Sources of Entrepreneurship and Entrepreneurial Idea for Unilever

This report discusses the sources of entrepreneurship and provides an entrepreneurial idea for Unilever within market gap analysis. It also includes SWOT and PESTLE analysis of the chosen business idea.

UNIT 27

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1 Understanding the sources of entrepreneurship along with their pros and cons.......................3
2 Entrepreneurial idea for Unilever within analysation of market gap........................................5
SWOT Analysation......................................................................................................................6
4 PESTLE Analysation................................................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship ideas refers to those ideas that are taken has been taken in order to develop and
manage the businesses in order to increase the profitability of the business. These ideas help in
understanding the several risks that arise in the path of the business. The concept of
entrepreneurship has been resulted into developing the various elements for the business
organizations. The idea of entrepreneurship comes from the sources of entrepreneurship. This
report will illustrate the sources of entrepreneurship and along with this, the report will provide
the entrepreneurial idea with in the market gap analysis. Apart from this, the report will highlight
the SWOT and PESTLE Analysation of chosen business idea.
MAIN BODY
1 Understanding the sources of entrepreneurship along with their pros and cons
Sources of business has been describes as the customers heard about the business in positive
manner. This results in the expansion of the business. Sources are the ways of promoting and
inspiring the business. (Dal Mas and et.al., 2021). Different sources leads to different type of
information about the business. Each of the sources has its own pros and cons. In order to
understand this with clearance here are the Drucker's 7 sources for inspiration. The 7 sources of
Drucker's says that there are different sources of business and all of them creates the
opportunities for the business. These source of inspiration defines the sources that creates the
opportunities for the business. Here are those seven sources of the business opportunity:
The Unexpected- This source defines the opportunity that is present in the market. This source
of inspiration says that, there is always something unexpected present in the market. The
business must observe the market by keeping a keen focus. Understanding the unexpected
scenario of the market results in changing the unexpected thing into the big opportunity. The
unexpected risk has to be taken in order to achieve the success. The advantage of this source is
that the unexpected things in the market can result in providing that information to the business
that leads to provide large number of benefit to the firm. On the other hand the biggest
disadvantage of this source is that, it is full of high risk.
The Incongruity- This source of inspiration says that there is always a hint hidden it the
customer's wants. The best place to look upon the Incongruity is itself in the customers of the
business. Understanding the needs and wants of the customer results in forming the policy in the

business that full-fills the desires of the customers as a result the business gets large number of
benefit. There is always a difference in “what is” and “what should be”. This difference has to be
understands by the business as it is the biggest opportunity to grab. (Bagheri and Akbari, 2018).
The cons of this source is that, there are large number of customers in the market and it is not
easy to understand the mindset of each and every individual particularly.
Process need- This refers to identifying the weak point of the business and put a focus on that in
order to improve the weak point of the business. This is the one of the vital source of innovation
that provides the big opportunity to the business. Understanding the weak point and keep
improving that weakness. Results in increasing the productivity of the firm. The major
disadvantage of this source is that it take much time to monitor the things.
Industry & Market structure change- The market is dynamic in nature. There are large number of
fluctuations takes place in the market. And this results in impacting the business. But, this can be
taken as the biggest opportunity for the business. All it requires is to keep a keen observation
over the changing themes of the market. The perfect knowledge of market scenario results in
adopting the changes easily.
Demographics- There are large number of changes takes place in the occupation and income
level of the people. Those firms who are highly advances are focusing on this aspect as well. As
this aspect affects the buying decision of the consumer. And it is the important thing to keep
focus on. Focusing on this source enables the business in setting their segmentation and targeted
market.
Changes in perception- Within the changing time, the change in the perception of consumers
also takes place. There are large number of factors that changes the perception of the consumers.
For example: Cultural, economical and social factors. (Dogan, 2017). These are the factors that
affects the purchasing power of the consumers and along with this, it further changes the
perception of the buyers. Therefore, the business take this as a source of opportunity and
understand the consumer behaviour as well. This helps them to grab the opportunity by focusing
on buyer's perception.
New knowledge- The technology has been growing on a rapid rate over the past years and this
impacted the business in every aspect. Effective knowledge of technology helps in grabbing the
bigger and effective opportunities for the firm. This enables the firm to improve the process of

