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Identifying Entrepreneurial Opportunities | Assignment Sample

Added on - 08 Dec 2020

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IDENTIFYINGENTERPENUREOPPORTUNITES
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation..............1M1...............................................................................................................................................2D1................................................................................................................................................3TASK 2............................................................................................................................................3P2 Rationale and the market gap for a specific entrepreneurial idea..........................................3M2 Drucker’s 7 sources of systematic innovation.....................................................................5D2 Benefits and drawbacks of different approaches and sources of entrepreneurial ideas.......6TASK 3............................................................................................................................................6P3 Present data needed to support gap analysis in the evaluation..............................................64 Interpret data appropriately to provide evidence of market potential......................................7M3 Justify specific source and method of data collection..........................................................8D3 Justify business objective and identify market potential.......................................................8TASK 4............................................................................................................................................9P5 Apply a SWOT framework to collate evidence to support an objective...............................9P6 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................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneur is the person who comes in market with some innovation and creative ideasas well every individual have some idea to start a new business. The thoughts they are bringingshould be commenced in proper manner so that they can achieve proper as well effectiveoutcomes (Farmer, Yao and Kung‐Mcintyre,2011). The individual who is brining new thoughtshave to analyse their opportunity, threats and capability which is necessary for sustaining inmarket which is full of competition. This assignment is about launching new cafe because now adays going cafe Is became trend. Thus, name of the same is Mr. Happy cafe which is situated inLondon. Below mention report explain various sources that are available for an entrepreneur forselecting proper option along with this it discuss the factors affecting same utilising the severaltools.TASK 1P1Determine and evaluate different sources of entrepreneurial ideas and innovationEntrepreneur is the individual person who is risk taker and bring new innovative thoughtsand idea in market at their own. The new concept they are bringing have capability of attractingmore and more customers along with profit maximisation. For launching a cafe in market there isneed of several external factors (Grégoire and Shepherd,2012). There are several external ormacro environmental factors which is source of change and create opportunities are statedbelow:-Economical factor:In order to covering large market area and share. For this it isimportant that they have to launch such thing which is easily acceptable by market.Social factors:It is totally related with demand of goods and services in society thus it ismain reason because of that cafe is launching. Young generation are more found of cafenow a days so they can easily attract customers.Technological factors:For starting a business there is requirement of severaltechnologies which require huge investment amount. But in start up risk is high so forthem it is risky to choose costly or expensive applications. Thus, cafe launching isbeneficial because in this there is less investment cost and results can be achieved.Political factors:Every country have their different political condition which highlyinfluence selection of a new business. If nation is high tax rate and some restrictions
which is imposed by government for selected idea then launching idea will effect. Aswell if idea is from the sector which don't have high restriction then it will be beneficial.Innovation and its scope –It Is the process of bringing new idea and thoughts intomarket so it will create value in market as well attract customers (Fuentes and et.al., 2010). Thisis called innovation the idea brining by company is replaced and fulfilling needs and wants ofcustomers. Innovation have scope such as entirely new product, improving performanceproducts, lower cost product, repackaging or renamed goods, focus on technology and markettheme.Product and process innovation –Product innovation is introduction of new goods inmarket or that has improved characteristics. The same includes both new products and new usersfor current product. These involve significant modification intechnical specifications,components and materials, incorporated software, user friendliness or other functionalcharacteristics.Process innovation is the way of implementing improved product or it is also procedure ofdelivery. Intention of implementing this is to reduce unit cost of production, improve quality,produce or deliver latest improved products. The same includes both delivery and productionmethod.M1Drucker’s 7 sources of innovation –Every organisation have to implement someinnovative and new ideas for getting advantages. Thus, there are 7 source which is given byDrucker through which systematic innovation can be introduced:-Unexpected:- Innovationtake place unexpectedly because these don't have chance ofhappening.Incongruity:-When requirement is in-congruent with supply, at that time innovationtake place (Korsgaard, 2013). As well it is the gap within reality and common beliefwhich do not fit together.Innovation based on process need:-For implementing new idea there is requirementof proper process.Changes in industry and market:-Applying innovation is used to adopt severalmodification in market or industry.
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