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(solved) Identifying Entrepreneurial Opportunities Sources
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Added on 2020-11-23
(solved) Identifying Entrepreneurial Opportunities Sources
Added on 2020-11-23
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Identifying EntrepreneurialOpportunities Table of ContentsINTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation..............1TASK 2............................................................................................................................................4P2 Rationale and the market gap for a specific entrepreneurial idea..........................................4TASK 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............................................................................................................................................9P5 A SWOT framework to collect evidence to support an objective assessment......................9P6 The competitive and market environments in which the idea will be launched to assesspotential viability......................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneur is a person who start as well as run new business by taking financial riskwith the hope of attaining profitability. Mainly, it is considered as an effective process oflaunching, designing a new venture at small level. Entrepreneur are innovator, risk taker, ideagenerator through which they produce as well as create attractive services in front of customers.Along with this for attaining success, they needs to make continuous innovation within theirbusiness so that they can easily enhance their growth level at market place (Abu-Saifan, 2012).In UK, number of people start their new venture by determining various opportunities and at thesame time also bring new ways to invite as well as attract larger number of customers towards itsproducts and services. Present report is based on The green chilli cafe, a new venture in UK. Thisreport discussed about different sources of entrepreneurial ideas and innovation which may leadin evaluating the rational and market gap. In addition of this, report also helps in analysing thegap by determining evidence of market potential. SWOT analysis also mentioned in this report toevaluate the entrepreneur ideas. TASK 1P1 Determine and evaluate different sources of entrepreneurial ideas and innovationAs per current scenario, number of individuals come up in market with new andinnovative ideas. Along with they also bring innovation and creation within their activities tomake more attractive. For this they always find ways to generate more money in order to operatetheir business activities effectively. In current market, person who wants to operate their newbusiness needs to analyse various opportunities for running their business. This will help them inenhancing the chances of attaining success. In addition of this, they should have selected bestalternative option to improve their business activities in market. In this, an entrepreneur is goingto run a new idea and venture which is known by The green chilli cafe. Mainly, it is not an easytask for an individual to run a new business because it requires various ideas and financial fundsinitial level. Furthermore, competitive environment of market is also considered as an importantaspect because it directly affects the entire business activities in positive and negative manner(Perrini, Vurro and Costanzo, 2010). Thus, entrepreneur have to evaluate all the factors beforeestablishing their business market place. In this, cafe should implement different resources anddevelop appropriate strategies to run their business in appropriate manner. Along with, there are1
some various external factors which is important for firm to analyse all the changes andopportunities as well:Political factors:It is important factor which directly influence the business ideas andoperations. So that it is vital for The green cafe to analyse government factors such astaxes, regulations and many more (Fuentes and et. al., 2010). For generating high profit,company needs to implement all the rules within their business so that they can easilyserve quality services to customers as per their needs and wants. This will help inimproving the overall performance of the company at market place. Technological factors: As per current scenario, new and advanced technologies playcrucial role in improving the process of the company. Thus, cafe needs to implement newideas within their production department with the purpose of produce quality foodservices to customers. This will enhance the productivity and efficiency level of the firm. Social factors: For increasing customers demand, cafe needs to understand theirrequirements by undertaking an effective research. With the help of this, company caneasily identify customer’s behaviour towards its food services. Customer taste, choice,preferences are vital to understand through which firm can serve quality products andservices. With the help of this company easily established competitive image in front ofcustomers and market as well. Economical factors: It is also important for The green chilli cafe to understand theeconomic factors because it helps in taking an effective decision towards the investmentvalue. It includes policies tax rates, wages, interest rates and many more. All these aredirectly influence the market place, demand and supply.Evaluation of Drucker's 7 sources of systematic innovation:As a small business, The green Chilli cafe needs to implement new and innovative ideaswithin their activities as per continuous basis. This will helps in attaining set goals and objectivesin an appropriate time span. For generating more profitability, entrepreneurs focus onimplementing creative ways to making their process more appropriate (Korsgaard, 2013). Asthere are 7 sources which help in improving the chances of attaining success:Unexpected: Under this, entrepreneurs tries to make innovative strategies and plan toreduce any kind of issues and problems. For this firm always bring innovation and thingsto enhance the company activities. 2
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