MD4044 - Entrepreneurship: Creation and Discovery of Opportunities

This report provides a comprehensive evaluation of entrepreneurial opportunities, focusing on their creation, discovery, and exploitation within a business context. It begins by defining entrepreneurial opportunities and differentiating between opportunity creation and discovery, highlighting their similarities and differences. The report then explores opportunity exploitation, discussing various strategies such as registering a business, marketing, testing products, and advertising, along with the evaluation of effective exploitation strategies like networking, customer engagement, and collaboration. Furthermore, the report examines the five dimensions of entrepreneurial orientation: autonomy, innovation, risk-taking, proactiveness, and competitive aggressiveness, reflecting on the alignment of personal attitudes and behaviors with these dimensions. The conclusion reinforces the importance of innovation, opportunity seizing, and customer retention for business success.

Sources of
Opportunities

Contents
INTORDUCTION...........................................................................................................................3
1 a.Evaluate the creative and discovery context of entrepreneurial opportunities......................3
Explain entrepreneurial opportunities..........................................................................................3
Explain opportunity creation and opportunity discovery............................................................3
Discuss the similarities between opportunity creation and opportunity discovery.....................4
Discuss the differences between opportunity creation and discovery.........................................4
Explain opportunity exploitation.................................................................................................4
Evaluation of strategies that is used in effective exploitation of opportunities...........................5
1b. Dimension of entrepreneurial opportunities..........................................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTORDUCTION
Entrepreneur is the person who brings the innovative ideas for creating something new at
workplace in order to attain goal and objective of organization in stipulated time period. It sold
their products and services in order to maximize profit in future time period. In this report, the
entrepreneurial opportunities are described in an effective manner (Gans, Stern and Wu, 2019).
In addition to this, there is difference and similarities among opportunity creation and discovery.
They want to grab opportunities by using different strategies such as collaborations, market
orientation, formation as well as network is mentioned in this report.
1a. Evaluate the creative and discovery context of entrepreneurial opportunities
Explain entrepreneurial opportunities
Entrepreneurial opportunities are considered as the process in which products as well as
services is sold at a cost more than the production cost. In other words, it is the condition where
entrepreneur focuses on taking effective action in order to earn more and more profit. In addition
to this, the entrepreneur brings new ideas for gaining competitive advantage over rival firm at
marketplace.
Explain opportunity creation and opportunity discovery
There is difference among opportunity creation as well as discovery which is going to be
mentioned below:
Opportunities creation: It is considered as the subjective statement. It is the process
which includes potential to generate something innovative in order to create economic value.
They bring new ideas as well as belief for creativity within organization. It is necessary to bring
creativity because it aid assistance to organization in making more profit in future time period. It
is vital for company to implement new ideas for increasing profit within business organization.
Opportunities discovery: It is determined as an objective statement. Herein, it is the
approach in which opportunities was comprehended. In addition to this, the opportunity has been
realized in this process in order to discover something unique in an effective manner (Foss and

Klein, 2018). After creating opportunities, it is necessary to discover it in order to achieve goal
and objective of organization in stipulated period of time.
Discuss the similarities between opportunity creation and opportunity discovery
There are the various similarities among the creation as well as discover the opportunities
at wider level. The discovery of opportunity is done after it created in an effective manner. The
creation of opportunity is done in all sector after that is developing in appropriate manner. In
addition to this, they both are similar in relation to bring innovation within business organization.
The entrepreneur grabs opportunities in order to create innovative ideas at workplace. And also
they both are considered as an exploitation process for bring innovative ideas at workplace. For
example, the manager of TESCO focuses or creating and discovering innovative ideas in order to
boost sales as well as level of profit in upcoming period of time.
Discuss the differences between opportunity creation and discovery
Basis Opportunity discovery Opportunity creation
Nature of opportunities In this process, the
opportunities arise
interdependent of
entrepreneurs. It is
considered as the realist
philosophy.
Herein, the opportunities do
not depend on entrepreneurs.
It is described as the
evolutionary realist
philosophy.
Nature of Entrepreneurs It is different from some
significant methods form ex
ante and non entrepreneur.
It may or may not different
form the methods such as
non entrepreneurs and ex
ante.
Decision making process It is described as a risky It is considered as uncertain
Explain opportunity exploitation.
Opportunity exploitation is considered as the process which is organized for achieving
maximum return at minimal risk. The main aim is to grab opportunities for gaining profit in
future time period. It also helps in achieving competitive advantage over rival firm at
marketplace. The manager of every firm wants to exploit opportunities in order to gain more and

