Entrepreneurial Opportunity Analysis Report: Business Startup

This report examines an entrepreneurial opportunity within the context of an online business platform that facilitates the buying, selling, and sharing of handmade crafts and designs. The report begins with a description of the startup, focusing on its online nature and the importance of promotion to connect with potential users. It then applies Mullins' Seven Domains Model to evaluate the business idea, emphasizing the significance of analyzing both macro and micro-level factors. The report delves into market attractiveness using PEST analysis (Political, Economic, Social, and Technological) and industry attractiveness through Porter's Five Forces model. The conclusion highlights the value of the Seven Domains Model in establishing and analyzing a business effectively, considering both macro and micro perspectives to ensure a reliable and well-justified approach to business development. The report references several academic sources to support its analysis.

Entrepreneurial
Opportunity

Contents
INTRODUCTION...........................................................................................................................................3
MAIN BODY.................................................................................................................................................3
Description of business startups..............................................................................................................3
Application of the domain to business start ups.......................................................................................3
1. Market Domain/Macro Level: Market Attractiveness............................................................5
2. Industry Domain/Macro Level: Industry Attractiveness........................................................6
CONCLLUSION.............................................................................................................................................7
REFERENCES................................................................................................................................................8

INTRODUCTION
Entrepreneur is the ability of people that wants to bring about transformation in a business
sector or the country. Those individuals are prepared to take investment burden always and
choose development over revenue (Chen, Chang and Pan, 2018). Entrepreneurial potential is a
circumstance wherein new goods, services, raw design and processes of operation are introduced
and products or services marketed at a low production costs so that they might compete on the
industry and enhance income. This report based on the online business in which trade your
hobby, online platform where hand made and crafty people can sell/trade, buy and share ideas. In
this report consist of description of the startup business and application of domain for the start up
business.
MAIN BODY
Description of business startups
This is online based business in which focus on the hobby of people and join with those
people who have knowledge about the handmade crafts and design perfectly. At particular
platform meet with the people who want to sell their products and some people ants to sell out
their products. This startup based on the online activities and require to promotion to meet
different types of peoples.
Application of the domain to business start ups
In regular activities, testing product lines and looking at them from various angles is
instinctual already when you set off with thier cash. This basically confirms you make the best
decision. Prior to actually starting a business, or initiating a new product (or service, the same
must be accurate. They have to look at it extensively, and analyze it from different perspectives.
They might be about to put money so many decades of existence in the project, and besides, but
it would have been heart wrenching if it kept failing for purposes which could have been
anticipated at the beginning (Ding, 2019). Mullins' Seven Domains Model helps you to discover
the influence on organized enterprise of seven major elements-or "domains." The above, in turn,
helps to ponder if the design is suitable. In this essay, they will look at the seven domains, and
recommend queries and methods that can be used to discover business ideas.

Viz. Market domain that addresses macro level
1) Market attractiveness and micro level
2) Target segment benefits and attractiveness; Industry domain that addresses macro level
3) Industry attractiveness and micro level
4) Sustainable advantage; Team domain comprising three sub-domains-
5) Mission, aspirations, propensity for risk
6) Ability to execute on Critical Success Factors and
7) Connectedness up, down and across value chain.

At first glance, the method of the seven domains mostly seemed to summarise everyone already
understands about evaluating possibilities. But the model goes even farther, after proper
examination, to highlight 3 key differences that most startups may ignore:
• economies and industrial sectors aren't equal
• There is a need for both macro and micro-level factors: economies and industrial sectors should
be evaluated on both concentrations.
• The credentials to the evaluation of innovators and entrepreneurship team members are not
discovered merely in their job applications or in evaluations of their entrepreneurship nature. A
short summary sheet is not given at the end of the picture.
Macro-level market assessment
1. Market Domain/Macro Level: Market Attractiveness
In this domain apply the theory of PEST analysis in proper manner such as
PEST Analysis (political, economic, social , and technological) is a way of managing by which a
company can evaluate massive external factors affecting its procedure in order to gain
competitive advantage in the market. Those four areas are vital in making, as defined in the
abbreviation (Gielnik, Zacher and Wang, 2018).
Political: The ability of a corporation to be financially successful is affected by government
policy and safety difficulties and this component looks at how this can happen. Issues to be
discussed involve tax rules, compliance of rights and copyright law, political sustainability, trade
controls, human and ecological policies.
Economical: The economic factor looks outside of fiscal matters that can perform a part in the
effectiveness of a corporation. Consider interest rates, transfer economic growth,
underemployment, gross national savings, income levels and the rising and falling upper income
for this assessment

Social: With both the risk problem, a company can evaluate the socio - economic characteristics
of the economy in the specified market to achieve how customer requirements are molded and
what helps bring the others to the buying market.
Technological: Tech plays a massive role in industry, and can have a detrimental effect on it.
With both the development of new technology, new systems and services, it can be important to
adapt the certain global market, so it is important
Macro-level Industry assessment:
2. Industry Domain/Macro Level: Industry Attractiveness
In this domain focus on the porters fiver forces model to analysis the market of competition
before starting the business.
Porter's five forces is a framework but influential way of understanding your example if a
business competitive position, and assessing the possible sales and profits of your tactic. That's
also helpful, but you'll be able to charge higher prices appropriately when you recognize the
troops in your ecosystem or business which may impact your profit margins. Users could start

taking standard solution of a powerful position, for example, or enhance a lackluster one, and
refrain from making harm, for example in the long term (Kakouris, 2018).
CONCLLUSION
As per the above report it has been concluded that to establish a effective business require to
follow the seven domain that set by the Muslin for the startup business With the help of these
application an organisation ca set up their business effectively and analysis the business with
proper justification in reliable manner. Theses domain based on the micro and macro level in
which focus on the different activities in proper manner.

REFERENCES
Books and Journal
Chen, M. H., Chang, Y. Y. and Pan, J. Y., 2018. Typology of creative entrepreneurs and
entrepreneurial success. Journal of Enterprising Communities: People and Places in the
Global Economy.
Ding, T., 2019. Understanding the design of opportunities: Re-evaluating the agent-opportunity
nexus through a design lens. Journal of Business Venturing Insights. 11. p.e00108.
Gielnik, M. M., Zacher, H. and Wang, M., 2018. Age in the entrepreneurial process: The role of
future time perspective and prior entrepreneurial experience. Journal of Applied
Psychology. 103(10). p.1067.
Kakouris, A., 2018. The ASKO dialectical framework for inter-comparisons between
entrepreneurial courses: Empirical results from applications. Entrepreneurship
Education. 1(1-4). pp.41-60.