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Running head: CONDUCTING OPPORTUNITY ANALYSIS 1
CONDUCTING OPPORTUNITY ANALYSIS 4
Conducting opportunity analysis
8 November 2017
Conducting opportunity analysis
The market avails various opportunities which take the time and funds of an individual to realize them. In other words, the market will always have some gaps that have not been met by the already operating companies (Kaplan, & Warren, 2010). Therefore, it is the responsibility of people and other companies to initiate their efforts and invest their funds to be in a position to realize the opportunities that are provided by the market. It is because opportunities always arise with the presence of some gaps that might have resulted since the firms that are operating in the market are not doing the activities as it is anticipated.
Selection of the business
The best business that I would choose to start in the available market is a fast-food restaurant. The business would focus on offering most of the fast foods and drinks to the already available market. The business would be focused to compete with the other restaurants that are already present in the market. The business would be open from morning till late in the night. The business would focus on providing some of the products that have not been provided by the other companies. Also, it would be paramount and strategic to carry out outside catering when some functions are being held in situations that are not close to the business premises as a way of expanding the firm’s services and operations.
Why the project is worthwhile and if there is a need for the service and products
I believe that the project and the creation of the restaurant are valid since there is a few number of restaurants that are in the market. Also, the existing restaurants are not large suggesting that either little or no competition will be felt from them. Also, considering that the environment has a large number of people, there is an adequate market for the restaurant which will offer products and services that are known to be basic needs to people. Also, considering that the available businesses have been associated with the provision of low-quality products, it creates an opportunity to focus on creating advanced products that will end up attracting more customers to the business (Thota, & Munir, 2011). Therefore, the business is highly valid and strategic.
The trait that describes me best
People are known to have different personalities and traits that explain who they are in the society. Individuals’ traits have been used to help them when associating with others in the society. Based on my evaluation, I have discovered that I am always honest and open-minded. In other words, I always make sure that I speak the truth regardless the consequences that may result from the truth. I believe that the best thing that one can do is to speak the truth since it has been identified that the truth will always set one free. With the issue to do with my open-minded, I have always made sure that I am ready and determined to learn new things from other people and the conduction of research. In other words, I believe that there are different paramount things and concepts that one can learn if he gives himself a chance. Therefore, I accept new information when it is offered to me and take the time to view how it can be of help to me.
In conclusion, people are expected to view what is to not present in the market which offers an opportunity to enter the market.
References
Kaplan, J. & Warren, A. (2010). Patterns of entrepreneurship management. Hoboken, N.J: Wiley.
Thota, H. & Munir, Z. (2011). Key concepts in innovation. Houndmills, Basingstoke, Hampshire England: Palgrave Macmillan.