Entrepreneurial Ideas and Innovation Assignment
Added on -2020-07-23
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Assignment1
ContentsContents...........................................................................................................................................2INTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.........3P2 Rationale and the market gap for a specific entrepreneurial idea.....................................4P3 Gap analysis......................................................................................................................6P4 Interpretation of data.........................................................................................................6P5 SWOT analysis..................................................................................................................7P6 Evaluation of market.........................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................112
INTRODUCTIONEntrepreneurship is setting up a business, taking on financial risks in the hope of earning higherprofits. Entrepreneurs identifies the positive opportunities that are present in the market andexplore same in order to achieve higher returns in the long run. There are range of options whichare there in the market and it is important that evaluation of each is done in an effective mannerso that the best option is chosen (Baggen and et. al., 2015). Every alternative has its own positiveand negative aspect and this is required that the options are examined that through which choicemaximization of profit can be made. Fine Dine restaurant is a new start up which is establishedwith a view of covering a great market share in the market. The idea behind same is to delivervariety of famous dishes of different countries so that customers can enjoy same in their homeplace. The following report will talk about the different factors that leads to the generation of anew idea also with the discussion on factors that affects the same.TASK 1P1 Determine and evaluate different sources of entrepreneurial ideas and innovationWith a development of business resources there is a direct impact on the options that arepresent in the market. now the entrepreneurs can make their choice from more alternatives whichfurther increases the satisfaction level of an individual. Before starting a business, it has to berecognised that what is the best option for business and same can be done by investigating themarket opportunities. An idea can be generated from variety of sources like the customers, macroenvironment factors, level of competition etc. In order to understand how they help in evaluatingthe business idea a detail discussion on each factor is done hereunder:Customers – be it any business idea users of same are the most important factor that needs to beanalysed. This way it become the major source of idea for starting a new business idea. Thetrends in market are analysed that to which sector customer show their maximum demand. It isidentified that by delivering what is most suitable for the business to start with. Client responddifferently to distinct options and same can be examined through a customer survey. In this byusing a direct communication channel it can be identified that what is maximum demanded bythem and hence same can be chosen to start business with (Davidsson, 2015).Competitors – This is another major source to recognise what is best for an entrepreneurto begin a new business with. There is a variety of competition level that is present in every3
industry and hence by examining that what competition can be dealt with the choice of option ismade. Apart from this competitor also helps in understanding the trends in a particular businesswhich further helps in knowing that weather a particular option is good to be adopted or not.Investigation of previous records – Apart from the above two options an entrepreneurcan also get the idea of new business by going through the market trends. In this is examined thatwhat business received the favourable response and which were failed in achieving the desiredgoals and objectives. The recognised options are either avoided or are used in business by takingthe corrective measures in advance. By comparing the business, it is easy to identify that throughwhich practice the formulated goals can be achieved.External factors:Technological factors – these are the factors that act as an indirect source for thebusiness idea. Under this the present state of applications used in a particular business type act asa medium for information. High rate of investment is made in procurement of the capital hence itis an important source for making a choice of business time.Economic factors – The economic conditions of different nations are different and it isimportant that the present trend in same is analysed well in advance so that it can be identifiedthat what business options can be opted to operate at a particular point of time (Foo, Uy andMurnieks, 2015P2 Rationale and the market gap for a specific entrepreneurial ideaAt times when a business enters in the market around then there is a requirement to settle amarket gap with a specific end goal to expand client's purchasing nature. There are someparticular techniques which are required to lead statistical surveying that can present a businesssuccessfully. There is a need to recognize the whole from where a business visionary can exploitwith aptitudes and assets. To have a benefit of these gap one ought to investigate itself to newand intriguing individuals with encounters and thoughts. One inquiries emerge while discoveringthe holes is, the place to search for holes, so there are a few pinpoints where a man can get theholes, that can be seen as far as –Make a world topical - If an individual can watch the environment then they will see thatthere is a heaps of innovativeness, everybody is upgrading the open doors with their whimsicalwork. Since creative energy opens an entryway of entrancing patterns. Gourmand andGlobetrotter is where everything occurs before anyplace else, in light of the fact that it will go to4
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