Strategic Entrepreneurship: Opportunity Recognition and Development

This report delves into the realm of strategic entrepreneurship, adopting the perspective of an entrepreneur aiming to analyze a potential business opportunity—specifically, a venture focused on producing freshly made juice from original fruit pulp. The analysis underscores that recognizing such opportunities hinges on various factors, including shifts in government policies, evolving marketing conditions, and personal experiences. The entrepreneur's approach involves connecting with external factors, such as technological advancements, marketing techniques, demographic reports, and relevant business trends. The cognitive framework is employed to identify market alternatives and assess preconceived notions regarding consumer reactions. The report also emphasizes product development through packaging adjustments, product modifications, and test marketing. Furthermore, it discusses evaluating opportunities, examining causation factors, identifying market rivals, and structuring the business using the effectual cycle, highlighting principles like the Bird in Hand Principle, Affordable Loss Principles, Lemonade Principle, and Crazy-Quilt Principle.

Running Head: Strategic Entrepreneurship
Strategic Entrepreneurship
Name of the Student:
Name of the University:
Author’s Note

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The primary aim of this paper is based on entrepreneurship and assuming I as an
entrepreneur with the objective of analyzing the potential business opportunity (Gruber, Kim
and Brinckmann 2015). The opportunity recognition of the business development depends on
multiple factors such changes in the government policies, changing marketing conditions and
life experience. However the entrepreneurs connect with different external factors of the
world and take them into consideration before starting any business. As an entrepreneur the
idea of starting the business for producing freshly made juice from the original pulp of the
fruit as it can cater all the section of the society (Costa et al, 2018). There is no particular age
group which can be segmented or marketed for this type of business.
Recognition of opportunity to start a new business or venture comes from process that
is found by the individual and caters to plan with an entrepreneurial mindset about different
approaches of business ventures or ideas. Some people try to drive their idea from other
entrepreneur and create their new opportunity which drives the business by creating new
streams of revenue. The recognition of the opportunity to start a business in manufacturing
juice from original pulp will depend on multiple factors like government policies, changing
marketing conditions and life experience (Maine, Soh and Dos 2015). As an entrepreneur it is
vital to connect the external factor like changing technology, changing marketing techniques,
demographic report, policies and regulation and trends in relevant business variables.
With the help of the following approaches it was easy to build a business and they are
due to the changing technological attributes because with an increase in the efficiency in the
production which results in increased outputs (Cascio and Montealegre 2016). Being an
entrepreneur if I invest or improve the factors of production it will assist to generate a greater
reward for the same type of work. On the other hand with the changing marketing
techniques the business can start with the detailed planned strategies to achieve the objective

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of the business. It is important to review the goals for the organization on a quarterly basis
just with an aim to match the outcomes and make sure if the strategies are still making sense.
However it is significant for any business to access the results with the functioning of the
management. With the last external factor of the business which is the policy and regulation
caters to control the employee and subordinates with the policy of the government which
involves the changes in the monitor and regulate the economic and financial system.
With the help of the cognitive framework which brings out the opportunity to search
for alternative in the market as it deals with the new pattern that suggests product and
services and facilitate business opportunity. However the new business for starting a juice
manufacturing company must ponder on the aspect of preconceived notion on how the people
might react in the market (Hughes, De Houwer and Perugini 2016). The product development
must being in slight changes in packaging, product modification, new product line, launching
the product in different market and modification of the existing product. It is important to
apply the strategy of test marketing because it analyses with a particular target market and
find out whether it is acceptable to the consumers or not.
While recognizing the business opportunity it is the responsibility of the entrepreneurs
to evaluate and access the merits or the chances which has been a focus of consideration of
starting the new venture. In order to start a successful business venture it is vital to improve
the process by which the entrepreneurs can evaluate the opportunities. On the other hand
being an entrepreneur examining the causation factors and indentifying the opportunities in
the market has assisted in exploiting the market and will further cater the information about
the existing rival firms. With the help of the effectual cycle the planned business can be
structured accordingly and assist the entrepreneurial way of working (Akemu 2019). The
principles of effectuations are:

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Bird in Hand Principle: the business has its aim and objective which caters to the mean and
the entrepreneur must not wait for the perfect opportunity. It is vital to start the planning of
the business with what is available: who you are, who you know and what you know.
Affordable Loss Principles: the affordable loss must be set and evaluate the opportunity
which is based on whether the downside is acceptable.
Lemonade Principle: this caters to the leverage contingency. It is important to embrace the
surprise which arise from the in certain situations and reaming flexible rather than existing
goals.
Crazy-Quilt Principle: from the point of partnership to making real commitments it is
important to create future product. In this stage it is not important to think about the strategic
planning and competitiveness of the other firms.

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Reference
Akemu, O., 2019. Effectual and Causal Decision Making: Shifts in Product Development
Cycle.
Cascio, W.F. and Montealegre, R., 2016. How technology is changing work and
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Costa, S.F., Santos, S.C., Wach, D. and Caetano, A., 2018. Recognizing opportunities across
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Gruber, M., Kim, S.M. and Brinckmann, J., 2015. What is an attractive business opportunity?
An empirical study of opportunity evaluation decisions by technologists, managers, and
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Hughes, S., De Houwer, J. and Perugini, M., 2016. The functional‐cognitive framework for
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Psychology, 51(1), pp.4-14.
Maine, E., Soh, P.H. and Dos Santos, N., 2015. The role of entrepreneurial decision-making
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