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Identifying Entrepreneurial Opportunities : Doc

   

Added on  2020-09-17

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Identifying EntrepreneurialOpportunities

Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................3P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.............3TASK 2............................................................................................................................................5P2 Explain the rationale and the market gap for a specific entrepreneurial idea using relevanttools and techniques to support your choice...............................................................................5TASK 3............................................................................................................................................8P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurialidea..............................................................................................................................................8P4 Interpret data appropriately to provide evidence of market potential...................................9TASK 4..........................................................................................................................................10P5 SWOT framework to collate evidence to support an objective assessment ofentrepreneurial idea...................................................................................................................10P6 Evaluate the competitive and market environments in which the idea will be launched toassess potential..........................................................................................................................11viability....................................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES .............................................................................................................................131

INTRODUCTIONEntrepreneur is an individual who has desire and willingness to have risk in theexpectation of attaining profit and capability to grab all the available opportunities in the marketlocations in the best possible manner other side their core objective and goal is to expand andflourish their business across the globe area in order to capture higher level of profit or revenuethrough satisfying the demands and needs to their costumers (Guerrero and et. al., 2014). thisproject report is formally based on a entrepreneurial opportunities which aid in showinginnovative idea and thought for a establishing a business along with it sources of new idea is alsoshown. The gap of market for a certain venture is lights that denotes actual performance of thatbusiness idea with the helps of relevant tool and techniques. TASK 1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.Entrepreneurs are those personalities who are capable to think out of the box and haveability to bear risk or losses. Hence all of them are bit different form other their believes inproviding employment rather them begin employee under someone. When a person desired tobegin their own business or start up then they must to gob through the hard work and harderthinking process and with the help of sources they can be have best possible idea of the business.Hence, there are larger number of elements that are known as the source which are ableto generate entrepreneurial thought and ideas. Opportunities of business are the starting point forthe each and every business. All the ideas of venture can be generated from the environmentitself. Some of business based form the analysis of market and needs to buyers.New business ideaHere, as an entrepreneur for launching an innovative business I am going to introducingthe prominent and effective venture that playing a signifying role in beauty of female which is“Cosmetic products” manufacturing with the utilization of “organic and natural” rawresources. Therefore effective and inspiring name of this organization is “nature essence” .Basically: One of core reason behind launching a business is to boost up the entirepersonality of the persons who are residing in the UK in respect to increase their level ofstandard. Prominently, all of products are made of with natural resources and ingredients also2

firm are not using any of chemical in the formation of the product also trying to maintain beautywith the help of natural material. In addition of this, there are some sources of innovation opportunity in which firm caneasily improve their overall performance at market place. All these are as follows:The unexpected: It is important source of innovative opportunity in which the marketarea is one in which company can easily expand their business activities with thepurpose of attaining growth (Spigel, 2017). In this context, it is important for managerof the firm to effectively analysis the market nature and trends. In this context, NatureEssence needs to analysis and evaluate the market trends and changes before producingtheir products and services. This will help in proving opportunities to attain success atmarket place. One of the main advantage of this source is to inspire the leader toevaluate the another prospective with positive and negative impact. On the other hand,due to unexpected situation manager get demotivated while introducing the innovationwithin the business activities. The incongruity: Under this source of innovation, company develop their products withthe purpose of attaining profitability. For attaining the same Nature Essence undertakeand appropriate research to determine customers taste and wants towards the products.With the help of this, they easily serve quality products as per customers needs andwants and at the same time also take feedback from customers to know about theirissues and complaints. This is the best way to improve the overall performance of thecompany and products as well. The main benefit of this source is that company easilyunderstand the customers taste and preferences. Other hand, drawback of this source isthat due to incongruities, some time company fail in evaluating actual demand ofcustomers.The process need: This source of innovation is task focused in which company candetermine the weak spots to improve their services. With the help of this, NatureEssence easily create more innovative and effective solution to enhance theirproductivity level. With the assistance of this, company easily identify the anaemicpoints along with appropriate ways to improved. On the other side, this source takemore time to find out the actual point that are required to be improved to createinnovative solution. 3

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