Successful companies
Successful companies usually exploit entrepreneurial opportunities to establish the enterprise to become successful within their industry. Entrepreneurship, which is the creation of a growth-oriented organization to exploit mostly economic opportunities is of utmost significance for economies of every type. Entrepreneurship is typically driven by the entrepreneurship opportunities which promote innovation that would consequently affect the economy of a nation. Consequently, innovation would promote the performance of a company and enhance its competitive advantage in an aggressive business environment. The idea of entrepreneurial opportunity is key to entrepreneurship, and various scholars have coined different definitions that explain its meaning. One school of thought has argued that entrepreneurial opportunity is a situation whereby goods, services, raw materials, along with the organizing techniques, can be initiated and sold at a higher price than their cost of production. The school of thought further asserted that unlike optimizing or satisficing resolutions in which the ends that the decision-maker is striving to attain and the means that the decision-maker will execute are provided, entrepreneurial decisions are innovative since the entrepreneur constructs both the means and the end.
Furthermore, the school of thought has acknowledged that the reasons why people will locate opportunities while others will not are dependent on two issues, which include the possession of prior information requisite to locate an opportunity along with the cognitive properties necessary to add value to the opportunity. Most of the entrepreneurial opportunities have an impact on the organization, and they are the outcomes of cumulative and sophisticated information processing. Furthermore, the entrepreneurial opportunities habitually trace their roots from the information asymmetries which are not arbitraged by the market. Organizations usually require entrepreneurial innovation to enhance their performance and sustainability. This research offers a discussion on solar innovation as a new entrepreneurial proposition for Resonix company to enhance its market value that will consequently enhance its performance in the industry. The lack of market value is a pressing issue that needs to be solved since it lowers the company’s profit margin along with its capacity to compete effectively with the rivals in the industry. Solving the problem through embracing the entrepreneurial proposition of solar technology will, in turn, enhance the competitive ability of the company along with improving the sale of its product, which will consequently enhance its profit margin. The possible outcomes of the research involve the creation of market value for the Resonix company, along with an increase in its competitive advantage. The potential beneficiaries entail the company itself and the consumers. The company will benefit from the creation of its market value while the consumers will benefit from solar technology, which will assist in attaining their needs.