Identifying Entrepreneurial Opportunities

Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Evaluation of possible sources for new and innovative business idea...................................3
P2 Rationale and market gap for specific entrepreneurial idea...................................................5
P3 Gap analysis in the evaluation of entrepreneurial idea..........................................................6
P4.................................................................................................................................................9
P5 Application of SWOT frameworks to support the entrepreneurial idea..............................11
P6 Evaluation of competitive and market environments to assess the viability of idea...........12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurial opportunities are the situations that needs to be identified by the
businessmen in order to develop new and innovative ideas for the business. These are
prospective for the entrepreneur as large amount of profits can be availed by selling distinctive
ideas in the market. Customers constantly need changes in form of goods and services to gain
more satisfaction thus entrepreneur must come up with something new to achieve this purpose.
Being an aspiring entrepreneur Food and celebration business of food truck is going to be
pitched in front of the investors (Aggestam, 2014). The report covers areas such as evaluation of
possible sources for new and innovative ideas, explanation on the market gap of idea, presenting
gap analysis, an interpretation of the collected data. Apart from this in later section use of SWOT
model and competitive analysis will explain the potential viability of the selected idea.
TASK 1
P1 Evaluation of possible sources for new and innovative business idea
Innovation is defined as new idea and creative thoughts in the form of device or method.
It is defined as application of better solutions that aids to meet out the new requirements.
Generating ideas is not one day task, it takes significant amount of time and efforts to build ideas
into reality. Peter Ducker's specifies these sources in book called innovation and
entrepreneurship. An explanation regarding these are given below:
Business idea: Idea of opening a food truck named “food and celebration” has been selected for
the purpose of starting up business. Food truck is like a moving restaurant which includes
cooking and selling variety of food items like burgers, pizzas, pasta and other junk food items to
customers. As there are large school going and working people who prefer quick food services
therefore age group of persons between 15 to 35 is the target audience for the business. There are
sources through which ideas can be generated as are-
The unexpected: There are number of ways to look for opportunities, the core requirement is
managers ability to look for the cues as there is possibility of opportunities hidden behind them.
An extensive research in the market has help in identifying requirements of either goods or
services, in food tuck case it was analysed that audience wanted more casual set up of food
business also pocket friendly in nature. Thus, this gave me motivation to work on food truck
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idea. These opportunities can be concerned with either certain demand that is prevailing in the
market or non-availability of demand that needs to be generated (Douglas, 2017).
The Incongruity: As per this source it is explained that there is deviation in how things
are going and it needs to be done. This can be an effective way to identify new ideas as managers
can change the way things are going around. For example, Facebook identified that there should
be platform through customer's need of forming more connections can be satisfied. This is risky
for the entrepreneur as there are high chances that people rejecting innovation, but taking risk is
important for entrepreneur as their opportunities can arrive out of it. There was unconventional
way of providing food services to customers therefore this inspires for the development of food
truck.
Process Need: Through this source opportunities can be developed by making
improvement in the way tasks are being performed. Managers need to assess the process and find
the weak areas this would lead to effective and innovative solutions. For example, in restaurant
the staff is unable to provide delivery to customers on time in order to deal with this they
developed an app to ensure quick delivery of items. As customers must wait long hours to give
and receive order in the restaurants this inspire motivates me to start up business of food truck
where orders and delivery are made in quick span of time (Goe and Jones 2016).
Industry and market structure change: This is the source in which changes in the rules
and regulations made by the government gives opportunity to entrepreneur to develop ideas. Free
registration policy made by the UK government to start up a food business was also one such
source which gave the motivation to start business of food truck.
Demographics: These are concerned with the changing dynamics of factors like
population, human capital and income level. By conducting martop food trucked research it was
found that there in increment in the population of food lovers which are demanding easier access
to the food services this motivated to build accessible outlets like food truck to satisfy large of
food lovers.
Changes in perception, meaning and mood: change in the perception of people also
gives opportunities to build business ideas therefore it is vital to analyse the changing taste and
preference of people. There was large section of people who considered food truck unhygienic
but now the scenario has changed availability of qualitative food by ensuring hygiene at an
affordable price have attracted large number of customers.
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