Meaning of business opportunity
Discuss about the Opportunity innovation entrepreneurship.
Business opportunity is the simplest term which can be defined as the packaged investment to start a new business to generate income as an independent enterprise. There are various reasons in the current world that forces business to change. According to the viewpoint of various researchers, change is important in the organizations in order to handle the external as well as internal pressures, to promote innovation and to gain the competitive advantage. Technology plays a very important role in identification of opportunities as well as promoting the innovation in the global markets. This report is based upon the hospitality sector seeking to create digitally advanced restaurants because of the change in the market conditions. The previous studies analyzed the fact that various restaurants and pubs are closing down and UK has lost more than 20000 restaurants from the 1980 because of the changing needs of the market. The identification of the business opportunities is very essential for the organizations to promote innovation, entrepreneurship and understanding the trends of the market in order to set vision for the company in the future (Sasso, 2013).
Moving further, this report critically evaluates the range of different trends in the management of innovation and entrepreneurial endeavors. Different trends exist in the market always has a great impact on the different organization as well as on the individuals. The main purpose of this report is to gain the relevant knowledge for the proposed business in the future that will help to promote the innovative concept in the existing market. This report is going to focus on the different trends related to the hospitality sector such as personalization, digitalization and sustainability (Cruickshank, 2014). Therefore, business opportunities are going to be explained in the context of innovation and entrepreneurship by focusing on the three different trends. At the end this research report will help to analyze the importance of business opportunities and its centrality to Innovation and entrepreneurship.
There are three different megatrends has been found in the management of innovation and business opportunities which are going to be explain with the help of the previous literature.
In the present era of Technology, customers are becoming more powerful with the constantly changing in the needs and expectations of the customers that need to be met by the organizations and this trend will continue for many more years. The trend of personalization is a very popular because it enhances the customer experience by knowing the customer and their needs. The concept of personalization involved various categories such as customer service, sales and marketing. According to the survey of 2018, there are 98% marketers who agreed on the fact that personalization helps advanced customer relationships add 88% people stated that the customers expect the personalize experience from the companies (Evergage, Inc., 2018).
Current practices in the management of innovation
It is clear from the survey that customers want to be an individual where they have the power to customize their choices. According to the previous reports, it has been found that only 18% of the consumers have purchased customized meals from the restaurant and 12% of customers bought customized soft drinks. These percentages show the less interest of the customers towards all the customized meals and drinks (British Council, 2013).
Another reason that forces the hospitality sector to bring some change is because of the changing rights of consumers. It is an evident from the research and previous that people are nowadays are more health conscious and they prefer to have some healthy or me in comparison to the junk food and soft drinks. There were many obesity issues have been found in this females and because of this reason need for some healthy options in UK has been increased. Therefore, a trend of personalization is expected to rise in coming yours in order to reduce the health issues. However, it is the responsibility of restaurants to deliver the food as per the expectations of the customers and serve the meals what they actually want (Dowla, 2011)
According to the sustainability mega-trend, there are still many sectors which are unaware of the use of different Technologies in order to achieve the sustainable goals of the company. There are many food items which are predicted to change drastically in the coming years. From the previous reports and statements, it has been analyzed that by the year of 2020, the customers will prefer to have a lab grown meat and this percentage is expected to increase by 55%. On the other side, there are many authors and researchers, who obtained the results that people, may shift to the vegetarian diet because of the food shortage in the industry. According to the viewpoint of Winterman, the prices of the love government will raise in the coming years because people make it a luxury item and it will not be a part of the regular types of consumers (Cruickshank, 2014).
Digitalization is also an emerging trend which involves the maximum use of the internet and the digital media in the coming years. This trend is influencing the business organizations to adopt a latest technology or digital marketing strategy to attract the maximum number of customers. Recently, with the development of the technology, the IT sector has created a lot of changes in the last decade in each and every industry. It has been analyzed that with the development of the computers, the processes become much faster than the human work. Digital innovation is considered as the most important part of the business opportunities because it involves a process of creating exceptional customer values by providing them faster and easy services. Various researchers found that digital innovation is a key to success that helps companies to stay competitive in the market with the help of using different technology and increasing the productivity levels (Zhao & Collier, 2016).
Personalization
In present Era, the drastic change has been observed over the recent years because of the development of mobile phones and rise in the application downloads. It is found that with the help of these technologies, it becomes easy to connect with the customers through the website and mobile applications. Therefore, digital innovation creates lot of business opportunities in the present era. For example, with the development of Technology and digital media, the food industry has the opportunity to offer the services and products to the customers through the online mode by providing them 24/7 home delivery services (Puhakka & Burger-Helmchen, 2012).
It is clear from the above megatrends that these trends are influencing the hospitality sector to a great extent and creates business opportunities for the different restaurants and pubs.
It is analyzed that the restaurants have the business opportunity to bring some changes in the services as well as food menu by focusing on the innovative technology and healthy options. The restaurants can offer healthy food to the customers in the coming years in order to tap the health conscious people. Also, the company can provide online services to the customers such as the delivery of food, online booking of tables and online payment transactions. Also, the restaurant business will have an opportunity to operate with the minimum staff by heavily relying on the technology. There will be a possibility that hospitality sector makes use of the robotics in order to reduce the cost of the company by reducing the human resource as well as by minimizing the loss to the company. However, in the context of the megatrends, the business opportunity will be analyzed in a proper way (Fillis & Rentschler, 2010).