more profit at workplace. They creative innovative ideas and implement those ideas in such a
manner that helps in increasing success and growth of organisation
Consider the various forms of opportunity exploitation in your explanation. E.g., registering a
business, marketing products/services, testing products, advertising, licensing, customer
acquisitions, acquiring other business partners, among others.
There are different forms of opportunity exploitation which is going to be mentioned
below:
Registering a business: In this stage, it is necessary for company to make registration in order
to increase sales as well as profitability level in future time period. It helps in them in increasing
brand image and reputation of company in front of customer in the market.
Marketing products and services: Herein, it is important to use different promotional
techniques such as advertising, sales promotion as well as publicity in order to market their
products and services to its customer. Their main aim is to attract large number of customer
towards the products as well as services of company.
Testing products: Before launching products in market, it is vital to test products in order to
done marketing in better way. In addition to this, they test products in order to succession of new
product marketplace.
Advertising: It is the paid form of non personal presentation of ideas and good by an identified
sponsor at marketplace. Through advertising, the entrepreneur grip opportunities in order to
provide innovative products to its customer at affordable cost.
Customer acquisition: The main aim of every company is to acquire customer by providing
superior quality products and services to its customer as per their need and wants. It helps them
in retaining customer for longer period of time. It increases sales as well as level of profitability
in upcoming time period.
Evaluation of strategies that is used in effective exploitation of opportunities
There are various strategies that help in effective exploitation of opportunities which are as
follows:
Networking: One of the strategy is considered as networking. It is analyse that in order to
gain knowledge about all the areas, it is essential to have good network and contacts. By the
assistance of this strategy, an organisation is able to develop positive word of mouth that has a
positive impact on the overall performance and profitability of an organization.

Customer engagement: One of the reason of gaining success is making good relationship
with employees. It is important for companies to analyse market trends and customer
requirements so that customer requirements is fulfilled that help in retaining customers for longer
time period. In addition to this, it help company to maintain a balance in profits and revenue
level of the company.
Collaboration: In order to expand business, one of the strategy is collaboration.
Nowadays, companies are collaborate with other entities who are outside their country in order
to enhance operations and gain higher profits. In this strategy, both the organisation have similar
level of profits or it is depend on their agreements. This option not only help in expansion but
also assist in strengthening market position.
All this strategy help an entrepreneur to gran the opportunity and attain success at
marketplace. By having a good number of networks, an entrepreneur make reach its idea to large
number of people that help in retaining in market for longer time. In addition to this, if the idea
of entrepreneur is creative then it help in developing loyal customers, which has positive impact
on the overall performance and development of the entrepreneurial idea. Moreover, collaboration
strategy assist an entrepreneur to reach its idea to other counties and areas that leads to
attainment of objectives and growth as well.
1b. Dimension of entrepreneurial opportunities
Entrepreneurial orientation is defined as a concept that is used by the companies at the time
of developing strategies for building up something new and carry it out in the market effectively.
In addition to this, it is a practice, process as well as decision making style, which act
entrepreneurially. There are mainly give dimensions of entrepreneurial opportunities which are
as follows:
Autonomy: It is define as a freedom to individuals and teams in order to develop an
innovative entrepreneurial idea and achieve it in an effective manner (Jiang, 2018). The
organisations offer high level of autonomy that help in development of innovative ideal and has a
positive influence on the overall performance and productivity of the company.
Innovation: It is important for an entrepreneur to bring out something new at market in
order to gain success and sustain in market for longer time period. Nowadays, innovative

