise are managing the flow of cash, hiring of the competent employees by selecting through
the unique way, group discussion round is conducted and the selected candidates proceed
further towards the personal interview. Another problem that an entrepreneur bothers is the
management of time. Punctuality is the first thing that is been counted and shows a lot about
the personality of an individual. The delegating tasks are connected to the outsourcing. What
price should be charged for the product and the marketing strategy that has to be adopted
(Rozali et al, 2017)? The top of all is the lack of finance and capital requirement and
designing the strapped budget. Planning the growth of business and the self-doubt situations
is a challenging point for the entrepreneur and the business owner has to derive out the
solutions from the problem itself. It is rightly said the problem itself comprises of the hidden
solutions within it (Bloch & Bhattacharya, 2016). In order to find out the adequate solution
firstly the problem needs to be analyzed and the affected parties are evaluated i.e. to what
extent the parties will suffer and will the outcome be better than the problems or discomfort
caused. On the basis of this partition and evaluation, the solution is derived out (Schaper,
2016). Also, the cost efficiency needs to be measured by the entrepreneur. The solution
should be such that the expenses made to reach the solutions get recovered and profits are
generated. Along with it the types of need are also assessed, if the hiring problem is
considered to be the basic problem then it will fall under the category of continuing need as
recruitment is the continuous process neither it declines nor it is the emerging issues as it has
been prevailing from the long period of time though it will continue to be the future need it
continues from the past carries in present and continue in the future, therefore, it shall fall in
continuous type of need (Morris, 2014).
Consumer analysis
The entrepreneur introduces something unique in the market area to present
out of the box thing which attracts the consumer attention. In order to develop the
USP the antique thing has to be introduced by the entrepreneur, for instance,
introduction of foam free and tearless baby shampoo which comforts the eyes of
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Entrepreneurship aspect
the baby and keeps the baby healthy and germ free along with the suitability as
per the baby soft skin and it was applicable for all the ages. Everyone could
purchase and get the better results though basically produced for the little kids but
it is multipurpose and versatile. The entrepreneur selected the niche market of the
little newborn which directly affects the pocket of young parents who are quality
and health conscious (Miller et al, 2016). When the product was inaugurated
initial pricing was pocket-friendly then slowly and gradually the prices gained the
hike as consumer adopted the habit of using the product. The entrepreneur
basically targeted the parental section and as the consumers are highly are in the
current times so they demand the best quality and are ready to pay high for the
better thing. The associated risk with these products is the introduction of similar
products by the competitors at comparatively low rate but the original idea should
stay intact and compromise with quality and quantity should not be made and
belief of people associated with the product is the benefit for the business because
no substitute could replace the original completely (Singh et al, 2017). The
preference and tastes of the consumer varies from person to person, in order to
gain the maximum benefit the most prevalent trend and highly acceptable design
of the product should be launched, initially the buying behavior of the consumer
has to be studied so as to cover the maximum portion of the market and create the
monopolistic market and generate high income to contribute to the GDP
(Chowdhury, 2016).
Market Analysis
The market analysis involves the study of competitors. Competitors are the
crucial part of the market, without the competitors, the growth has no worth. The
record of competitors should be kept and the watch on their moves is learned. The
owner should adopt the competitor’s strategy in the molded manner. Also, the
better product and marketing or promotional strategies must be adopted to stay a
step ahead of competitors. As per the product lifecycle (PLC), the maturity stage
has been achieved and if attention is not paid the decline situation is likely to arise
(Hedberg, Hartman, Rosche & Fischer, 2017). To maintain the position in the
market area segmentation of the product should be done, as in the case of the
foam and tear-free baby shampoo, the specification is for the newborn but
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Entrepreneurship aspect
indirectly the entire market has been covered under the single line that states the
versatility of the product that could be used by any age group and size. The free
market size expands the area of promotion and sales along with it the quality and
potential of the product also increases with the enhancing dynamism. Market
analysis also involves the evaluation of internal and external business
environment (Ilin et al, 2017). The internal business environment involves SWOT
analysis of the company where the efficiency of the company is examined and the
internal structure is judged to incorporate changes accordingly. It includes the
change in staff, provision of training, initiating the recruitment program and much
more. The study of the external business environment is equally important and the
motive is to measure the market competitiveness which is done using the
competitive strategies like Porter’s 5 forces and PESTLE analysis. Through these
strategies, the current market trend is investigated and along with it, the future
predictions are also made so that pre-preparation is made and company stays
strong in the competitive market thereby establishing the better and satisfied
position in the market (Van & Besthorn, 2017).
