Module 1

New Venture opportunity (or New Business Opportunity)

It is essence of an opportunity that has attractive potential to become a successful. venture.

The entrepreneur is able to describe the valuable contributions of a. venture and create the
design of a business model that can be sustained by a. competitive advantage.

A venture is a project or activity which is new, exciting, and difficult because it involves the risk
of failure. For example, a writer’s latest writing venture wherein the writer takes risk and does
experiment.. Both parties sounded full of high hopes for their joint venture. Synonyms:
undertaking, project, enterprise, chance More Synonyms of venture.

Legal definitions vary; in its simplest terms, a business opportunity is a

packaged business investment that allows the buyer to begin a business. In fact, in
most business opportunity programs, there's no continuing relationship between the seller and
the buyer after the sale is made. 

Venture Opportunity, Concept, and Strategy

Entrepreneurs have important roles in creating new businesses that fuel progress in societies
worldwide. The entrepreneur uses innovation and technology to foster positive impact and
activity in all facets of life. The capable entrepreneur learns to identify, select, describe, and
communicate the essence of an opportunity that has attractive potential to become a
successful venture. The entrepreneur is able to describe the valuable contributions of a
venture and create the design of a business model that can be sustained by a competitive
advantage. The venture team creates a road map (strategy) that can, with good chance,
effectively lead to the commercialization of the new product or service in the marketplace
with a sustainable competitive advantage. 

Capitalism and the Technology Entrepreneur

What drives global entrepreneurship?

Entrepreneurs strive to make a difference in our world and to contribute to its betterment.
They identify opportunities, mobilize resources, and relentlessly execute on their visions. In
this chapter, we describe the characteristics of the people called entrepreneurs and the process
they use to create new enterprises. We identify firms as key structures in the economy and the
role of entrepreneurship as the engine of economic growth. New technologies form the basis
of many important ventures where scientists and engineers combine their technical
knowledge with sound business practices to foster innovation. 

Opportunity and the Business Summary

How can an entrepreneur identify and select a valuable opportunity?

The identification and evaluation of opportunities is one of the entrepreneur's most important
tasks. Good opportunities address important market needs. Examining social, technological,
and economic trends can lead to the identification of emerging needs. Entrepreneurs seek to
build new ventures and to act on a good opportunity when it matches their capabilities and
interests, exists in a favorable context, exhibits the potential for sustainable long-term growth,
and facilitates the acquisition of required resources. Such opportunities offer a reasonable
chance of success and require the entrepreneur to make a difficult decision to act or not act.
The choice of an opportunity and the decision to act is a critical juncture in the life of an
entrepreneur. With the decision to act, the entrepreneur prepares a business summary for the
venture that is used to test the new venture with potential investors, employees, and
customers. 

Vision and the Business Model

How do successful entrepreneurs create a compelling business design for their new
ventures?

A new business is defined by the wants or needs customers satisfy when they buy a product
or service. To create a theory of a new business, the entrepreneur must cogently and clearly
describe the customers and their needs and how the new venture will satisfy those needs. To
describe the business, the entrepreneur prepares a series of statements and propositions that
clearly outline the business. These are ultimately summarized in a model of the business
activities and goals. Based on the core competencies of the organization coupled with the
business model and the key resources available, the firm acts to attempt to create and retain a
sustainable competitive advantage. 

Competitive Strategy
How can a venture create a strategy to fit the new business opportunity?

Every new venture has a strategy or approach to achieve its goals. This strategy is in response
to its plan to implement a solution to an important problem or opportunity. The process for
creating a strategy for a new firm is discussed, steps 1 and 2 were described in Chapter 3.
With sound vision and mission statements and an initial business model, the entrepreneur
examines the political and economic context of the industry, along with its growth rate and
typical profit margins (step 3). Once the industry is understood, steps 4 and 5 are used to
describe the firm's strengths and weaknesses and its opportunities and threats (SWOT). In
step 6, the entrepreneur integrates his or her knowledge of the industry and competitors with
his or her own SWOT to identify key success factors. Based on the information gathered in
the preceding steps, the entrepreneur refines his or her vision, mission, and business model
and creates a strategy to achieve a sustainable competitive advantage. The formation of
cooperative alliances with other enterprises can be an important way for a new venture to
position itself within an industry. Long-term success depends upon addressing the needs of
all stakeholders and acting in a responsible manner.

