Discovery of Entrepreneurial Opportunity †Free Samples to Students

Question: Discuss about the Discovery of Entrepreneurial Opportunity. Answer: Introduction Entrepreneurship defines development of new business along with its risks towards gaining high level of business profit (Carraher and Paridon 2015). The study will describe entrepreneurship in the business context of Uber Technologies Inc. The study will discuss a brief history over Ober. The study will also discuss two entrepreneurial schools of thought, which is related to the establishment and growth of Uber. Apart from that, the study will also discuss the three emerging trends, which can have major impact on the industry of Uber in future. Furthermore, based on the identified trends, the study will also propose three new growth strategies, which Uber can opt for gaining increasing market share in future. Entrepreneurship defines a complex term, which simply defines running own business. According to Carland, Carland and Carland III (2015), entrepreneurship is the capacity of developing, organizing and managing a business venture along with its risks towards making business profit. The practice of entrepreneurship is always inclined towards perceiving new business opportunities and exhibit positive biases in the perception. On the other hand, Bruton et al. (2015) opined that the pro-risk taking attitude of entrepreneurs makes them more likely to exploit new business opportunities and innovation. The entrepreneurial spirit is actually related to risk taking and innovation, which is highly important a business towards getting success in ever-changing and increasingly global marketplace. Uber Technologies Inc. is an American private hire company providing car hire services to the customers. The head quarter of the organization is established in California, United State. Uber was established in the year 2009 (Uberestimator.com 2017). The organization develops markets and operates Uber car transportation. The levels of car services include UberGo, UberAuto, UberPool, UberTaxi, UberRush, UberBoat, UberHire and many more. It also has food delivery mobile apps. The organization has got its success within very short span of time. Apart from providing services in United State, Uber also provides services to more than 633 cities worldwide. The Uber drivers can use their own cars as well as rent cars for driving with Uber. The ride-hailing companyUber has already raised its revenue nearly $8 billion (Uberestimator.com 2017). The organization is not limited to one aspect of system; rather they have tackled whole experience from mobile hailing, better cars, seamless payment, no tips, driver rating and many more. The CEO Dara Khosrowshahi always demonstrates entrepreneurial spirit towards providing an excellent car hiring experience to the customers through incorporating innovative service ideas. Moreover, Uber is the pioneer in the car sharing economy within its industry through Uber Pool service. The organization claims 87% market share within US car rental service industry (Price 2017). Moreover, the market share of Uber is gradually increasing in global market as compared to other car services. The most significant challenge, which Uber is facing recently, is declining numbers of talented drivers. Apart from that, the organization has lack of improved driver app, which often creates problems to the customers in booking their cars (Fayolle and Gailly 2015). Furthermore, the changing trend of the customer preference is also being tough challenge for the organization. Strategic Planning School of Thought As per strategic planning school of thought of Micro View of Entrepreneurship, strategic planning is inextricably interwoven into whole fabric of management. However, it is not something distinct from process management. Frederick, O'Connor and Kuratko (2013) opined that the view of strategic formulation depends on leveraging unique elements towards successful venture development. Moreover, unique people, unique market, unique element, unique resources and unique products are constructed towards effective formulation of venture development. While considering Uber, the organization has targeted unique market for providing car rental services. Moreover, the organization has targeted the people, who do not have their own cars, but have needs for hiring cars for their serving their temporary travelling needs. Furthermore, the organization has also hired unique drivers having excellent driving experience, which provides safe and comfortable driving experience to the customers. Apart from that, varieties of cars having different sizes meet different types of travelling needs of the customers. All these unique elements have formed the growth and development of the organization. Displacement school of thoughts demonstrates certain external factors, which highly influence the establishment and growth of an organization. There are three major types of displacement of this school of thought are political displacement, cultural displacement and economic displacement. As per political displacement, supportive Government policies and regulations form the establishment and growth of an organization. On the other hand, Frederick, O'Connor and Kuratko (2013) opined that cultural development of people for contributes to the success level of an organization. Furthermore, increasing economic development of the countries is also an integral part of organizational development. While considering Uber, it can be found that the organization gets huge Government support from both the developed as well as developing countries for its contribution to their economic