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Where the submission exceeds the stipulated word limit by more than 10%, the submission will only be marked up to and including the additional 10%. Anything over this will not be included in the final grade for the assessment item. Abstracts, bibliographies, reference lists, appendices and footnotes are excluded from any word limit requirements.

Where a submission is notably under the word limit, the full submission will be marked on the extent to which the requirements of the assessment brief have been met.

Assessment Learning Outcomes

The learning outcomes to be addressed through this assignment are:

Knowledge and Understanding

  1. a) Analyse the critical debates about the role of entrepreneurs and entrepreneurship in the delivery of business innovation.
  2. b) Evaluate the management efficacy of alternative approaches and tools to identifying, selecting and managing emerging opportunities.

Subject Specific skills

  1. e) Provide a comprehensively researched and detailed analysis of emerging opportunities within a specific business sector and show an awareness of the contrasting influences.  

Key Skills

  1. g) Collate, organise, critically evaluate and synthesise evidence and information from  avariety of sources including: acaemic articles, business reports and case studies.
  2. h) Solve problems using complex concepts, appropriate tools and arguments leading to creative solutions and innovative business approaches.
  3. i) Engage confidently in academic and professional communication with others, reporting on proposals clearly, autonomously and competently.

The Scanning of the Business Environment

The minds of entrepreneurs and innovators work differently, and this is because they see opportunities where others cannot see. It is essential to note that in the competitive business world, there is a need to see things differently and to make sure that the opportunities that are present are explored. By doing so, one is in the best position to tap into the competitive business world and to increase profits as well as sales. The business opportunity that will be focused on in this case is a cleaning business which deals with laundry, fumigation, and dry cleaning. However, this business opportunity is different from other businesses of this nature. The reason behind it is because the business looks into the needs of the customers from a different perspective. The business offers home services, and that means that customers do not need to leave their houses for them to enjoy the services of the company.  

In the modern business world, it is no doubt that evolution is taking place at an alarming rate. Organizations are advancing in terms of operations as well as technology, and that has left organizations that are not competitive and innovative in a position that is challenging and tricky (Maritz and Donovan, 2015). In this respect, the need to look into the world of business from a different perspective comes in handy. The business environment that needs to be scanned in this case is the cleaning industry (Piperopoulos, 2016). This is the industry that comprises of all organizations that deal with cleanliness. The industry needs to be scanned in order to identify the business opportunity that will be innovative and different.

In the dry cleaning industry, organizations have invested in the industry, and there are many positive results associated with the industry. The opening of new businesses has been taking place, and the organizations are making huge profits. However, the delivery of the services in cleaning the clothes of the customers has been the sole determinant of the effectiveness of the organizations in the industry (Veeraraghavan, 2009). Customers and hotels deliver their clothes and pick them from the dry-cleaning organizations. As a result, it is evident that the customers do a significant percentage of the work as far as logistics are concerned.  

The laundry business has boomed in the last few years, and this has seen many people get employment. However, the trend of setting up the business is still the same. The establishment of laundry factories and centers where people who show up with their clothes and they are cleaned is still the trend in the business. This means that the owners of the clothes or rather the customers must be available at the laundry store or center. As a result, this has created a gap in the delivery of services in the industry.

The scanning of the cleaning industry has demonstrated several things. The first result shows that the work of delivering clothes to the cleaners solely belongs to the customers. The reason behind it is because most of the organizations are centralized in a specific location, and the only way for the customers to benefit is through taking the clothes to the organizations (Chatterji, Glaeser, and Kerr, 2014). The second result is that there are no services that may force the service givers to follow the customers in their homes. It is evident that a more significant percentage of laundry stores and dry cleaners only deal with clothes and beddings. As a result, the organizations are not pressured to provide services to customers in their homes. The third result is that the industry's competitiveness is dictated by the services that are offered in the areas of operations. Organizations that treat the customers better have the opportunity of winning the trust of the customers as opposed to organizations that do not treat the customers well. At the same time, the organizations that seem to make sure that the laundry of the customers is well washed get the advantages of attracting more customers.

