Sources of Entrepreneurial Ideas and Innovation for Lovely Cafe

Identifying
Entrepreneurial

Table of Contents
INTRODUCTION ..........................................................................................................................4
TASK ..............................................................................................................................................4
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation providing
specific examples........................................................................................................................4
P2 Explain the rationale and the market gap for a specific entrepreneurial idea using relevant
tools and techniques to support your choice...............................................................................6
M1 Provide a detailed evaluation of Drucker’s 7 sources of systematic innovation providing
specific examples........................................................................................................................7
The Need of Present data to support gap analysis-.....................................................................8
Interpret data appropriately to provide evidence of market potential.........................................9
P5 Apply a SWOT framework to collate evidence to support an objective assessment of a
specific entrepreneurial idea.....................................................................................................11
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability............................................................................................................12
M4 Critically evaluate a specific entrepreneurial idea in the context of the market place and
competition. ..............................................................................................................................13
CONCLUSION .............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship is defined as the process of discovering the new ways of combining
resources. When market value is being generated by such combination of certain resources is
greater than the overall market value. When the individual who creates a new business bearing a
most of the risks and enjoying most of the rewards in the business(Ahmed and Ganapathy,
2021). An entrepreneur is able to assess the abilities so that they can maximise the prospective
aspects. Entrepreneurship is being categorized into four main types that are small, scalable, large
and social entrepreneurs. These models cover the fundamentals of starting the new business and
also focuses on the business itself rather than the qualities of the entrepreneur. This respective
report will cover the various sources of entrepreneurial and innovation ideas and scope of
entrepreneurial ventures with the use of variety of examples . This also analyse the SWOT
analysis of this business in which all the factor that can effect the business opportunities will be
discussed further in this report . Furthermore, it will describe the rational and the current market
gap for the cafe business idea with the help of various tools and techniques which will help the
new start-up to run effectively and efficiently. Lastly, it will cover the competitive and market
environment related with the launch idea which is the innovation of flavoured bread by a cafe in
order to maintain the market portion.
TASK
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation
providing specific examples.
Entrepreneurial ideas- It is a idea or imagination made by an individual in order to create
something different which can be turned into a big business. The main aim behind this idea is to
earn profit by offer unique product and services to the customers(Boubker, Arroud and
Ouajdouni, 2021). An entrepreneur should develop a unique, innovative and problem solving
product or services which can help them to build strong position in their market industry by
attracting more and more customers.
The different source of entrepreneurial ideas are as follows:-
Past Work Experience:- If an entrepreneur is working in an organisation from the past few
year, they are obviously doing something right according to their skills. During this working