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Identifying Entrepreneurial Opportunities: PDF

   

Added on  2020-10-22

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Identifying EntrepreneurialOpportunities

INTRODUCTIONAn entrepreneur is the person who is responsible to evaluate the business opportunities in themarket and to commence the business operations to achieve those opportunities while bearing allthe risk involved. To be an entrepreneur it is necessary to develop creative ideas and effectiveways to start the business activities in the desired manner to survive successfully in the presentcompetitive advantage. Entrepreneurial opportunities are the process of formation a new businessventure which is started on the basis of a new idea or opportunity identified in the market.Finding a new business possibility is essential for establishing a business venture in thecompeting market. The business environment consists of a dynamic nature and it results inchanging the competition in the market on regular basis(Grégoire and Shepherd, 2012). So, theentrepreneur is required to introduce some new idea in the market to sustain for a longer periodof time. The present report is based on the idea of launching Solar Patches for mobile phones tohelp them charge directly with the sunlight without the help of electricity under the newcompany Power. The report will contain the methods and framework that will assist in building abusiness venture. The report will also define the product, targeted market base and theknowledge of the competitors. Market research is explained and the SWOT analysis of theorganisation is also performed.1. Sources that inspire the new business idea and motivated for set up a new businessThe recent trends in the market give encouragement to develop several business ideas to theentrepreneurs with the help of different sources which are online research or developed on thebasis of future perspective. The new business idea that is generated from the recent trends issituated in Milton Keynes, UK. The entrepreneur will provide the solar patches to charge themobile phones with the help of sunlight. The concept of defining the new business venture isintroduced by Ducker in the famous book “ Innovation and entrepreneurship” that explains aboutthe sources of innovation which are as follows:The Unexpected: The business environment involves many unexpected events andchanges which results in success or failure for the business venture in the market. Theunexpected conditions in the business environment are considered to be very powerful asit inspires the business person and allow them to innovate best ways for the specificsituation in the market. This will help the entrepreneur of Power to establish their productaccording to the opportunities of the market successfully.Incongruities: The success of the business venture depends on the products the companyis supplying to their customers and what is actually required by the customers. It can beachieved by the help of proper research of the actual needs and desires of the customersbefore launching the product. The demands and feedbacks of the customers are theappropriate way to define incongruity. This will help the new venture power tosuccessfully launch their product in the market (Drucker's Seven Source of InnovationOpportunity, 2015).Process needs: This is explained by the ducker to be more focused on the task instead offocusing on the situation. The opportunities and innovations are required to be analysedproperly to determine the strengths and weaknesses of the business. This will help theentrepreneur to develop effective solutions to overcome these weaknesses.Industry and Market Structure needs: The new business venture is required to1

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