Login with Facebook

Entrepreneurship: Opportunity and Design Thinking

There are many different approaches to what entrepreneurship is and what it is not. In many instances, it highly depends on what one thinks of it to be and not what others do.

Blackburn, 2011, p. xiii states that “Whilst there is no universally accepted definition of entrepreneurship, it is far to say it is multidirectional. It involves analyzing people and their actions together with the ways in which they interact with the environment, be these social, economic or political, and the institutional, policy and legal frameworks that help define legitimate human activities.” This means entrepreneurship is such a broad subject understanding it from a single perspective may not be possible. It requires a lot of different sets of thoughts and human activities.

According to Lichtenstein (2011, p.472), entrepreneurship encompasses many “activities and levels of analysis that no single definition is definitive. Here again, we see entrepreneurship as a field of many related activities. This statement agrees that it is ok to have different interpretations, as long as they related to specific events. The definition of entrepreneurship is a world of confusion and unlikely thoughts. There is no taking what definite write or wrong is. “It is complex, complex, and lacks any notion of linearity”- Neck and Greene (2011, p.55). Neck and Greene further add educators have to lead their students to a path of discovery, and they must learn to reasons and implement different skills that will enable them to succeed in uncertain situations. This, of the essence, means students should be exposed to different approaches of entrepreneurship to challenge them to think big.

Entrepreneurship can be an act of starting a business. It involves creating a product, process, or service to make a profit. We can also call it an idea and activity of starting a business. Entrepreneurship is a creative activity. For one to start a business, they need to perceive everything as a chance and do whatever is necessary to exploit the opportunity. An entrepreneur is, therefore, biased at times in their decision and steps to achieve success.

An entrepreneur is someone who comes up with an idea, creates a way around it, and makes it a success according to their needs. He/she designs a new plan and business process according to market needs.

No matter your definition, it is vital for you to recognize potential business opportunities. This may begin understanding the concept of design thinking in detail. In this article, you will improve your ability to apply inspiration, ideation, and implementation.

Recognizing opportunity

There several entrepreneurship theorists and Practitioners who have developed the concept of knowing opportunities. Below are tools you can apply for different purposes, but they are most importantly useful in identifying new business opportunities. But first, what is opportunity recognitions:

It is “ the active process through with individuals conclude that they have identified the potential to create something new that has the potential to generate economic value and that is not currently being exploited or developed and is viewed as desirable in the society in which it occurs.” (Baron, 2004)

Baron suggests that opportunity recognition is a cognitive process. As such, people can educate themselves to be more effective at seeing new opportunities, one by changing their thoughts about opportunities, and two, how they recognize them.

Drucker introduces us to “seven sources for innovative opportunities” (Drucker, 1895) for systematic innovation. The first to the fourth ones involves the business or industry internally. They encompass what is seen in an organization or a sector. The last three deal with whatever affects a company or the industry externally.

- Internal sources

- The unexpected ( including success, failure, and some outside activities)

- The mismatch between reality ( what reality is and what it perceived to be)

- The process needs leading to innovations

- Unexpected industrial or market structure changes

- External focused sources include

- Demographics

- Changes in thoughts, mood, and understanding

- New ideas in science and other fields.

In his New Venture Template, Mitchell (2000) raises a concern about whether the opportunity of studying represents a new combination. He offers a solution to determine this by presenting two groups of entrepreneurial discoveries, scientific discovery, and circumstances. He also talks about the second set of variation for consideration as market imperfections which build profit opportunities. They include excess demand and excess supply. We, therefore, get four categories or discoveries in entrepreneurship: invention I, observation, invention II and coordination.

Other theorists in this section include Schumpeter (1934), Murphy (2011), and Vesper (1996), who all had different approaches to entrepreneurial discoveries but which have links to each other.

