Entrepreneurial Opportunities: Strategies, Challenges

Introduction:

Market situations face much diversity in their processing and these changes affect the growth in the business perspectives massively. As seen in the entrepreneurial opportunities where the products or the services could be sold in the market at a higher rate than the amount used to produce the product (Garyson and Hodges.2017). This in turn aids the organization to earn a hefty profit percentage. The entrepreneurial opportunity is that very situation where the entrepreneurs take the opportunity to gain a lot from the market. On the other hand it has been observed that the entrepreneurial opportunities have been a boomerang for the entrepreneurs and brought forth many issues that had not been accepted by them (Frank and Landstrom.2016). Likely the acceptance of the product and the services with the price decided by the organization and if it does not happen then the situation in turn would be at stake for the entrepreneurs. it can be said that to make the entrepreneurial opportunities work in a successful way the entrepreneurs have to updated about the market conditions and at the same time have a clear view of the needs and the demands of the targeted market. The theories and strategies would always be helpful in the profit making of the organization.

Creation and Discovery views:

With focus on the entrepreneurial opportunity comes the creation and discovery view which is very crucial to detect that the organization would run successfully or not. As opined by Brown.(2017), the discovery view keeps a focus on the matter that the opportunities exist impartially unconventional for entrepreneurs. On the other hand the creation view revolves around the matter of the fact that the possibility comes forth from the action of an individual that is more acceptable and realistic (Noonan.2019).

The opportunity discovery deals with the one sided effect in the market that may bring adverse effect in the business likely the demand for the product or the service persists nevertheless the supply is not up to the mark or in some cases it has been observed that the product or the service supply is present with no demand or requirement. To make the discovery view effective, one has to have a good knowledge about the need and the requirement of the market and then focus on the production with the respect of the demand (Schmoker.2018).

The opportunity creation focuses on neither the supply nor the requirements. To bring the opportunity into force the situation of the market is to be created and the profit making would be counted in a realistic way. The creation view puts light on the knowledge that the entrepreneur would gain on the requirement of the market (Frenchen and Schor.2019). This view can actually bring the entrepreneurial opportunity into action by creating a chance for the entrepreneur to earn a profit through the supply of the service and the required products.

Similarities of the creation and discovery views:

Studies reveal that the creation and the discovery views have many dissimilaries in the action plan. Moreover the dissimilarities bring diversified results in the proper functioning of the market though few similarities in their outlook bring the same result that the entrepreneurs could expect. Both the creation and the discovery views aim to earn hefty profit from the market and increase their business as a whole (Parker et al.2016). On the other hand both the theories are proposed to bring out many new ideas about the future forecast of their business. It has been seen that both the theories find to explain the same control of variables likely what the entrepreneurs actions are and how they exploit it.

Differences between the creation and the discovery views:

There are multiple differences of the creation and discovery views with respect to entrepreneurial opportunities (Alvarez and Barney.2007).

The table would give a clear view of the differences of both the aspects vividly:

Introduction to opportunity exploitation:

Opportunity exploitation revolves around the facts and the facets of the activities that are done for earning financial returns from the revelation from the potential entrepreneurial opportunity (Mogashoa.2017). It has been seen that this is a helpful tool to get hold of the market and earn profit very easily.

The exploitation opportunities could be analyzed in the best way by focusing on the needs and the demands of the market through the proper knowledge of it by segmentation, targeting and positioning of the customers and this in turn helps the organizations to earn a high profit count. It also helps to learn about the future market and in turn act accordingly to get a better hold of it through the surveys and data analysis of the needs and the demands (Coble et al.2018).

Discussion of the Entrepreneurial strategies:

In accordance to Barns.(2016), the entrepreneurial strategies are brought into force by the business sector to establish and re-develop new ways by which they can comprehend with the requirements of the customers and at the same time provide them with the supplies of best quality services and products that makes the customers happy and excited. The strategies strengthens the bond between the environment and the entrepreneurs. It also upholds the rapid change in the organization that is done for the betterment of the result.

