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Identifying Entrepreneurial Opportunities - Desklib

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Added on  2020-10-22

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This report focuses on identifying various entrepreneurial opportunities that are available in the market along with marketing gap and competition analysis. Also, this report focuses on various tools such as porter's five forces model along with SWOT and PESTLE analysis. In this report, an existing business idea has been innovated into a new modified venture named as Sip and Whip cafe. Target customers of Sip and Whip cafe are generally youngsters. By launching a new idea in the market, entrepreneurs of Sip and Whip cafe will be able to fill market gap as technology used will be more advanced and products and services provided to customers will be of highly better and improved quality.

Identifying Entrepreneurial Opportunities - Desklib

   Added on 2020-10-22

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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different sources of entrepreneurial ideas and innovation....................................................1P2 Rationale and Market gap for specific entrepreneurial idea .................................................2P3 Gap analysis in the evaluation of entrepreneurial idea..........................................................3P4 Interpretation of data to provide evidence of market potential..............................................6P5 SWOT Analysis to assess the entrepreneurial idea..............................................................11P6 Evaluation of competitive and market environment to evaluate potential viabilities..........12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
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Identifying Entrepreneurial Opportunities - Desklib_3
INTRODUCTIONEntrepreneurs is a name given to people who have skills and capabilities to convert theirintellectual ideas into successful business ventures. For doing so they generally involve new andinnovative tools and techniques and also grab or fetch market opportunities and make utmost useof it. Business ventures generally get launched in crowded markets where a lot of people can getattracted towards their business idea (London living standards the best in the UK. 2018). Thisreport further focusses on various ways and means which entrepreneurs use for converting theirbusiness ideas into successful goods and services. This report focusses on various elements suchas identifying various entrepreneurial opportunities that are available in market along withmarketing gap and competition analysis. Also this report focusses on various tools such asporter's five forces model along with SWOT and PESTLE analysis. In this report an existingbusiness idea has been innovated into a new modified venture named as Sip and Whip cafe inwhich managers have decided about launching or bringing in new products such as ChocoFrappe and Tiramisu with a delightful combination of ice cream and chocolate sauce over it.Main aim of entrepreneurs in this business is to attract and influence a higher number ofcustomers so as to increase their productivity. TASK 1P1 Different sources of entrepreneurial ideas and innovation.In present day scenario , UK government is providing financial aid to students who aregraduating from colleges sop that they can further develop their business ideas and convert theminto successful businesses. Various measures or sources that can be used in this context havebeen mentioned as under:Mass Media: It is an important tool that can help in influencing a huge number of peoplein one go. Mass media sources include radio, newspapers, televisions etc. All these sources act asguiding tools that provide ample of information to youngsters for developing their new businessventures. By carefully examining all these sources entrepreneur of Sip and Whip cafe will beable to evaluate choices and preferences of customers (Al Mamun and Ekpe, 2016).Trade fairs: These are general events that occur almost at regular intervals and help inenhancing customer base of businesses. These are main sources that provide knowledge about1
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