Entrepreneurship Report: Exploring Start-up Ideas and Opportunities

This report explores the multifaceted nature of entrepreneurship, defining its significance as a driver of economic growth and innovation. It delves into the core skills and virtues of successful entrepreneurs, highlighting the importance of creativity, risk-taking, and a proactive mindset. The report examines the process of generating novel entrepreneurial ideas and opportunities, categorizing various avenues such as investing in multiple businesses, angel investors, crowdfunding, start-up incubators, content creation, leveraging the internet's social power, and tapping into foreign markets. Furthermore, it identifies key themes of entrepreneurship, including process, innovation, growth, and value creation, providing a comprehensive overview of the entrepreneurial journey from ideation to market introduction. The report emphasizes the crucial role of entrepreneurs in driving business growth and reducing competition through unique concepts and innovative ideas.

Entrepreneurial
Opportunity

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
Meaning of entrepreneurship and its importance ......................................................................2
Passion for entrepreneurial opportunities....................................................................................4
TASK 2............................................................................................................................................4
Generating and developing novel and interesting entrepreneurial ideas and opportunities........4
TASK 3............................................................................................................................................7
Themes of Entrepreneurship.......................................................................................................7
TASK 4............................................................................................................................................9
Development plans in respect of chosen start up idea or theme.................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Entrepreneurship is a set of skills, abilities, capabilities which are implemented and used
in forming an image of new business, to expand the size of existing business. Persons who retain
entrepreneurship skills are known as entrepreneurs (Foo, 2011). These skills the person from
businessman, leaders and managers. This is a concept which is used to create new ideas, seeking
out new opportunities, forecasting of future incidents and analysis of past records of businesses.
Basically, entrepreneurs are the persons who remain centralised around find out unique ideas and
concepts which remain different from existing business types and formats of organisation. This
report is formed to identify new opportunities and ideas of start-ups, introducing new product,
process or services by using entrepreneurship skills.
TASK 1
Meaning of entrepreneurship and its importance
Entrepreneurship
It is considered as an engine of growth which helps in building economic structure of
country strong and credible (Hansen, Shrader and Monllor, 2011). It is an idea which comes in
mind to set up a picture of business, launching a new concept of product and service in market as
well as implementing new tactics in a creative manner. These are the skills which are found in
nature and behaviour of a person by birth or by real life experiences. The person who contains
the ideas and skills are known as entrepreneurs. From thinking an idea of business and establish
and from the idea in actual from are the main objective and aim of entrepreneurs.
It is considered by an example that a person name David is think about creating and
software program to centralise all the information of operational department and functional
departments of an organisation. The software would be eligible to categorise as per nature and
department of organisation by itself. This is an idea which is roaming the mind of David. Now it
is required a team to analyse the sources of information regarding the idea of software. The
team which remain involve in framing the image of idea in actual format are called
entrepreneurial teams. David invite and three friends and tell them about the idea and explained
the dynamics and scope of software program. How does it work, where does it work and for
whom it would be beneficial are the major fields around which the team will work and make
there strategies. It requires a huge amount of investment requires to start the project and design
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the idea. At initial stage, entrepreneurs have to face different types of challenges and problems to
generate cash and investment.
David and his team needs to make impressive and attractive strategies which could attract
the interest of investors and financiers. They need to present the idea and concept effectively.
College seminars, convocations and workshops are the sources where they can introduce their
ideas and concepts. There are some set of criteria needed to set in respect of idea like motive of
idea, fields where it would be use, impact of implementing the idea.
Virtues of Entrepreneurs
It is a point of question and curiosity in human mind that what are the skills and virtues
are required to be presented in a person to be a successful entrepreneur (Renko, Shrader and
Simon, 2012. Some of the critics said that this skills are found a person by birth and some
experts estimates that these skills can be generated and grow by improving internal skills like
self confidence, creating own goals and targets, dedication, risk taking factors, courage,
consistency and determination. Risk taking and analysing new opportunities are considered
important virtue of entrepreneurship. There is a positive attitude and mind set must be maintain
by entrepreneur. There are various negative consequences and effects are also found in general
business environment. A successful entrepreneur keep all the negative and threatened factors in
mind while framing new ideas and new opportunities.
Creativity and innovations are the main factors which bifurcate the skills and nature of
entrepreneurs from normal persons. There are some example of successful entrepreneurs who
ruled the world like a king and established their own empire. Bill Gates, who is the founder of
Microsoft is considered in the list of world's richest man. Mark Zuckerberg who gave the idea of
connectivity with friends and colleague without having physical appearance via “Facebook”.
