IDENTIFICATION AND EVALUATION OF A POTENTIAL BUSINESS VENTURE

1067 Words3 Pages

3. IDENTIFYIING AND RECOGNISING AN OPPORTUNITY
“An opportunity is a favourable set of circumstances that creates a need for a new product, service, or business…(it) has four essential qualities: … (1) attractive, (2) durable, (3) timely, and (4) anchored in a produce, service or business that creates or adds value for its buyer or end user.” (Barringer & Ireland, 2012).
3.1. IDEA GENERATION
I have incorporated factors from Burns’’ (2014) Student Entrepreneurship Exercise, and Mery and Crane’s (2013) New Venture Creation Model to provide a structured framework for idea generation for the venture.
The ideal customer would be SME’s based in the Thames Valley, England, with 1 to 250 employees. This is the most attractive and logical client base for me to target as I already have work experience and pre-established relationships within this demographic.
The company brand would be identified by its ethos of transparency, environmental and ethical factors. It would only work with reputable businesses and consultants, with subtle advertising and business acquired and built predominately through word of mouth recommendations, social and business networking, and my own strong communication skills. Its positioning in the marketplace would be based on an excellent, reliable service supplied at competitive rates without compromising quality.
The venture must fit in with my own lifestyle. As a single parent, time and availability can sometimes be limited and all priorities are secondary to my family responsibilities. Whilst I am highly motivated, my short attention span must be considered in the venture idea generation due to my need for constant stimulation.
3.2. HAVE A SOLUTION, SEEK A PROBLEM
According to Bolton and Thomspon (2000), t...

... middle of paper ...

... that my work experience and characteristics suggest I fall into the category of an independent entrepreneur; someone who starts their own business out of a need for independence (Bolton & Thompson, 2000). Whilst I do measure my success in terms of financial security, job satisfaction and a happy home life, I am primarily driven by a need for independence and recognition for my skills and abilities.
Therefore, whilst the venture does require further investigation - in particular its place in the business service providers market - it would fit in well with my desired lifestyle and motivations and I would consider pursuing this idea further.
The question of nature versus nurture in my case remains unanswered; however, I believe both of these factors have helped shape my entrepreneurial characteristics and I will follow with interest further research in this area.

Open Document