Entrepreneurship is the process which results in creating new ventures that helps on meeting the specific needs and desires in order to create value of the business. Entrepreneurship is the key which is used to indicate the economic growth of the business. The role of Entrepreneur is very significant in Entrepreneurship process, they are seen as the keen agents who can indulge creativity and helps in developing new growth opportunities of the business. The main focus of this report is upon the evaluation of the business opportunities and the construction of relevant strategies for the success of the business venture.
New business idea covering all the elements
Product or service: The first and main work for establishing a new business is what will the product and service. For an example, for a restaurant business fast-food items will be the product. Products and services will help to attract and assist customers in the market in order to make profits. The idea is to develop a quality and effective products as well as services that helps to enhance business operational activities and profitability effectively and efficiently.
Priority Customers: Customer priority is one of the major concept which should be considered during a new business venture (Burton, Sørensen and Dobrev, 2016). Customers are the key towards business success and failure effectively. Customer priority can be understand in a way that some consumers in the market requires good attention of business that they are special for some reasons. In order to maintain the customer priority the business should make policies and plans that helps to enhance business profitability and production.
Superior Value Propositions: Customer value proposition describe a marketing statement of business which demonstrate why should a customer buy product or services. It is specially towards the target and potential customers rather than others such as partners, employees or suppliers effectively.
Channels: Channels refers to the process of business products and services to customers. Channel can be described as a path in which organisation supply its products to customers in the market (Lee, Hallak and Sardeshmukh, 2016). For an example, store, online facilities and other medium from which the business is able to provide its services to customers. This will help business to assist customers in the market more easily and effectively.
Relationships & Partnerships: Relationship and partnership are both important as well as in their own regions. Customer relationship is important for the firm in order to increase satisfaction and loyalty which lead towards production and profitability (Terjesen, Hessels and Li, 2016). In addition to this, partnership is where a business is run by two or more than two owners effectively. Business relationship is also crucial that it helps to manage and control profitability ratio as well as losses.
Resources Requirements: Resources are the main factors to establish a new business. Every business requires resources to run operational activities in order to produce production and profitability. Business resources such as human resource, financial and non-financial resources etc. this will help to achieve desired goals and objectives by managing them effectively and efficiently.
Competitive Strategy: Competitive strategy is developed by business management in order to increase competitive advantage over its competitors in the business. Return rate of investment will help to enhance competitive advantage for business effectively. Every business requires a strong and powerful competitive strategy in order to compete others in the market which lead towards production and profitability. This will also help to manage business operational activities by assessing strategies and plans adopted by successful businesses in the market.
Identity: Identity refers to determine business various resources and other needs which helps to establish new objectives and aims for the organisation (Williams, Huggins and Thompson, 2017). This will also help to evaluate market position of the firm that every brand needs a identity in terms of brand logo, image and name. Brand identity helps customers to remember the name of brand which will help to tell others about it. Identity should be effective enough that customers can easily recognise it. This will help to increase customer loyalty and also brand image which lead towards production and profitability.
Opportunities for the proposed new business
Whenever organizations wants to expand and establish their business functions they need to consider various factors that are useful for the business in order to maintain its position in the competitive market. Business expansion is the process of expanding the functions of the organization in order to increase its productivity and profitability. The expansion of the business rotates around the two major aspects, one is planned expansion and the other one is managing unexpected growth of the business. The individuals wants to establish their tour and travel company for millenials, who are ready to pay good amount for money for existing and adventurous experiences. The company is going to offer various features which also includes the options through which they can customize the packages of the tour as per their desires and requirements of the customers(Lee, 2017).