Innovation Strategies
How can an entrepreneur build an effective strategy based on innovation that will lead
to a sound technology venture?
Many people believe that those who are quick to act will win the race while the slow and
deliberate will trail behind. The decision to be the first mover needs to be addressed by all
entrepreneurs. Using an idealized model of window of opportunity, the entrepreneur can
decide when to act. The entrepreneur needs to maintain a sense of urgency but avoid being
too early or too late to market. Entrepreneurs also seek to build an innovation strategy that
involves new technologies, ideas, and creativity, which lead to invention and ultimately
commercialization. An innovation strategy is part of most new firms' road map to success. A
firm that encourages creativity and inventiveness can create the ingredients of sustained
innovation.

New Business Opportunity

A business opportunity (or bizopp) involves sale or lease of any product,

service, equipment, etc. that will enable the purchaser-licensee to begin a
business. The licensor or seller of a business opportunity usually declares that it
will secure or assist the buyer in finding a suitable location or provide the
product to the purchaser-licensee. This is different from the sale of an
independent business, in which there is no continued relationship required by
the seller.
Eckhardt and Shane (2003) argue that when taking the path of entrepreneurship,
one of the most important indictors for future entrepreneurship is the skill of
finding the business opportunity. This is seen as the lynchpin around which the
promise of entrepreneurial venture is to be built. Shane and Venkataraman state
that individuals must possess prior knowledge and the cognitive properties
necessary to value such knowledge in order to identify the new opportunity.
This normally allows a triggering of the opportunity which can then move
forward to scoping and validation.
Napoleon Hill provided advice on achievement as necessary for success and
within anyone's reach; "The starting point of all achievement is desire. Keep this
constantly in mind. Weak desires bring weak results, just as a small amount of
fire makes a small amount of heat.” and Winston Churchill suggested similarly
with a piece of inspiration; "Attitude is a little thing that makes a big
difference."
New Venture Opportunity in Special Events

Like in any other fields or areas business, New Venture Opportunity is also
applicable for Special Events also. It is applicable to any type or size of Special
Events. The event organizers, clients and target audience can be benefitted from
the New Ventures. New Ventures creates good business opportunities to event
organizers, clients and target audience. Event Production, Logistics, Budget and
the entire process of event designing can be done with the help of New Ventures
as it will help to explore better and profitable ideas in terms of Special Events.

Various new developments were taking place in the Event Management

industry. The New Age Media or Digital Media is used by the industry for
designing and planning events which is less time consuming, cost effective and
profitable. There are new ventures coming up in Event production and
infrastructures of the events are developing these days to attract the audience
and clients.

New Ventures has changed the entire process of Event designing. The event
organizers explore new areas to attract clients and audiences. Mega Events like
Oscars, Grammy Awards, Beauty Pageants’ competitions like Miss World, Miss
Universe, International Trade Fairs, Sports Events like Olympics, International
Boxing Championships, International Car Racing Championships, etc. are
organized in different styles to attract audiences and clients by the Event
Organizers. New Ventures are part and parcel of event industry like any other
area of business.
References:

https://www.entrepreneur.com/encyclopedia/business-opportunity#:~:text=Definition%3A%20Legal
%20definitions%20vary%3B%20in,buyer%20to%20begin%20a%20business.&text=In%20fact%2C
%20in%20most%20business,after%20the%20sale%20is%20made.

https://web.stanford.edu/group/techventures/cgi-bin/joomla/index.php?
option=com_content&view=category&layout=blog&id=2&Itemid=6

https://en.wikipedia.org/wiki/Business_opportunity