ENTREPRENEURSHIP PART A
The news item is regarding the fact that during the Covid 19 pandemic, there has been severe economic impact on maximum businesses; however, some people have still been able to witness an opportunity to start their new venture and be profitable. The interesting factor of this news item is that the theory of opportunity for entrepreneurs can be clearly applied here. The pandemic burden on small companies has been serious. In Brooklyn, Chamber of Commerce Chairman Randy Peers reported that, depending on the neighbourhood, about one-fifth of small companies had collapsed. Yet the challenges of several companies have created openings for new projects. Landlords hesitant to let storefronts remain vacant promise more competitive rentals, and increased tension over the past year has contributed to increased demand for services such as facials and directed meditation, said business owners. At the onset of the pandemic, several developers wanted to fulfil long-lived visions of running their own companies.
The news item is relevant to this question as it provides an insight on how common people with an entrepreneurial mind have viewed an opportunity and utilised it for the purpose of creating value.
In development theory, prospects for making and selling innovative items and/or services do not occur unless entrepreneurs use it. In this philosophy, entrepreneurs should not first realise the potential and then take the requisite steps, rather they take action but instead wait to hear the consequences of their decisions on the market and then suggest proactive action on the basis of input (Sahasranamam & Sud, 2016). In these activities, entrepreneurs create resources that could not be learned through taking certain actions. In this case, the creation of possibilities in the philosophy of production is a mechanism that depends on the direction that is evolving. In this action and response, entrepreneurs create opportunities in line with the implementation phase. Entrepreneurs may have ideas on how the competition affects their activities, but they are not willing to see the result from the start. This is because in the philosophy of evolution, there is no conclusion before the mechanism of creation appears. There are opportunities that can only be learned once they are present and can come into existence when they are implemented through a repetitive mechanism of action and response. For this reason, opportunities include human intervention for formation and a collective consensus for sustainability. Aparicio et al. (2016) see this step as a shift on the road from the original concept to a complete idea that is an incentive. He said that no idea is a successful opportunity, and he argues that although any opportunity arises from an initial idea, the presence of ideas is a requisite but not a sufficient prerequisite for the creation of opportunities. The state of sufficiency depends on the gathering of proof of the prospects for profitability, the existence of a potential demand, the capacity to profitably and sustainably in terms of profitability across the time period. The theory, then, is an imaginary reflection of the notion of future existence, whereas the potential tends to the perception of reality. After a concept emerges, the entrepreneur involves changing the idea by communicating to colleagues and others, and at least from a rational point of view, the latest idea is more justifiable (Fairlie & Fossen, 2018). This cycle is replicated, and further formal steps can be taken to pursue the concept, or the idea can be discarded as people come to the realisation that it cannot be explained. Irrespective of the result that could be an opportunity or the abandonment of the concept, these indicators are entrepreneurial acts that seek to resolve the doubt around the original idea. This theory is replicated on the way from the original idea to the final idea, and fresh knowledge gained from the media or from the views and decisions of others is included. The innovative result of this phase is to find some new ideas for the advancement of the project, in order to create a foundation for this idea, utilising the knowledge accessible at that moment. The potential, thus, as an innovative commodity in entrepreneurship, is viewed as a step (idea + action) down a direction that begins with an initial vision and ends with a full idea of starting and operating a company. Aparicio et al. (2016) differentiate between two strategies of exploration and development in the sense of entrepreneurial enterprise. The dilemma in the approach to development is whether business loss implies how to generate an incentive by human intervention.
The article mentions 5 ventures which have newly started during the pandemic. Some are doing extremely well when some are yet to get afloat. The major reason behind doing well for those businesses has been that they have understood the current market needs which are significantly different from the pre covid scenario.