Entrepreneurship Innovative Opportunities

Question: Discuss about the Entrepreneurship for Innovative Opportunities. Answer: Introduction: To search for the innovative opportunities it is necessary to perform customer analysis in a technical manner to know if the market in Dubai is real (Lee Sardeshmukh, 2016). Studying the demographics will assist in identifying the changes in the population in the target market in term of income level, age range, and human capital. The rationale for the step is to analyse the health consciousness of the demographic group with high level of disposal income. Popular fast food chains like McDonalds have already become popular in the media due to low nutrient dense food offered by them that has greatly affected people across world. This step could be followed by competitors analysis and what are their strategies for the customer so as to identify if the competitor is offering similar services or products. It will help in identifying the unmet needs as well as to zero in the feature and price points. Further, the best way to find innovative opportunities in Dubai is to conduct a broader industry analysis in the selected market to identify the attractiveness for fast food chains. The rationale for this step is to know if the fast food industry in Dubai is shrinking or growing. Further, understanding the power of buyers, suppliers, barriers to entry and presence of substitute products assist in identifying the innovative opportunities. There is also a need to identify the regulations particularly the Unites States Food and Drug Administration that may affect the supply of products. The rationale for this step is the continual flux of the industry and the market (Sloan et al., 2015). After conducting all the analysis it is easy to search for innovative opportunities to tailor the intended services given the competition and the regulatory constraints existing in the selected market. Dubai being a global hotspot, it buzzes with all kind of business activities. Therefore, the vibrant city is supportive to the business entrepreneurs with wide variety of opportunities and advantages. In order to gate a march on the competitors there is a need of set of entrepreneurial skills. Firstly, it is always required to be the first one to initiate contact. According to Wayne Root the author of the book, The Power of Relentless the attitude of promoting oneself and the business is essential for success. While starting up new business the key factor is to strengthen and expand the existing network and create more opportunities for business (Hadi, 2015). Secondly, there is need of developing cross-cultural communication skills. Having a good command over English and Arabic language would be success factor for the entrepreneurs. Having cultural sensitivity helps to better monitor the new environment without a foreign perspective. A higher level of cultural sensitivity will provide an entrepreneur with deeper level of trust. The population of UAE comprises of 7.8 million expatriates compared to 1.5 million Emiratis. Consequently, there is a cultural diversity and significant variation in how financial situation, challenges, and quality are viewed. Thirdly, due to ultra- speed of business in Dubai the entrepreneur needs to be strategic in management and have technological leadership. Fourthly, in order to gain momentum or to build a single proposition the entrepreneurs need to be focused, stay determined and have perseverance to achieve success in business. Fifthly, it is vital for good business leader to create a vision, articulate it, passionately own the vision and drive it to completion (Jelenc et al., 2016). The employees might face the challenge of preconceived notion of the public regarding the unhealthy menus. Therefore, the employees might fight back to create healthy fast food options that also suits the taste of the customers. There is a need of more dynamic menu choices with higher quality containing ingredients approved by US FDA. There is a need to increase a stronger favour profiles and regionalised menu options for which the kitchen staff can be recruited who are skilled in preparing multiple type of cuisines with specialised degree in the field. The kitchen crew need to more innovative and creative so as to attract customers from other fast food chains (Kshirsagar Mhashilkar, 2015). Majority of the fast food restaurants pay low wages to the front-line employees consequently they rely on the public assistance programs. Therefore, these employees do not make a living wage despite stressful and physically taxing job. . In addition, the taxpayers close the gap. There is a need for the food empowerment project support to increase the minimum wage for all the employees. Any fast food restaurant has to invest huge cost for human resource due to kitchen staffing, cleaning and counter crews. Since all the costs cannot be passed onto the customers, an increase in wage may crutch the bottom line. Therefore, the creative way would be to employ fewer staff and leverage technology. For example, new franchise can implement self-serve kiosks and other Smartphone applications or look for an iPad to minimise the table services. Since, the frontline employees are the first one to impress the customers it is necessary to employ staff with cross cultural skills particularly when ove rseas labour are recruited for cheaper prices (Milkman, 2014). There are already many fast food chains pre-existing in Dubai that are working on the tactical innovation issues. Therefore, a new franchise must adopt and configure good practice while trying to improve the business productivity. At this level there may be the risk of sharing information, experiences and struggle with developing trust and transparency. Therefore, to avoid information spillages and sharing of experiences it is necessary to bring the network together by defining the purpose and providing the momentum. There is a need of score operating process to deal with decision-making, conflict resolution, coordination, network boundary management and information processing. At the sustaining stage there is no need of network to last forever (Weiss, 2014). The network can be disbanded after the customers see the benefits. Later on, it can be kept for periodic review and retargeting to keep high motivation. The business leader should encourage the risk taking to gain trust from peo ple. While planning and execution it is necessary to see mistakes as learning opportunities. To engage in transparent business practices it is required to involve in change efforts and open discussions of feedbacks and decision making criteria. Without sharing information it is highly likely that people will build up their own truth damaging the leadership image and credibility with the followers. Therefore, it is mandatory to make intelligent business decision and entrust people with all the relevant information to maintain culture of accountability (Schrempf, 2014). References Hadi, Y. (2015). A New Model for Entrepreneurial Learning and Success in the United Arab Emirates.The International Journal of Business Management,3(8), 243. Jelenc, L., Pisapia, J., Ivan?i?, V. (2016). Strategic Thinking Capability and Entrepreneurial Attitude Orientation: Links and Relations. Kshirsagar, D. P., Mhashilkar, S. (2015). Employee incentive strategies and its benefits to standalone restaurants in Pune.ATITHYA: A Journal of Hospitality,1(1), 1-12. Lee, C., Hallak, R., Sardeshmukh, S. R. 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