Identifying Entrepreneurial Opportunities Essay
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Added on 2020-07-23
Identifying Entrepreneurial Opportunities Essay
Added on 2020-07-23
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Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Identify and assess various sources of entrepreneurial ideas & innovation...........................1TASK 2............................................................................................................................................3P2 Rationale and market gap for a particular entrepreneurial idea using tools & techniques....3TASK 3............................................................................................................................................5P3 Data needed to support gap analysis in evaluation of entrepreneurial idea...........................5P4 Interpretation of data to give evidence of market potential...................................................6TASK 4............................................................................................................................................7P5 SWOT analysis to support objective assessment of entrepreneurial idea..............................7P6 Evaluation of competitive & market environment to assess potential viability....................7CONCLUSION................................................................................................................................9REFERENCES .............................................................................................................................10
INTRODUCTIONIn contemporary market place, various opportunities are available in market which isimportant for entrepreneur to identify and exploit. Cosmetic & beauty products sector is one of agrowing industry as many people are interested in establishing their own start up with theirinnovative ideas and creativity for the purpose of earning higher profits (Block and Wagner,2010). In the present assignment, preferred organisation is Natural essence which offers beauty& skin care products. It is consider as new venture which is liked by customers very much andearn high profits from their goods. The report includes evaluation of various sources ofinnovative ideas and based on external market scanning, rational decisions are taken. Apart fromthis, SWOT analysis is defined which assist an organisation in knowing strengths andweaknesses of their ideas. TASK 1P1 Identify and assess various sources of entrepreneurial ideas & innovationEntrepreneurs are those persons who identifies opportunities and grab them in order toexecute their innovative ideas for establishing a venture. They set up their own business bytaking financial risk with the hope of earning high profits. These individuals contribute ineconomic growth of country by implementing noble and innovative ideas. Business environmentis dynamic & changes are happening rapidly because of innovative technologies introduced byentrepreneurs. They first identify market opportunities by understanding needs of customers andgrab chances to create an innovative product. Huge employment opportunities can be created forlocal population by execution of STEEP factor (Dimov, 2011). Peter's 7 sources of innovationplays an important role in implementing innovative idea and establishing a venture. There aresome factors that needs to be considered before developing a product. These are:Social factor: This factor is considered in order to determine that people must be able tounderstand technology value. It is important for an entrepreneur to be in good financial positionbefore starting a new venture. Due to Brexit, there are various changes that takes place in lawsand regulations from which people are not fully aware of. Economical factor: These are related with GDP rate and per capita income that depictsstable economic condition of country. For investing high capital, the economical condition of anation must be good. It is right time for entrepreneur to establish cosmetic product industry.
Technological factor: Today, there are various new technologies available in market thatcreates huge number of opportunities for people. It is important for an entrepreneur to developcosmetic products by using such highly innovative technologies (Ekpe, Mat and Razak, 2010).Environmental factor: Before establishing any venture, it is necessary for anentrepreneur to consider environmental factors for a particular place. All protective measuresshould be taken in order to ensure that operations of firm will not harm nature or environment inany way. 7 sources of innovative opportunity by Peter Drucker are defined to manufacturecosmetic products such as Natural essence. Incongruity: It is concerned with the gap of what is produced and what is needed. It isrelated with the production processes of various cosmetic products.Process needs: For performing different business operations effectively, it is necessaryfor firm to implement innovative and new techniques. Market structure & industry needs: Implementation of changes in prices of products asper market trends is necessary for firm. So, it is important for company to design innovativepricing strategies.Demographics: It is required by firm to pay attention towards the changes that constantlyoccurs in income levels, populations, education and age. Changes in meaning, perception & mood: Customer perceptions should be consideredby management team of natural essence. It assists them in developing cosmetic products forconsumers as per their needs and in attaining high profits.New knowledge: It is related with finding out new and innovative ways of doing thingsas well as improving processes. Natural essence should use innovative technology in order togain competitive edge over competitors (Foo, 2011). Unexpected: It is important for natural essence to do market analysis on regular basis inorder to determine and exploit new opportunities. Types of innovation: Innovation is a factor that plays vital role in growth and success of firm. Various types ofinnovation are as follows: 2
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