operations. The consistent focus by the R&D department of the business results in updating the
business with new technology.
2 Entrepreneurial idea for Unilever within analysation of market gap
Entrepreneurial idea refers to adding the innovation in the business in order to increase the
development and profitability of the business. The business idea adds more glory in the business.
In order to understand this concept with clearance here is the business idea for the Unilever
company. The entrepreneurial idea that has been taken adopt by the Unilever company is
adopting effective environmental- friendly practices by adopting sustainability concept. The
company is using sustainable business operations and promoting green house. (Simón-Moya, and
Rodríguez-García, 2021). The company This business idea for the firm helps in the growth and
development of the firm on a high note. The firm can adopt this idea by understanding the
market analysation gap. Market analysation gap refers to understanding the opportunities that are
available in the market. Here is the complete description of the market analysation gap by using
the Mickensy 7s framework.
Mickensy 7s model determines the seven factors that has been classified as the soft and
hard elements. The hard factors are easy to identify and easy to approach. On the other hand, the
soft elements are hard to identify and highly influenced by the corporate culture. Understanding
of these elements helps in establishing the entrepreneurial idea for the company in effective
manner. Here are the elements of the model.
Strategy- The strategy element refers to setting up the strategy for the company in order to stand
in the competitive scenario. Strategy of Unilever is to adopt the effective environment practices.
The company produces the large number of different products and ensures the health of the
people. (Shivakumar, 2020). Now, the company is approaching the health assurance of
environment as well. This result in increasing the goodwill of the company in the market. This
strategy of the firm keeps the firm apart from their competitors.
Structure- This involves the operations of the company. The structure indicates the chain of
command that is followed by each member in the organization. The proper structure
management in the Unilever results in ensuring that the business idea that has been set is going
accordingly.
System- It involves the daily work procedure of the company. This element can be change
according to market changes. In order to adopt new business idea of sustainable business. The

Unilever firm has to focus on their daily work procedure. The raw material that are acquired by
the company for their daily work process should not create large environmental harm.
Shared values- This refers to the accepted behaviour at the workplace. This impacts the
organizational culture and along with this, it further effects the strategies of the company.
Effective sharing of values between the employees in Unilever results is accepting the new
business idea in effective manner. When the strategy is accepted by all the members in the
organization. Then there is high ratio of getting success in applying the business idea.
Skills- In Unilever company there are large number of employees and all them have their own
creativity and talent. (Batraga and et.al., 2018). These skills of the people provides an impact to
the over all productivity of the organization. The idea of taking business in to the increasing level
of sustainability can have large number of opinions and creativity of the employees. Different
opinion of the employees over this idea helps in making the idea more effective.
Style- This refers to that approach that has been taken by the management team in order to lead
the company. The Unilever has adopted the flexible approach. Therefore, it impacts the
performance and productivity of the organization. The idea or decision that has been formed by
the company are easily accepted by the employees as the manager prefers their opinion.
Staff- In order to adopt the new business idea and increasing market share the staff of the
business plays an important role. (Ohri, 2017). The workforce of the company determines the
productivity of the business. Unilever has approached the effective training and motivational
approach for their employees and this results in increasing the productivity of the business. And
helps business to increase their profitability.
SWOT Analysation
SWOT refers to the strengths, weaknesses, opportunities and threats to the firm. Here is the
SWOT Analysation of Unilever in the context of adopting environmental practices in business.
Strengths- The firm is getting the more approaches of ensuring health to the society. The firm
produces those products that ensures the people and the firm using the sustainable approach for
performing the business operations. (GURL, E., 2017). This results in ensuring the health to the
nature as well. The sustainable way making the firm products effective by increasing their
quality. Along with this, the sustainable way of packaging enabling the company to perform their
CSR towards the society and the customers.

