Entrepreneurship: Opportunity Analysis, Qualities, and Execution

This report provides a comprehensive analysis of entrepreneurship, focusing on the critical role of opportunity analysis in the life of an entrepreneur. It explores how to identify, evaluate, and seize business opportunities, emphasizing the importance of recognizing market needs and converting problems into viable business ideas. The report delves into the essential qualities of a successful entrepreneur, including the ability to establish and evaluate opportunities, and the importance of effective execution. It draws insights from an interview with an entrepreneur in the food truck business, illustrating real-world challenges and strategies. The report also examines the research methods used, including secondary data analysis and primary research through interviews, and concludes with key findings and limitations of the study, offering valuable insights for aspiring entrepreneurs. The report is a student submission and available on Desklib, a platform for AI-powered study tools.

Running head: ENTREPRENEURSHIP
ENTREPRENEURSHIP
Name of the Student
Name of the University
Author Note

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Executive Summary
The given report throws light on the life of an entrepreneur with respect to opportunity analysis
and the changing needs of the present environment. The report has been systematically divided
into parts such as analysing the role of an opportunity in an entrepreneur`s life followed by how
to covert an opportunity. The next sections discussed the qualities which are necessary for an
entrepreneur to be successful and how the problem needs to be converted into a business idea.
The primary source of information in the given report has been taken from the interview of an
entrepreneur. His personal views have been stated and certain theoretical concepts as well. The
limitations of the research are present followed by the Conclusion.

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Table of Contents
Introduction......................................................................................................................................3
Literature review..............................................................................................................................3
Qualities of an Entrepreneur........................................................................................................3
Research method..............................................................................................................................7
Critical analysis and findings...........................................................................................................8
Limitations of the study...................................................................................................................9
Conclusion.....................................................................................................................................10
References......................................................................................................................................11
Appendix........................................................................................................................................13

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Introduction
The given report will throw light on the opportunities which form an essential part of the
entrepreneur’s life. Opportunities can be defined as an essential component and a major
requirement of any start-up (Drucker 2014). A startup comprises of a large number of activities
which range from observation, disclosure, and exploiting the opportunities that come on the way
and presenting the target market with new service and goods ideas which are unique. Proper
planning and execution forms an essential part of entrepreneurship opportunities. A business
cannot flourish without adequate opportunities and seizing the opportunity is what is often
defined as entrepreneurship.
Very often it is possible that the entrepreneurs miss out the opportunities that are
available because they lag experience and are not able to capture the signs that the business
environment provides. It is this point of view that tends to separate the unique people from the
ordinary where one views it as an opportunity and the latter views it as a problem. The report
discusses the issues which come in the way of the individual when they are faced by
opportunities and how some are able to access them and some are not (Kirzner 2015). It reflects
on how opportunities can be created and harnessed thereby reflecting on the qualities that are
essential to become a successful entrepreneur.
Literature review
Qualities of an Entrepreneur
According to Dees (2017), there are three primary qualities that an individual must
possess to become a successful entrepreneur. These three qualities are as follows:

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 Ability to establish an opportunity
 Capability to evaluate the opportunities
 Successful execution and implementation of opportunities.
Ability to establish an opportunity
Opportunities can vanish in the blink of an eye. It is considered a very important quality
of an entrepreneur if he is able to recognize an opportunity. This opportunity seeking technique
is inbuilt and comes from the manner in which a person has the ability to think in a different
manner (Schaper et al. 2014). People are faced by problems, in all facets of life and only those
are able to rise who will be able to have a different perspective and are able to view the problems
as an opportunity to do something big.
Recognition of opportunities forms an essential part of the entrepreneurial qualities and is
a major requirement for the start of a new business enterprise. Not only is it important to start a
business but it is also important to seize the opportunity in cases where the growth of the
business is concerned.
One of the most successful examples in this aspect is that of Steve Jobs who brought
about the revolutionary phone, the Iphone into the market. This phone most popular for its sleek
design and advanced technology, was an instant hit for Apple. He had the ability to seize the gap
in the current market and bring about a much needed product in the market. Opportunity can be
largely derived from the requirement and needs as identified of the target market. It is advised by
Brenkert (2017), that whenever a person realizes that a particular opportunity can be derived out
of the present situation, then the individual should assess the given opportunity and see to it that

