Reflection on entrepreneurship

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Abstract

An entrepreneur is an individual who generates a certain invention or an idea into a triumphant venture. In order to start a flourishing business; maybe it does not need to be a unique but there must be a gap in the market. A business requires an input of a great deal of hard work and most importantly lot of self-reliance with the enthusiasm of stepping outside your comfort zone.

Introduction: (does it state what you are going to address)

A definition of a recession is perceived as a decline in a country's gross domestic product (GDP), on the other hand it has a real-time impact on the growth of the economy and this is determined by the number of successful consecutive quarters.

Global recession causes turmoil in a company's survival along with un-employment rate soaring high.

This essay should derive information from books, Internet and news columns. Opportunities shall be reviewed and discussed with the intention of concluding and evaluating the best opportunity; an overall evaluation of whether or not there are any opportunities that have arisen from the global recession.

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The essay shall investigate into the outcomes that have occurred from the global recession. An interpretation will be made in terms of opportunities that have arisen from an entrepreneur point of view; and pinpoint the advantages and the draw-backs the recession has produced.

The objective of this task in-hand is to understand and evaluate what kind of opportunities the recession has delivered so in order for an entrepreneur to be successful.

Advantages that could enhance an entrepreneurs business opportunities in a midst of recession is the fact that goods can be purchased cheap from companies that are going bankrupt and on top of that retail/offices can be rented on a moderately cheap price.

Recession has made the accessibility to highly educated staff at a moderate price to hire very easy to find. On the other hand their some disadvantages in terms of the recession; which is the fact that securing an investment from angles or other investors (banks) could be a challenging experience

1st Opportunity-Property market

According to latest figures released by the National Association of Estate Agents (NAEA) there are significantly shortages of properties coming into the market, thus meaning there are as many as five possible buyers registered to each property for sale.

According to NAEA the number of possible buyers for this month (October 2009) dipped compared to the previous month (September 2009) from 294 to 287. Yet again comparing these figures with last year there are significant increase on the 196 property hunters for the same month (October 2008) last year.

These findings signify that within the property market there are many more buyers in the market compared to the previous years; this is because they can purchase properties at a very low price. This implies to me that since the decline of property prices in the economy many property holders are holding back their property until the economy picks up again.

In comparison to the previous year number of buyers have increased; this means that property buyers and entrepreneurs have found an opportunity to buy cheap properties and sell them once the economy have gained strength so they can make substantial profit.

With the high demand of properties and fewer properties on the market has helped boost house prices recent months, according to Halifax; property value has increased by 1.2% last month therefore advancing the average cost of a house to £165,500.

Study also indicates that the rate of new buyers entering the property market has rapidly slowed down. President of NAEA said "There is strong demand for property and more optimism in the housing market than we have seen for months. This is good news for the recovery of the market and for the UK economy in general".

Gary smith has further declared that "it is now up to the government and banks to do more to keep the momentum of market recovery going".

If an entrepreneur has the funding to invest in properties they have a competitive advantage,

The window of opportunity relies heavily on the 'Shelf Life', meaning that at one point the market shall regain strength and buyers will flood the market; thus eradicating that competitive advantage.

2nd Opportunity - Online business

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The unemployment rate in UK has hit 7.9% that takes the total number of unemployed people to 2.47 million. People tend to explore other areas of generating an income in order to make ends meet in times of hardship. During the recession profound numbers of opportunities have arisen; the recession has enabled many individuals to start of their own online venture. Entrepreneurs have turned to capitalise on the online-market, where consumers tend to shop around for low prices thus avoiding the big high street chains.

Because of e-commerce many high street chains have lost revenue because customers tend to do all their shopping online. In 2008 John Lewis sold £327m of goods online, which accounted for 13% of total sales.

For example eBay has 233million registered customers worldwide, more than $1800 products traded every second. The reason why online companies are so attractive to customers is because in this case eBay has over 100 million listings at any given time; in other words there are wider choices to choose from.

E-commerce provides a wider choice compared to physical market, it enables buyers and sellers to place an order from anywhere around the world. The benefits that comes from E-commerce are the fact that there are no over-head charges and along with no staff wages.

