Essay Example on Entrepreneurial Opportunity Plan: Outlining a Successful Business Model

An entrepreneurial plan is a written document describing the nature of the business, the sales and marketing approaches, the background information on the business's financial status, and the projected profits and losses (Dale, 2019). Developing an entrepreneurial opportunity plan varies in length according to the research an entrepreneur has done before developing the intended program. It enables a business owner to include an executive summary where he or she outlines what the business does and the market gap the business activities are to fill. Other executive summaries are; industrial plan, customer analysis, competitive analysis, market plan, operations plan, management plan, and financial plan (Dale, 2019). Developing an entrepreneurial opportunity is of importance since the method enables an entrepreneur to clarify what services or products of the company provide and the goals and how to achieve the listed purposes. According to Dale (2019), entrepreneurial pan enables an entrepreneur to identify what needs to be completed for one to build the business project and what human and financial resources are essential to implement the plan.

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Developing an entrepreneurial plan opportunity is regarded as rather challenging for both new and existing entrepreneurs to overcome (Teague et al., 2020, p.345). Developing an entrepreneurial opportunity plan, an entrepreneur should understand some of the stages to achieve this process. The initial stage is finding the right business idea enables an entrepreneur to identify and evaluate the right opportunity. Through market research, an entrepreneur has the chance to know what people need. Developing a business plan is another step to achieve the developing process. A business plan helps an entrepreneur to calculate the bank loan he or she may need to start the business (Teague et al. 20202, p. 349). An entrepreneur should raise the means of funding the business by understanding the financial implications of the project by getting an investment from grants and investors. In the entrepreneurial development plan, steps getting the paying customers determine whether a business will successor fails. The company needs both customer acquisition and retention costs by offering exceptional customer services. The last step is a success or maybe failure, and in cases of failure, an entrepreneur should consider other factors like pursuing business that had no real customers; hence he or she will be in a position to revisit the events that led to the business failure Teague et al. 2020,p. 352). Business opportunities to develop and build include online- computer services, online gaming, online referral services, direct selling, and e-learning, among others. These business opportunities help an entrepreneur to look for a business gap within the market and start a business to succeed.

References

Dale, B., 2019. One-Shot Pub: A Business Plan. Retrieved from https://trace.tennessee.edu/cgi/viewcontent.cgi?article=3273&context=utk_chanhonoproj

Teague, B., Gorton, M.D., and Liu, Y., 2020. Different pitches for different stages of entrepreneurial development: the practice of pitching to business angels. Entrepreneurship & Regional Development, 32(3-4), pp.334-352. Retrieved from https://www.tandfonline.com/doi/abs/10.1080/08985626.2019.1641977?casa_token=Se4KY3ieGyIAAAAA:9UV4f1hhHQhnm1YxtuBrNDoI5FNVRvXgbP8l5vdsXpwz-h6fJuC1L7bkifgN6DkI4C_0BBVUxPyS