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whether it is feasible from the consumer point of view or not. It should check if the product is
solving the problems faced by them or not.
Very often it may happen that there already exists the given service or product, if so then
the aim of the business should be to provide a product whose quality is much superior to that of
the existing offering. It must be noted, that the solution of the defined problem should be natural
and should be having the ability to solve the problem in the current offering or creating a need
(Kuratko 2016). Hence, rightfully stated opportunity recognition is an essential quality if an
Entrepreneur’s life and forms an essential part of not only new business enterprises but also the
existing ones. Inconvenience is the major drawback in any customer offering and this innovation
and opportunity seizing aspect must aim to remove this inconvenience (Wagner 2017).
The next primary quality which is essential for an opportunity is the evaluation of the
opportunity that has been realized. The given opportunity must be rational and practical. Parker
(2018), states that self analysis is an important tool for opportunity evaluation. The primary
reason why a business fails is because of poor planning and resource allocation technique.
Hence, it is generally suggested that analysis of one`s own skills and capabilities form a major
aspect of opportunity analysis.
Furthermore, when one`s own capability and opportunities have been analyzed, then the
market research part comes into action. This given market research involves, conducting various
strategic management analysis like PESTLE Analysis, SWOT Analysis, Porter`s Forces and
value chain analysis (Burns 2016). The research on recent trends, current customer’s demands
and target market analysis are important feasibility tools.

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Hence, without this technique, the entrepreneur skill is incomplete. Self analysis and
market research forms an essential aspect of opportunity evaluation. If this step is implemented
well then the entrepreneur will be able to achieve success.
The third essential quality which an entrepreneur should possess is conversion of the
given opportunity to a living idea. This also involves execution of the opportunity witnessed in
the best possible manner (Schaltegger, Lüdeke-Freund and Hansen 2016). This serves as an
essential quality of an entrepreneur and also a critical stage for the execution of a start up base
coming up with different ideas is relatively easy but converting it to an opportunity is not an easy
task and it requires a refined execution plan. According to a research recently conducted, about
60-80% of the people tend to fail in the execution plan and it is the execution aspect that matters
more than the idea generation part (Storey 2016).Successful entrepreneurs believe that there
exists a four step process with the help of which an entrepreneur can successfully prioritize the
various tasks and indulge in the ones which are most successful.
Hence, logically the first step states that an individual should be able to set out the
priorities that are most important to a business enterprise. This is because without setting
priorities, an individual will not be able to deal with the most important ones. The next step
important in setting the priorities is that these priorities should be tested based on data analysis
which must be combined with goal seeking (Baum et al. 2015). The key performance indicators
of the business should be improved and they should be measured with respect to the objectives
the firm wants to achieve. This step is crucial in cases if the entrepreneur identifies certain
problems as to the execution, then the changes can be made at the moment and rectified.

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The latter step involves keeping a rhythm between the various meetings in order to see to
it that the whole firm is at sync with the vision of the entrepreneur and the planned strategy is
clear in everyone`s mind. The strategy has to be reinforced and revised regularly to permit and
seek staff attention to the organizational needs. This gives in as an important step to see to it that
the staff is fine by the procedure and that there exists no poor output (Huggins and Thompson
2015). Evaluation of the strategy forms the last part of the successful innovative idea execution
plan whereby the strategy on the whole needs to be revaluated before implementation.
Hence, the execution of the idea forms one of the most critical aspects of the program and
any diversion in the plan results in a failure. Constant focus on performance needs to be made in
order to ensure success in the long run.
Research method
The research method used in the given report is the use of secondary data from various
literary sources like journals and books in order to justify the importance of the given stated
plans in the life of an entrepreneur. Hence, this method can be described as qualitative analysis.
A primary research has also been conducted as the report is primarily based on the life of
an entrepreneur; this primary research involves an interview of an entrepreneur in Hong Kong
who deals in the food truck business. The personal life details as well as real life challenged were
discussed in the given interview.

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The entrepreneur has shared his views about opportunity existing and its importance n
business. The view point of the entrepreneur forms an essential part o the research as it helps in
gaining practical knowledge about real life application of the given topic.
Critical analysis and findings
The most relevant and primary research on the given topic, helped with the collection of
critical information to understand the various aspects of the report in a well defined and settled
manner. The interview with the entrepreneur begin with the main question addressed in the case
study which is how an opportunity was seized by the entrepreneur and how is life was changed.
The statement made by the author also stated how keeping a vision is considered to be a critical
aspect of the organization and that an organization must aim not to lose its focus (Hagen,
Denicolai and Zucchella 2014).
The interview also reflects upon how an opportunity arises from a set of given problems
and that how smart the innovator must be in order to covert problem into opportunities. The
entrepreneur narrated how he had identified a pre existing gap in the offerings of the nearby food
stall in the primary office locations of Hong Kong and aimed to develop and opportunity for that
in order to solve the problem.
The entrepreneur also stated how from time to time, various ideas were thought about but
they lacked resources and planning because of which they were not quite successful. The focus
of the interview also lies on the method which can be used by the entrepreneur for utilizing the
opportunity successfully. The entrepreneur stated that focus and planning are two critical aspects
of this concern.