Design thinking

Tim Brown, President, and CEO (IDEO, 2015), defines design thinking as a human-centered approach to innovation that comes from the toolkit of the designer to integrate people’s needs, technological possibilities, and what is required to succeed in business. He says that design thinking is a process that comes from the deepest part of the human mind. It reaches into the abilities that every human being possesses but is over-looked for by more important problem-solving approached. To achieve design thinking, one must be intuitive and able to recognize patterns and contract ideas that have emotional functionality and meaning. Besides, one must be able to express themselves through ways beyond words and symbols. Well, we all want to take feeling, intuition, and inspiration out of our business way, but relying on the rational and analytical too much can be a considerable risk.

Design thinking is a fundamental process in entrepreneurship. It can be seen as a system of intermingling spaces, more than a sequence of orderly steps. It involves inspiration, ideation, and implementation. First, we get inspiration about what is happening around us. Then an entrepreneur will generate, develop, and test the ideas in the idealization stage. Finally, he/she will implement the idea to create an impact in people’s lives.

Entrepreneurship is a tricky subject, much as it seems easy. It takes a lot to become an entrepreneur, but through learning and practicesEntrepreneurship, success is imminent.


Send Comment

Need a custom

We will write it for you.
Order now

Free Essay Examples

Free essays:

A Look into Regression Analysis
Analysis of Consumption and Investment
Analysis of Business Cycles
Analysis of Fiscal and Monetary Policies
Biosensors for cancer diagnosis
Business Analysis: Pricing strategies and Demand Curve
Broadcasting: How to Be Good In Front of the Camera
Bioconjugates for the Drugs Delivery
Consumer and Firm Behavior
Common stereotypes in American society.
Capital Budgeting: evaluation of investments
Corporate sustainability as a competitive advantage for businesses
Determinants of business cycles fluctuations
Determinants of Unemployment and Inflation
Different tissues of the body
Doppler ultrasound or simply eco Doppler
Efficiency and Market Equilibrium
Everything you need to know about cell culture
Eco-sustainable business: 8 ways to grow
Economy analysis: Business Cycle and Economic Trends
Factors Affecting Purchasing Behavior
Financial Statement Analysis
Factors Influencing Interest and Exchange Rates
Fiscal and Monetary Policies in Response to 2008/2009
Genetic regulation networks: modeling in biology
Hate speech on social media.
How does the economics of war affect society?
How can immigrants blend in the American society?
Introduction to Economic Information
Introduction to Econometrics
Introduction to the Game Theory
Introduction to Data and Probability for Economics
Journalism: What is News?
Journalism: Broadcast media and Television Presenters
Journalism: Sources of News
Journalism and Law
Key Determinants of National Income
Key Factors That Affect Pricing Decisions
Kinetic models in biology and Related fields
Know about the different forms of traditional African dances
Latest technology trends
Latest dance trends
Methods of labeling of nucleic acid that enable their detection
Macroeconomics: International Economic Issues
Neuromuscular disorders
National Economies, Fluctuation, and Responses to Fluctuations
Neurotransmitters: what they are and different types
Nanomedicines to target tumors
Overcoming Hiring Challenges for Nonprofit Organization
Principles of Microeconomics - Producer Theory
Principles of Microeconomics - Consumer Theory
Principles of Economics
Reverse discrimination.
Role of media in wartime.
Role of technology in the modern business environment
Role of Homeostasis in Human Physiology
Segregation in the US.
Stages of the Consumer Decision-Making Process
Structure and function of blood vessels
Skills in Journalism: Effective Interview
The concept of Organizational Culture and its applications
Tools for investment decision making
The Role of IMF in International Monetary Macroeconomics
Types of corporate responsibility
Understanding Perfect and Imperfect Competition
Ultrasound: physical principles and image formation
Understanding social entrepreneurship
Understand the importance of investigative journalism
Various theoretical perspectives of sociology
Virtual reality, what it is and how it works
What are biologic drugs.
Why are microelectronics important?
4 Facts about Origin of Mathematics!
