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Identifying Entrepreneurial Information

   

Added on  2021-01-01

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IdentifyingEntrepreneurial

Table of ContentsINTRODUCTION ..........................................................................................................................1MAIN BODY ..................................................................................................................................11. Background information about those sources that inspired your idea and what motivatedyou personally in wishing to set up your own business..............................................................12. An introduction to your business idea and what it is, and who and where your potentialcustomers and target audience are ..............................................................................................33. A competitor analysis that looks at the competitive marketplace. Look at failures andsuccesses. What you can do differently? Is this a growth area with low and medium risk?......44. Gap analysis and how you are looking to close the gaps. What is the situation now andwhat is the future? What are the objectives of this business idea and how do you wish toachieve them?..............................................................................................................................55. Market research to support viability for your business idea and identify market potentialusing a range of sources that could be both primary and secondary...........................................76. Why your business idea is viable and workable and how you qualify this belief. What arethe strengths and weaknesses? How will you overcome the risks and the potentialopportunities for growth and development in the future? ........................................................8CONCLUSION ...............................................................................................................................8REFERENCES .............................................................................................................................10.......................................................................................................................................................11

INTRODUCTION Entrepreneurs plays a vital role in the growth of economy as they are regarded as anindividual who exercise initiative by organising a venture to take benefit of an opportunity andas the decision maker, decides what, how in order to accomplish organisational goal in aneffective an efficient manner. However, entrepreneurial spirit is defined by innovation and risktaking as well as it is an essential part of nation's ability to succeed in a n ever changing andincreasingly competitive global marketplace (Alvarez and Barney, 2010). Despite the broadterm of opportunity, there is a accord that a successful entrepreneurial opportunity is one whichtrigger new venture creation or expand market share of existing venture. This report is basedupon introducing a new coffee venture which will made using organic ingredients to target healthconscious customers. Along with this, developing a business ides, Drucker's 7 model has beenapplied for analysing possible sources for new and innovation business idea, competitor analysisis applied to examine the competitive marketplace. Finally, to identify market potentialityvarious range of sources has been implied is also mentioned here. MAIN BODY 1. Background information about those sources that inspired your idea and what motivated youpersonally in wishing to set up your own business.Entrepreneurial opportunity is recognized as creativity based process as it is an activitywhich employs a creative thinking i. e. thinking out of box in order to analyses or identifybusiness opportunity and challenges for attaining high productivity and profitability. However, inorder to sustain in a competitive market, an productive or impressive strategy or ideas helps thefirm to attain profit maximization. In context to new venture i. e. Coffee World is mainly focusto capture high level of customer satisfaction by delivering best quality of products. In order tosurvive in the market, an efficiency is doing right things and at the same time effectiveness isimplying the accurate things (Ananth, Ramesh and Prabaharan, 2010). In present scenario ofworld, every individual has high level of stress in professional and personal life so in order tolead a happy life they prefer to have a cup of coffee. This is the main motivation behindestablishing a new venture i. e. Coffee World. However, creativity and innovation have a pivotalrole as a source of entrepreneurial opportunity and thus it help in the existence of entrepreneurialventure. Thus, Peter Drucker's (Father of management) believes in ensuring business focus on

doing right things for this an organization should be flexible in nature and make use of businessopportunities and identify challenges or threat in order to gain competitive advantage. So,Coffee world implies Drucker's 7 key sources of opportunity for innovation for accomplishingtheir profit margin and sustainability in market. The Drucker's 7 ways are as follows: The Unexpected:The business world is full of surprises where not only the unexpectedfailure but also the unpredictable success that comes to an organization serve as a great source ofinspiration for innovation (Calhoun and et. al., 2010). Both, unexpected failures and successshould stay unnoticed and neither overlooked as an opportunities for change. Thus, unanticipatedsituations is a powerful element tool in Coffee World as it inspire their managers to get anotherperspective on situation (it can be positive or negative) and help them to take advantage ofpossibility that emerge. Industry and Market Disparities : These two components i. e. industry and market whichis dynamic in nature as it keeps on changing along with the advancement of technology and thiscreates challenge to company in attain productivity. Hence, Coffee World leaders needs to keepan eye on the changes in marketplace and treat those occurrence not as threat but more likeopportunity to grow. Incongruities : Developing appropriate research to determine target customers plays acrucial role in the growth of business on the other hand unproductive research leads to drasticfailure of company. Thus, Coffee world should take initiative to determine incongruity bycollecting customer reviews, feedback and complaints in order to accomplish higher level ofefficiency. Process Vulnerabilities : This source is more task focused rather than situation centered.In this company analyses their potentiality in order to survive in industry for longer period oftime. However, Coffee World identifies their strength and weakness in order to create moreeffective and innovative solutions (Eckhardt, 2013). Demographic shifts: Companies are influenced in one way or another by the change ofdemographics and these modification affect markets by determining the demand of product interms of type of customers and quantities of product are consider. Therefore, Coffee worldmanages business opportunities by satisfying the customers or demographic factor such as age,education, employment etc. in obtaining high proficiency.

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