Entrepreneurial Opportunity: Feasibility of Virtual Fitting Rooms

This essay delves into the entrepreneurial opportunity presented by virtual fitting rooms, a business idea leveraging augmented and virtual reality to allow customers to 'try on' products online. The analysis employs the seven domains business model, which assesses market attractiveness at both macro and micro levels, alongside company-specific factors. The target market is identified as technology-savvy individuals who frequently shop online for clothing and other essentials. The essay concludes that embracing emerging technologies is crucial for contemporary businesses to maintain stability and enhance operational efficiency in a competitive market. The references cited support the discussion of entrepreneurial opportunities, virtual fitting room technologies, and business model innovation.

Task 1
Entrepreneurial
Opportunity

Introduction
Entrepreneurial opportunity is defined as the point at
which the demands of the customer is identified and
meets with the feasibility study that ultimately satisfies
the requested product and service. The following
discussion is based on the business idea which has
emerged from the business problem.

Business Idea
Business idea chosen is the virtual fitting rooms that have been
applied by many of the organisations who are operating in an
online manner. Because of the technology of augmented and
virtual reality along with the artificial intelligence, customers can
try any product from the website using a camera and identify the
suitability of the product. This can help customers to purchase
online without visiting to the physical stores (Lee, Xu and
Porterfield, 2020).

Applying seven domains to the
business idea
Seven domains business model is defined as the decision making tool for the
entrepreneur in order to propose a new business idea and to analyse whether
the market is feasible or not for the new business. This is a model which
divides the idea into 7 parts for examination in which the initial 4 conducts
the micro and macro analysis of the industry and the remaining 3 conducts
the company level analysis. Determining the market attractiveness at the
macro level is the first domain. In context of the new business idea proposed,
the target market are the people who are Technology freaks and their lifestyle
is to purchase online in terms of clothing and other essentials.

Conclusion
It is concluded that adopting the emerging technologies in order to
propose the new business idea is an important concept to learn
and study so that its applications can be applied in the real world
organization. This is because now a day’s no business can survive
without the adoption of new technology in the market place. The
reason being is that it boosts the operations and functions of the
organizations to maintain stability within the industry.

References
Wood, M.S. and McKinley, W., 2020. The entrepreneurial opportunity construct:
dislodge or leverage?. Academy of Management Perspectives, 34(3), pp.352-365.
Yang, S. and Xiong, G., 2019. Try it on! Contingency effects of virtual fitting
rooms. Journal of Management Information Systems, 36(3), pp.789-822.
Lee, H., Xu, Y. and Porterfield, A., 2020. Consumers' adoption of AR-based virtual
fitting rooms: From the perspective of theory of interactive media effects. Journal
of Fashion Marketing and Management: An International Journal.
Tykkyläinen, S. and Ritala, P., 2021. Business model innovation in social
enterprises: An activity system perspective. Journal of Business Research, 125,
pp.684-697.
Ghezzi, A. and Cavallo, A., 2020. Agile business model innovation in digital
entrepreneurship: Lean startup approaches. Journal of business research, 110,
pp.519-537.