The Theory Behind The Business Opportunity

PESTEL was also used to scan the business environment with the aim of identifying the entrepreneurial opportunity. The PESTEL Analysis helped to understand the Political, Economic, Social, Technological, Environmental and Legal Factors in the cleaning industry. As a result, it was easier to point out factors that mostly affect the business in the industry. The business opportunity did not present more risks to the industry than the industry already had. The opportunity would be affected by political factors though they had to be extreme since the venture took the services to the customers. The new venture looked after the economic needs of the customers, and this is because it helped the customers to save on the costs of transport. The opportunity met the social needs of the customers, and this is because it presented a service that was aligned with the modern social environment. As far as the aspect of technology is concerned, the new venture made sure that the customers had utilized modern technology in their ventures. This is because they would access the services through the website, mobile application, or call the organization. Environmentally, the new venture did not have a significant percentage, but it made sure that all legal requirements were met. By using PESTEL to identify the opportunity, it was evident that the new venture would not be hit by factors that are present in PESTLE analysis.

The scanning that is based on Futures Thinking brings out an aspect that is interesting, but it provides an insight into the best way to identify a business opportunity. In the modern day, the advancements in technology have provided opportunities for the customers to enjoy the services of their organizations at the comfort of their homes. A good example is seen in the case of the restaurants' industry. In the restaurants' industry, the organizations are delivering foods at the comfort of the customers' homes. As a result, the market share for the industry has increased, and this is because of the burden or rather the costs of logistics are being eliminated. However, in the cleaning industry, this concept has not seen the light of the day, and this means that there is a business opportunity to be explored.  

The theories that will be utilized in this business opportunity are consumer behaviors theories. It is essential to note that in any given business opportunity, the beneficiaries are the customers. Therefore, it is imperative to understand the customers before coming up with business opportunities (Windrum and Koch, 2008). The consumer behavior theories point out some of the factors that affect the consumers' behaviors. The decision-making process of a customer is affected by some factors. When the factors are not considered, the business might not last for long, and this is because a business cannot thrive if the customers are not buying.

In line with the consumer behavior theories, it is evident that if some characteristics or offers are added to products and services, the customers are likely to be convinced to purchase more (Modrego, McCann, Foster, and Olfert, 2015). The theories come in handy to help to understand if the entrepreneurship aspect of the business, as well as the innovative aspect, have the potential to attract more customers to the business (Garud, Gehman, and Tharchen, 2018). The business opportunity at hand attracts more customers because it tries to offer different products and packages thus introducing a difference in the market. It is, therefore, essential to utilize the theories with the intention of knowing if the business opportunity has what it takes to attract more customers from the market or not.

The new business venture is unique, and it meets the needs of the customers from a broader perspective. The uniqueness of the business is found in its operations and services (Matthews and Brueggemann, 2015). To understand the uniqueness of the business, there is a need to look into the services that are provided by the business. The first value of service that has been added is the provision of services at the comfort of the customers. The new business venture will introduce something new in the market that will attract a lot of customers. The business venture offers picking and delivering services to the customers.

Picking and delivering services in the cleaning industry is something that is new to many. At a minimal charge, the organization will be picking the clothes and other garments that need cleaning and later delivering them to the respective customers. It is essential to note that this service extends to institutions as well (Johnson, 2001). There are many boarding schools that would need the professional touch of the cleaners. In this respect, the company will be making sure that the clothes of the students and staff are picked, washed, and then delivered (Thébaud, 2015). Considering that the cost of transport will be minimal, it is expected that the customers would seek the services of the company.

Apart from picking and delivering the clothes and other garments, the new business venture also looks into ways of making sure that cleaning is extended to the homes of the customers. In the cleaning industry, clothes have been focused on more than other things in the household. Therefore, there is a gap in the industry that is an excellent business opportunity (Zhao, 2005). The new business venture will also be focusing on cleaning carpets and mats. Cleaning carpets are one of the hardest tasks in a home. Some homes assume this role because of how hectic it is, and this is why cleaning the carpets in homes is likely to attract more customers. It is imperative to note that there are some of the things in the house that people prefer to be attended to while still in the house (Sahut and Peris-Ortiz, 2014). Carpet is one of them, and this is why the business venture will be looking into this.