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The interview also revealed that if the entrepreneur has to take a crucial business decision
then before that it is extremely important to undertake relevant analysis in order to see to it that
the business is viable and there does not take place any restrictions as to success of the given
enterprise (Mitra 2013).
Hence, for an entrepreneur to be successful, both primary as well as secondary research
needs to be conducted carefully. For instance, an individual who was suffering from Cerebral
Palsy named John Mathews sent a letter to Reebok stating that he was unable to use their
products because of the laces (Piperopoulos 2016). This incident took place in 2013. In the
following year, Reebok came up with a new product which was easy to wear. This is exactly
how the entrepreneur is required to convert problem to an opportunity. The same thing happened
when a customer sent a letter to Nike and even they came up with an idea whereby the zip
replaced the lace. The CEO of Nike observed the given problem to the disabled people and made
an opportunity out of it by giving their customers as solution.
Limitations of the study
The research conducted has just one limitation is that it comprises of the interview of
only one entrepreneur. Therefore, the perspective of the report is based on the just one point of
view. There are many successful individuals and the view point of all the individuals may
change accordingly on a similar situation. Hence, some other entrepreneur may have another
formula for the opportunity analysis which cannot be known.

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Conclusion
Therefore, the given report provides a deep insight into the lifestyle of an entrepreneur in
the corporate world. From the report it could be observed that an entrepreneur harnesses any
opportunity that is available at his disposal. Opportunities can be defined as a major component
of achieving success in the organization and provides a set of vision to the organization which
would further help their in the achievement of their goals and objectives. The given analysis has
also provided a three step method to convert the opportunities into a good business idea and
advices on how the individual should conduct critical analysis using tools before taking a
decision for anew venture. The report also outlines the major reason for poor start-ups which can
be described as poor executions. Certain factors that would make execution better have also been
provided.

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References
Baum, J.R., Frese, M. and Baron, R.A. eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Brenkert, G.G., 2017. Entrepreneurship, ethics, and the good society. In Entrepreneurship (pp.
85-128). Routledge.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Hagen, B., Denicolai, S. and Zucchella, A., 2014. International entrepreneurship at the
crossroads between innovation and internationalization. Journal of International
Entrepreneurship, 12(2), pp.111-114.
Huggins, R. and Thompson, P., 2015. Entrepreneurship, innovation and regional growth: a
network theory. Small Business Economics, 45(1), pp.103-128.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Mitra, J., 2013. Entrepreneurship, innovation and regional development: an introduction.
Routledge.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.

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Piperopoulos, P.G., 2016. Entrepreneurship, innovation and business clusters. Routledge.
Schaltegger, S., Lüdeke-Freund, F. and Hansen, E.G., 2016. Business models for sustainability:
A co-evolutionary analysis of sustainable entrepreneurship, innovation, and
transformation. Organization & Environment, 29(3), pp.264-289.
Schaper, M.T., Volery, T., Weber, P.C. and Gibson, B., 2014. Entrepreneurship and small
business.
Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.
Wagner, M. ed., 2017. Entrepreneurship, innovation and sustainability. Routledge.

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Appendix
Interview Questions and Answers
Transcript of the Interview Research conducting based on Opportunity forming an
essential part of an Entrepreneurs life.
Area analysed: Background
Question: It is a pleasure to interview you. Kindly describe about your company and
background.
Answer:
I realized this is an opportunity when my wife often complained about the lack of good food
joints in her company neighbourhood. They often had to go to far away places which then got
them late on their way back home. Having heard this since long, I decided to visit he area and
discovered how the street had no joints and lagged basic food facilities. This is the circumstance
based on which I started my enterprise which was basically an idea of the food truck which
would go around the town during peak lunch hours and serve a basic menu.
Question: How long has it been since you started this service?
Answer: It’s been a year and a half. The business has been functioning well and I have been
awarded quite a number of times too.
Question: How far do you think you have come?

