Identifying Entrepreneurial Opportunities - Desklib

Identifying
Entrepreneurial
Opportunities

Table of Contents
Introduction......................................................................................................................................4
Task 1...............................................................................................................................................4
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation providing
specific examples.........................................................................................................................4
M1 Provide a detailed evaluation of Drucker’s 7 sources of systematic innovation providing
specific examples.........................................................................................................................5
D1 Critically evaluate the benefits and drawbacks of different approaches and sources that can
lead to the identification of entrepreneurial ideas........................................................................6
Task 2...............................................................................................................................................7
P2 Explain the rationale and the market gap for a specific entrepreneurial idea using relevant
tools and techniques to support your choice................................................................................7
M2 Provide justification of how a specific entrepreneurial idea fills a market gap using
different techniques for gap and competitive analysis................................................................9
D2 Critically evaluate a specific entrepreneurial idea based on appropriate interpretation and
investigation of the competitive market place.............................................................................9
Task 3.............................................................................................................................................10
Covered in PPT..........................................................................................................................10
Task 4.............................................................................................................................................10
P5 Apply a SWOT framework to collate evidence to support an objective assessment of a
specific entrepreneurial idea......................................................................................................10
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability............................................................................................................11
M4 Critically evaluate a specific entrepreneurial idea in the context of the marketplace and
competition................................................................................................................................12

D4 Formulate valid conclusions and justified recommendations on how a specific
entrepreneurial idea can be developed, managed and sustained within the competitive market
place...........................................................................................................................................12
Conclusion.....................................................................................................................................13
References......................................................................................................................................14

Introduction
A budding entrepreneur is those individuals who are interested to become business man and start
their own business with innovative product idea (Bao, Wei and Di Benedetto, 2020). It is
essential for every entrepreneur to identify whether they have appropriate resources and funding
availability or not. A proper business plan can help them to identify their each opportunities and
threats for the business. The following report covers an innovative business plan for an
innovative business idea. Hence, an electric solar bike is a new business idea carried by budding
entrepreneur. The main feature of this bike is that it gets charged by both ways electricity as well
as by solar energy. When it is parked in sunlight then its battery will be charged by automatically
through solar power. Secondly, this sustainable business will also reduce the usage of petrol
vehicles. The following report covers evaluation of different sources of entrepreneur idea and
innovation, reason and the market gap of chosen business idea, evidence of market potential,
SWOT framework and evaluation of competitive and market environment in which the idea will
be launched.
Task 1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation providing
specific examples
There are various sources of entrepreneurial ideas and innovation which is explained by
Drucker’s 7 sources model-
Source 1- The Unexpected
This source explains that an entrepreneur must analyse the reason for unexpected success and
failure of their business which will further help them to generate innovative product (Yu, Choi
and Zheng, 2021). Failure is not the end point in business. In case a product is unable to gain
high market demand than entrepreneur must make changes in the product and again launch it.
Source 2- The Incongruity
This is the situation which results in totally opposite outcome. In simple words it means that the
things are not happening like they are planned. Hence, there is a scope to improve the business
plan effectively to reach the goal.
Source 3- Process needs