Entrepreneur opportunity

Introduction:

Opportunity centred entrepreneurship is concerned with connecting the theory and practice in a general whole way. This opportunity reflects to achieving personal goals and setting up the business that is based on identifying potential opportunity in the market (Rae, 2014). The report is based opportunity evaluation with application of different analytical tools. Creative entrepreneurship is concerned with setting up the business in one of the creative industries in which entrepreneurs have the ability to create the intellectual talent of the people (Suonpää, 2013). The rules for creating entrepreneurship are concerned with inventing yourself, prioritising idea and setting up the business. In the current report, the opportunity for opening the consultancy business in UK would be analysed.

Identification of opportunity that meets criteria for demand, innovation, feasibility, attractiveness and value creation:

Generating the Idea:

There are different businesses in UK that have been struggling to achieve competitive advantage in the market and managing its operations that can lead to cost effectiveness. Thus, business consultants play one of the important roles that act as the valuable leaders for bringing innovation and increasing efficiency in the business. Hiring or having contracts with the business consultants would help business to achieve effective results.
Application of the DIFA model (Demand, Innovation, Feasibility and Attractiveness)
The model is being effectively applied to identify the possible opportunity and its scope in the chosen market.

Demand:

According to MCA report, 2018 say that 84% of the businesses are taking help of the consultants that have lead to bring change and satisfaction of the clients. Consultants generate value and have the innovator thinking that plans new things with having learning from the past experience. Currently, UK industry is worth around £10 billion that leads to contribute effective development in the economy (UK consultancy industry, 2016). Thus, digital consultancy is becoming the part of bringing improvement in the sector and with that new technologies are being effectively introduced in the market. There are consultants that are trying to have profit sharing with the businesses so that they would be able to earn effective revenues and on the other side business would also be improved.
Below graph shows that global consulting industry has been growing from 2011 to 2016 and major demand for consultancy is regarding improving the financial strength of the business. And Europe, The Middle East and Africa have the highest market share that has huge demand for growth of consultancy in the region. Thus, industry is being growing with the 4.1% and this can be potential to generate effective revenue and growth in the market (Poulfelt et.al. 2017).

 

 

Conclusion:

From the above report, it can be concluded that identification of small entrepreneurship is effective that can lead to generate potential revenues. Opportunity of business consultant is high in the UK market and demand is also growing that would empower the business to achieve success in the market. It can be also concluded that it is necessary to evaluate the business opportunity by successful launch of business in the market and developing potential base of clients. Thus, international opportunity would help to generate potential amount of profits and attain a suitable market share in UK consultancy industry. Therefore, it can be concluded that opportunity in the market would sustain competitive advantage to develop positive base of customers.

 

Reference:

Books and Journals:

Beerbohm, E., 2015. Is Democratic Leadership Possible?. American Political Science Review, 109(4), pp.639-652.
Cranmer, L. and Brown, D., 2018. CSR Consulting in the UK: An Industry Evolving. Saïd Business School WP, 3.
Kipping, M. and Kirkpatrick, I., 2013. Alternative pathways of change in professional services firms: The case of management consulting. Journal of Management Studies, 50(5), pp.777-807.
Nissen, V., 2019. Consulting Research: A Scientific Perspective on Consulting. In Advances in Consulting Research (pp. 1-27). Springer, Cham.
Osterwalder, A., Pigneur, Y., Bernarda, G. and Smith, A., 2014. Value proposition design: How to create products and services customers want. John Wiley & Sons.
Poulfelt, F., Olson, T.H., Bhambri, A. and Greiner, L., 2017. The changing global consulting industry. In Management consulting today and tomorrow (pp. 5-36). Routledge.
Puddington, A., 2014. The democratic leadership gap. Journal of Democracy, 25(2), pp.77-92.
Rae, D., 2014. Opportunity-centred entrepreneurship. Macmillan International Higher Education.
Suonpää, M., 2013. Constructing an opportunity centred collaborative learning model through and for entrepreneurship. Jyväskylä studies in business and economics, (120).

 

 

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