Activity One illustrates the importance of vision and opportunity when starting a business. Discovering and creating opportunities is central to the notion of entrepreneurship. There is much debate about whether entrepreneurs discover opportunities, such as spotting a gap in a market, or create opportunities from their knowledge or experience. Regardless of how the opportunity comes about it is vital to have a vision, which can be shared with others.
About this Case Study Article In this case study you will:
- Find out about the theory of nurturing creativity and innovation
- Meet Emma our first entrepreneur and learn about her business challenges
- Hear the advice of the business professionals
- Provide your advice through an online poll
- Hear what Emma actually did
- Check your understanding
- Relate the learning to your own business ideas
Having completed this case study you will be able to:
- Understand how to develop an idea into a business opportunity
- Express the dimension of an entrepreneurial opportunity
- Identify the drivers that underpin an entrepreneurial opportunity
- Know how to communicate your proposition effectively to a range of audiences
The Entrepreneurial Learning Cycle
Before we look at vision and opportunity in detail it is important to understand the learning cycle of a successful entrepreneur.
Nurturing creativity and innovation
In this lecture Nigel focusses on the importance of vision and opportunity when starting a business.
Referring to an industry case study, Nigel considers whether entrepreneurs discover or create business opportunities; he looks at the importance of sharing your vision with other people and introduces the opportunity business model as one way of sharing that vision.
At the end of the video Nigel asks you to think of a successful entrepreneur and question whether they discovered or created their business opportunity. How would you describe their enterprise using the opportunity business model?
Feel free to share your thoughts and ideas in the comments section before moving on to find out about the challenges that Emma faced when defining her business opportunity and vision.
Emma’s Business Challenge
In this case study the entrepreneur has a challenge. Emma has identified a number of options for taking her business forward and she is asking you to consider these options and discuss your thoughts with your fellow learners.
Watch the video case study and then, having considered the importance of vision and opportunity for a successful company, decide what you think Emma should do. Which is the best business opportunity? Don’t forget to think about the dimensions and drivers of Emma’s opportunity business model and reflect on whether she is discovering or creating her opportunity.
Having reached your decision move on to the next step where our four advisers give their response.
Each adviser has provided their thoughts on how Emma should move her business forward.
What do you think?
Having watched the first case study and the adviser videos it’s time for you to vote for the option(s) you think our entrepreneur should choose.
Emma Sheldon is a second year Broadcast Journalism student at the University of Leeds and runs the EmTalks fashion website. In this video Emma explains which options she chose and why. Are you surprised by her choices?
If you would like to know more about Emma you can access her profile from University website.
Check your Understanding
Check your understanding by completing our short online quiz. You can download the answers once you have completed the questions.