Creation and discovery of entrepreneurial opportunities
Executive summary
The study assignment will discuss the concept of entrepreneurship that will be highly effective in meeting the different sources of opportunities and the enterprising individual techniques to exploit the opportunities. Furthermore, firm-level opportunities like market process orientation, networking process, and alliance formation will also be highly effective.
Table of Contents
Creation and discovery of entrepreneurial opportunities. 3
Firm-level capabilities that discuss opportunities. 4
Strategic business alliances. 5
Introduction
The study report discusses the concept of creation and discovery regarding entrepreneurship. In this report, different firm-level capabilities and strategies will be addressed in the context of entrepreneurship strategies and programs. Furthermore, the aspect of entrepreneurial orientation techniques will also be adequately discussed based on the behavioral settings along with a suitable conclusion at the end.
Discussion
Question 1(a)
The answers to the questions are stated in the discussion part.
Creation and discovery of entrepreneurial opportunities
It is always seen from the business perspectives that some of the entrepreneurs are very proactive in seeking opportunities. Thus with a significant amount of deal to be regarded as when the chances prevail when an entrepreneur can discover one. Currently, the entrepreneurs are spending their quality time seeking specific business opportunities that are highly equipped to the warning system that can quickly turn out their attention and give the response to the unforeseen possibilities that are not voluntary. However, some entrepreneurs try to actively get towards the context of evaluating the opportunities in this regard. Hence it can be said that discovering is a subjective process related to individuals. For example linking to the role played by the individuals, information or a particular activity through gaining practical experience, the person also learns a lot of beneficiaries from utilizing a higher degree of knowledge based on eventual solutions and new ways of addressing challenges as a whole (Hanin et al.2019).
On the other hand, based on the fundamental solutions generated based on its perspective, it can be said that the overall opportunities discovered stays the same after utilizing. However, the Australian school of economics has been very much familiar with all these types of possibilities, and these opportunities are highly useful to draw the hidden information. For example, entrepreneurship is all about discovering any long term problems and looking to mitigate the same with exercising solutions in long term perspectives as a whole (Al Mamun et al.2019).
On the other hand, it can also be said that if there is nothing to discover the opportunities, the strategies are created by individual human interventions. The possibilities and market ideas are proved to be highly useful to meet the constructed and created business activities. Thus when the opportunities are being prevailed, then everything exists around the innovative human actions (Laguía and Moriano 2019).
Other than that, the overall market information, prices, consumer preferences can also act effectively in an innovative manner where the individual entrepreneurs can set the tone to design new and effective business combinations, creative manner generations. The context of the entrepreneurs has created an effective process to be implemented in this regard. The concept of opportunities is highly regarded in the course of action of the individuals. The progress of opportunities in the business context can work on the truths that are present at high times. Hence every phenomenon can cause a link between the aspect of entrepreneurship and business as a whole. Since the generated opportunities are highly dynamic, thus resulting in the information contexts can try to create a fair chance. For example, in an interview, the ecommerce site named eBay’s had been asked about the emergence of the opportunities. While the answer was that this process not in his business, rather than the founder, had enriched his passion into the market, that can be creating a lot more sustainability as a whole. Thus from the organizational perspective, it can be said that the entrepreneur does not try to determine the development based on specific opportunities rather than the person drives his passion into the business. Hence it can be said that in entrepreneurship, the possibilities are both discovered and created (Akhmetshin et al.2019).
Firm-level capabilities that discuss opportunities
Market orientation
In the world of business opportunities, it can be said that the aspect of firm-level opportunities had inclined specific business philosophy and tried to meet all those perspectives as a whole. Thus when a company is looking to implement a particular aspect of market orientation, the process mainly focuses on designing and selling the concept of different types of goods and services which the customers can get to be profitable as a whole. On the other hand, in the context of gaining successful business opportunities, the overall market-oriented company can try to discover and meet the desires and different sorts of customer needs that can surely create specific excellent opportunities through the use of product mix techniques as a whole (Reyad et al.2020).
Furthermore, the overall market orientation technique can also travel in the opposite direction to past the market directing strategies as a whole. The net production strategies can also try to focus on the point of establishing the practical desired approaches instead of trying to get the customers to like or be aware of the significant business activities generated in this regard. Thus based on the concept of market orientation technique, it can be said that all the business aspects have been expertly tailored to meet the customer expectations as a whole (Manzi et al.2019).
Despite market orientation process is useful for the business entrepreneurs, the concept still lacks a lot of innovation criteria as a whole. The main focus of the entrepreneur is to focus on the aspect of customer needs (Yusuf et al 2019). The potential business sights can be implemented based on their technical background, as these might be real to meet different sorts of business obligations as a whole. On the other hand, there are a lot of product-oriented companies that are effectively looking to teach on aspects of generating different sorts of product-related issues that can be more technically sound and scientifically innovative as a whole. But these processes do not seem to be long-standing since the entrepreneurs have less knowledge of consumer wants and needs (Badawi et al.2019).