Pierre Omidyar who is the founder of eBay and so on. These are the people who firstly
introduced the image of entrepreneur and entrepreneur skills in front of world.
These are the person who faced lots of challenges and problems in setting up their
empire. But all these challenges and conflicts became small and worthless in front of their
determination, courage, patience and will power. Being consistent in every situation is one of the
quality which differ the person from normal human being.
For whom it is important
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Scope of businesses and organisations have become vast in present scenario.
Multinational organisations and businessmen keep seeking for leaders and successful leaders to
lead their organisation and enterprises in creative and effective manner. Entrepreneurs
concentrate towards unique concepts and innovative ideas for better operations. These skills help
to separate the business type from the market and reduce the competition level which are found
in same type of organisations.
Entrepreneurial activities, innovations and creativity
Innovations, changes and experiments are the part of life cycle. It also affect the
operations, functions, culture and trends of organisations and businesses types (Suddaby, Bruton
and Si, 2015). There are similarities are found in the behaviours of entrepreneurs in respect of
innovations and creative ideas. Creativity is a activities which is used in creating new ideas,
imaginations and possibilities. Innovations are the considered as new ways, styles and formats of
working and implementing something new in market. Innovations remain focused on
productivity whereas creativity is natural which depends upon mind set, thought process and
imagination of person. Both the factors are required in entrepreneurs. Creative ideas and
innovative styles both are the essential elements which bifurcate the nature of business and
organisation type from others. Entrepreneurship skills are the combination of both the
specialities innovative themes and creative ideas. Both are used to conceive the tactics and
advancements to accelerate the operations and functions of business.
Passion for entrepreneurial opportunities
Entrepreneurial opportunities are the conditions and situations which are find out to
making extra profits and making money. These persons analyse the environment and find out the
best ways and economic options to reduce the cost of operations and efforts. Utilisation of
resources in adequate manner and process styles are the major criteria which are analysed by
entrepreneurs. Entrepreneurship is a passion and interest which motivates entrepreneurs to think
creatively and innovatively.
TASK 2
Generating and developing novel and interesting entrepreneurial ideas and opportunities
Finding out next opportunities and possible conditions are considered most challenging
and toughest part task for entrepreneurs. There are various options and sources of running
smooth operations and management come across in organisational context. Entrepreneurs have
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to select and implement the best option in organisation. It contains high cost and investment to
implement the option. Smart business decisions to start up of new business formations or
expansion of existing business types are the objective of entrepreneurial opportunities. These
options and opportunities show the long term vision and mission of organisation. There are
basically seven categorises are divided to identify entrepreneurial opportunities.
Invest in multi businesses
There are businessmen and billionaires search new ideas of business to invest and boost
their investment to next level. They keep seeking more than one innovative business ideas and
opportunities. These are considered as golden and precious opportunities for entrepreneurs. They
get vast area and network to introduce their new business ideas to businessmen. It is found high
competitive environment and business owners opt those ideas which remain unique and different
from existing business or organisation type.
Angel investors
These are the investor types which are found in organisational context and remain
popular for venture capital and partnership businesses (Popp and Holt, 2013). It is a group of
successful businessmen and companies which keep seeking for new ideas and provides finance
help to entrepreneurs. New entrepreneurs have to face issues and challenges regarding generating
finance. Banks and financial institutions check the capacity and credibility of payment recovery
which is one the reason entrepreneurs could not generate finance. These investors provides
opportunities and encourage them by providing required help of finance and resource in
systematic manner.
Crowdfunding
This is one of the opportunity of generating funds and finance from market. This method
is considered creative itself. Customers and clients are asked about their requirements and needs.
Entrepreneurs explain the vision and motive that how their needs and requirement can be filled
by their contribution in the form of monetary and funds. It is require high convincing skills and
abilities in behaviour of entrepreneurs. This opportunity is considered as a method of Getting
funds from market and investors by presenting the end picture of advantages and benefits to
customers and clients.
Start up Incubators
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This is one of the type of entrepreneurial opportunities which are alike angel investors.
These also provides many resources and help to start up projects and ideas but on certain
conditions and expected return. It is not require that all the start up incubators provides similar
type of resources (Wang, Ellinger and Jim Wu, 2013). There are non monetary services and
sources are also provided by these type of investors. These investors provides space,
infrastructure, professional seminars, right to industry professionals, and support them to
introduce there ideas in front of large businesses. These are the opportunities which provides a
path to accomplish entrepreneurial goals and objectives.
