Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Contents
INTRODUCTION.......................................................................................................................................2
TASK 1.......................................................................................................................................................3
P1 Evaluate several sources of entrepreneurial ideas and innovation......................................................3
TASK 2.......................................................................................................................................................5
P2 Rational and market gap for specific entrepreneurial idea using several tools and techniques...........5
TASK 3.......................................................................................................................................................6
Covered in PPT.......................................................................................................................................6
TASK 4.......................................................................................................................................................6
P5 SWOT framework..............................................................................................................................6
P6 Competitive and market environment in which idea will be form to assess potential viability...........7
CONCLUSION.........................................................................................................................................10
REFERENCES..........................................................................................................................................10

INTRODUCTION
Entrepreneur considered as an individual who generally thinks innovative and formulates
new ideas in order to run business successfully and bear risk most of the time towards
achievement of business. Thus, an entrepreneur plays crucial role within every economy system
and influence others positively (Dai and Liao, 2019). On the other side, an entrepreneur is
responsible to give huge job opportunities to people in order to increase their knowledgeable
skills properly. Along with this budding entrepreneur plays same role as entrepreneur but they
have power to borrow money from Virgin money organization in order to fulfill their
requirements within short time of span. With the help of this they can run their business
effectively. This assignment is based on Tree Café business with the purpose of having
innovative item such as Roosted Nuts Coffee for satisfying customer’s needs. Apart from this
report includes several kind of entrepreneurial sources and ideas by using Drucker’s 7 source
model and Porter’s five forces model. Lastly, data interpretation and gap analysis along with
PESTLE & SWOT will get covered in this assignment.
TASK 1
P1 Evaluate several sources of entrepreneurial ideas and innovation
Within the UK economy businesses are rapidly increasing in which different types of
entrepreneurs applying innovative ideas in order to increase their business growth and attainment
of specified goals. With the help of this businesses can get huge profit and able to sustain at
marketplace. Additionally, if talk about respective business in which an entrepreneur establish
new business Tree Café with the aim of applying innovative plans that helps business to develop
unique decision towards gaining benefits and profits. There are several sources by which
entrepreneur takes ideas, those are mentioned in beneath:
Mass media: It includes different types of sources such as internet, radio, magazine and
many more (Patel, 2019). With the help of sort of sources an entrepreneur of respective café able
to gain ample number of opportunities from these media sources towards developing best ideas
of running business successfully. Thus, it is considered as advantageous for this new business.

Interest and hobbies: According to this source an entrepreneur is able to think
innovative and manage their ventures effectively. In regards with Tree Café, an entrepreneur is
interested to create innovative products and a hobby is to satisfying needs and wants of
customers.
Exhibitions and trade fairs: It is one of the best sources which is used to create so many
ideas of business for entrepreneurs. In relation with respective café an entrepreneur attend so
many trade fairs and exhibitions in order to put innovative ideas do that they can achieve better
results along with able to overcome issues from business (Goel, Jones and Karri, 2019).
On the other side, there is Peter Durcker’s model has been used in order to understand
several kinds of sources for running business successfully, those are mentioned below:
The unexpected: Within the every business changes are increasing rapidly day to day as
entrepreneur generally applying innovative ideas through considering huge sources. As per the
respective café an entrepreneur required to concentrates on different changes by which they can
grow up easily.
Incongruities: As per this source of model industries are mainly going to form their new
goods and services without doing particular research. It helps respective business to launch their
new business with innovative products effectively.
Process need: According to this, an entrepreneur required to determine their objectives
so that they can overcome issues from business and attain targeted goals.
Market and industry structure change: In this, business needs to concentrates on their
technological advancement by which they can bring alternatives changes and make business
attractive for their customers (Poblete, Sena and Fernandez de Arroyabe, 2019).
Demographics: These assorted changes analyses overall needs and wants of business
towards their goods at marketplace. In the context of respective business they need to divide their
goods as per age and income level of people.