Entrepreneurial Opportunities PDF

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Entrepreneurial
opportunities
Table of Contents
INTRODUCTION...........................................................................................................................3
LO1.................................................................................................................................................3
Possible sources for new and innovative business ideas.............................................................3
LO2..................................................................................................................................................4
The rationale and market gap for the entrepreneurial ideas using tools and techniques.............4
LO3.................................................................................................................................................5
P3 Primary and secondary data for identifying the potential market.........................................5
P4 Strategic data to identify market potential.............................................................................6
LO 4.................................................................................................................................................7
P 5 SWOT analysis to collate evidence to support a specific entrepreneurial idea....................7
P 6 External factors that effect the environment of the toy manufacturing firm.].....................8
Conclusion.....................................................................................................................................10
REFERENCES.............................................................................................................................11
INTRODUCTION
Entrepreneurial opportunities usually refers to the situations whee all the products and
services has been sold at greater price then the cost of production and manufacturing, but also the
problems with the notion of the entrepreneurial opportunity that are the entrepreneurship is all
future -oriented actions. Novelty toys manufacture all age groups toys for children and kids and
also licensed across multiple categories of toys such as teddy, bikes, remote control cars, dolls
etc. this report will examine the possible sources for the new and innovative ideas and also the
rationale and market gap of the entrepreneurial ideas suing tools and techniques. Furthermore, it
will describe the primary and secondary data for identifying the potential market and also the
entrepreneurialideasinthecontextofcompetitorsandmarketthatmakesanpotential
viability(Davidsson, 2015).
LO1
Possible sources for new and innovative business ideas
Peter F. Drucker is basically known as the inventor of the modern management, which is
a valuable resources on the management, leadership and business innovation. It has been talk
about the power, necessity an systematic innovation of the business. There are some 7 sources of
the new and innovative business ideas.
The unexpected:-There are lots of surprises which is not only for the failures but also
for the unexpected success. For that its important to continue study for the current trends of the
market. Its important for Novelty toys for the expecting the unexpected success, failure and
surprised because business has to ready for anything and whole market can change dramatically
by the unexpected decisions of the people.
The incongruity:-it basically relates to the different thinking and new ideas where the ideas of
the Novelty entrepreneur has to think different from the society and market where it has to find
so many creative ideas for selling and also think different for discovering new invention which is
goodforNoveltytoysbecauseitisakeytowidelyexpandthebusinessfromnew
tricks(Ramoglou and Zyglidopoulos, 2015).
Process needs:-its is one of the most important sources where the company has find out
the process needs of the company where the entrepreneur has to focuses on task rather then the
situations. This source is looking for the opportunities for the innovation which comes after
looking closely to the process of the Novelty toys where it is weak or strong and also where it
has to improved which has been fixed in the innovative ways.
Industry and market structure change:-There are so many changes has been regulate
the changes some products lines has been expand others and shrinks. The structure of the
Novelty can be stable for so many years with the development of the technology. In this the
leader keep eye on the changes and treat the changes not like threats but more lie the
opportunities for the Novelty toys.
Demographics:-It is essential forthe changing population and it has been constantly
seen the changes occurs in the population such as the income levels, human capital and age
ranges of the Novelty toys. The changes affect the market which has been determined the
demands of theproducts and services about the quantity of buying, who is buying etc. the
changes of the demographic such affect the market of the Novelty toys.
Change in perceptions:-there are so many significant changes comes in the world of
customers and buyers. Perception has been changed over the time and nowadays due to the
involvement of the technologies and also the power of the social networks and the changes
happen faster. Changes of the perception open a road for the business for innovating and
developing the new products of the Novelty toys and also align the services with the new
perspectives for the customers(Prandelli, Pasquini and Verona, 2016).
New knowledge:-it is often used for theinnovation and speed up of the technology
revolution has increases day by day as well as increases the opportunities which open up. New
knowledge of technology both scientific and non scientific where the owners of the Novelty get
in touch with the technology for ruining the business and also provide the online services to the
customers which impact positively in the market.
LO2
The rationale and market gap for the entrepreneurial ideas using tools and techniques.
Rationale
it is set of logical basis and reasons for the courses of actions and beliefs. It has been
analysed from the above resources that its important to understand themarket and fulfil the
demands and needs of the customers. According to the Drucker'ssources it has been showed
that its important have the systematic ways to run the new business which has been launched and
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