MD4044 Entrepreneurship Theory and Practice Assignment Sample
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Executive Summary
Entrepreneurs are the individuals who focus on their unique plan of innovating product and service to start their start-up. The idea and practical concept of selling the product and service with a great margin are considered entrepreneur opportunities. The exploitation of the opportunities can be considered as having the effective advantage of the discovery of creative opportunities. After analysing the proper respect of opportunity the form of the organisation needs to have the proper benefit of that specific opportunity. This project consists of entrepreneur opportunities and their key aspects including creation and Discovery. The exploitation of opportunities is also very essential for the company. Proper strategies amended by the companies are listed within the project. It also includes the entrepreneurial orientation and a proper reflection of three dimensions with my own experience.
Introduction
Entrepreneur opportunity is considered to be the advantages and benefits which are gained by entrepreneurs by increasing the selling price as compared to the cost of production. This can be defined as either creating the opportunity or to discover the opportunity. In this regards, he present project provides an understanding of entrepreneur opportunities and their key aspects including creation and Discovery. The exploitation of opportunities is also very essential for the company. Proper strategies amended by the companies are listed within the project. It also includes the entrepreneurial orientation and a proper reflection of three dimensions with my own experience.
Entrepreneur opportunities
Entrepreneurs are the individuals who focus on their unique plan of innovating product and service to start their startup. The idea and practical concept of selling the product and service with a great margin are considered entrepreneur opportunities. As per the theory of entrepreneur opportunities, the researchers have examined the proper definition by increasing the selling price as per the cost of production (Buli, 2017). The main motive and key aspect of every business are to earn profit and growth. Grabbing the effective idea of entrepreneur opportunities helps the entrepreneur to have success over their start-up.
One of the major issues associated with entrepreneurs grabbing entrepreneur opportunities is the idea of practical success. It is hard to examine the proper selling cost of the item without experiencing the practical fundamentals. The key aspect of entrepreneur opportunity may include creation and discovery.
Opportunity creation
The opportunity creation is a part of entrepreneur opportunity is the creation and element of opportunities for the entrepreneurs to have success for the start-up (Dai and Si, 2018). It can be termed as every action and activities done by the entrepreneur to examine the undefined way or unknown aspect of having the practical analysis of the desired product or service.
The theory of opportunity creations has suggested to the researcher that the main seeds of getting the appropriate opportunity do not lie within the previously owned markets and industry (Chandra, 2017). The entrepreneur needs to go to different segments of the market to have the proper advantages and opportunities as compared to the existing product and services.
The creation of opportunity can be analysed by different aspects like social culture, technological and economic. Understanding the better perception of the people and citizens living within the region gives various ideas to the entrepreneurs for raising the opportunities.
Opportunity discovery
The opportunity discovery can be termed as a process of identifying or discovering new opportunities from the demand and the supply (Alvarez and Barney, 2007). The entrepreneur fulfils the existing demand by having a new supply. This can be termed as vice-versa by giving the existing supply to the new demand of the customers. In this scenario, it is very essential to identify the various perceptions of the people and the new demands which can be raised as per the expectations and the new trends.
As for the discovery theory of the entrepreneur opportunity, it has been examined at all the actions where the benefits of the loss between the businesses are directly held over the hands of the entrepreneurs (Morris & James, 2017). Every action or activity done by the entrepreneur can be termed as the discovery of opportunity or to exploit these without any intention or circumstances.
It is very important for the entrepreneurs to examine every aspect of the decision made by them to have the proper analysis and assume the result of the decisions over the market and their business. The current era of digitisation has given various areas to the entrepreneur for discovering and creating the opportunity either by analysis of the expectation of the existing demand.
Similarities and difference between opportunity creation and Discovery.
As for the researchers view it has been analysed at opportunity creation is done to satisfy the existing market by creating the new methods and operations which can have the proper not to create opportunities. Similarly in opportunity Discovery, the entrepreneur has more angles to satisfy the demand of the existing supply by having the pre-existing operations (Di Muro & Turner, 2018). The conclusion of both creation and Discovery impact over the proper profit gain by selling the product or service which is implemented by the entrepreneur as per the production cost. The main motive of both the opportunity creation and Discovery is to maximize the profit for letting the opportunity have sustainable growth.
As per the theory of opportunity Discovery it has been depicted that the discovery is dependent on the social construction and the changes held within the market. This is considered as one of the major differences apart from opportunity creation. Opportunity creation doesn’t have any rule related to social construction (Lumpkin and Dess, 1996). The ideas which are executed by the entrepreneur to have operations of the opportunity are by having proper interaction with the social people and the perceptions. Opportunities that are discovered by others and phenol have their real as listings within the market. The creation of opportunity depends on the emergence of a market that needs new ideas and innovative concerns.
The proper analysis of the external environment of the environment plays an essential role in defining the discovery of new opportunities. The opportunity discovered per the supply and demand of the customers. For example, if a company has examined a new demand from the customer (Shae and Venkataraman, 2000). Giving them a distance applied to fulfil the new demand of customers would be a great opportunity for the company which has been discovered by the entrepreneurs. In the creation of opportunity, there is no analysis of demand and supply.It depends on the innovation and creativity of an entrepreneur to innovate their existing product.