Quality content
Content basically contains set of details and informations regarding particular subject.
There is a brief is prepared with specific goals and objectives. Content must be impressive and
attractive, its is an descriptive form which contains the idea of start up in documentation form.
For example a good film story depends upon its descriptive style and formation which helps in
attracting directors. As designers and film-makers search new contents same as investors and
businessmen keep seeking new content with strong vision and mission.
Social power of internet
It is one of the opportunity by which an organisation get advantage by building customer
interest. By sharing and discussed the start up idea with customers, clients and public
entrepreneurs try to create a brand image of proposed start up idea in market. Technology has
contributed lots of advantages in the form of social networking, online trading, e-commerce
website and freelancing services etc. these are the sources which are used top spread the idea and
vision at global level.
foreign markets
There is a huge opportunities are found at global level to introduce the start up concept at
large level (Hayton, Chandler and DeTienne, 2011). There is a targeted market and country is
opted by entrepreneurs and a effective strategy is planned. Strategies and plans work around how
the start up plan to be introduced at global market. Foreign markets invites large visibility and
opportunities to entrepreneur to introduce their ideas and innovations to multinational
organisation.
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TASK 3
Themes of Entrepreneurship
Entrepreneurship is considered a process where an idea of start up comes in mind and
fertilized in various stages and steps (Eisenmann, Ries and Dillard, 2012). This steps and stages
are also known as theme of entrepreneurship. There are various themes of entrepreneurship are
found to introducing start up idea and plan to market which are process, the entrepreneur,
innovation, growth, uniqueness, growth, profit or non profit, creating value, organisation
creation.
There is an start up idea is created by David and its team. There is an integrated
information system and software program is invented which will help in getting the data and
information of multiple departments, which provides a summarised information of decision
making and management operations of an organisation. Below are the themes are described
which will help to present the idea in systematic and effective manner to investors and financiers.
Innovative theme
It is very important to showcase the idea in effective and impressive manner.
Entrepreneurship themes and process helps in bifurcating the task of presentation of start up idea
to businessmen and investors in adequate manner. In this theme basic and major points are
highlighted. David wants to introduce its start up idea in a seminar where CEOs and businessmen
will participate. David invented an software which would be beneficial to multinational and large
scale of organisation. There are set of informations would be centralised in one format. This
format is named an integrated information system of information or a power house. Now there is
one major challenges is come across in front of David which is presenting the idea in innovative
and impressive manner so that investors and businessmen could get impress and show their
interest in start up idea. This theme works around three basic factors which are
Concept – There are various software and development programs already exist which are vastly
used in business and organisational context (Siegel and Renko, 2012). David need to categorise
its start up in such a manner so that it could be differentiate from others. There are various
specialities of the information system which need to specify while presenting the model in front
of investors. This program is prepared to categorise the informations and data of divisions of
organisation. This data would help in analysing the management and functions. There would be a
summarised information given by this software which help in decision making process and
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strategic planning. There is a predicted score card also issued by the program which will be
related to multiple departments.
Sources – This part contains the material and sources which are used to manufacture the
information system (Heinonen, Hytti and Stenholm, 2011). Investors and businessmen seek those
options which contains low cost and high profitability. It is very important that the idea or
product which is invented for better operation and organisational growth must be cost effective.
Customer also want to get optimum satisfaction at low cost. Customer's interest indirectly affect
the scope of start up project and type.
Motive and Objective – Every start up plan and idea contains an objective or goal which justify
the reason of creating and making the idea (Grégoire and Shepherd, 2012). It is seen that
organisations needs summarised information to make strategies and decision making process.
Organisations use different sources and data to get accurate information to design strategies and
plans.
Integrated information system which is a software design by David and team is made to
analyse carious data and informations in summarised way. This software is very easy to
understand and operate. This information system will use the data and figures from different
management and functional departments of organisation. There is an artificial intelligence
system is used in itself which analyse the information and produce a summarised information.
This information provides an overview of present situation of business and also shows the
capacity's of organisation that whether its is stable to adopt changes or not.
Creation value and organisation creation
This is one the theme which is considered in entrepreneurship. As per this theme there are
values and importances are defined subject to proposed start up project (Hunter, 2014). Values
and importance are evaluated subject to organisational growth and accomplishment of goals and
objectives of business. An start up idea not only remain limited to an organisation type but also
helpful to other business types.
