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In the unit, you learnt that entrepreneurs are individuals who recognize opportunities where others see chaos or confusion. They challenge the unknown and continuously create the future. In addition, potential entrepreneurs are always looking for unique opportunities to fill needs or wants. They sense economic potential in business problems by continually asking ' if only they...', "what if...?" or ' Why not...?" They develop an ability to see, recognize and create opportunity where others find only problems.

Think about the following areas to get a sense of ideation and initial concept:

  • Lookfor new  Your next business idea doesn’t have to reinvent the wheel. Can you build a better mousetrap?
  • Apply your skills to an entirely new field. Think about your skills and whether they might be useful in a newarea?
  • Finda category lacking recent  Revisit Module 2 on Innovations.
  • Makea cheaper version of an existing  Companies often get their start by offering customers an existing product at a lower price.
  • Havean idea quota; write ideas  You need to be as tenacious as you can with this. Every day, set out an idea quota within a period of roughly 45 minutes to an hour, where you do nothing but write down ideas about the area that interests you.
  • Creative Mind Tools such as brainstorming – a method for obtaining new ideas focusing on the parameters.
  • OR,Reverse Brainstorming – A group method for obtaining new ideas focusing on the 

Problem and need analysis

The report includes the initial and ideal concept of entrepreneurship and how the business gets started. Hypothetically the ‘Foam & Tear Free Shampoo’ and conversion of ‘Waste to Wow’ has been selected as the ideas for inculcating the business. In order to start the business firstly, the niche market is targeted, in concern with Foam and Tear-free shampoo the target market is newborn babies but the product connects the USP that it could be favorable to all kind of age group, it explains the versatility of eth product. The skills, entry mode and the new field are examined and the up gradation in the innovativeness is made and where the products already exist their modification is been done. The ideas are noted down for the further referrals, also the brainstorming session is conducted to extract out some beneficial and smart business ideas. The reverse brainstorming is another option which focuses on the negativity so that positive things could be seen and focused lately (Belinsky & Gogan, 2016).

The report answers certain section in which the first one is problem and need analysis which detects the challenges and they are solved after entire evaluation thereafter the consumer analysis is made where buyer’s behaviour is focused and thereafter the market analysis takes place under which internal and external business environment are investigated and best possible solution is rendered. After that, the internal capabilities of the entrepreneur is examined and is finally tested in commercial viability where the investment criteria are discussed.

The report is the view to gain the knowledge about the working of an entrepreneur and what qualities and qualification is needed. Above all the thing that affects the business most is the generation of an idea, usage of skills and ability and accomplishment of goals using the various attributes and there are numerous things that need to be kept in mind before starting the business so that development and success are ensured at the later stage.

To be an entrepreneur is not an easy task there are various measures that need to be kept in mind before undergoing the business or making a start-up. In the present scenario, the entrepreneur has multiple solutions to the emerging problem. The problems that are likely to arise are managing the flow of cash, hiring of the competent employees by selecting through the unique way, group discussion round is conducted and the selected candidates proceed further towards the personal interview. Another problem that an entrepreneur bothers is the management of time. Punctuality is the first thing that is been counted and shows a lot about the personality of an individual. The delegating tasks are connected to the outsourcing. What price should be charged for the product and the marketing strategy that has to be adopted (Rozali et al, 2017)? The top of all is the lack of finance and capital requirement and designing the strapped budget. Planning the growth of business and the self-doubt situations is a challenging point for the entrepreneur and the business owner has to derive out the solutions from the problem itself. It is rightly said the problem itself comprises of the hidden solutions within it (Bloch & Bhattacharya, 2016). In order to find out the adequate solution firstly the problem needs to be analyzed and the affected parties are evaluated i.e. to what extent the parties will suffer and will the outcome be better than the problems or discomfort caused. On the basis of this partition and evaluation, the solution is derived out (Schaper, 2016). Also, the cost efficiency needs to be measured by the entrepreneur. The solution should be such that the expenses made to reach the solutions get recovered and profits are generated. Along with it the types of need are also assessed, if the hiring problem is considered to be the basic problem then it will fall under the category of continuing need as recruitment is the continuous process neither it declines nor it is the emerging issues as it has been prevailing from the long period of time though it will continue to be the future need it continues from the past carries in present and continue in the future, therefore, it shall fall in continuous type of need (Morris, 2014).

