Entrepreneurship Opportunity Assignment Sample

• Subject Name : Entrepreneurship

Introduction to Entrepreneurship Opportunity

The purpose of the module is to understand the execution of an entrepreneurship opportunity. The business opportunity discussed here is of a mobile hairdresser service. All seven domains for the implementation of the business idea have been discussed based on this case study. The importance of in-depth market analysis of the business idea will be identified at the micro as well as macro level. The risks of this plan will also be identified and evaluated. The entire execution plan will be discussed taking the team aspirations and related connections in the account. By analysing the gaps in the current market and propose feasible options for consideration the report provides the sustainable strategy of this business service. This module helps in developing the understanding of entrepreneurial opportunities and their value propositions to be able to exploit these for progress. 

Description of Business Start-Up

The start-up business idea considered in this report is of a mobile hairdresser service. Mobile hairdresser usually takes place at the client’s home which includes services like cutting, colouring, styling, blow-drying, perming and all other kinds of hair treatment. This also includes some specialist treatments like chemical straightening and extensions. These services can be provided in residential homes, hotels or health spas (The Business Barn n.d.). This gives the clients the benefit of obtaining these regular services at the comfort of their home. A low overhead cost and the opportunity to reach a variety of clients provides the service provider with a great start-up idea. The business can further stand out of the crowd by going on the road and provide transport facility with hairstyling. This will attract the clients even more as they can utilise their time of travelling to long journeys which often get very tiring. The business will then be able to target busy customers who will also be willing to pay extra for such executive service. This assessment discusses different domains of business and its applications in them.

Applications of The Business Start-Up

The first two stages in any business are the micro and macro market test. The preliminary data for the micro test can be based on the interview with the company’s owner, customer questionnaire and observation of competitors situation (Ylimartimo and Lehtinen, 2019). The marketing methods for the mobile hairdresser service can then be based on the information collected from the above research to target clients effectively. The assessment of the sustainability of this business plan will be dependent on the analysis of how the customers are reacting to its competitive advantage of providing services at the comfort of their home. The next stages deal with the macro and micro-industry of the hairdresser service. Their needs to be an analysis and evaluation on what other businesses of the same genre are doing and how are they succeeding. The owner of the start-up will have to also focus on the problems faced by other mobile hairdressers in the area. For sustainability and having a competitive edge, the start-up can pursue a due of commuting and hairdressing services (Anderson 2017). This will not only help them target busy customers but also can provide reliable transportation and time saving advantage of their clients. The figure below depicts the diagram of the seven domains discussed by Mullins in his paper about business plan for entrepreneurship.

Like any other start-up, this plan will also face certain internal as well as external environmental risks. A very important factor in a start-up plan is risk prevention because a possible solution to such negative outcomes can be very costly (Dvořáková 2016). The highest risk in this business idea will be of failure to provide the service in an appropriate manner as per the customer needs or any technical glitch with the product being used on the client. This can greatly ruin the reputation of the entire business organisation. To ensure its avoidance, the training and development of all the members of the service provider should be very stringent and sample check of the product to be used before using it on the customer. Customer satisfaction by providing the highest quality service must be the primary mission of this business organisation. This will help in branding with the “word of mouth” from the content customers.

The implementation of the plan will consist of rigorous social media marketing for the most part. The owner needs to maintain a strong customer relationship for the survival of the business and therefore must connect with the clients regularly. The seventh stage, team connectedness is crucial to look at the potential customers and distributors of the required hairdressing equipment. Their needs to be a close look across the value chain and understand how the competitors are dealing with the potential threats and opportunities (Mindtools n.d.). For the long-run and higher customer base, the service provider can team up with other beauty professionals to provide a wide range of services that can put the business ahead of its competitor.

Learning Outcomes

The business idea discussed in the report of a mobile hairdresser service explains an entrepreneurship opportunity and understanding of the 7 domains and research on the plan. The 7 domains discussed here are the micro test, macro test, macro industry, micro-industry, missions, aspirations and risk propensity test, execution test and connectedness (team domain). The assessment discusses different aspects that a mobile hairdresser service provider will face while running the business and also the opportunities it can avail in the current market. The sustainability and competitive advantage that can be done with mixing travelling and hairstyling service is also discussed which can help the business get its attention from the public. It is important to note that, the most crucial factors to consider here is market analysis and team building to have holistic development of the business idea.

Bibliography for Entrepreneurship Opportunity

Anderson, C. 2017. How to Run a Mobile Hair Salon. Groupon Merchant. Available at: https://www.groupon.com/merchant/blog/run-mobile-hair-salon [Accessed on 28 Aug.2020]

Mindtools. n.d. Mullins' Seven Domains Model: Analysing Business Opportunities. Available at: https://www.mindtools.com/pages/article/mullins-seven-domains.htm [Accessed on 28 Aug.2020]

Mullins J. 2003. The New Business Road Test: What Entrepreneurs Should Do Before Writing a Business Plan. Pearson Education https://pdfs.semanticscholar.org/0978/93eb96368531c510ca52fe6e5e5c1a1d5b3b.pdf?_ga=2.151031994.2093968894.1598630146-1544586054.1598630146 [Accessed on 28 Aug.2020]

The Business Barn. (n. d.). Business Start-up Guide: Mobile Hairdresser. Available at: https://www.thebusinessbarn.co.uk/rural-business-advice/rural-business-research/business-start-up-guides/business-start-up-guide-mobile-hairdresser/ [Accessed on 28 Aug.2020]

Ylimartimo I., and Lehtinen, J. 2019. Marketing Plan for a Hair Salon https://www.theseus.fi/handle/10024/263472 [Accessed on 28 Aug.2020]

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