Strategic business alliances
The companies can try to look for implementing the concept of strategic business alliances to create ongoing market opportunities as well as join forces to develop the products for entering into a new sort of target market. However, there are different sorts of reasons that could immensely highlight the perspectives of acquiring new skills and resources. These exchanges of skill sets can try to cooperate with the projects, and typically, for example, if one partner can try to possess technical expertise and the ability to side by side can evolve the entire technological phenomenon as a whole. The extensive distribution system, marketing expertise process, as well as different types of service networks and market credibility, can also be highly useful to provide specific vital sources and use of partnerships progress to extend the overall skill sets (Gieure et al.2019).
Forming economics of scale
Entrepreneurs can try to enhance the partnerships to generate specific economics of scale that can effectively enable the participating companies to implement a significant set of resources and try to achieve the critical set of opportunities to be taken care of for making international success. The companies with specific complementary skills can also try to rely on each other’s proven expertise instead of spending particular time and resources to develop the achievement techniques independently.
Entering into a foreign market
Every entrepreneur tries to set their sights over entering into the foreign market since there a huge opportunity of business growth and expansion techniques as a whole. Thus from looking to distribute the overall knowledge and market servicing methods, it can be said that ensuring the stability of products can increase the growth of the companies and, more likely, these process can let the increase in the overall market expansion concept as a whole (Meyer and Synodinos 2019).
Networking
The networking opportunities are broad and continuously changing, from the small level industries to other industry full conferences as a whole. Hence it can be said that this is an inclusive way to promote the business and seek business opportunities as an entrepreneur. Thus from networking, the entrepreneurs’ can grow their client base and meet new business investors. The hardest part of the process of networking is that once it is started, seeing some people as events and invitations can be gained for more number of occasions. Hence as a team, the process can look to implement the goal setting.
Conferences
The conferences can help to create a lot of business opportunities where hundreds of likeminded people who are looking to expand the business. Hence this process can be quite intermediating when they start to work on this aspect. However there are different sort of ways to attend into the seminars without paying any sort o hefty prices such as volunteering the events and participating on the expo or attending only a part of the conference, there is a different kind of workshops and conventions which are highly professional, and even it includes certain networking events. Thus there generates an ample number of opportunities to make contacts during the meeting and workshops. All these workshops can try to help the conference to gain visibility and overall effectiveness at the same time. Thus by presenting the ideas into the studio in an effective way can try to generate a lot of happy and exciting faces as well as exhibit a sort of knowledge and skillsets as a whole. there are different ways to improve networking like-
- After-hour events.
- Industry and trade associations
- Trade shows and job culture meetings.
- Online networking channels.
Question 1(b)
Dimensions of entrepreneurial orientation
According to the researchers, it is seen that the organizational process from its strategic research decisions. Hence from meeting the overall behavioral patterns or modes can be characterized across the organizations. Furthermore, the dimensions of a firm strategy-making process that can be viewed as a process of encompassing the other range of business activities as a whole. Hence such a business process can be said that the organizational activities that involve planning, decision making, and strategic management techniques as a whole. Therefore it can be said that the overall business dimensions have different aspects. These are as follows-
Autonomy
The concept of entrepreneurship had been filled with the stories of self-determined pioneers who had a unique and new business idea that has been made out of the business in this regard. The entrepreneurship had effectively flourished since it had independently-minded the people to secure the compelling business propositions in this regard. Thus the creative prospect can try to make the ideas useful in this regard.
Innovativeness
The emphasis is related to the role of innovation in its entrepreneurial procedures. By the wealth, the process is created to meet the economic destruction. The useful wealth was created to meet the existing market strategies that had been disrupted from the existing firms and caused the needs of the firms to grow in this case.
Risk-taking
The concept of risk-taking, the literature equated the ideas of entrepreneurship with the working of others. Hence the entrepreneurship had looked to formally argued to meet the principal factors to use the entrepreneurship technique (Wu and Wu 2019).
Proactiveness
The entrepreneurial managers are essential to the growth of the firms because they provide the vision and imagination necessary to engage in an opportunistic discussion as a whole. The emerging markets can also be useful to meet the entrepreneurship technique (Chemborisova et al.2019).
Competitive aggressiveness
It refers to the firm’s propensity and directly as well as intensifies the challenges to the competitions and its achievements to outperform the industry rivals in the marketplace as a whole. Hence the aggressiveness is characterized to meet the causes of responsiveness.
- From the overall discussion procedure, it can be said that the concept of competitive aggressiveness based on the global firm’s propensity I can find that the process has been effectively intensified to meet the achievements to outperform the overall industrial rivals in the overall marketplace in this regard. Io feels that all this process is looked to attend the characterized cause of responsiveness in this regard.
- From the overall Proactiveness process, I can see that the importance of meeting the entrepreneurial procedures can try to generate the significant growth factors that can cause the techniques to achieve the vision and mission techniques for meeting the opportunistic expansion.
- I also understand that the early entrepreneurship has also equated to meet the ownership idea. Hence from assuming personal risk completion. The principal factor that can try to use the term entrepreneurship formally has been argued tom meet the overall primary factors in this regard (Coke 2019).
Conclusion
From the overall details, it can be concluded that the concept of creation and discovery process based on its entrepreneurial aspects have showcased the firm-level capabilities and strategies that can be effectively used to meet the active exploration of its opportunities in this regard. On the other hand, the different dimensions have also showcased certain behaviors to meet the overall business dimensions in this regard.
Reference
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