There are two main strategic fields to investigate in e-commerce; physical product and service oriented. First option would be by selling other companies products which the seller will gain a certain commission from the sale, goods will then be sent from the company straight to the customer; thus eradicating the fact that you have stock piled up in your garage or work environment. This form of marketing is known as `affiliate marketing`. Second field is formed around service oriented business; it is time consuming due to number of hours required for an efficient and satisfactory service output. Types of jobs could be design & building of websites or even online translation.

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While high cooperate companies shed thousands of jobs they in-turn create temporary positions to fill the void left over from the redundant staff. Companies' in-turn creates job positions for job agencies to fill in with temporary staff.

Organisations save money on paying for a highly educated staff member for ludicrous wage and on top of that eradicating the fact that they are paying for a health care and pension scheme. Organisation's in-turn provide job-agencies with temporary contracts where they will retain a certain commission, agencies in-return provide the company with a temporary employee which has relevant skills and is willing to work for less money and no health care and pension scheme in their contract.

According to the on-going recession it has put numerous of redundant and victims of repossession lives into a turmoil. A study generated by MIND which is a mental health charity declares that men are the most vulnerable in terms of their emotional impact during the recession. Study reports that 1 in 7 men show signs of depression within 6 months of losing their jobs.

A report from MIND suggested for the government to produce a men's mental health strategy, and also for employees to do more to help stressed male workers (a similar strategy for women has already been created).

Mind's Chief Executive Paul Farmer said: "The Government has encouraged Primary Care Trusts to use some £80m on mental health and the recession this year, and there's clearly a real need for them to act now to address men's needs".

An opportunity has arisen where a support group could be created where the initiative is to help un-employed people to regain confidence back to hunt for jobs.

This could be an employment agency with organisational to jobs, agency could provide necessary skills for e.g. CV writing skills and interview skills.

Most importantly this agency shall provide professional analysis of an individual's mental state (particularly men) and if need be refer him/her to a physiotherapist.

Express a opinion

In a recession an entrepreneur are proactive individuals who see something coming and they do something about it. They don't wait around and wish something happens to get their hands dirty and get on with whatever is in demand. The first ever recession that has occurred has produced a lot of wealthy people. The recession has produced a mass-scale of un-employment worldwide, however this could be an important factors for entrepreneurs succeed because they find outsourcing and other methods much cheaper than it was previously. The major scare factor for the general work force is that companies are discontinuing investing in terms of expansion and employment, their aim is to ride through this recession with as little overhead as possible.

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Intense scrutiny of numerous of opportunities I have concluded the three main fields to investigate and an entrepreneur would thrive in the recession would be in housing market, e-commerce and public service. An entrepreneur should have the following characteristics in order to succeed:

  • An entrepreneur should be ready to adapt in their business, ready to take up new challenges and also ready to seize opportunities.
  • Entrepreneur should only focus on sales and the next important thing is to add value to the service/product they are offering.

Housing market

An entrepreneur knows when an opportunity presents it-self, entrepreneur knows the best time to purchase is when fewer people are buying. At the current climate property sellers are desperate to sell at any price.

In my opinion I believe that in order for the property prices to rise there has to be sturdy demand from buyers wanting to buy properties; which at the moment there is a high demand for properties. Even though housing market is steadily improving however funds are required in order to help first-time buyers get on the property ladder.

E-commerce

To achieve triumph in e-commerce field, precise knowledge must be attained in-order to succeed. E-commerce gives the client to browse and research on anything that they require in the comfort of their home. The advantage would be that the business is set-up and customers could view and purchase goods 24-7, meaning that goods practicly sell itself while your at sleep and demographic is wide enough for anybody and the website is serving clients all over the world.

Most definitely there is a gap in the e-commerce market; but a unique

Each opportunity+Risks...

Consultation services:

Each opportunity+Risks...

References:

  • http://www.domain-b.com/industry/Real_estate/20090527_property_slump.html

Metro newspaper

  • http://www.telegraph.co.uk/finance/personalfinance/6508588/Five-buyers-chasing-every-home-says-NAEA.html
  • http://www.telegraph.co.uk/finance/financetopics/recession/6325437/UK-unemployment-in-numbers.html