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Identifying Entrepreneurial Opportunities- Docs

   

Added on  2020-10-23

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IDENTIFYINGENTERPRENEUL OPPORTUNITIES

Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11. Sources that inspire the new business idea and motivated for set up a new business.............12. Introduction of business idea, finding potential and targeted audience for the product.........23. Competitor analysis which looks at competitive marketplace along with failure & successin industry....................................................................................................................................34. Gap analysis, current and future situations & objectives of business ideas............................55 Market research to analyse viability of businesses and identification of market potential......66 Analyze if business idea is viable and feasible or not along with the strength & weaknesses...................................................................................................................................................107. Ways to overcome risk of competition and potential opportunities for growth anddevelopment..............................................................................................................................11CONCLUSION..............................................................................................................................12REFERECNES..............................................................................................................................13

INTRODUCTIONAn entrepreneur is a person which prefer to run a small business rather than working as aworker in some other organisation. All the rewards and risks of the venture are managed by anentrepreneur (Breslin and Jones, 2012). A successful entrepreneur is a source of new concepts,ideas and an innovator. These entrepreneur plays an essential role in sustaining a robusteconomy. Entrepreneurial opportunities can be termed as a situation in which new services, rawmaterial and goods can be sold at higher cost in marketplace than their cost of production. Thisassignment is based on the idea of launching a restaurant “Eat Rejoice” which will beheadquartered in Thame, England. Company is going to offer oil free and healthy food to itscustomers as now a days people are more concerned about their health. This report involvesvarious sources associated with innovation and entrepreneurial ideas along with rationale &market gap for that particular idea by using required techniques. Also, data and interpretation ofdata is carried out to evaluate entrepreneurial idea. At last, SWOT analysis along with marketand competitive environment in which idea is going to be introduces is mentioned. MAIN BODY1. Sources that inspire the new business idea and motivated for set up a new businessAs government in UK has decided to support those individuals which wants to start theirown businesses, young graduates are coming with new innovative ideas. These ideas are relatedwith changing market trends. This is the reason there is higher chance for the success of newbusiness. There are different sources form which an entrepreneur can get business ideas such asbrain stormi9ng or online research. A new restaurant is going to launch in Thame, Emglandnamed “Eat Rejoice” which will offer healthy and oil free food to its customers (Fatoki,2016).Drucker define different sources form which owner of Eat Rejoice can gain entrepreneurialinnovation and idea. These are mentioned below:The unexpected: As per Drucker, innovations takes place unexpectedly. This means thatan individual can stumble upon new concept or idea by chance. Most of the importantinnovations happens unexpectedly. It is important for the manager of an organisation tostudy market continuously so that unexpected ideas can be generated which will assists inbusiness growth. 1

Incongruity: When the requirements of customers are in-congruent with the availableproducts, there are chances for innovation. These innovative ideas will be an attempt tosolve the existing incongruities. Launching of Eat Rejoice can be linked with this aspeople are getting more concerned about their health, they are substituting fast food withnutritious foods (Guo, Su and Ahlstrom, 2016). To solve these incongruities, manager ofrestaurant have decided to introduced oil free and healthy food. Market structure: An existing or changed market structure can also results in newinnovative ideas and concepts. Market trends associated with food and beverages changesat fast pace due to which it is important for business owners to change their strategies asper changing market trends and structure.Necessity: This aspect is considered as the mother of innovation. There are somesituations in which it became necessary for individuals to innovate some new products &services into market so that demands of customers can be satisfied. As preference ofpeople is shifting from fast food to nutritious food, manager of Eat Rejoice is focusing onproviding oil free food to customers without compromising with taste. This source haspersonally motivated the owner of restaurant for introducing oil free food. Demographics: Lifestyle and living standard can also acts as a source of innovation.Every individual posses some lifestyle needs. This source of innovation has motivated theowner of Eat Rejoice to launch a restaurant which will preferably offer healthy and oilfree food.Changing perception: Change in perception of people regarding services and productscan also be a reason for innovation. Before some time, people were crazy after spicy andfast food. But now, everyone is in favour of adopting healthy life style. This change inperception of people can also give birth to new and innovative concepts. New knowledge: This can also be a source of innovation. Appropriate knowledge willassists in introducing new concepts in desired manner (Helms and et. al., 2014). Productsinnovative form these sources can be life changing and strongly favour the welfare ofemployees.2. Introduction of business idea, finding potential and targeted audience for the productTo sustain a healthy and prosperous life, it is essential for the individuals of a nation toadopt healthy food habits. From past some time, people have started preferring nutritious2

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