The use of sofas in many homes has provided an excellent opportunity for sofa cleaners. However, the cleaning industry has focused on clothes and garments (Modrego, McCann, Foster, and Olfert, 2015). The new venture comes in place to meet the needs of the owners of sofas who want their sofas to be cleaned. At the same time, there is the aspect of fumigation. Many homes have become hygiene conscious, and that has motivated many homes to have consecutive fumigation sessions (Galindo and Méndez, 2014). Considering that the new business venture comes in place to make sure that sofas are cleaned, and homes are fumigated, it is evident that the new business venture comes in place to take care of the needs of the customers and at the same time to provide more insight into the industry that has concentrated on one side of providing business.

An Effective Practical Foundation

The concept of the new business venture has been borrowed from other industries (Drucker, 2014). A good example is Amazon. Amazon is an organization that is making huge profits due to the services that it introduced in the market. The company makes sure that customers get the products that they want from their areas of residence. Therefore, it is evident that the practicality of the new venture cannot be refuted and this is because the new venture follows a path that has proven to be a success in another industry.

Practically, it is easier and cheaper when an organization picks clothes from the homes of the customers and later delivers them. The practicality of this business venture cannot be refuted. Picking clothes of many people at one time is economical (Acs and Audretsch, 2005. The reason behind it is because the clothes belong to many people and therefore even if the payments are minimal, the number of customers maximize on the payments. The entrepreneurial skills that have been demonstrated in this case are to add a service that has not been utilized before. The skills are practical because the services do not need something above or beyond the ability of a human.

Conclusion

Innovations and entrepreneurial skills are essential in any given business. It is essential to note that with the current business atmosphere, there is a need for business owners to think beyond the ordinary. The new business venture is a demonstration of entrepreneurship and innovation. The value that has been added to the business venture is likely to meet the needs of the customers from a broader perspective. As a result, this might lead to the new business venture being successful than other players in the same industry, and this is because it has brought something better and unique.  

References

Acs, Z.J. and Audretsch, D.B., 2005. Entrepreneurship and innovation (No. 2105). Papers on Entrepreneurship, Growth and Public Policy.

Chatterji, A., Glaeser, E., and Kerr, W., 2014. Clusters of entrepreneurship and innovation. Innovation Policy and the Economy, 14(1), pp.129-166.

Drucker, P., 2014. Innovation and entrepreneurship. London: Routledge.

Galindo, M.Á. and Méndez, M.T., 2014. Entrepreneurship, economic growth, and innovation: Are feedback effects at work? Journal of Business Research, 67(5), pp.825-829.

Garud, R., Gehman, J. and Tharchen, T., 2018. Performativity as ongoing journeys: Implications for strategy, entrepreneurship, and innovation. Long Range Planning, 51(3), pp.500-509.

Johnson, D., 2001. What is innovation and entrepreneurship? Lessons for larger organizations. Industrial and commercial training, 33(4), pp.135-140.

Maritz, A. and Donovan, J., 2015. Entrepreneurship and innovation: Setting an agenda for greater discipline contextualisation. Education+ Training, 57(1), pp.74-87.

Matthews, C.H. and Brueggemann, R., 2015. Innovation and entrepreneurship: A competency framework. London: Routledge.

Modrego, F., McCann, P., Foster, W.E. and Olfert, M.R., 2015. Regional entrepreneurship and innovation in Chile: A knowledge matching approach. Small Business Economics, 44(3), pp.685-703.

Morris, M.H., Kuratko, D.F. and Covin, J.G., 2010. Corporate entrepreneurship & innovation. New York: Cengage Learning.

Piperopoulos, P.G., 2016. Entrepreneurship, innovation and business clusters. London: Routledge.

Sahut, J.M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small Business Economics, 42(4), pp.663-668.

Thébaud, S., 2015. Status beliefs and the spirit of capitalism: Accounting for gender biases in entrepreneurship and innovation. Social Forces, 94(1), pp.61-86.

Veeraraghavan, V., 2009. Entrepreneurship and innovation. Asia Pacific Business Review, 5(1), pp.14-20.

Windrum, P. and Koch, P.M. eds., 2008. Innovation in public sector services: entrepreneurship, creativity and management. New York: Edward Elgar Publishing.

Zhao, F., 2005. Exploring the synergy between entrepreneurship and innovation. International Journal of Entrepreneurial Behavior & Research, 11(1), pp.25-41.

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[Accessed 23 February 2024].

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