Transforming an Opportunity into Business Idea

Translating an Opportunity
into Business Idea

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Determine and evaluate different sources of entrepreneurial ideas and innovation........1
P2. Rational and market gap for specific entrepreneurial idea using relevant tools and
techniques...............................................................................................................................4
P3 Data needed to support gap analysis in the evaluation of Green Herbs............................8
P4 Interpret data appropriately to provide evidence of market potential...............................9
P5 Apply a SWOT framework to collate evidence to support an objective assessment of Green
Herbs.....................................................................................................................................11
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability.......................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
The most important thing when starting a business is being passionate about the idea, and
translating that message into a greater audience. Entrepreneur is a main entity of any business
organization and they manage and control the operations, bring innovative ideas to the
improvement on the firm and is responsible for the success and failure of activities induced in a
company (Al-Debei and Avison, 2010). This project on translating opportunities into business
ideas discusses about the role of an entrepreneur, various sources of entrepreneurial innovation
ideas and several data collection methods on behalf of Green Herbs a new start up business in
UK which deals with herbal products. It also analyses and investigates market to assess potential
viability of the developed idea through SWOT and competitive study. Study and assessment of
several market researches to identify the opportunities and market gap are also done in this
project which will enable entrepreneur to attain a rationale by use of applying different tools and
techniques.
TASK 1
P1. Determine and evaluate different sources of entrepreneurial ideas and innovation
1

2