Essay Example: Entrepreneurial Beginnings Discussion

The ten products used in daily routine were clothing, food, shelter, vehicles, digital cameras, newspapers and magazines, house decorations, disposable razors, DVDs and CDs, and USB flash drives. The five products that can be offered differently as a new business opportunity, as described in question 1, are clothing, foods, shelter, vehicles, and newspapers and magazines. Clothing is described as a necessity in question 1 as it protects human bodies from harsh weather conditions. The opportunity presented for clothing sells seasonal clothing such as gumboots and umbrellas in the rainy season and lighter clothes during hot conditions. A new opportunity in clothing is becoming a farmer of cotton, sisal, and other raw materials required to manufacture cloths. As an entrepreneur, starting a tailoring plant for all types of fabrics is a great opportunity.

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Food is also a basic need required for human survival. Food is helpful in body nourishing, boosting immunity, and providing energy. Question 1 states food joints, hotels, and restaurants as potential business opportunities. Despite the said opportunities, new opportunities could be practicing agriculture by growing crops and rearing livestock for commercial purposes. Each person needs to eat, but not every person has agricultural land (Allen, 2015). Thus, creating an opportunity to grow crops and livestock for meat, milk, and eggs and sell.

The shelter is described as presenting the opportunity to invest in housing projects. Each person requires a home to protect themselves from danger and bad weather. Besides, the house is used to store items and carry operations. The product, therefore, can present a new opportunity for selling and distributing construction materials. Homes will continue to be constructed and will require raw materials such as cement, metals, blocks, etc. which are business opportunities.

Vehicles are stated as business opportunities as transport has become almost a necessity. People need to travel for luxury, do business, visit relatives, etc. Therefore, it presents vehicle businesses, for instance, new car companies. However, when the product is evaluated critically, new business opportunities present is starting an insurance agency for motors to cover against accidents and starting a garage. Most transport rules require each vehicle to be insured. Also, vehicles need repairs regularly, making the garage a potential business opportunity. In the case of newspapers and magazines, they present business opportunities of websites posting newspaper content due to the emergence of smartphones. A new business opportunity is becoming a news blogger on the internet as the world is turning digital.

Out of the ten opportunities, venturing into food business opportunities can be successful and profitable. Food is an essential requirement that man cannot live without and is used daily. Human being population is growing each day, making the demand for food also rise each day (Sutton et al., 2018). Most people are moving to urban centers to search for jobs in the industries and spend their income to buy food. The older population living in rural areas is unable to produce enough food to supply the urban population (Sutton et al., 2018). The high demand for meals as it is a necessity and the low food supply make commercial agriculture a new opportunity for an entrepreneur.

In many countries, the government provides subsidies in agricultural sectors to encourage food production, which translates to the low cost of food production. The produced food will have a ready market, and favorable selling prices are an essential commodity, and demand is enormous (Allen, 2015). Similarly, food joints, restaurants, and hotels will always have customers to provide meals to persons who are traveling, away from home, or don't cook at home. Any person has to eat each day to be active and be able to perform daily duties and be healthy.

References

Allen, K. R. (2015). Launching new ventures: An entrepreneurial approach. Nelson Education.

Sutton, K., Larsen, N., Moggre, G. J., Huffman, L., Clothier, B., Eason, J., & Bourne, R. (2018). Opportunities in plant-based foods–PROTEIN. Plant & Food Research report prepared for Ministry of Primary Industries and Plant & Food Research. SPTS, (15748). https://www.plantandfood.co.nz/file/opportunities-plant-based-foods-protein