development. Moreover, favorable policies and regulations of the Government have made the foundation of the business success of Uber. Apart from that, the cultural development of the people around the globe has increased their inclination towards having sophisticated travelling through hiring cars. Apart from that, economic development of the developed and developing countries has increased the spending power of the people. It has increased the capability of the customers towards frequently hiring sophisticated cars for their temporary travelling purpose. It has actually increased the profit volume of the organization. With increasing sophistication in life, customers are now more inclined to have luxurious cars even for rent car towards serving their temporary travelling needs. However, the Uber has lack of adequate luxurious cars to provide car rental services to the customers. Therefore, the car rental service industry is being failed to meet the luxurious rental car needs of the customers. On the other hand, Suddaby, Bruton and Si (2015) opined that there is an increasing demand of self-driving cars among the people around the globe even if they rent a car. In such situation, the car rental service industry has lack of self-driving cars towards serving the self-driving car rental needs of the customers. Therefore, the industry is being failed towards changing customer demands. In this way, changing consumer trends can become huge threats to the organizations in its near future. Uber gets huge support of global political environment, due to its contribution in the global economy. Moreover, the favorable rules and regulations of the government in all around the world have increased the potentiality of the business success of Uber. Therefore, such favorable policies and regulations of Government seems to be an opportunities for potential growth of car rental service industry (Sarasvathy et al. 2014). The development of social media and digital media seems to be an opportunity for the promotion Uber services around the world. However, Zahra, Wright and Abdelgawad (2014) opined that technology is changing day after day, which an organization should align with towards maintaining competitive advantage even in technologically advanced business environment. In such situation, the mobile app of car rental service industry is not that much technologically advanced. There lack of advanced features towards tracking the traffic and weather condition, which often creates issues for the customers. Therefore, lack of technically advanced hybrid cars is actually increasing contribution level to environmental pollution. It can actually seem to be threat for car rental service industry, which can prevent its future business success. Growth Strategies Uber can expand its business profitability through expanding into global market. Moreover, Uber can get huge support of Government both from developed and developing countries towards developing their business (Chatterji, Glaeser and Kerr 2014). It seems to be an opportunity for the organization towards enhancing its business growth. In such situation, Uber can expand its markets through providing its existing car rental services to more numbers of global countries. Moreover, the government of those countries would help the organization towards establishing its business there. It will enhance the user subscription rate of the organization in global market, which will add to its increasing business revenue. From the identification of trends, it can be understood that Uber is lagging behind the competitors due to its lack of capability towards aligning with technological changes. It can hamper its business in its domestic market. Therefore, Uber should modify some features of their services for gaining competitive advantage even in technically advanced business environment. Moreover, the organization should modify its mobile app for booking the cars towards providing flexible services to the customers. It will enhance the business development and increased business revenue of the organization. From the trend analysis, it has been found that changing consumer trends can severely impact of the business growth of Uber. Moreover, there is an increasing consumer trend of customers towards hiring self-driving car from the car rental service companies. In such situation, Uber has lack of self-driving cars, which is hampering its global business. Therefore, the organization should immediately incorporate diversification in their car rental services. Moreover, the organization should incorporate self-driving cars, luxurious cars and hybrid cars in its car rental services. It will meet the changing consumer trends of the customers, which will add to the growth of business and increasing market share of Uber. Conclusion While concluding the study, it can be said that entrepreneurship is the capacity of developing, organizing and managing business venture along with its risks towards getting business growth. Such entrepreneurial spirit is clearly highlighted in the business development of Uber. Being established in 2009, the organization has gained quick success in its business and expanded over 633 countries. Changing consumer trends, favorable political condition and changing technological environment have impact on the success level of the organization. Lack of self-driving and luxurious cars of Uber can disappoint the customers. However, favorable political condition of both developed and developing countries can assist the organization towards more market expansion. Reference List Bruton, G., Khavul, S., Siegel, D. and Wright, M., 2015. 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