Entrepreneurial Opportunity Case Study

Entrepreneurship is everything about opportunity(Bygrave and Zacharakis, 2014). To come up a good business idea, entrepreneurs are able to recognize, pursue and capture the business chance. However, only identify the existence of opportunities would never be called as an entrepreneur, unless they take an action to develop them (Baron and Shane, 2008). Meanwhile, the value and belief of an idea should be persisted during the process to be success(Baron and Shane, 2008). Nevertheless, before they start the business, entrepreneur ought to clarify three questions: ‘’What do you want to know?’’, ‘’What do you need?’’ and ‘’What can you give up?’’. Thus, the process of identifying, evaluating, applying the ideas and upholding the believe would have appeared in majority of successful cases. This essay will discuss about how entrepreneurs form the idea and move through opportunity evaluating and exploiting by analysing some of the case studies.

Entrepreneurial opportunity is the opportunity involves the sale or lease of any product, service or equipment and so on(Bygrave and Zacharakis, 2014). These will enable either potential or actual demand in the market which might create value or adds value for its end-users and buyers (Burns, 2011). Opportunities are not all about technological innovation nor first founder, there are vary types of opportunities such as invention or improved knowledge, goods and service opportunities (Burns, 2011). Opportunity could also be found in every stages of process before the goods go into the market. For instance, new means, resources of production, new way of distributing the product or service and trading and commodity opportunities(Bygrave and Zacharakis, 2014).

Most entrepreneurs have recognised their opportunities from the same industry which they have been working in or creating a new idea as a result of their skills, knowledge or experience (Birley and Muzyka, 2000). In the case of Stephen Waring (founder of Green Thumb) and Giles Henschel (founder of Olives Et Al), during traveling to others countries inspirited their big business ideas. Waring discovered the trend of owning the lawn in every US household, and citizens tend to pay for the company for their lawns treated regularly (Bridge, 2005). Henschel and his wife collected different varieties and styles of olive’s recipes from other countries which they were keen of during their trip(Bridge, 2005).Moreover, Thea Green (founder of Nails Inc) found her idea of a nail salon while she working in the United States(Bridge, 2005). Her interest into beauty and art and past experience of service industry encouraged her to alert to it(Bridge, 2005). Furthermore, Oliver Brendon (Founder of ATD Travel Services) who took an HND course in travel management and a degree in travel and was working as a holiday rep in Florida, inspired him to start his own business selling theme park tickets direct to the public. His