According to Balven et al.(2018), the entrepreneurial procedures depends upon four aspects such as identification and the evaluation of the strategies which are actually effective in the execution of the working process and at the same time grabbing the opportunities that the market avails, evolution of the business plan where proper planning would be helpful for the entrepreneurs to see a high profit on the execution of the business, determination which also play a crucial role where the dedication and the determination of the entrepreneurs is very much necessary for the growth of the business and at the same time helps to earn a lot of profit in a pragmatic way (Neck and Corbett.(2018), evaluation of resource requirements that aids in the evolution of the business and proper placement of the resources.

Discussion of the three entrepreneurial strategies that can assist firms:

The entrepreneurial strategies are always needed to guide the firms obtain a high profit margin. For successful running of the entrepreneurship few strategies that are to be followed to assist the firm in a pragmatic direction (Gast et al.2017). The study would reveal about the three entrepreneurial strategies elaborately:

Study of the competitions: The competition of the market is a major issue that the entrepreneurs have to focus on and act on accordance to it. In accordance with Simandan.(2019),the competitors who are a threat for the organizations should never be underestimated and proper planning and keeping focus on the movement of the competitors helps the organization to hold the market position.

Proper research of the market for new products and services: According to Lumpkin and Dess.(1996), proper research of the market through the segmenting, targeting and positioning helps in the entrepreneur to know the demands of the market before placing the new product and the services.

Abrupt respond to the change: Rapid change of the market according to the needs of the customers makes the firm more efficient in the work (Gupta and Dutta.2016). The consumers of the product and the services become loyal when they get to know the fact that the organization thinks and prioritize about them.

Introduction to the five Dimensions of Entrepreneurial Orientation

Entrepreneurial orientation is an effective aid that is required to comprehend the practice, process and execute the practice of ethical business earning profit and at the same time attracting the customers with the quality products and services (Kraus et al.2018). The main motto of the five dimension plan is to understand the market status and then work in accordance with the needs and the requirements of the customers who are the assets for any organizations.

Innovativeness: The innovativeness is a strategy that aids the organization through creativity and application of new and innovative plans and executing them to surprise the customers with improved and upgraded service and products (Lomberg et al.2017).

Competitive aggressiveness: The competitive aggressiveness is the propensity of the entrepreneurs to escalate and directly face the competitors rather than to avoid them. This helps the organizations to upbring and improves the way they deal with their competitors and the market.

Proactiveness: The dimension gives a clear view where the organizations focus to improve their future business plan rather than discussing on the failure or the unknown facts of the past that is irrelevant and has nothing to do in the future working.

Risk taking: The risk taking factor makes the entrepreneurs bold and aggressive and at the same time makes them strong to take decisions firmly rather than staying in a doldrums and thinking what to do or what not to (Saha et al.2017).

Autonomy: It helps to refer whether the organizations are adapting new technologies along with the team or individual ideas to develop the marketing strategies and at the same time finding out that it is improving its business outlook through the ideas or not.

Personal Reflection on three Dimensions

According to me the five dimensions of the entrepreneurial orientation are very crucial in the functioning of the organizations where the entrepreneurs play the lead role. The three dimensions that are important in my perspective are as follows:

Innovativeness:

I think that this dimension has been an important matter of fact as with the growth of the universe the thinking perspective of people have transformed a lot and at the same time the innovative technologies have played a pragmatic role to bring innovation in the product and the services which would be acceptable to the customers and the market and result in the improvement of the people globally.

Risk taking:

This dimension also is very important according to me as it makes the entrepreneurs think more rationally, practically and take the steps very carefully. The risk taking factors are also very crucial as the competitions of the market are growing drastically with the passage of time and the people are thinking about the business prospects in a different way.