First of all, personalization is truly important for the hospitality sector because of the number of reasons. There are many consumers who would like to personalize their food and as well as drinks. In the coming years drink and food personalization is seen to be growing in the coming years. It is clear from the survey that customers want to be an individual where they have the power to customize their choices. According to the previous reports, it has been found that only 18% of the consumers have purchased customized meals from the restaurant and 12% of customers bought customized soft drinks. These percentages show the less interest of the customers towards all the customized meals and drinks (Goh, 2013).
Sustainability
Moving to the second Trend of digitalization, then it is analyzed that the new technology will facilitate the demand for food by using different digital devices. With the help of digital devices, a customer can place order, can share the information with the users, provide feedback, and also have the opportunity to customize the meals. With the change in technology jobs are likely to be replaced by the digital devices which lead to reduce the cost of the company. Therefore, consumers will be able to take a great advantage with the help of new technology and digital media. In present Era, the drastic change has been observed over the recent years because of the development of mobile phones and rise in the application downloads. It is found that with the help of these technologies, it becomes easy to connect with the customers through the website and mobile applications (Okpara, 2007).
Third trend is about sustainability that predicted to influence the hospitality sector in a future. It is very important that the restaurant will set the sustainable goals that have a great impact on the society. According to this trend, consumers will have an opportunity to offer the sustainable products to the customers in order to attract the health conscious people. Every restaurant or hospitality sector has the aim to offer a safe and fresh food to the customers. Food safety is the most important part of the sustainable goals. It is also observed that legal actions can be taken by the government or the law of country if any restaurant provides a food that is harming for the human body or creates some serious health issues. This suggests that there will need to be other food on offer with fewer higher priced meat dishes, offering the opportunity to offer healthier eating with the use of vegetables, helping to also cater to the growing trend of vegetarians and healthy eating which keeps on growing (A Antonites, 2003).
Conclusion
In the above report, range of current practices in the management of innovation and entrepreneurship has been evaluated by analyzing the three megatrends which are personalization, digitalization and sustainability. It is concluded from the above report that every sector needs to grab the opportunities in order to gain competitive advantage and profitability levels. All the business opportunities in the emerging trends have been critically evaluated through this report. It has been identified that, change in the technology, change in the customer tastes and preferences and change in the sustainable goals are some of the important factors that influence the hospitality sector to bring some change and grab the business opportunity in order to stay competitive and to attract the maximum number of consumers. From the above analysis, it is also clear that by grabbing the business opportunities and by promoting digital innovation, the restaurant business can reduce its cost by heavily relying on the new technologies. Therefore, it is concluded from the above report that, change is important in the organizations in order to handle the external as well as internal pressures, promoting innovation and to gain the competitive advantage. Technology plays a very important role in identification of opportunities as well as promoting the innovation in the global markets.
References
Antonites, A., 2003. The concepts: creativity, innovation and opportunity finding, Available at: https://repository.up.ac.za/bitstream/handle/2263/25909/03chapter3.pdf?sequence=4
British Council, 2013. Creativity, Innovation and Entrepreneurship in the UK and the Netherlands, Available at: https://www.britishcouncil.nl/sites/default/files/apeldoorn-conf-2013-report-final-lr.pdf
Cruickshank, L., 2014. Open Design and Innovation: Facilitating Creativity in Everyone, Available at: https://winterman.dyndns.org:88/calibre/Leon%20Cruickshank/Open%20Design%20and%20Innovation_%20Facilitating%20Creativity%20in%20Everyone%20%2818406%29/Open%20Design%20and%20Innovation_%20Facilitating%20C%20-%20Leon%20Cruickshank.pdf
Dowla, A., 2011. How Entrepreneurs use Social Networks in their Business, Available at: https://stud.epsilon.slu.se/3300/1/Dowla_a_111003.pdf
Evergage, Inc., 2018. 2018 Trends in Personalization, Available at: https://www.evergage.com/wp-content/uploads/2016/06/2016-Trends-in-Personalization-Survey-Report-Evergage-final.pdf
Fillis, I. & Rentschler, R., 2010. The Role of Creativity in Entrepreneurship. Journal of Enterprising Culture, 18(1), pp. 49-81, Available at: https://www.researchgate.net/publication/46510531_The_Role_of_Creativity_in_Entrepreneurship
Goh, B., 2013. Strategy and Innovation Management in Tourism and Hospitality Industry, Available at: https://www.trm.chu.edu.tw/ezfiles/74/1074/img/868/LEC5-INNOVATIONANDENTREPRENEURS.pdf
Okpara, F., 2007. The value of creativity and innovation in entrepreneurship. Journal of Asia Entrepreneurship and Sustainability, 3(2), pp. 1-14.
Puhakka, V. & Burger-Helmchen, T., 2012. Entrepreneurship – creativity and innovative business. pp. 20-45, Available at: https://www.researchgate.net/profile/Thierry_Burger-Helmchen/publication/230634379_ENTREPRENEURSHIP_-_CREATIVITY_AND_INNOVATIVE_BUSINESS_MODELS/links/0fcfd502393aa2b77e000000/ENTREPRENEURSHIP-CREATIVITY-AND-INNOVATIVE-BUSINESS-MODELS.pdf
Sasso, L., 2013. The new entrepreneurial opportunity recognition process- Assessing the role of public intervention on the electricity market -, Available at: https://aisberg.unibg.it/retrieve/handle/10446/30391/15419/DT_Sasso_Loredana_2013.pdf
Zhao, F. & Collier, A., 2016. Digital Entrepreneurship: Research and Practice, Available at: https://www.researchgate.net/publication/309242001_Digital_Entrepreneurship_Research_and_Practic
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