BUSINESS VENTURING
This article consists of 9 pages and 2000 words. In order to have full access to this article, email us at thedocumentco@hotmail.co.uk
Ref No: 3124
Table of Contents
Identification of Opportunity. 4
Learning from Business Model 4
Introduction
In the view ofMcKeown(2017), entrepreneurship is defined as an art to develop and implement new ideas with the purpose to become profitable and distribute good to the society as well. This reflective paper is based on the unit pertaining to the entrepreneurship and development of business ideas in specific.
The development of a business idea and utilisation of the idea as a business opportunity helps every stakeholder in the society including the owners, potential suppliers and potential customers (Stevenson and Jarillo, 2007). In the view of Bhaskaran (2006), the needs of consumers have been changing very rapidly as the change is occurring the societies around the globe.
Since the consumers’ needs and wants are changing, the importance of thenew business idea and the possibility of turning those ideas into opportunities has increased dramatically. I have learnt from this group project that business ideas need to be based on the needs been identified from the target market (Amorós, Bosma and Levie, 2013).
As prescribed bySaunders and Lewis (2014), students’ learning from development of business idea is considered significant, which has been observed in my case as the unit helped me learn in multiple dimensions.
In the light of a learning theory by Sarasvathy (2001), the undertaken group project help me advance my effectuation skills; these skills refer to thedevelopment of entrepreneurial thinking which helps identify new opportunities and business ideas.
Effectuation allows the entrepreneurs to analyse what resources are available and how can these resources be best utilised. The effectuation skills are directly related to the entrepreneurial capacity of an individual and help him generate healthier ideas than before.
The concept of business venturing which has been under focus throughout the unit refers to the formation of new ideas, analysis of its feasibility by different aspects such as demand, availability of resources, competitors etc. and implementation of the plan.
The business ventures play an important role in the development of economies as a whole given their contribution to the public and to the government in terms of revenues (Sadler-Smith, 2016). This unit helped understand the importance of new business ventures and how new ideas can be transformed into business opportunities.
Reflective Report
In the view ofSherif (2015), working with strangers in a new group poses both opportunities and challenges to the group members.In the case of group project on business idea of Food Yacht Restaurant, we worked together to spot new Business venturing opportunities and business ideas; it was a really good and challenging experience in terms of learning specifically.
It helped me analyse that the capability to develop new ideas varies from individual to individual based on their gender, age, educational background and other segmentation factors.It taught me how to deal with individuals with different attitude, behaviours and innovative capabilities.
This group project on entrepreneurship helped me learn that idea developed at brainstorming stage need to go through limited processing in order to find out which of those are feasible and can be short-listed (Droege, Hildebrand and Heras Forcada, 2009).
Identification of Opportunity
The business idea of Food Yacht Restaurant was selected after careful evaluation of the options available to the group and helped me realise the worth of evaluation of ideas; as supported by Kirzner (2015), the analysis and evaluation of each idea bothering in the mind of entrepreneurs are highly important.
During the process of short-listing the business ideas, it was understood that very few ideas can be turned into real business opportunities based on their real demand potential and profitability margins. Certain factors induce the needs and help entrepreneur identify opportunities in the market. Secondly, it is learnt from the business plan that unique ideas always have greater marketing and sales potential due to the innovation involved in the process (Timmons and Spinelli, 1999).
Selection of Idea
After the identification of opportunity, the ideas are shortlisted on the basis of decision-making methodology commonly employed in management decisions. The shortlisting has heavily relied on the basis of weighted average method by allocating priority and score to each criterion for shortlisting.Business venturing.
The evaluation of business ideas and ultimate selection of one idea helped me understand how the conflicts are resolved at the initial stages of processes. It was further learnt that every idea has some opportunities available and also faces some threats which can affect the potential growth of the opportunity selected (Hill and McShane, 2008; Kasemsap, 2015).
Learning from Business Model
The formation of business model for the Food Yacht restaurant helped us understand how the business model is written for a new business. It also helped me understand the processes that would affect the revenue and expenses of the newly formed business.Business venturing. The business model for the Food Yacht restaurant helped illustrate the entrepreneurial concepts illustrated and the innovative mindset.
The business model also conducted an analysis on theavailability of key resources and its impact on the business performance (Fraser, Bhaumik and Wright, 2015). For example, the key resources for the company include its human resources and there is a high risk of unavailability of efficient human capital for the restaurant.
The business has already decided to provide training to the newly-hiredemployees so that quality services can be ensured. This suggests that the business model helped us learn that there needs to be planning for every possible risk to be faced by the business opportunity.
The exercise on business model canvas helped understand different aspects including the customer segments of the desired business. As prescribed by Wiklund et al. (2016), the new business need to identify the customer segments that they aim to target. Without identification of the customer segments, the success of business is not possible.
Marketing
As prescribed by Gartner (2007), the marketing is the heart of every modern business in the modern era and the process involved in the group assignment i.e. business plan, business model and simventure affect the marketing knowledge greatly.Business venturing
The analysis of business opportunity through simventure helps us evaluate that the marketing has to play an important in the success of the proposed business. Firstly, it is learnt that the entrepreneur needs to learn what value the restaurant will provide to the target market and he needs to form a marketing value proposition for the mentioned purpose.
The simventure has helped me learn specific concepts specific to segmenting, targeting and positioning of a new business and their importance in the modern era (Bednall and Valos, 2005; Viardot, 2004).Overall, my skills pertaining to marketing have been enhanced in general and I am able to apply those concepts to specific businesses……………………………………………………continued
Recent Comments