Proactiveness: Another factor that I think is crucial is the proactiveness where the entrepreneurs looks into the matter of fact how they would ameliorate their progress for the future and learn from their past mistake keeping the record and executing them accordingly. Though all the dimensions are equally important I think that these three makes the entrepreneurs of the firm more active and work in a systematic way.

References

Alvarez, S.A. and Barney, J.B., 2007. Discovery and creation: Alternative theories of entrepreneurial action. Strategic entrepreneurship journal, 1(1‐2), pp.11-26.

Balven, R., Fenters, V., Siegel, D.S. and Waldman, D., 2018. Academic entrepreneurship: The roles of identity, motivation, championing, education, work-life balance, and organizational justice. Academy of Management Perspectives, 32(1), pp.21-42.

Barns, S., 2016. Mine your data: Open data, digital strategies and entrepreneurial governance by code. Urban Geography, 37(4), pp.554-571.

Blundel, R., Lockett, N. and Wang, C., 2017. Exploring entrepreneurship. Sage.

Brown, A.D., 2017. Identity work and organizational identification. International Journal of Management Reviews, 19(3), pp.296-317.

Coble, K.H., Mishra, A.K., Ferrell, S. and Griffin, T., 2018. Big data in agriculture: A challenge for the future. Applied Economic Perspectives and Policy, 40(1), pp.79-96.

Frank, H.and Landström, H., 2016. What makes entrepreneurship research interesting? Reflections on strategies to overcome the rigour–relevance gap. Entrepreneurship & Regional Development, 28(1-2), pp.51-75.

Frenken, K. and Schor, J., 2019. Putting the sharing economy into perspective. In A Research Agenda for Sustainable Consumption Governance. Edward Elgar Publishing.

Gast, J., Gundolf, K. and Cesinger, B., 2017. Doing business in a green way: A systematic review of the ecological sustainability entrepreneurship literature and future research directions. Journal of Cleaner Production, 147, pp.44-56.

Grayson, D. and Hodges, A.,2017. Corporate social opportunity!: Seven steps to make corporate social responsibility work for your business. Routledge.

Gupta, V.K. and Dutta, D.K., 2016. Inquiring into entrepreneurial orientation: Making progress, one step at a time. New England Journal of Entrepreneurship, 19(2), p.1.

Kraus, S., Burtscher, J., Vallaster, C. and Angerer, M., 2018. Sustainable entrepreneurship orientation: A reflection on status-quo research on factors facilitating responsible managerial practices. Sustainability, 10(2), p.444.

Lomberg, C., Urbig, D., Stöckmann, C., Marino, L.D. and Dickson, P.H., 2017. Entrepreneurial orientation: The dimensions’ shared effects in explaining firm performance. Entrepreneurship Theory and Practice, 41(6), pp.973-998.

Lumpkin, G.T. and Dess, G.G., 1996. Clarifying the entrepreneurial orientation construct and linking it to performance. Academy of management Review, 21(1), pp.135-172.

Mogashoa, M., 2017. Opportunity exploitation amongst women entrepreneurs within the Engineering sector (Doctoral dissertation, University of Pretoria).

Neck, H.M. and Corbett, A.C., 2018. The scholarship of teaching and learning entrepreneurship. Entrepreneurship Education and Pedagogy, 1(1), pp.8-41.

Parker, G.G., Van Alstyne, M.W. and Choudary, S.P., 2016. Platform revolution: How networked markets are transforming the economy and how to make them work for you. WW Norton & Company.

Saha, K., Kumar, R., Dutta, S.K. and Dutta, T., 2017. A content adequate five-dimensional Entrepreneurial Orientation scale. Journal of Business Venturing Insights, 8, pp.41-49.

Schmoker, M., 2018. Focus: Elevating the essentials to radically improve student learning. Ascd.

Simandan, D., 2019. Competition, delays, and coevolution in markets and politics. Geoforum, 98, pp.15-24.

Dig deeper into Enterprising Behaviours for the Business Professionalwith our selection of articles.