Innovation and Enterprise for Trend Analysis - myassignmenthelp.com

Question: Discuss about theInnovation and Enterprise for Trend Analysis. Answer: An opportunity, which can be developed into a profitable business in UAE Business opportunity reefer to the sale of any services or products that allows an entrepreneurs to start a business inorder to generate profit. A business o[pportunity is characterized by demand of the particular product or service,availability of resources , experience in the field and a good profit.With UAE being one of the major vacation destinations for tourists around the world, a venture into the hotel industry is an opportunity that can be transformed into a successful business venture. The method used to identify the venture Trend analysis method Trough trend analysis, I was able to find out that tourism has a become quite popular in the recent past especially in Dubai.The increase in the number of tourists has increased the demand for accommodation and food for the visitors.As a result of this, therefore, a gap exists in the market that needs to be filled to solve the problem of accommodation for visitors.My venture which will be a modern hotel will fill this existing gap. SWEET SPOT The sweet spot is an intersection point for opportunity, passion, and expertise. The opportunity efficiently matches the aspects of the sweet spot. It is coupled with both passion, payout, and purpose (Carsrud Bra?nnback, 2007). Payout/Big market As identified earlier UAE is a favorite destination for tourists from different parts of the world. The result of this is the demand for services such as accommodation and food throughout the year.While there are other Hotels in UAE,the surging numbers require that new Hotels are put up requalarly.It, therefore, means that there isa significantg market for such a venture that is in the tourism industry.Availabiliy of huge demand for Hotel services mean that the money aspect of the sweet spot is consequently well addressed. Passion Passion isan excellentt aspect of entrepreneurship (Casson, Basu Wadeson, 2008). As an individual, I am very passionate about business ventures especially those that are most challenging.Additionally, I am also passionate about being self-employed.The venture will, therefore, offer some sense of fulfillment asmy passion drives itn.My passion will keep me going even in turbulent business times.Passion as an aspect of the Sweet spot is also addressed. Expertise/What am good at I am a trained Hotelier who has worked in various international hotels tha offered services to both local and foreign clients.I, therefore, know through my several years of experience the dos and dots of the Hotel industry.I bring to thisvast venturet experience acquired through training and practice SWOT ANALYSIS Strengths High demand for hotel services in UAE Availability of related industrial experience from the management perspective Availability of a booming market Strategic location Weaknesses Weak financial base Lack of UAE Market experience Inability to attract the best talents in the market Currency fluctuations in UAE Opportunities Opportunity to become the hotel of choice for many tourists Possibilityy to open more branches because of booming business in UAE Opportunity to provide the most professional services because the manager will be an experienced hotelier Opportunity to venture into other tourism ventures such as tour and travel Threats Competition from established Hotels like Hyatt Fluctuations in demand for Hotel services The possibility of market entry barriers Threats of new entrants into the market Summary of findings I have found out that a strategy to venture into UAEs Hotel industry would be the most appropriate business venture.Although there are treats and weaknesses associated with the venture, the opportunities and strengths surpass them all.My two longterm goals are to maintain customer satisfaction score at over 90% and grow the customer base by at least 10% in the next five years. References Carsrud, A. L., Bra?nnback, M. E. (2007). Entrepreneurship. Westport, Conn: Greenwood Press. Casson, M., Basu, A., Wadeson, N. (2008). The Oxford Handbook of Entrepreneurship. Oxford: Oxford University Press.