Identifying Entrepreneurial Opportunities - Assignment
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Added on 2020-06-06
Identifying Entrepreneurial Opportunities - Assignment
Added on 2020-06-06
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Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1 ................................................................................................................................................1P.1 Evaluate different sources of business idea..........................................................................1LO2 ...............................................................................................................................................4P.2 Rational and market gap for entrepreneurial idea ................................................................4LO3 .................................................................................................................................................6P.3 Data which supports gap analysis in evaluation of entrepreneurial idea..............................6P.4 Interpretation of data to identify market potential................................................................6LO4 .................................................................................................................................................7P. 5 SWOT analysis to assess the entrepreneurial idea ..............................................................7P6 Evaluating competitiveness and market environments..........................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11........................................................................................................................................................12
INTRODUCTIONIdentifying entrepreneur opportunities is important so that company can innovate newand innovative ideas. It is important so that firm can earn more profits and satisfy the customers.Company can create different unique products and launch in market. By the same, it canmaintain a distinct position in market as well as in the minds of all customers. Organization canalso give a strong competition to other companies(Alvarez, Barney and Anderson, 2013)Reportdiscusses about the Quality clothing company which is a start-up firm. Firm creates differentdesigns and helps in printing on t-shirts. Ithas different stores and it promotes business throughonline sources. Assignment discusses about evaluating different sources of entrepreneurial ideasand innovation, rationale and market gap for innovative designs using various techniques. Projectalso explains about data which can support gap analysis in monitoring of entrepreneurial ideaand interpret data according to potential of market. Further, it studies SWOT analysis which canassess the idea and evaluate competitive as well as market environment in which ideas arelaunched. LO 1 P1. Evaluating different sources of business ideaThere are different sources through which company can create and develop new andinnovative ideas. It includes external factors such as Drucker's seven sources of innovation anddifferent internal factors. They are monitored by the firm so that it can find new ideas forprinting of shirts. External factors of Quality clothing are-Peter 7 sources of innovative opportunity – There are 7 sources of entrepreneur opportunity.They are: Unexpected – In this, entrepreneur can evaluate innovative ideas which entrepreneur hasnot expected in the market. For example: evaluating demands of peopleand then create ideasaccording to requirements (Audretsch, 2012). Company has to monitor that business can satisfythe needs and requirements of all customers. These points are to be considered by company andthen only, it can create new ideas. There is the second idea which is of moving coffee shops andit can attract customers a lot.Incongruity – In this stage, entrepreneur can develop such an innovative or unique idea which isdifferent from the competitors. Company in the future can develop new techniques of printing1
which can attract more customers. Firm wants to create such ideas which can provide unique anddifferent experience to all people so that they can purchase the clothes (Chaston, Sadler andSmith, 2012). Organization can apply audio techniques in moving coffee shops which is thesecond idea to capture more consumers. Process need – It means identification and removing weak points and firm can createunique and innovative ideas according to demands of all customers. For example: firm canevaluate the needs and requirements of all people and create printing ideas as well as processwhich they can apply in their clothes. Company can provide coffee at cheaper rates and canprovide extra products with coffee to attract more customers. Industry and market structure – Company can evaluate changes in industry and market.Firm after evaluating the market can make changes in processes and other activities. Forexample: organization can change techniques of printing and create new and innovative designswhich are different from competitors. In second idea, firm can hire more employees so that itincreases the delivery process and can provide coffee at cheaper Rates whixch helps ingatheuiring more customers.Demographics – In this stage, company can evaluate the changes in population. They canevaluate that T-shirts are used by youth. So, firm has to create innovative designs of printingaccording to the needs of youth. There is second idea which is of moving coffee shops and it istargeted to youths and children. So, firm wants to change prices and activities according to therequirements of youth and children.Changes in perception – It has to evaluate the thinking and views of all customers. Thus,after evaluating this, firm can put emphasis on advertising and promotional techniques so thatmore people can become aware about printing designs (Gartner, Carter and Hills, 2016). Insecond idea firm can do online promotion of coffee products which helps company to attractmore consumers. New knowledge – Firm has to evaluate different technologies in printing to attract morecustomers. Company can apply the latest and recent technologies which can produce goodquality of coffee and increase delivery process to satisfy customers.STEEP factorsThere are different external factors which can affect company. It includes-2
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