As for the different dimensions of the entrepreneur opportunity, the three factors of difference between opportunity creation and Discovery have been and are listed by the researchers. These dimensions can be stated as the nature of opportunities like entrepreneurs and decision making (Clark & Ramachandran, 2019). There is a high need for experience for having the proper operation of the opportunities whereas effective decision making can help the entrepreneurs to have the certain discovery of effective opportunities. There is no analysis of facts and theories related to the concept as the discovery of opportunities have their origin and existence.
Exploitation of opportunity
The exploitation of the opportunities can be considered as having the effective advantage of the discovery of creative opportunities. After analysing the proper respect of opportunity the form of the organisation needs to have the proper benefit of that specific opportunity (Hunt, 2021). Companies plan a factory strategy to pursue the current opportunities and focus on the future to maximize the value and revenue earned by the existing product or service. Opportunity can also impact to change the way of operations within the organisation or to change the existing product.
Strategies
Strategies that can be opted by various companies to grab the effective opportunity as an entrepreneur all listed below effectively.
The use of new technology and innovation always benefits the company as compared to the existing one. If an opportunity is given by a company by changing their way of operations to reduce the production cost (Yoruk & Jones, 2020). The company focuses on advanced technology and innovation as it directly impacts the production cost by implementing it over their operations.
Business models are the structure that describes the proper functioning within the organisation (Karami and Tang, 2019). Some business models are previously designed by entrepreneurs who have a traditional way of executing all the operations. In the current era of digitalization, technology has allowed companies to change their business model into an agile one. The agile business model helps the company to avoid the challenges and issues which are faced by the employees in the lower management (Buli, 2017). If any opportunity arrives which is assumed by the entrepreneur for their benefit can be easily graded by changing the existing business model of the company. It is considered as one of the effective strategies.
Analysing the proper customer inside by having the effective tools and software is also an effective strategy for grabbing and exploiting the opportunity analysed by the entrepreneurs. For example, if an entrepreneur is engaged over to give the existing product to the demand. It is very essential to analyse the proper insight of customers and their behaviour which helps in defining the effectiveness of the opportunity more specifically. Having the proper analysis of customers inside also helps in making the customer experience higher.
As per the research review, many companies have been watched to expand their customer base. It helps them to analyse the extra need of the customer for making their company more customer-centric. It is another way of exploiting the opportunities within the market. Many opportunities are grabbed by the entrepreneurs by analysing the whole market by expanding the operations of the company (Kelly & Dorian, 2017). This can be highly exploited by expanding and understanding the new prospect of the customer base. The customer base directly depends on the reach of the company. The company needs to expand their reach to grab various opportunities from the market (Dai and Si, 2018). Including the various new segments of product is also considered as a higher opportunity but the entrepreneurs need to have the proper analysis of the demand and expectation of the customers.
Entrepreneur orientation
Entrepreneur orientation is a term strategy for analysing the behaviour strategies and the organisation nature towards the entrepreneur activities. It helps an organisation to enhance its value and profit. It has a direct impact on entrepreneur opportunities which are essential to be grabbed by the company to have sustained benefit and profit.
As per the theory, there are five major dimensions in context with entrepreneur orientation. These may include autonomy, risk-taking, innovation, competitive aggressiveness and proactiveness.
Autonomy is considered as the freedom given to the employees within the organisation to have their effective decision making involvement (DiVito and Bohnsack, 2017). It is very essential in an organisation where entrepreneur opportunities are very essential.
Competitive aggressiveness is the capability of an organisation to challenge competitors directly. It can be done by having an effective product or the service which is getting higher profit and value as compared to the competitors.
Proactiveness is the strategy for achieving the benefits by making effective strategies for having future profit (Tuomisalo, 2019). Some of the major prophets in this type of dimension are done for the future aspect.
Risk-taking is considered as a capability of identifying and analysing the risk. These risks can be termed as the issue held within the organisation for implementing various operations for grabbing effective opportunities.
Innovation is the creativity and idea of the individual for implementing effective changes. Innovation always helps a company to indulge the advanced technology within the operations.
Reflection
As for my own experience, it has been examined that the three dimensions of entrepreneurial orientation which are termed innovation, competitive aggressiveness and autonomy are very essential. During my college project, it has been examined that each student was given the power of autonomy to make their own decisions regarding the different aspect of the project. The project assigned to the students was between groups. Each individual who participates within the group has their scenario of given effective decisions. As per our effective decision, we can challenge the competent by examining their SWOT analysis. Innovation plays an effective role in project making (Soomro and Shah, 2019). The project topic was defined by our teachers does depends on our Innovation and the capability to use our knowledge and theories within the project. The working model required for the project was made by the use of innovation and creativity. The project helps me to have the proper analysis of different dimensions which are required within the entrepreneur orientation. The rest two dimensions which may include risk-taking and proactiveness was not properly judged during the project. There was no need for analysing the future aspect of the project as the deadline was mentioned by the teacher. The individual needed to complete their assigned tasks within a limited time to have an effective result.
Conclusion
The entrepreneur opportunity creation is done by analysing the market and the customer base drop by the company. It is considered an effective way for increasing the profit for the company. The opportunity Discovery is the art of fulfilling the demand of customers by the existing supply. This can be done vice versa by fulfilling the existing demand by the new supply. The entrepreneur orientation is considered as a strategy that is used to analyse the proper behaviour strategy and the organisational structure for grabbing various entrepreneur nature or opportunities by the organisation. As per my own experience, I have gain knowledge about three-dimension which may include innovation
References
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