5 techniques to create an animation
10 strategies to maximize corporate profits
13 Best colleges for political science in the world
6 Medical Technologies that revolutionized the healthcare in 2020
All you need to know about the ACA Code of ethics
Architecture and Democracy: An Introduction
Architecture and Democracy: Democratic Values
Architecture and Democracy: Democratic Procedures
All You Need to Know About a Synthesis Essay
An essential guide to understanding Film Theory
Application of Artificial Intelligence in Cyber Security
Applications of electrical engineering
Augmented reality: what it is, how it works, examples
Advantages And Disadvantages Of Social Networking
All you need to know about Cryptography
Applications of astrophysical science
All you need to know about architecture engineering
Applications of geological engineering
Artificial intelligence and medicine: an increasingly close relationship
An insight into Computational Biology
ACA code of conduct
A Rose for Emily
Applications of Mathematics in daily life
Architecture mistakes to avoid
All you need to know about Toxicology
All you need to know about Holistic Medicine
All you need to know about linguistics
An introduction to Linguistics and its subfields
All you need to know about Anxiety disorder
All you need to know about Drones
A Brief Insight into Political Science
Assumptions related to feminism
All you need to know about Byzantine emperors
All you need to know about labour economics
An insight into xenobots -the first-ever robots
An ultimate guide about Biomaterials
A Comprehensive Introduction to the Mona Lisa
Analysis methods of Transport through biological membranes
An ultimate guide about biochemical reactions
Analysis of brain signals
Artificial Gene Synthesis
Application to synthetic biology of CAD methods
All you need to know about metabolic pathways
Applications of BIOMEMS
All you need to know about the epidemiology
Asian vs. western leadership styles
All you need to know about Smart prosthesis
Analysis of Economy: Output of Goods and Services (GNP), and GDP on Economic success
A Guide to Pricing Strategies
An Overview Of Economic Studies
Analysis of Fiscal and Monetary Policies
Analysis of Business Cycles
Analysis of Consumption and Investment
A Look into Regression Analysis
How to Write a Personal Essay
Housing Needs in America
How to Write a Description Essay
How to Create an Excellent Scholarship Essay?
How to write a cause and effect essay
How to Hire the Best Essay Writing Service Provider?
How to Write a College Application Essay?
How to get the most out of your English lectures
How to write Expository Essay
How to succeed in your psychology class?
How to Write an Academic Essay in the Shortest Time?
History of Journalism
How Different Sectors are Using Artificial intelligence (AI)
How to write an informative essay
How to deliver persuasive essays?
How to Give a Convincing Presentation
How to write an essay on leadership?
Historical Art Still Around Today
Humanoid robot: what it is, how it works and price
History of Chemistry
Healthcare Advanced Computer Power: Robotics, Medical Imaging, and More
Healthcare AI: Game Changers for Medical Decision-Making and Remote Patient Monitoring
How to understand different types of English
How to Cope with Chronic Pain
How African American choreographers and dancers have influenced American dance
How mobile robot can do in logistics or in production
How To Become a Successful Entrepreneur
History of the Philosophy of Feminism
How is the climate changing?
How to Track Your Content Marketing ROI
How to Gun control In the USA?
Historical and contemporary role of labour in the modern world
How breast cancers are classified?
How the cells of our body communicate?
How the Lymphatic System Works?
How Digestive System Works
How to complete your capstone projects effectively?
How to write a research project
Healthcare technologies that help patients with better self-management
How to choose the topic of the senior capstone project
How to make your business survive at economic crisis
How can immigrants blend in the American society?
How does the economics of war affect society?
Hate speech on social media.
The Looming Energy Crisis in America
Top benefits of performance-based engineering
The More Languages You Know, The More Times You Are a Man
Things to consider while writing an Argumentative Essay
Top Ways to Improve Your Academic Writing Skills
Tips to Excel in Creative Writing
The origins of films in the early 19th century
Top career options in Architecture
The Elevator Pitch
Top finance trends 2020
The basic Structure and functionality of robots