Weaknesses- The weakness that derives from the sustainable business idea is that, the company
has the less number of approaches in terms of acquiring the raw materials. This may act as a
hinder in the operation process of the company. But, it has been found from various resources
that, the firm is efficient enough in maintaining their operational activities and this is because the
firm has an effective image in the market due to adopting sustainability concept. Therefore, large
number of investors are investing in the company and the company is allocating the capital base.
Opportunities- There are various opportunities has been present for the firm. As the
sustainability approach enabling the Unilever to complete their Corporate social responsibility
towards the society, customers and especially towards the environment. The firm who performs
the CSR in effective manner approaches the large number of investor easily in the market. By
adopting environmental friendly practices, the firm getting more opportunities to expand their
business.
Threats- The threats that are involves in adopting the sustainability concept in business is that, it
is hard to find industrial expert that can provide accurate information over the using
environmental-friendly techniques. (Vlados, 2019). This requires large number of efforts as well.
Different sustainability programmes has to be managed by the firm in order to provide assurance
regarding the sustainability. This results in increasing the expenses.
4 PESTLE Analysation
PESLTE Analysation refers to the political, economic, social, technological, legal and
environmental factors that affects the operations of the business. These are the external factors of
the business. In order to understand this with clearance, here is the PESTLE Analysation of
Unilever business idea of sustainable approach:
Political factor- The political factors impacts the business in high manner. The interference of
government in the business creates the large number of fluctuation in the business. And
especially when the firm is running its operations at the international level. Unilever is an
international firm and therefore, the business operations are performs at the international level.
And the different trade policies of the different country is hard to understand, the one thing that
is common in all the government policy is that, a business must maintain the environment-
friendly practices in terms of ensuring he environment health. This strategy has been adopted by
the company. And this helping the firm is having less interference of the government.

Economic factors- This refers to that factors that occurs in the economy such as, employment
rate, less income level. The Firm has adopted the effective strategy of monitoring the market in
their business idea this helps them to take decision on the basis of economic situation. The
company has adopted the affordable price strategy. This result in gaining the targeted market.
And the income level of the buyers does not get affect highly.
Social factors- The sustainability approach of company driving the favour of the customers
towards the firm. The firm getting the large number of consumers in their favour. As a result, the
production and the profit of the firm is increasing.
Technological factor- The firm is using the effective approaches of technology for production
process. This results in making the production process more effective. The sustainability
business idea of the company enables the firm to perform the green house concept. This is the
part of technology as well. The change in technology affects the firm. But, the firm has a keen
focus over the market. This enables them to have required information.
Legal factors- The environmental-friendly approaches and practices of the Unilever saving the
company from getting any legal penalties. (Perera, 2017) The legal factors affect those business
who does not perform the operation within maintaining the legal ethics. A business has to
perform all the legal ethics in order to save the business from legal obligations.
Environmental factors- These are those factors that affects the business practices of the
company when the company makes harm towards the environment. This is one of the important
duty of the firm that has to be performs by them otherwise, the business loss its goodwill in the
market. The entrepreneurial idea of Unilever is all about performing the environment-friendly
practices. Therefore, the company does not have any fear regarding these factors. The business
idea of sustainability concept enabling the firm to achieve the higher rate of success.

CONCLUSION
From the above report it is concluded that entrepreneurial idea plays a vital role in increasing the
growth and success of the business. The entrepreneurial or business ideas results in adding more
effectiveness and development to the business. There are different sources that helps in analysing
the business ideas that can result in increasing the effectiveness of the firm. These different
sources are the opportunities that are available for the businesses. Grabbing these opportunities
opens up the platform of growth for the firm. Apart from this, the report also describes the
business idea of Unilever firm. It has been analysed that, the company has been proven effective
enough in terms of approaching the market share and developing the business. The
entrepreneurial idea of adopting sustainable business practices results in adding more glory in the
success of the business.

REFERENCES
Books and Journals
Bagheri, A. and Akbari, M., 2018. The impact of entrepreneurial leadership on nurses’
innovation behavior. Journal of Nursing Scholarship. 50(1). pp.28-35.
Batraga and et.al., 2018, July. New innovation identification approach development matrix.
In International Conference on Applied Human Factors and Ergonomics (pp. 261-273).
Springer, Cham.
Dal Mas and et.al., 2021. Translating knowledge in new entrepreneurial ventures: the role of
business plan development. VINE Journal of Information and Knowledge Management
Systems.
Dogan, E., 2017. A strategic approach to innovation. Journal of Management Marketing and
Logistics. 4(3). pp.290-300.
GURL, E., 2017. SWOT analysis: A theoretical review.
Ohri, A., 2017. Python for R Users: A Data Science Approach. John Wiley & Sons.
Perera, R., 2017. The PESTLE analysis. Nerdynaut.
Shivakumar, D.N., 2020. An Organization Study Report Of Medreich Pvt. ltd (Doctoral
dissertation, CMR Institute of Technology. Bangalore).
Simón-Moya, V. and Rodríguez-García, M., 2021. Sources of Financing for Social
Entrepreneurship. In The Emergence of Social Entrepreneurship (pp. 29-39). Springer,
Cham.
Vlados, C., 2019. On a correlative and evolutionary SWOT analysis. Journal of Strategy and
Management.