ENTRP ASSIGNMENT

SHIRAZ NAGARIA
Q.1
IDENTIFYING THE OPPORTUNITITES
• Based on discovery or creation from the existing environment.
• Create economic value; profit.
• Able to tap and fill market gaps

OPPORTUNITY ASSESSMENT PLAN

• Different from b-plan
• 2-major sections & 2-minor sections
MAJOR SECTION-1
 Description of the product: The product that the entrepreneur wants to bring forward is described here to allow
understanding of the type of product it is and what market segment to target in the marketing plan.
 The market need for the product or service: here, the need for the product is realized explaining what type of customers
are covered, up to what capacity, etc.
 Specific aspects of the product or service: the features of the product or service are depicted here to show signs of
gaining Competitive Advantage and/or Differentiation in the product/service.
 Competitive products existing in the market (features and prices): the existing players in the market need to be studied to
understand if it is worth venturing in the line of business.
 Companies in the product-service market space: the future competitors are an important part of the study as these
competitors will drive the business, either positively or negatively.

 Unique selling propositions of the product or service: USP determines the volume of sales possible by the frim. Every
business tries to have their own USP to achieve maximum benefits in shortest duration.
MAJOR SECTION-2
 The market need filled: this describes the need that the venture would in the market.
 The social condition underlining this market need: social factors play a wide role in determination of products
introduction as social factors shape the product
 Any data available to describe market need: The data available of the existing market needs to be studies to
know the fluctuations in profits, the life of the business, etc.
 The size, trends and characteristics of domestic and/or international market: It is important to know about the
market in which the opportunity is going to venture In. This information allows the entrepreneurs to
understand the market in depth.
 The growth rate of the market: Fluctuating growth rate may be a bad sign for certain businesses. Thus, a
growth rate that matches the investment criteria is necessary.
MINOR SECTION-1
 What is exciting about this opportunity?
 How does the product/service fit in to the background and experience of the entrepreneur
and the management team?
 What business skills and experience is present?
 What business skills and experience is needed?
 Is there anyone who has these needed skills and experience?
MINOR SECTION-2
• Identifying each step.
• Determining the sequence of activities and putting these critical steps into some sequential
order.
• Identifying what will be accomplished in each step.
• Determining the time and money required at each step.
• Determining the total amount of time and money needed.
• Identifying the source of money
Q.2) 2.1)
Business plan is valuable because it:
• Helps determine the viability of the venture in a designated market
• Guides the entrepreneur in organizing planning activities
• Serves as an important tool in  helping to obtain financing
A good business plan reflects:
• Strengths of the management and personnel
• Product/service
• Available resources
 A business plan’s purpose for an entrepreneur
• The plan provides a clear idea of what the business is all about.
• it helps in describing the business to other people when there comes a time to seek help from various institutions or people.
• in guiding the entrepreneur in planning and organizing activities and structure of the organization.

A business plan’s purpose for an investor

• Active venture capitalists
• Bankers
• Angel Investors

A business plan’s purpose for a key supplier

• it is important to present them with cash flow forecasts and other financial reports.
• the reputation of the company
• the supplier may want to know the level of skill and training involved in the entrepreneur’s business
2.2)
I believe that plans should vary according to the audience. One of the major reasons to do some is that the specific plan for the
specific person would keep his interest in the business idea. A specifically structured pan contains all the relevant information
to the business and the audience, hence, irrelevant information is omitted making the report more interesting for the particular
audience.

 Potential Partner- this type of person may be more interested in the growth of venture, proprietary products and profit
plans.
 Banker- a person who may be in-charge of approving loans may be more interested in the revenue model, cash flow assets
and the profit generation plans.
 Key employee- this type of person may want to know how he would benefit from the company’s growth. For example, job
security.
 Investor- this type of person may be more interested in fast growth, potential large markets, and management team.
Q.3)
• The pandemic is said to permanently change the consumer behavior. The buying habits of the consumers are changing and
will remain post COVID-19. It can be observed that the purchases are being made locally or online, and only of the
essential items. People are buying more consciously, taking care of their health and of the environment surrounding them.
• The COVID-19 pandemic has in a general sense changed the world as we probably are aware of. Individuals are living in
an unexpected way, purchasing diversely and in multiple ways, thinking in an unexpected way. Supply chains have been
tried. Retailers are shutting entryways. Customers over the globe are taking a gander at items and brands through another
focal point.

• Individuals are telecommuting as organizations close entryways and empower remote work. Numerous representatives who
have not worked remotely previously—or not regularly—plan to do so more as often as possible later on.
to stay connected with the consumers and focus on growth and innovation of various products/services. We can do so by:
• Creating an elastic digital workforce
• Reshaping the marketing plan around the new generated demand for human free services or hygienic products
• Rethink and redefine relationships with various stakeholders of the company
• Reconsider the product/service portfolio
• Prioritize investment plans for post pandemic period
• Change with changing environment
• Scan the market for merger and acquisition opportunities
• Accelerate and move to a more data driven operating model
• Checking the feasibility of the current business model
• Financial planning for the future
• Transparent communication with the employees and the consumers
 
3.2)
• With the outbreak of COVID-19, the global economy is already facing shifts in consumer behavior and trends. Consumers
now prefer human free services and hand less transactions. They are more focused on hygienic products and essential items,
and they want to buy it all locally. Some of the changes may seem short term, but majority of them will continue for a long
time now.
• Such pandemics have a direct impact on the biological, psychological and economic dimensions. Its intensity changes
relying upon the mortality and dreariness pace of the current pathogen, just as the time it takes for it to spread. For COVID-
19, the biological effect has rushed to heighten and has been the hardest-hitting for the elderly
• Long-term development and changes in patterns will come to fruition as consumers and organizations attempt genuinely to
standardize the effect on psychological and economic dimensions — if regulation is reached and the biological effect is
settled. Concentrating on various startups that increased scaled around the hours of worldwide emergencies through the focal
point of this structure clears the fog.
• Supply chains will converge into versatile ecosystems: Global supply chains have for quite some time been equipped
towards keeping quality moderately steady while driving lower costs at each progression. This has brought about critical
focus hazard as far as topographies and merchants for most organizations are concerned. There is a sharp requirement for a
progressively appropriated, composed and identifiable supply of components across multiple geographies and vendors while
keeping up economies of scale.
• Digital bureaucracies will become standard: The Covid-19 breakout has made government administrations turn
vigorously faster than any time in recent memory. Such efforts as well as the biological effect could have been improved if
there were increasingly keen urban areas on the planet. As governments gain from the COVID-19 experience, it will move
investments on such urban communities, because they would be critical in such times.
• Mental health support will be provided at large, virtually: It can be assumed that during and after the pandemic will
accelerate the work from home and online education culture. What is important to figure out is that how will the educated
workforce work together remotely for a prolonged period of time. It can be assumed that there would be direct impact on
employee morale, productivity and mental health of the employees worldwide, and the businesses are supposed to be
prepared for the same
Q.4)
• Yes, I believe that entrepreneurs think effectually. Effectuation process is where an entrepreneur identify the next best
step by carefully assessing the resources that are already available, to achieve the desired ultimate goal. Entrepreneurs
usually start with a basic mindset of what they are and what they have, then they rapidly sense, act and mobilize even
under harsh conditions.

• Entrepreneurs attempt to make sense of opportunities in context of changing goals, constantly questioning “the dominant
logic” in the context of changing environment and revisiting “deceptively simple questions” about what is thought to be
true about markets and the firm.
THANK YOU