Identifying Entrepreneurial Opportunities

IDENTIFYING
ENTREPRENEURIL
OPPORTUNITIES

Table of Contents
INTRODUCTION.......................................................................................................................3
LO 1.............................................................................................................................................4
P 1 Different sources of entrepreneurial ideas and innovation...........................................4
M 1 Evaluation of sources of innovation..........................................................................5
LO 2.............................................................................................................................................5
P 2 Entrepreneurial idea and the market gap by using relevant tools and technique.........5
M 2 Justification of entrepreneurial idea which helps to fill the gap of the market...........6
LO 3.............................................................................................................................................6
P3 Gap analysis in evaluation of particular entrepreneurial idea-......................................6
P 4 Data Interpretation for the potential of market.............................................................7
M3 Justifying method of data collection-.........................................................................11
LO 4...........................................................................................................................................11
P 5 SWOT Analysis..........................................................................................................11
P 6 PESTLE Analysis.......................................................................................................12
M4 Critical evaluation business idea as per the competition-..........................................14
CONCLUSION..........................................................................................................................14
REFERENCES..........................................................................................................................15

INTRODUCTION
Entrepreneurial opportunities are usually defined as situations where products and
services can be sold at a price greater than the cost of their production. An entrepreneurial
opportunity, thus, is a situation where entrepreneurs can take action to make a profit. This
report covers issues such as sources from where ideas and innovation can be obtained. Idea
and the gap of it in the market. Primary and secondary research. Interpreting the data and the
last section was covered by SWOT and Pestle analysis of the company.

LO 1
P 1 Different sources of entrepreneurial ideas and innovation
There are 7 sources of innovation which is described by the model of Drucker.
The Unexpected-
The place of market is the area where many of the entrepreneurs look for opportunities.
In order to generate the idea entrepreneur must study the market so that they can assess a
product or service and its needs with the level of demand. This way opportunity for bringing a
product or service is founded out and is attempted to convert into success.
The Incongruity-
Many of the entrepreneurs do not conduct a research and directly develop a product
which has high demand in the market. These types of assumptions lead an entrepreneur to
failure. But it is considered as one of the greatest source for entrepreneurs to get innovation so
that they can get inspiration from it (Karimi and et.al., 2016).
Process Need-
This aspect focuses more on task instead of situation. This aspect states that innovation
comes from closely observing the process of the company and take out the errors which can be
improved. This way entrepreneur will be able to get innovative idea.
Change in industry and market-
Structure of industry and market is not predictable as it rapidly which is why
entrepreneurs needs to observe these changes on a continuous basis to look out for an
opportunity.
Demographics-
Any change in the factors related to demographics will affect the market. These
changes affect the market as it assess the demand of the products and services. Age, education
and employment of people helps an entrepreneur to take action in the new prospects.
Changes in Perception-