Identifying Entrepreneurial Opportunities: Assignment

Added on - Dec 2020

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IdentifyingEntrepreneurialOpportunities1
Table of ContentsINTRODUCTION...........................................................................................................................31. Sources of new business idea.............................................................................................32. Introduction of business idea and the potential customers and targetted areas..................53. Competitor analysis for closer look at the competitive marketplace.................................54. Gap analysis, current and future situations and objects of business ideas.........................75. Market research to support viability for your business idea and identify market potentialusing a range of sources that could be both primary and secondary......................................86. Why your business idea is viable and feasible and how you qualify this belief. What are thestrengths and weaknesses.....................................................................................................147. Ways to overcome the risks of competition....................................................................15CONCLUSION AND RECOMMENDATION.............................................................................16REFERECES................................................................................................................................172
INTRODUCTIONEntrepreneurial opportunities is the link between an individual ideas with economicconditions prevailing which can work in favour to create a new product or services. Anentrepreneur always look for such avenues and without it there will no “entrepreneurship”. It canbe said situations where products and services can be sold at a price higher than the cost incurredin the production. This involves various actions taken by entrepreneur to earn profit and growhis business(Baldacchino, 2013). A person may have different ideas for establishing his businessbut before proceeding, he should analyse various aspects for determining the best possible ideathat is fresh and innovative in order to survive in cut-throat competition. Along with this, heshould assess the sources of finance so that ideas can be converted into actions as early aspossible without any hurdles. This report will throw lights on a new entrepreneurial idea and howit can be funded, together with competitive analysis and gap analysis tomake business viable andfeasible. Also, various market analysis will be done to evaluate strengths and weaknesses and onthese basis potential opportunities will be determined.1. Sources of new business ideaBusinesses are important for the growth of a country's economy. It helps in many waysfrom creating employment, opening new investment avenues for international parties,development of infrastructure, GDP and in many other ways. In the given scenario, UKgovernment has started an initiative to encourage young graduates to take up entrepreneurship toincrease employment level in the country. The government believes that young brains are thetreasure of new innovative ideas that are possible to achieve. Major portion of finance will beprovided by UK government in order to set the business without any burden to boost the energyand enthusiasm to make it successful. Innovation is necessary to update the existing products orservices in the market. Preferences and choices of customers change very quickly, to meet theirneeds, new business ideas are required(Elenurm, 2012). Therefore, according to UKgovernment, young graduates have the ideas that are feasible and innovating to earn profits andgain competitive advantage. Also, new entrepreneurs help in reducing the market dominance byexisting businesses and promote fair trade practices and fulfil customers need for providing3
satisfaction. The below mentioned are the seven sources of Peter Drcuker for innovativeentrepreneurship can inspire an individual:The unexpected-A business may have unexpected failure as well success. Suchsurprises can be a great sources of inspiration for innovation. Also, the unexpected failure orsuccess should not be neglected. They may prove to be powerful to inspire young minds to takeadvantage for creating new business opportunities. The cameras have been an important gadgetfor everyone, therefore innovative idea of launching TriTech automated dash can will be a freshidea to capture UK market which may prove to be a success.The innovation used will caterdemands of customers. However, the chances for its success if 50-50. For example, if the productfails to attract customers, then company should carry activities to improve it and then againlaunch it.This is the world full of surprises, where there are unexpected failures as well asunexpected success which comes to the company to have great source of idea for innovation. Thefailures and success which are unexpected are unnoticed and never overlooked as opportunities.The unexpected situations and conditions motivate and encourage the employers as well as theleaders to see the another viewpoint o0f gaining profit from this either the situation is negative orpositive.Incongruity-It is advisable for entrepreneurs to take market research before introducinga product. A venture fails when it lacks sufficient information about the choice and preferencesof people in the area it is proposing to target(Grégoire and Shepherd, 2012). It shouldcontinuously figure out the needs of the customers. Greater interest shown by people especiallyyoung generation in dash cam to record each and every moment has inspired to make TriTechdash cam.The information collected in the base to decide to launch a product or not. This helpsgetting specific requirement of buyers. For example, from the market research, it has beenextracted that large number of buyers want 360 degree angle camera. Hence, this can be added toexisting features.The Incongruity is all about seeing the actual reality and the reality is the thing which weexpect. The best thing about incongruity is the customers of the company. The review andfeedback are the best way to ascertain the incongruity.4
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