The Way to Success
The election system of the President in the United States of America
Two-party System in United States of America
Top trends in urban design
The history and theory of African American filmmaking
Top benefits of creative writing
Tinnitus Guide: Common Symptoms and Treatment Options
The language of dance
The digital image processing management
Top famous politicians of the World
Top methods of political science!
The history of the feminist movement
The blood flow in cardiovascular system - Biofluid Mechanics
The best of Leonardo Da Vinci
The Structure and Function of Macromolecules
The structure of cell: a research on the bricks of the human body!
Tissue and organ construction: Adhesion and recognition between cells
The kinetics of the transformation processes
The Modeling of Biological Systems
Tips for writing a great thesis statement
The Defense mechanisms against infections
The impact of the technological innovations in medicine
Top journalism trends to know about
The relation between mass media & politics
Theranostics: Diagnosis and Care through Nanoparticles
The practical Applications of X-rays
The applications of Ultrasound in medicine
Transfer mechanisms of genetic information in Bacteria
The regulation of cellular metabolism in the diagnosis
The Principles of MRI Contrast agents
The technical basis of optical coherence imaging
The New Media: Emerging Trends
The Structure of Interest Rates and the Yield Curve
Technological perspectives and reflections of neural engineering
Types of bioreactors and their applications
The Role of Government Policy in Improving Economic Outcomes
Types of corporate responsibility
The Role of IMF in International Monetary Macroeconomics
Tools for investment decision making
The concept of Organizational Culture and its applications
What is a Definition Essay?
What are diagnostic essays?
What is the relation between art structural engineering?
What is a Narrative Essay
What are robotics and intelligence systems?
What are the benefits of studying health sciences?
What is artificial intelligence and why it matters?
What is comparative Literature?
Why study neuroscience
What is Wi-Fi and how does it works
What is French history famous for?
What are Humanistic Studies?
What is covered in Biophysics?
What is modern journalism?
What is Virtualization? Benefits & Applications
What are modern public relations?
What is plasma physics?
What is teacher preparation?
What is rapid prototyping for 3D printing?
What is contemporary European Politics?
Why should you learn American Ballet?
What is engineering physics?
What is the purpose of African American Literature?
Ways to learn the Rhythm
What is digital art used for?
What are Enzymes and how do they work
Who is the father of political science?
Why Study Political Science - Job?
What is the Philosophy of Feminism?
What is a quantum computer?
Ways B2B Startups Streamline Their Conversion Strategies
Why do biomedical signals need processing?
What are the long term effects of climate change?
Why study labour relations
What is Holoprosencephaly?
What is antisocial disorder?
What are the important principles of evolution?
What is the cytoplasm and its function?
What is biopolymers?
What Makes a Good Leader
Women empowerment in modern generation
What is the history of political thought?
What is Gene recombination
What is synthetic biology
What is business cost analysis?
What is Inflation
What are the consequences of unemployment?
What is lithotripsy and its types?
What is transition elastography?
What is the purpose of deep brain stimulation?
What is a Brain-Computer Interface (BCI)
What is neuroethics?
What is Market and Supply and Demand
What is optogenetics?
What are the techniques to record brain activity?
What happens if the interest rate increases?
What is immunotherapy?
What is the economic role of the financial market?
What are the factors behind illegal immigration?
What is the lymphocyte activation?
What is financial market and its types?
What is the structure of financial markets?
What are the methods of measuring business performance?
What is the Credit market?
What is business ethics and code of ethics
What are the Causes of financial instability?
What is MBA with Concentrations
What is regenerative medicine?
What is Population ecology?
What is Microfinance: evolution, and practices?
What is biotechnology and its applications?
What are Workplace diversity and its benefits?
What is the difference between a leader and a manager?
What Is Branding and best branding Business strategies?
Why are microelectronics important?
What are biologic drugs.