Discuss about the Co Evolutionary of Sustainable Entrepreneurship.
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.
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:
- Ability to establish an opportunity
- Capability to evaluate the opportunities
- Successful execution and implementation of opportunities.
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 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.
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.
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.
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.
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.
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.
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.
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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