Internal Capabilities
The internal capabilities are the inner qualities that the person persists and
accordingly functions in the given manner. It explains the potential hidden
beneath the person and the qualifications they have persuaded. The entrepreneur
showcases the talent, skills, and abilities through its product idea. They analyze
the market and target the niche market which is an ignored area where there are
multiple things that could be converted into better products or renders the
extraordinary services. Through the brainstorming session, the idea generation
takes place and it is seen that the revise brainstorming session could also be
conducted where the negative aspects are focuses so that the person could figure
out positivity within it (Bettiol, De Marchi & Di Maria, 2016). The idea that
comes up is then analyzed and the requirements are noted down, these
requirements are then linked up with the qualification of the person and through
the knowledge, the entrepreneurship gets started. For instance, converting best out
of waste is considered to be the crafting and artistic activity but if this could be
converted into the business idea and profit-making is connected with it then it will
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prove to be the successful business as many useful things get created at less price,
therefore, competition can also be faced and it might become one of its kind
business venture (Mudalige, Ismail & Malek, 2016).
To gain the success in the marketplace and understanding the market
scenario there is a need to build up the winning team that works together, learns
together, stays together so as to win together. There are 4 tactics that could help in
achieving the objective (Leih & Teece, 2016). The first tact is Lead By Example
(LBE), which states that the entrepreneur wants multiple qualities on the winning
team but the team starts from the person themselves so what all attributes one
aspect from others they should be first implied to themselves and then the
expectations must be created. The second tactic is that the entrepreneur must
discuss the plan of success with the workers and employees and take along the
team as stated earlier the team that celebrates the small wins together are likely to
celebrate the biggest even as well. Third tactics quote about the leadership system
that there must be an effective leader that handles the affairs and control the team
to make things heavy. Coaching is provided to them so that learning retains. The
fourth and final tact is to celebrate and always stay together and adaptable to
changes that are taking place so that the humans’ feel connected and the
togetherness is craved by the people. The more they stay together the better will
they link with one another and thoughtful & fruitful results are seen which is
good for company’s development (Sharma, 2017).
Commercial viability
For every entrepreneur, it is important to have one or more unique selling
point which helps in grabbing the attention of the customer and visit the
entrepreneur to acquire the product or avail the services (Boh et al, 2016). These
could be like foam free tear free all range shampoos which becomes the attractive
point, constructing and converting the waste to wow is another unique technique
and people are ready to pay more for the uniqueness. In order to implement the
USP, there is need to make the investment and gather the finance for creating the
value for the product. For that purpose, the investment plan has to be constructed
and agreement over the genuine return on investment is made. The balance
between cash inflow and outflow has to be made along with setting the profit
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margin and fixing up the relative return on it (Estrin, Mickiewicz & Stephan,
2016).
Conclusion
From the above report, it could be concluded that to be an entrepreneur the first
and foremost thing required is the generation of the unique business idea and
implementation of the idea into reality. For that, the entire market analyses have
to be done. First of all the problem and need analysis is done to identify the
challenges and resolving them. Then the consumer analysis is made to examine
the buyer’s behavior and thereafter the market analysis is done. The internal
capabilities of the entrepreneur are evaluated through the expertise and
investigating the potential. Lastly, commercial viability was studied which
includes the creation of USP within the business to ensure development and
maintain the cost of investment and return it.
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