Entrepreneurial Ideas and Innovation Report
Added on -2020-07-23
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IDENTIFYINGENTREPRENEURIALOPPORTUNITY
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P.1. Determine and evaluate different source of entrepreneurial ideas and innovation .............3TASK 2............................................................................................................................................4P.2.Explain the rational and the market gap for specific entrepreneurial idea using relevanttools and techniques to support your choice...............................................................................4TASK 3............................................................................................................................................5P.3. Present data needed to support gap analysis in the evaluation of a specific entrepreneurialidea..............................................................................................................................................5P.4.Interpret data appropriately to provide evidence of market potential...................................6TASK 4............................................................................................................................................7P.5. Apply a SWOT framework to collate evidence to support an objectives' assessment of aspecific entrepreneurial idea.......................................................................................................7P.6. Evaluate competitive and market environments in which the idea be launched to assesspotential viability........................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONNumbers of entrepreneurs are increasing in today's world and generating high level ofcompetition in marketplace. Moreover, the report will be discussed about determine and evaluatedifferent source of entrepreneurial ideas and innovation by which new business ideas can begenerated effectively. In addition to it, the report will be discussed about explain the rational andthe market gap for specific fast food entrepreneurial idea using relevant tools and techniques tosupport the business environment. The report also interpret relevant data needed to support gapanalysis in the evaluation of a specific fast food entrepreneurial idea or interpret dataappropriately to provide evidence of market potential. Beside from it, the report also will bediscussed about SWOT analysis frameworks of the business to identifying business positioningand evaluate competitive and market environments in which the idea be launched to assesspotential viability.TASK 1P.1. Determine and evaluate different source of entrepreneurial ideas and innovation In today's world, verity of business are running on the basis of creative and innovativeideas which being out better outcomes for each business. Entrepreneurial ventures are beingutilised innovative approaches to find out new segments of marketplace, where they can gaindesired success in industry (Audretsch, 2012). New business come upon entrepreneur mind in aform of creative ideas which generate from problems issues that might quickly converted intofresh business ideas. Different sources of entrepreneurial idea and innovations as following: Entrepreneur: This is the best approach to figure out better idea to start up a newventure. An entrepreneur can discover several new business plans through searching about theirpreferred sector on the basis of interest, category or professional which they like most.According to gained skilled and experienced about business sector, an entrepreneur can identifythat, which sector can bring out better outcomes for their business ideas. The skills and talentwhich possess by entrepreneur may help them to carry out their expected business exercises inrelevant manner. Hobbies and passionate personality trait can assist them to look out the issueswhich is facing by peoples in market and, then convert into new business ideas effectively.Business opportunities and ideas: An entrepreneur identifies relevant opportunitieswhich generates from market on group of various types of modern demand increasing by peoplesin marketplace (Bolton and Thompson, 2013). So entrepreneur require finding out a relevant
filed in which they can gain well success and implement creative things which bring themexpected occurrence in business sector. Therefore, they can explore the market properly and onbasis of relevant information, they can figure out opportunities which have potential to fulfilgrowth in an appropriate form.Invent a new product or services: An entrepreneur must possess a creative mind bywhich they can invent new products and services according to customer's demand, which haspotential to satisfy their expected customer's need and demand perfectly. With creative mind,they can invent new products as per consumer's demand and needs, so they will be able to inventinnovative commodities which can fulfilling customer's expectation in industry in relevantmanner (Chaston and Sadler‐Smith, 2012).Listen to customers complaints: It can be proved as an effective habit for entrepreneurs.to customer's issues and complaints can assist them to bring out something new and creative bywhich they can develop significant products and services which can address their customer'sissues and complaints in a better manner.Trade shows and exhibitions: An entrepreneur must participate and conduct a tradeshow at the initial stage of their business venture, in order to get effective ideas and opportunitiesfor new that might give better outcomes for.7 Sources of innovative opportunities1.The unexpected: A marketer needs to be prepared for unexpected circumstances asmarket place is apex area to look for opportunities. Manager must diligently research themarket. 2.The incongruity: Without prior research, marketers fails to analyse their target customersneeds. . The customer reviews, feedback, and complaints are often the best way todetermine incongruity.3.The process need: Marketers in this stage needs to identify the weak spots and methods inorder to improve them.4.The industry and market need: The marketers needs to keep an eye on dynamic changeswhich affects the organisational productivity and profitability.5.Demographics: The demographic changes in age, education, employment, affect thedirection that the business takes and can open new horizons to the company if it managesto appropriately identify the opportunity.
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