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Identifying Entrepreneurial Opportunities - Delicious Food

   

Added on  2021-01-03

17 Pages4397 Words53 Views
Identifying Entrepreneurial Opportunities

Table of ContentsINTRODUCTION...........................................................................................................................3TASK ..............................................................................................................................................31. Sources that inspire the new business idea and motivated for set up a new business.............32. Introduction of business idea, finding potential and targeted audience for the product.........53. Competitor analysis that looks at competitive marketplace....................................................64. Gap analysis, current and future situations and objects of business ideas..............................85. Market research to support viability of business using range of sources such as primary andsecondary.....................................................................................................................................96. Viability and feasibility of business idea, strength and weakness of business.....................147. Risk of competition and potential opportunities for growth and development.....................15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17

INTRODUCTIONEntrepreneur is an individual who identify business opportunities and prepare itself totake risk for starting a new business. In addition to this, it is a process of designing or launchinga new business in a new area along with a innovative idea or smart way so that it can survive inthe new market place. Apart from that, entrepreneurial opportunity is termed as a procedure ofsetup or introducing a new business which is totally base on a new or fresh idea. In modern era,competition is growing on the regular basis so that it is very essential for an entrepreneur toestablish a business with new ideas so that better sustainability can be gained by them in a smalltime period. Present assignment is based on the idea of launching meal services by “DeliciousFood”. This report will includes methods and framework which can helpful in development ofbusiness venture. It will also discuss about target market and customers who can buy the productor services from the organisation. In last, SWOT analysis will also prepared for the organisation.TASK 1. Sources that inspire the new business idea and motivated for set up a new businessNew or fresh idea for a business is inspired by various market trends or through analysingthe needs and wants of customers. Entrepreneur gets the new business ideas from differentsources like websites or conducting online research so that unique or ultimate ideas can beformulated which will be helpful for the entrepreneur in making profitability or money. Newbusiness which is inspired from market trends is established in Birmingham, UK. This companyprovides daily meal services to those who have no time for preparing or buying food forthemselves. Idea of launching this business is formulated through the book of “Innovation andentrepreneurship” which is written by Drucker's and they states some sources of innovationwhich are discussed as below:The Unexpected: Marketplace is full of surprises which can provide success or failurefor the organisation. Unexpected success or failure both are identified by theorganisations as an opportunity. Unexpected situations of the market can easilyencourage the entrepreneur to make innovative idea so that different aspects for a specificsituation can be identified. With the help of these situations, Delicious food will be ablein grab opportunities of the marketplace (Drucker's Seven Source of InnovationOpportunity, 2015).

Incongruities: . Success and failure of a business idea is based on what products orservices are providing by the firm and what are the needs of customers that can befulfilled by them. Before establishing a new business venture, it is very essential toidentify needs of the customers in proper manner so that it can be identified that what arethe specific needs of target customers. Reviews and taking feedbacks from the customersare the best methods for determining incongruities of the business. Information ofcustomer about their preferences for daily meal services will be assist the Delicious foodfor launching their new meal services in the market (Saban, 2015).Process Needs: This source is very important than the others because it is more focusedon the task rather then situations. Opportunities for the innovation are comes afterdetermining the whole activities of the organisation so that weak areas can be identifiedin proper manner. Pre-identification assists the entrepreneur to improve the performanceso that better sustainability can be gained by the organisation. After identifying weakareas or holes Delicious food will be able in knowing their capabilities which will behelpful for them in creating more innovative solutions.Industry and market structure change: Organisation can sustained in the market for along time period but advanced technologies can destroy the business almost overnight. Inpast years, It has been determined that technology is changing day by day andentrepreneurs have duty to keep eye on these modifications. Evaluations of these changeswill be helpful for the Delicious foods through modifying the threats in the opportunities.Demographic: Modifications in demographic can influence the sustainability of anorganisation in positive or negative manner. These changes can also influences on thedemand of offerings of firms. Demographic changes in age, taste, preferences,employment are also influence the organisation and encourage the entrepreneurs to takethese opportunities. These modifications will be helpful for the organisation inintroducing meal services in UK market which can fulfil the demands of business personsor various individuals due to having busy schedule.Change in Perception: Over a period of time it has been identified that there is a mostsignificant changes in the way in which people perceive the marketplace. In modern era,most of the individuals of UK does not want to eat unhealthy or unhygienic food anddesires to consume good quality based food product on their places which will be assist

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