Sources of Entrepreneurship and Biodegradable Packaging Idea

Unit 27

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Sources of entrepreneurship with cons and pros.........................................................................3
Entrepreneurial idea and market gap analysis.............................................................................4
SWOT analysis............................................................................................................................6
PESTLE analysis.........................................................................................................................7
CONCLUSION..............................................................................................................................10
REFERENCES................................................................................................................................1

INTRODUCTION
An ability to run a new business is known as entrepreneurship. This study is going to
discuss some different sources of entrepreneurship or ways by which people can get better ideas
of running a new business such as: experience and others. On the basis of critical analysis, it
becomes easier in selecting one. There are number of attractive business idea and biodegradable
packaging is one of the best ideas that this study will discuss. It will also show effectiveness of
SWOT and pestle analysis and ways in which it can help people in making improved decision.
MAIN BODY
Sources of entrepreneurship with cons and pros
Before discussing about sources of entrepreneurship, it is important to understand the
meaning of entrepreneurship and in this regard, it can be said that it is an ability of people to
organise as well as develop a business enterprise (Landström, 2020). Starting a new business is
an example of entrepreneurship. As in this modern digital era, organisations are striving hard and
people are focusing on starting a new business by which they can foster their family and can
accomplish their goals. Running a new business or starting a new business is not an easy task as
entrepreneurs need to possess number of skills and also they need to select some appropriate
sources of entrepreneurship via which they can bring innovative ideas. Some examples of
entrepreneurship sources include:
Experience: It is one of the best sources that encourages and make people able to think
better ways of opening and developing a new business. Experience makes them able in becoming
successful and also protects them against failure (de Lourdes Cárcamo-Solís and et.al., 2017).
Unexpected events: Business environment is made us of number of factors and when
changes happen in these factors then it affects people in both positive and negative manner.
Some people learn from such negative or unexpected events and it increases their knowledge and
encourages them for thinking in a unique manner. People try to identify ways by which they can
continue their tasks and can work in adverse situations. These unexpected events lead
entrepreneurship. Covid-19 can be considered as unexpected events and after this, many people
have started new business of providing online unique and nutritional values of food and other
items.

Drucker’s 7 sources: It consists of 7 sources from where, entrepreneurs can bring
innovation and can start new business such as:
The unexpected: It refers a situation or eureka moment in which something unexpected
happen and it encourages people to bring innovation and produce new product.
Incongruities: It refers a situation where there is a difference between what should and
what actually is and in between, people or entrepreneurs find innovative opportunities. It is weird
feeling but it leads entrepreneurship.
Process needs: When people try to improve their existing process then it leads to
innovation. It happens when people identify new ways of doing something.
Market structure: Market needs is one of the best source that encourages people for
thinking in an innovative ways by which they can satisfy market needs and can identify untapped
opportunities (Saxena, 2021).
Demographic: Changing demographic like age, education and income also leads
innovation. Changing demographic or increment in income also increases ability of people to
start new business by bringing unique features of product.
Change in perception: There is no doubt as people’s needs get changed over time and on
the basis of changed needs, people can identify better ways of satisfying their needs and and lead
entrepreneurship (Nikolova-Alexieva and Angelova, 2020).
New knowledge: New knowledge as well ss technologies can be known as one of the best
source that can make people able to start a new innovative business. There are number of
successful entrepreneurship or organisation that make use of technologies and have become the
market leader.
On the basis of above discussed sources, it can be said that people can grab opportunities and can
make they able to start a new business.
Entrepreneurial idea and market gap analysis
On the basis of above discussed definition of entrepreneurship, it can clearly be said that it
is all about setting up a new business and providing satisfactory services t customers. For this
purpose, entrepreneurs focus on bringing innovative business idea because of satisfying
customers’ changing needs (Korpysa, Halicki and Lopatka, 2020). Business idea can be
developed by analysing both internal and external environmental factors. By analysing both
factors, one of the best business idea has been selected that can help out entrepreneurs in