Identifying Entrepreneurial Opportunities Assignment (Solution)

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IDENTIFYINGENTERPENUREOPPORTUNITES
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation..............1TASK 2............................................................................................................................................4P2 Rationale and the market gap for a specific entrepreneurial idea..........................................4TASK 3............................................................................................................................................6P3 Present data needed to support gap analysis in the evaluation.............................................6P4 Interpret data appropriately to provide evidence of market potential....................................8TASK 4..........................................................................................................................................11P5 Apply a SWOT framework to collate evidence to support an objective.............................11P6 Evaluate the competitive and market environments............................................................12CONCLUSION..............................................................................................................................13REFERENCES.............................................................................................................................14
INTRODUCTIONEntrepreneurship is a core procedure which is identify need of a person to start a newventure. In this procedure, individual needs to identify their dreams and believing in themselvesto accomplish their vision and missions properly. An individual who takes risk in order tomaking money is known as Entrepreneur(Farmer, Yao, and Kung‐Mcintyre, 2011). They arethe individual who believes in transform their vision and objectives into a business idea. Anindividual needs to create a effective market image of their new venture in order to getting highercompetitive advantages easily. These activities helps to acquiring long term benefits and growth.Through this, they can easily get various opportunities to manage their business activitiesproperly. This report is based on a new start up named “Bake Hut” that provide bakery productsto their customers. This report representdifferent sources of entrepreneurial ideas andinnovation, market gap for a specific entrepreneurial idea and data representation to support gapanalysis. At last it also determine data interpretationto provide evidence of market potential andSWOT analysis of firm.TASK 1P1Determine and evaluate different sources of entrepreneurial ideas and innovationEntrepreneurship is not an easy task because it is required analysis of market andcustomer to represent quality products as well as services in front of them. In this procedure,entrepreneur requires to implement innovative ideas and creative thoughts to grabbing maximumopportunities from target market. There are different sources are determine below that considerentrepreneurial ideas and innovation as -External environmental sources: These factors has major impact on a business organisation.External environmental factors are beyond the control so for this firm needs to make impactfulstrategy to reduce its negative impacts easily(Farmer, Yao, and Kung‐Mcintyre, 2011). Thesefactors are also helpful in providing several opportunities to Bake hut.Social factors – These are the most important factors that are requires to analysisproperly. Its consider customer's demand, desire, changes in fashion as well as trends. Allthese factors has direct impact on customer's demand. So for Bake hut is is require toexamine market competition and users requirement to provide them quality serviceseasily.1
Technological factors- This is a most effective factors that has direct impactorganisational productivity, profitability and growth. In this process, management ofBake hut needs to implement new and innovative ideas as well as advance technology toserve quick and quality services in front of customers. All these activities aid to maximisebrand image by promoting them through online medium.Drucker's 7 sources of innovation:Unexpected – Innovation is impactful procedure that enhance capability to adoptunexpected ideas for business development(Duru, 2011). Through this, employees ofBake hut can provide new products and services to customers to maximise their strengthin target organisation .Incongruity – For an entrepreneur, it is require to adopt new and different idea in theirbusiness organisation to provide unique services in market. Through this, they can easilybuild their own image in front of target audience to maximise their growth andprofitability.Innovation based on process need – Innovation is a impactful process that requires to bebased on process need. It is not an easy task because it consider several changes andmodification in overall procedure.Changes in industry and market – Innovation helps to make desirable changes in industryand market of specific product. So before implementing such activities in business, it isrequired to analyse each and every factors in appropriate manner. Through this Bake hutcan easily get desirable outcomes.Demographics – Each and every entrepreneur wants to create own business in targetmarket by providing quality services to customers. For this manager of Bake hut needs tobuild direct connection with customers to create demographic values easily.Changes in perception – Main objective of implementing innovation in business is tochanges perception of customers for specific services(Grégoire and Shepherd, 2012). Anew venture always established to provide unique and different services to customers byimplementing creative thoughts easily.New knowledge, both scientific and non-scientific – Innovation is impactful procedurethat require proper knowledge. It can be scientific or creative.2
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