Opportunity Analysis of New Business Venture 03068 Essay

Opportunity Analysis of New Business Venture 03068 - Essay Example Where there are many competitors also, it should be able to present the idea of the business venture in a way that uniquely identifies untapped opportunities on the market (Oladeji, 2008). This is the basis for the report, where a new business venture is being critiqued for its viability as an innovative business idea. This is being done with the opportunity analysis approach where a feasibility study is being performed in the areas of self-analysis, venture description, market research, industrial analysis, technical feasibility, financial feasibility, scenario versions, and scalability analysis (Mambula, 2002). Once these areas are analysed, it will be able to conclude on the feasibility of the business idea and how innovative it is to succeed on the saturated market. The entrepreneur is considered an important authority and stakeholder for the introduction of any new business idea that becomes the basis of a venture creation. This is because the ideologies, motivation, vision, and inspiration of doing business are mostly dependent on the entrepreneur and what he or she brings onboard the new venture (Schaper, 2002). What is more, there are some core entrepreneurial qualities and competences that have been considered critical for the overall management of the venture (McMillan & Naughton, 2012). Based on the entrepreneurial behaviour theory, there are three major human capital requirements that may be assessed from the entrepreneur leading the idea of starting the new venture. These are general human capital, entrepreneurship specific human capital, and venture specific human capital (World Bank, 2010). The general human capital includes such qualities and requirements as education, managerial human capital, capabilities, and demographic control variables (Charles, 2002). The entrepreneurship specific human capital also includes entrepreneurial