products as well as services attract more number of people, which is consider as an opportunity
for entrepreneurs to earn higher profits at marketplace.
Risk taking: One of the important dimeson that is required in every entrepreneurs is
ability to take risk in order to retain in market and build a high position within the market. It is
determine that most of the entrepreneurs did not take their actions as a risk as they emphasis on
proper planning & forecasting that help in declining the level of risk and uncertainty occur in the
future at any time.
Proactiveness: It is considered as a way of looking on the requirements instead of
reacting on the events after hey occurred. It is important for entrepreneurs to be proactive as it
help in dealing with the situations in an effective manner (Hjalager and Kwiatkowski, 2018). If it
is talked about an organisation, proactive dimension helps in grabbing the opportunity rapidly
that directly leads to higher growth as well as development. In addition to this, proactive
communication helps in attracting more number of people and also aid in developing creative
and new idea in an effective and proper manner.
Competitive aggressiveness: It is defined as a tendency to directly and intentionally
challenge the rivals instead of neglecting them. The aggressive moves include increase in
production capacity, price cutting, increase in marketing activity and many more. This dimension
allow an organisation to attain opportunities and provide best and quality service to customers
effectively. This directly leads to raise in productivity as well as profitability of an organisation.
By analysing the above dimensions, it is essential for a person to focus all this dimension in
order to become a good entrepreneur and to attain personal development as well as professional
development. According to me, the first dimension that help in searching the job as per my
interest is proactiveness. As it will help me to take better decision and avoiding the present
difficult situations. As a student, I require to be innovative as it is important for an entrepreneur
to bring out something new at market that help in attracting more number of people. This will
also help in personal development and professional development as well. It is determine by me
that people prefer or like to purchase those products as well as services, which is new and
innovative at marketplace. Being innovative also help me to attain competitive advantage at
marketplace and gain leading position in future as compare to the rivals. The third dimension that
has influence me is autonomy. In order to search for job, it is essential for me to independently

take decisions and develop an entrepreneurial idea which will help to grab opportunities and gain
success in the future.
CONCLUSION
Form the above mentioned report, it has been analyzed that it is necessary to bring
innovation for increasing profitability level at workplace. In addition to this, the entrepreneur
focuses on grab opportunities for increasing success and growth of company. Apart from this,
there are the different kinds of opportunity discovery and creation is mentioned in this report.
And also they focus on grab opportunities in order to stain goal and objective in stipulated time
period. Their main aim is to retain customer for longer period of time. It helps company in
increasing their brand image and reputation in front of customer at marketplace.

REFERENCES
Books & Journal
Foss, N. and Klein, P., 2018. Entrepreneurial opportunities: who needs them?. Academy of
Management Perspectives, (ja).
Gans, J.S., Stern, S. and Wu, J., 2019. Foundations of entrepreneurial strategy. Strategic
Management Journal, 40(5), pp.736-756.
Hjalager, A. M. and Kwiatkowski, G., 2018. Entrepreneurial implications, prospects and
dilemmas in rural festivals. Journal of Rural Studies, 63, pp.217-228.
Jiang, W., and et. al., 2018. Green entrepreneurial orientation for enhancing firm performance: A
dynamic capability perspective. Journal of Cleaner Production, 198, pp.1311-1323.
Maroufkhani, P., Wagner, R. and Ismail, W. K. W., 2018. Entrepreneurial ecosystems: A
systematic review. Journal of Enterprising Communities: People and Places in the
Global Economy.
Martens, and et, al., 2018. Linking entrepreneurial orientation to project success. International
Journal of Project Management, 36(2), pp.255-266.
Miocevic, D. and Morgan, R. E., 2018. Operational capabilities and entrepreneurial opportunities
in emerging market firms. International Marketing Review.
Spigel, B. and Harrison, R., 2018. Toward a process theory of entrepreneurial
ecosystems. Strategic Entrepreneurship Journal, 12(1), pp.151-168.
Turner, T. and Gianiodis, P., 2018. Entrepreneurship unleashed: Understanding entrepreneurial
education outside of the business school. Journal of Small Business Management, 56(1),
pp.131-149.