Identifying Entrepreneurial Opportunities | Assignment Solution

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Added on 2020-11-23

Identifying Entrepreneurial Opportunities | Assignment Solution

Added on 2020-11-23

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Identifying Entrepreneurial Opportunities | Assignment Solution_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation..............1M1 Evaluation of Drucker’s 7 sources of systematic innovation..............................................2D1 Critically evaluate the benefits and drawbacks to identify entrepreneurial ideas ...............3TASK 2............................................................................................................................................4P2 Rationale and the market gap for a specific entrepreneurial idea..........................................4M2 Justification of how a specific entrepreneurial idea fills a market gap.................................5D2 Critically evaluate a specific entrepreneurial idea based on interpretation andinvestigation................................................................................................................................5TASK 3............................................................................................................................................6P3 Present data needed to support gap analysis in the evaluation.............................................6P4 Interpret data appropriately to provide evidence of market potential....................................7M3 Justify specific sources and methods of data collection......................................................8D3 Justified business objectives and identify market potential..................................................8ASK 4...............................................................................................................................................8P5 Apply a SWOT framework to collate evidence to support an objective...............................8P6 Evaluate the competitive and market environments............................................................10M4 Critically evaluate entrepreneurial idea in the context of the marketplace and competition...................................................................................................................................................10D4 How a specific entrepreneurial idea can be developed, managed and sustained...............11CONCLUSION..............................................................................................................................11REFERENCES .............................................................................................................................12

Identifying Entrepreneurial Opportunities | Assignment Solution_2

INTRODUCTIONEntrepreneurship is a creativity of an individual to start a new venture by their own ideasand skills. There can be huge options for an entrepreneur that help to make them success but it isrequired that they analyse future advantages and opportunities from them to getting desiredsuccess easily (Farmer, Yao and Kung‐Mcintyre, 2011). For an entrepreneur, it is required thatthey build a effective empire in market that assist to getting long term benefits and advantages.In this process, it is required that they create direct connection with customers by analysing theirrequirement and need toward firm. After this entrepreneur needs to build impactful strategy toaccomplish customer's demand in effective manner. This report is based on a new start up named“The delicious”. The ventures is established with a small idea and create their huge image inmarket by their own services. This report represent different sources of entrepreneurial ideas andinnovation, Rationale and the market gap for a specific entrepreneurial idea and authenticate datathat needed to support gap analysis. At last it covers SWOT framework to collate evidence andspecific analysis for competitive and market environments. TASK 1P1 Determine and evaluate different sources of entrepreneurial ideas and innovationEntrepreneurship is a opportunity for an individual in order to implement their own ideasand creative thoughts in it. For this, it is require that they opt a beneficial option between severalvarieties. Launching a new restaurant is not a easy task because for this require to analyseavailable sources to implement effective ideas in it. Some of the external environmental sourcesof change also aid to create new opportunities as - Economic and social factors – For an entrepreneur, it is require to analyse taste, choiceand demand of customers for specific services. Through this they can easily implementinnovation to provide quality services differently to capture their attention easily. Thesekind of sources provide higher opportunities for a new start up (Duru, 2011). Technological factors – Now a days, advance technology has vast impact on each andevery sector. In restaurant services, such advancement helps to maximise profitability byreducing wastages and providing timely services to users.1

Identifying Entrepreneurial Opportunities | Assignment Solution_3

Role of entrepreneur – Entrepreneur is an individual who sever their appropriate contribution ineconomy development and growth. They introduce new ideas in their new start-ups. Throughthis they grab several opportunities from target market. Major role of an entrepreneur are - An entrepreneur enhance standard of living in society. They are the create of wealth. New start-ups, they provide employment opportunities to skilled candidates.Types and scope of innovation – For an entrepreneur, it is required to use different types ofideas to provide quality services to their customers as Product and process innovation. This isbasically uses to represent quality product in front of customers easily. Scope of this innovationis that organisation can easily get long term benefits and advantages through this. Innovation and invention – Innovation and invention are two different terms. Innovation is aprocedure that is use to make effective modification and changes in different services on thebases of creative ideas and thoughts. Invention is a used to establish a new product and servicesthrough own observations (Grégoire and Shepherd, 2012). M1 Evaluation of Drucker’s 7 sources of systematic innovationIn a business organisation, it is required that its owner implement new and innovativeideas to getting maximum advantages easily. 7 sources of systematic innovation are introducedby Peter Drucker as - Unexpected – Main objective of innovation procedure is to be ready for anything byusing proper strategy to face them easily.Incongruity – It is determine a effective method in which an individual used to thinkdifferently than others. Innovation based on process need – Innovation is used to implement new ideas andthough that should have to be based on process need. Changes in industry and market – Implementation of innovation is used to adoptseveral changes in industry and market. Demographics – It is based on creating own business in target market by providinghigher satisfaction to consumers. Changes in perception – Through implementing new ideas in business, an entrepreneurcan change perception of buyer. 2

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