Entrepreneurship Essay Example | Topics and Well Written Essays - 500 words - 6

Entrepreneurship - Essay Example Whatever the source, the opportunity should be able to generate profit. The business idea in this case came up due to an unmet need in the market. The entrepreneur after visiting several restaurants trying out different Indian cuisines was disappointed as he could not get really good fresh spices. After careful research, he discovered that there was lack of reliable source of good quality spices at an affordable cost and this presented an opportunity for a business venture. The idea could be exploited through development of a new product (high quality freshly ground spices). An entrepreneur has to consider the target market and aim at fulfilling unmet needs (Shane, 2003). As such this was a good idea as the market was untapped and many customers (restaurants) were in need of fresh good quality spices. Another aspect is that the idea should not be easy to imitate hence creating barriers for new entrants (Butler, 2004). This product was to be made using a new production process and storage system and this was made possible by use of a well qualified engin eer who could make such spices. The entrepreneur was well connected with people who knew buyers of spices and hence no problems with distributing the product (Greene, 2011). The idea was also feasible due to the fact that it does not require heavy investment as the production process is very simple. It involves use of freshly ground spices but which would not loose taste due to storage. Other producers were unable to store spices due to loss of taste hence could not fulfil the needs of the customers (Hougaard, 2005). Another advantage was that, since the idea was new there was no dominant design established. This could have hindered the entry of the new venture. Honest Tea was established in 1998 and the entrepreneurial opportunity arose when one of the founders discovered an unmet need in the beverage industry. After consuming beverages on a hot day, his thirst was not quenched thus