BUS 4401 E commerce Aggregator Platform Business Opportunity Essay – Description
INTRODUCTION
According to Peter F. Drucker in Innovation and Entrepreneurship, Practice and Principles, (Harper & Collins, 2009, pg 30-37), there are seven major sources for innovative opportunity. These sources also are change indicators. As you go through this list, please identify which source your own product or service that you identified in Unit 1 is established on:
Innovation as something fully unexpected
Innovation that reflects the incongruity between the reality and ideal expectations
Innovation linked with process need (this refers to a step-by-step process related to how the product is manufactured or how specifically the service is sequentially provided)
Overall changes in industry or market
Demographic changes
Changes in culture (perception or meaning)
New Knowledge
Please recall your product or service you came up with in unit 1. What kind of innovation does it refer to?
To find out more about what conditions have to be present in a successful innovation, please read: http://www.enablingchange.com.au/Summary_Diffusion_Theory.pdf
READING ASSIGNMENT
Start by reading Chapter 1 and 2 (step 1 and 2) of: INNOVATIVE ENTREPRENEURS’ WORK BOOK by Arcot Desai Narasimhalu from Institute of Innovation and Entrepreneurship, Singapore Management University (attached). Quickly answer all the questions posed by the author throughout step one and two of the work book. Do all the exercises and be ready to apply all this knowledge throughout this unit. The learning from these two chapters (steps) will be crucial in determining the feasibility of your product or service. Moreover, by diligently doing the exercises you will be exposed to a step-by-step learning how to be creative. This will allow you to apply creativity in developing your entrepreneurship in present and future professional projects as well as in real life.
To learn more about the market research process read: http://www.mymarketresearchmethods.com/the-market-research-process-6-steps-to-success/
In this unit you are provided with the theory on market research that starts with a very thorough consideration on what is innovation and how creativity could differ from entrepreneurship. The unit will end with the six step market research and your thorough application of each and every step of it.
Throughout the activities built around this unit you will have to provide proofs of your understanding. As you might imagine, this is much harder to do than just repeating the theory that one learned. However, this application-based approach is necessary in order to fully enter the world of entrepreneurship.
As you learned in unit 1, entrepreneur is not a theorist. On the contrary, it is someone who sees opportunities and applies the findings to their invention and to the real world. Entrepreneur is someone that sees and seizes an opportunity while applying the theory.
Entrepreneurial solutions are straightforward applications, thus, in this unit you will start acting as if you are an entrepreneur. If you feel that you do not want to become one and prefer only to study about it, you will need to go through this course imagining and describing the imagined products, services, steps and processes. You will have to work equally hard regardless if you choose to truly explore a product or service, or just vicariously embrace it. Either way, you will learn how to build and apply creativity to all steps of inventing and marketing a product or service. It will feel like a fusion of theory and practice, linking a mathematical approach based on process description combined with an art of innovating and engaging potential clients (peers) in the process. Entrepreneurs do that so well: fuse theory with practice. This unit will provide you with a similar opportunity.
If you are stuck at any point, try to think about possible clients that your invention—real or imagined, might attract—how would they view your product or service? If there will be something difficult, which despite your efforts, you will be still struggling with, please involve your peers or your professor by asking specific questions. Do it early—do not wait until the night before the due date. Do not ask a generic question or try to pass the responsibility onto others. Be fair by sharing the responsibility to seek answers and you will be pleasantly surprised that others will be more willing to help. Ask your questions early. Do not say: I do not understand. Say, in……………..I did not understand the part……………………I tried looking in…………………….to find some possible explanations. Can you help me understand…………………………., please? By doing so you will be behaving like a responsible student-entrepreneur: ready to learn, showing initiative. You will include others while integrating theory with practice. This means empowerment for all. Think about it.
Can you see how this approach of sharing the responsibility for finding answers and clarifying learning points can contribute to a more efficient learning process for all involved? If not ask for help. Remember, entrepreneurs form solid communities. This is your opportunity to become a pioneer of one.
LEARNING JOURNAL UNIT 2
Assignment instructions
Using the knowledge, you gained in this course; compose an essay that addresses the following:
Describe a potential business opportunity you would like to explore.
What procedures would you follow to assess the opportunity?
How would you gauge its potential?
Develop a plan to capitalize on the opportunity using a specific example. Briefly describe the implementation process for your plan.
The essay should include the following discussion points:
Description of the potential business opportunity.
Procedures to be followed to assess the opportunity.
A plan to capitalize on the opportunity using a specific example.
Describe the implementation process for your plan.
Please include the items below in your essay:
Demonstrate in-depth thoughtful research and draw insightful conclusions that are thoroughly defended with evidence from credible academic literature, scholarly sources and relevant examples.
The plan developed along with the implementation process must be well defined to reflect capitalizing the opportunity.
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