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Answer: I have come a long way. Back then i took a huge risk by leaving my job but
Entrepreneurship is a learning process and i am developing each day. When i started my
business, I was a totally different person, and today there is a big change in me. Although i have
a long way to go in the given sphere, I can proudly say i have learnt many things in the given
year.
Question: How did you go about the process after the idea stage?
Answer: Once the idea was developed I began to look out for newer ways to bring the given
idea to life. I visited various fast food restaurants to check how the food was packed and how to
go about it. Then i formed a business plan which further helped me to find the right path towards
success.
Question: From where did you get funds for it?
I had saved some money from my job and I applied for a business loan from Standard Charted. It
took a month to avail those funds.
Question: How did you promote the business initially?
Answer: My wife helped me a great deal to promote my start-up. We had organized some flyers
which were distributed in her office and all the neighbouring offices in the locality. These flyers
had the business number on them and the area it covered during a specific timing. We noticed
gradual increase in the footfall.
Question: You left your job, was it easy?
Answer: No... Taking this risk was not any easy task, however i had to undertake it in order to
ensure, that i am able to do full justice to the opportunity bestowed on me. Secondly, I have

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always wanted to do something on my own which further increased my desire to engage myself
in a good business enterprise which would eventually become a long term source of revenue for
me.
Question: What’s your target market?
My target market are basically these office individuals who do not get time to carry lunch and
would like to indulge in a cost effective and healthy food system. The company wanted to reach
out to those who would value finding food in their office area and pay a good price for it.
Question: Have you taken any wrong decisions till now?
Yes, with respect to the given start-up i made huge mistakes initially. For instance, I once forgot
to take into consideration the competitor firms and just continued to take decisions
independently. However this is not the case at present and the business conducts various business
analyses and various strategic tools analysis in order to precisely predict where i might have a
business risk due to the poor quality of decision.
Area analysed: Important steps
Question: Can you outline the essential qualities or steps an individual might adopt in order to
see to it that his start-up works well.
Answer : I believe that it is extremely important for any individual to see to it that his focus is
clear and that he takes into consideration the different opportunities at his disposal. The
entrepreneur needs to have the ability to view the problem as an opportunity and then plan to
convert it to an opportunity.
Area analysed: Relating opportunity to an entrepreneur

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Question: How important is opportunity to an entrepreneur?
Answer: Opportunity is the key to success for an organization. An entrepreneur must take all
relevant steps and ensure that he is able to seize the opportunity at his disposal. This is because
the entrepreneur is unable to work without a problem and thus opportunity analysis is very
important for him.
Question: According to you, what is an opportunity?
Answer: I believe an opportunity is everything that makes the entrepreneur seeks for success. It
is his starting guideline to see to it that his idea is put into action.
Question: I sit possible to make someone`s problem an opportunity?
Answer: I personally believe hat problems are the birthplace of an opportunity. Whenever a
problem is identified, an entrepreneur must make an effort to ensure that this problem is being
converted to an opportunity.
Question: How important is funding?
Answer: Funding is the second most important aspect of an entrepreneurship’s life, the first
being a viable opportunity. Funding gives a start to the ideas that have been set down by the
team. The funding can either come from one`s own money like I did or he can find angel
investors or take a loan.
Question: Should an entrepreneur fail, how must he proceed?

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Answer: Failure is often considered a part of an entrepreneur’s life. If a person fails, he must not
lose hope and should start fresh with the whole process once again. He must keep looking out for
the ideas and seize them again.
Question: Important aspects an entrepreneur needs to take care of?
The important aspects which an entrepreneur must take care of are:
 Opportunity viability
 Market forces
 Funds
The opportunity which is available must be a viable one. The opportunity should not useless
and something that does not have the ability to work out for the organization. They also need to
see to it that they have adequate funds at their disposal. These funds would go a long way in
determining the success of the organization. Market forces also play a key role in determining
the firm`s success and hence, they should see to it that this is taken care of.
Question: A part from focus, what else is essential?
Focus is the key to success. It is very easy to get distracted but very difficult to remain focused.
Remaining focused towards the organization. If the focus of an individual is adequate, it helps in
achieving the success.
Question: How do you see the business evolving a few years from now?

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Answer: A business can evolve in a large number of ways with the advent of technology. Once
the technology has developed considerably, then the firm would have to adapt to it in order to
ensure that it is at pace with the other organizations in focus.