Consumer analysis

The entrepreneur introduces something unique in the market area to present out of the box thing which attracts the consumer attention. In order to develop the USP the antique thing has to be introduced by the entrepreneur, for instance, introduction of foam free and tearless baby shampoo which comforts the eyes of the baby and keeps the baby healthy and germ free along with the suitability as per the baby soft skin and it was applicable for all the ages. Everyone could purchase and get the better results though basically produced for the little kids but it is multipurpose and versatile. The entrepreneur selected the niche market of the little newborn which directly affects the pocket of young parents who are quality and health conscious (Miller et al, 2016). When the product was inaugurated initial pricing was pocket-friendly then slowly and gradually the prices gained the hike as consumer adopted the habit of using the product. The entrepreneur basically targeted the parental section and as the consumers are highly are in the current times so they demand the best quality and are ready to pay high for the better thing. The associated risk with these products is the introduction of similar products by the competitors at comparatively low rate but the original idea should stay intact and compromise with quality and quantity should not be made and belief of people associated with the product is the benefit for the business because no substitute could replace the original completely (Singh et al, 2017). The preference and tastes of the consumer varies from person to person, in order to gain the maximum benefit the most prevalent trend and highly acceptable design of the product should be launched, initially the buying behavior of the consumer has to be studied so as to cover the maximum portion of the market and create the monopolistic market and generate high income to contribute to the GDP (Chowdhury, 2016).

The market analysis involves the study of competitors. Competitors are the crucial part of the market, without the competitors, the growth has no worth. The record of competitors should be kept and the watch on their moves is learned. The owner should adopt the competitor’s strategy in the molded manner. Also, the better product and marketing or promotional strategies must be adopted to stay a step ahead of competitors. As per the product lifecycle (PLC), the maturity stage has been achieved and if attention is not paid the decline situation is likely to arise (Hedberg, Hartman, Rosche & Fischer, 2017). To maintain the position in the market area segmentation of the product should be done, as in the case of the foam and tear-free baby shampoo, the specification is for the newborn but indirectly the entire market has been covered under the single line that states the versatility of the product that could be used by any age group and size. The free market size expands the area of promotion and sales along with it the quality and potential of the product also increases with the enhancing dynamism. Market analysis also involves the evaluation of internal and external business environment (Ilin et al, 2017). The internal business environment involves SWOT analysis of the company where the efficiency of the company is examined and the internal structure is judged to incorporate changes accordingly. It includes the change in staff, provision of training, initiating the recruitment program and much more. The study of the external business environment is equally important and the motive is to measure the market competitiveness which is done using the competitive strategies like Porter’s 5 forces and PESTLE analysis. Through these strategies, the current market trend is investigated and along with it, the future predictions are also made so that pre-preparation is made and company stays strong in the competitive market thereby establishing the better and satisfied position in the market (Van & Besthorn, 2017).

Market Analysis

The internal capabilities are the inner qualities that the person persists and accordingly functions in the given manner. It explains the potential hidden beneath the person and the qualifications they have persuaded. The entrepreneur showcases the talent, skills, and abilities through its product idea. They analyze the market and target the niche market which is an ignored area where there are multiple things that could be converted into better products or renders the extraordinary services. Through the brainstorming session, the idea generation takes place and it is seen that the revise brainstorming session could also be conducted where the negative aspects are focuses so that the person could figure out positivity within it (Bettiol, De Marchi & Di Maria, 2016). The idea that comes up is then analyzed and the requirements are noted down, these requirements are then linked up with the qualification of the person and through the knowledge, the entrepreneurship gets started. For instance, converting best out of waste is considered to be the crafting and artistic activity but if this could be converted into the business idea and profit-making is connected with it then it will prove to be the successful business as many useful things get created at less price, therefore, competition can also be faced and it might become one of its kind business venture (Mudalige, Ismail & Malek, 2016).

To gain the success in the marketplace and understanding the market scenario there is a need to build up the winning team that works together, learns together, stays together so as to win together. There are 4 tactics that could help in achieving the objective (Leih & Teece, 2016). The first tact is Lead By Example (LBE), which states that the entrepreneur wants multiple qualities on the winning team but the team starts from the person themselves so what all attributes one aspect from others they should be first implied to themselves and then the expectations must be created. The second tactic is that the entrepreneur must discuss the plan of success with the workers and employees and take along the team as stated earlier the team that celebrates the small wins together are likely to celebrate the biggest even as well. Third tactics quote about the leadership system that there must be an effective leader that handles the affairs and control the team to make things heavy. Coaching is provided to them so that learning retains. The fourth and final tact is to celebrate and always stay together and adaptable to changes that are taking place so that the humans’ feel connected and the togetherness is craved by the people. The more they stay together the better will they link with one another and thoughtful & fruitful results are seen which is good for company’s development (Sharma, 2017).

