Identifying Entrepreneurial Opportunities | Assignment
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Added on 2020-11-12
Identifying Entrepreneurial Opportunities | Assignment
Added on 2020-11-12
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Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.........1TASK 2............................................................................................................................................5P2 Explain the rationale and the market gap for a specific entrepreneurial idea using relevanttools and techniques to support your choice...........................................................................5TASK 3............................................................................................................................................7P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurialidea.........................................................................................................................................7P4 Interpret data appropriately to provide evidence of market potential...............................8..........................................................................................................................................................9TASK 4..........................................................................................................................................11P5 SWOT framework to collate evidence to support an objective assessment of a specificentrepreneurial idea..............................................................................................................11P6 Evaluate the competitive and market environments in which the idea will be launched toassess potential viability.......................................................................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONIdentification of business opportunities is an essential aspect in today's competitiveenvironment as it assists entrepreneur to set up a new venture with innovative and creative idea.Entrepreneurial opportunities appears at nexus of person's aspirations with social and economicconditions perceived as favourable in order to develop new good or service, either in new marketor an existing one (Aliaga-Isla and Rialp, 2012). In the present assignment, chosen organisationis Mountain View Restaurant which deals in hospitality sector and offers organic food tocustomers of United Kingdom. The main reason behind selecting this idea is health aspect ofpeople and provide more healthy food services. This assignment covers evaluation of possiblesources for innovative and new business idea and the selection of particular entrepreneurial ideafor market gap analysis. Apart from this, primary and secondary data is used to determinepotential of market. At last, evaluation of entrepreneurial idea in terms of competitors and marketis defined and an assessment of its potential viability is made in this project. TASK 1P1 Determine and evaluate different sources of entrepreneurial ideas and innovationEntrepreneurial ideas and innovation are determined and evaluated through differentsources. These sources may be external factors of change develop opportunities forentrepreneurs. These sources can be evaluated by:Drucker’s 7 sources of innovation:The seven sources of innovation are propounded by Peter Drucker that provides anentrepreneur the purposeful means to search for opportunities and mitigate risks (Peter Druker'sSeven Sources of Innovation, 2017). These sources are defined below: The Unexpected: The business world is filled with various surprises that involvesunexpected failures as well as unexpected successes which can be a good source or factorof inspiration for innovation. These are overlooked by entrepreneurs as opportunities forchange. Unforeseen situation in business inspire innovators and leaders of MountainView Restaurant to get other perspective on situation and take advantage of emergingopportunities. The company is expected to come up with innovative healthy product thatsatisfy needs of customers. 1
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