David start up concept is based upon recognised theme. The base of the start up project
is centralised around summarisation of informations which is collected from various departments
of organisation. Information and data which are produced by the system will help in making
strategies and decision making process for management department of an organisation.
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TASK 4
Development plans in respect of chosen start up idea or theme
A development plan is made to attract investors and financiers for boost the idea at next
level (Ekpe, Mat and Razak, 2011). In case of start up ideas and projects it is important to
bifurcate the plan in significant manner.
( Source : Basic business development plan, 2017)
Business development program in respect of start up programs
Opportunities
There are some set of analysis done in this stage. Customer's analysis, competitor
analysis, gaps and opportunity are the sources which are done in this stage of development.
Solution
This step of development plan help in identifying the scope and values of start up project
in respect of organisation and customers.
Strategy
What are the strategies and plans are made around the concepts are defined in this context
Operations
This step is used in organisation to manage internal departments and divisions. What are
the major factors and legal structure is need to frame the image of plan is made in this sector.
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Financial
how much amount of finance and subsidiary resources are required in this context are
considered in this context.
CONCLUSION
Entrepreneurship opportunities are the situations and conditions which attract and
encourage entrepreneurs to frame new ideas and innovations for business growth.
Entrepreneurship skills are used in dynamic manner to design the formats and concept of new
business ideas and innovative. This report is around an innovative or start up idea which is made
as per own abilities and skills. There are two entrepreneurship themes are used to present the
idea and concept in effective manner to attract investors and businessmen. Objectives of this
report are to explain the meaning of entrepreneurship and skills which are required to be an
entrepreneur. Entrepreneurial opportunities are bifurcated subject to support start up ideas and
themes.
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REFERENCES
Books and Journals
Eisenmann, T. R., Ries, E. and Dillard, S., 2012. Hypothesis-driven entrepreneurship: The lean
startup.
Ekpe, I., Mat, N. and Razak, R. C., 2011. Attributes, environment factors and women
entrepreneurial activity: A literature review. Asian Social Science. 7(9). p.124.
Foo, M. D., 2011. Emotions and entrepreneurial opportunity evaluation. Entrepreneurship
Theory and Practice. 35(2). pp.375-393.
Grégoire, D. A. and Shepherd, D. A., 2012. Technology-market combinations and the
identification of entrepreneurial opportunities: An investigation of the opportunity-
individual nexus. Academy of Management Journal. 55(4), pp.753-785.
Hansen, D. J., Shrader, R. and Monllor, J., 2011. Defragmenting definitions of entrepreneurial
opportunity. Journal of Small Business Management. 49(2). pp.283-304.
Hayton, J., Chandler, G. N. and DeTienne, D. R., 2011. Entrepreneurial opportunity
identification and new firm development processes: a comparison of family and non-
family new ventures. International Journal of Entrepreneurship and Innovation
Management. 13(1). pp.12-31.
Heinonen, J., Hytti, U. and Stenholm, P., 2011. The role of creativity in opportunity search and
business idea creation. Education+ Training. 53(8/9). pp.659-672.
Hunter, M., 2014. CREATIVITY AND MAKING CONNECTIONS:“THE PATCHWORK OF
ENTREPRENEURIAL OPPORTUNITY”(II). Psychosociological Issues in Human
Resource Management. 2(1). pp.63-104.
Popp, A. and Holt, R., 2013. The presence of entrepreneurial opportunity. Business History.
55(1). pp.9-28.
Renko, M., Shrader, R. C. and Simon, M., 2012. Perception of entrepreneurial opportunity: a
general framework. Management Decision. 50(7). pp.1233-1251.
Siegel, D.S. and Renko, M., 2012. The role of market and technological knowledge in
recognizing entrepreneurial opportunities. Management Decision. 50(5). pp.797-816.
Suddaby, R., Bruton, G. D. and Si, S. X., 2015. Entrepreneurship through a qualitative lens:
Insights on the construction and/or discovery of entrepreneurial opportunity. Journal of
Business Venturing. 30(1). pp.1-10.
Wang, Y. L., Ellinger, A. D. and Jim Wu, Y. C., 2013. Entrepreneurial opportunity recognition:
an empirical study of R&D personnel. Management Decision. 51(2). pp.248-266.
Online
Basic business development plan, 2017. [Online] Available
through<http://www.cynertiaconsulting.com/es/node/182>
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