For every entrepreneur, it is important to have one or more unique selling point which helps in grabbing the attention of the customer and visit the entrepreneur to acquire the product or avail the services (Boh et al, 2016). These could be like foam free tear free all range shampoos which becomes the attractive point, constructing and converting the waste to wow is another unique technique and people are ready to pay more for the uniqueness. In order to implement the USP, there is need to make the investment and gather the finance for creating the value for the product. For that purpose, the investment plan has to be constructed and agreement over the genuine return on investment is made. The balance between cash inflow and outflow has to be made along with setting the profit margin and fixing up the relative return on it (Estrin, Mickiewicz & Stephan, 2016).

Conclusion:

From the above report, it could be concluded that to be an entrepreneur the first and foremost thing required is the generation of the unique business idea and implementation of the idea into reality. For that, the entire market analyses have to be done. First of all the problem and need analysis is done to identify the challenges and resolving them. Then the consumer analysis is made to examine the buyer’s behavior and thereafter the market analysis is done. The internal capabilities of the entrepreneur are evaluated through the expertise and investigating the potential. Lastly, commercial viability was studied which includes the creation of USP within the business to ensure development and maintain the cost of investment and return it.

References:

Belinsky, S.J. and Gogan, B., 2016. Throwing a Change-Up, Pitching a Strike: An Autoethnography of Frame Acquisition, Application, and Fit in a Pitch Development and Delivery Experience. IEEE Transactions on Professional Communication, 59(4), pp.323-341.

Bettiol, M., De Marchi, V. and Di Maria, E., 2016. Developing capabilities in new ventures: a knowledge management approach. Knowledge Management Research & Practice, 14(2), pp.186-194.

Bloch, H. and Bhattacharya, M., 2016. Promotion of Innovation and Job Growth in Small?and Medium?Sized Enterprises in Australia: Evidence and Policy Issues. Australian Economic Review, 49(2), pp.192-199.

Boh, W.F., De-Haan, U. and Strom, R., 2016. University technology transfer through entrepreneurship: faculty and students in spinoffs. The Journal of Technology Transfer, 41(4), pp.661-669.

Chowdhury, P.R., 2016. An Impact Analysis of GDP on a Country's Household Consumption Expenditure and It's Savings Pattern-Study Taken with Consideration of India. Adarsh Business Review, 3(1), pp.45-49.

Estrin, S., Mickiewicz, T. and Stephan, U., 2016. Human capital in social and commercial entrepreneurship. Journal of Business Venturing, 31(4), pp.449-467.

Hedberg Jr, T.D., Hartman, N.W., Rosche, P., and Fischer, K., 2017. Identified research directions for using manufacturing knowledge earlier in the product lifecycle. International journal of production research, 55(3), pp.819-827.

Ilin, I.V., Izotov, A.V., Shirokova, S.V., Rostova, O.V. and Levina, A.I., 2017, May. Method of decision making support for it market analysis. In Soft Computing and Measurements (SCM), 2017 XX IEEE International Conference on (pp. 812-814). IEEE.

Leih, S. and Teece, D., 2016. Campus leadership and the entrepreneurial university: A dynamic capabilities perspective. The Academy of Management Perspectives, 30(2), pp.182-210.

Miller, G.Z., Tighe, M.E., Peaslee, G.F., Peña, K., and Gearhart, J., 2016. Toys, Décor, and More: Evidence of Hazardous Electronic Waste Recycled into New Consumer Products. Journal of Environmental Protection, 7(03), p.341.

Morris. B., 2014, The top 10 challenges faced by entrepreneurs today, viewed on 15th October 2017, < https://www.deluxe.com/blog/top-10-challenges-faced-entrepreneurs-today-solved/>.

Mudalige, D., Ismail, N.A. and Malek, M.A., 2016. Exploratory Study on Relationship between Entrepreneur Characteristics and Dynamic Capabilities in Export SMEs. Paradigm, 20(2), pp.113-130.

Rozali, N., Abdullah, S., Ishak, S.I.D., Azmi, A.A. and Akhmar, N.H., 2017. Challenges faced By People with Disability for Getting Jobs: Entrepreneurship Solution for Unemployment. International Journal of Academic Research in Business and Social Sciences, 7(3), pp.333-339.

Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC Press.

Sharma. R., 4 Tips to build a winning team, viewed on 16th October 2017, <https://www.robinsharma.com/article/4-tips-to-build-a-winning-team>.

Singh, J.P., Irani, S., Rana, N.P., Dwivedi, Y.K., Saumya, S. and Roy, P.K., 2017. Predicting the “helpfulness” of online consumer reviews. Journal of Business Research, 70, pp.346-355.

Van Wormer, K., and Besthorn, F.H., 2017. Human behavior and the social environment, macro level: Groups, communities, and organizations. Oxford University Press.

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