Identifying Entrepreneurial Opportunities Assignment - Novelty toys

IDENTIFYING
ENTREPRENEURAL
OPPORTUNITIES

Index
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................4
Task 1...............................................................................................................................................4
P1. Different sources of entrepreneurial idea and innovation................................................4
Task 2...............................................................................................................................................6
P2. Rational and the market gap for specific entrepreneurial idea.........................................6
Task 3...............................................................................................................................................8
P3. Data needed to support gap analysis in the evaluation of specific entrepreneurial idea..8
P4. Market potential for toy industry....................................................................................8
Task 4.............................................................................................................................................10
P5. Swot analysis of entrepreneur idea ................................................................................10
P6.Micro and macro environment........................................................................................11
CONCLUSION..............................................................................................................................12
References......................................................................................................................................13

INTRODUCTION
Entrepreneurial opportunities can be defined as the circumstance where the products and services
are being sold by the entrepreneur on higher price which is greater than cost of goods. These
situations can assist entrepreneurs in making profit. Present study will lay emphasis on Novelty
toys which is a new start-up done by entrepreneurs. Company will produce the plastic toys for
age of students lying between 0-3. Also the start-up will design knowledge toys for children aged
between 3-8. Report will lay emphasis on different sources of entrepreneurial ideas and
innovation. It will also provide the rationale and market gap for specific entrepreneurial idea.
Study will provide data needed to support gap analysis in the evaluation of a specific
entrepreneurial idea.
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MAIN BODY
Task 1
P1. Different sources of entrepreneurial idea and innovation
The innovative idea can be come from different sources. Different factor influence to start a toy
manufacturing unit like friends and family, interest, social factor, personal experience and talent,
mass media etc. According to the Drucker 7 sources of innovation different sources of
entrepreneurial idea are :
Interest and hobbies : Interest influence a person to do best in business. It gives internal
motivation to the entrepreneur. Toy manufacture industry have wide range of growth aspect and
there are variety of product which attract the customer and there are different ways to influence
the customer to buy the product. Interest in finding the new trends and work on them helps to
start the business of Novelty toys. It helps to introduce innovative and creative toys in the market
(Davidsson 2015).
Personal experience and talent : Through the market survey and consumer survey they find
that in toy industry there are variety of product with different age group like some basic plastic
and rubber toys for upto 3 year age group, knowledge gain toys for 3 to 8 year children,
electronic toys for 8 to 15 year age group children. The experience of work in sales department
of video game industry helps to survey the market and to find the interest of children in different
kinds of toys.
Mass media : Mass media include the television, internet, magazine, newspaper and radio are
the great source of information, ideas and opportunities. To start the business in toy industry, this
sources of mass media helps to fins the innovation and the gap in the market where an
entrepreneur can take the advantage. By watching the innovative toy's advertisement on
television and internet, to start a toy manufacturing industry come across to the mind. Thee
media also helps to find the trend, fashion and the customer needs.
Customer survey : Customer survey is the starting point of doing the business. It helps to find
the needs and wants of the customer. Children are the more influencing character in purchasing
system of a family. They influence the buying decision of their parents. Customer survey helps
to find the interest of children in toys and help to manufacture only that kind of toys. It also helps
to increase the sales.
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