Identifying Entrepreneurial Opportunities Assignment : Coffee exotica

   

Added on  2021-02-20

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IDENTIFYINGENTREPRENEURIALOPPORTUNITIES
Identifying Entrepreneurial Opportunities Assignment : Coffee exotica_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1 Determine and evaluate different sources of entrepreneurial ideas and innovation..............4TASK 2............................................................................................................................................6P2 Explain the rationale and the market gap for a specific entrepreneurial idea using relevanttools and techniques to support your choice...............................................................................6TASK 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..................................10TASK 4..........................................................................................................................................13P5 Apply a SWOT framework to collate evidence to support an objective assessment of aspecific entrepreneurial idea.....................................................................................................13P6 Evaluate the competitive and market environments in which the idea will be launched toassess potential viability............................................................................................................15CONCLUSION..............................................................................................................................15REFERENCES .............................................................................................................................16
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INTRODUCTIONEntrepreneurship is an important act known for creating a business opportunities forearning profitability. It is majorly related with transforming the world by evolving the big issuessuch as initiating social change, with innovative products or a unique life changing solutions.This report is based on the new business idea, originated by “Coffee exotica” which introducesnew range of coffees that are red velvet, unicorn latte and rainbow latte to enchant existing andnew consumers. This assignment covers various sources of entrepreneurial idea and innovationby evaluating rationale and market gap with help of various tools and techniques. It alsoincludes gap analysis by using data to evaluate entrepreneurial idea and SWOT analysis toexamine viability of entrepreneurial idea. At last it evaluates competitive market environmentfor accessing potential viability of business project.TASK 1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.Innovative business ideas are very much important for entrepreneur as well as consumersand it comes from various sources by evaluating social change, innovative mindset anddetermination to bring unique life changes. In context of Coffee Exotica that bring chain ofunique coffee's for their consumers so to evaluate sources that inspire them should be accessedwith help of Drucker's model of innovative opportunity that are as follows:The unexpected:Market place is foremost area to identify opportunities and a good manager constantlyevaluate scope of their business (Aliaga-Isla and Rialp, 2012). In that regards they focus onproduct or services are in greater or lesser demand in anticipated market. They also find out waysto exploit hidden opportunities in positive manner so manager or entrepreneur majorly rely onevolve rare opportunities to remain always competitive. The unexpected event helps to anentrepreneur to evaluate the market gaps by finding out opportunities that are relatively lackbehind in order to comply with deficiencies. In context of Coffee exotica they aimed to bringseries of coffee in market by analyzing market gaps. The incongruity:The Incongruity denotes the gap between what is and what should be. Variousorganization fail to develop the willing product or services as they not focus on appropriateresearch regarding target market,demand of consumers and many more factors (Busenitz And
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et.al ., 2014.). So by taking reviews from consumers, feedback and grievances helps to evaluategaps while providing products and services to consumers.It is one of most important factor thatshows the realities of concerning market. After evaluating the market and share of coffee inrespective field helps to organization to come up with new ideas or beliefs that in market theratio of profitability rises day by day that is major component to capitalize opportunities. Process need:Process need consist of evaluating major areas of an organization for correcting orredesigning them. It is task oriented rather than situation focused in which opportunities occursfrom with in the organization to bring reforms in concerning areas to better perform.In contextof Coffee exotica they evaluate the market needs and current products and market. After thatevaluate that market products should be redesigned as consumers become more demanding sothey aimed to launch in market. Industry and market structure change:As per the Drucker's model sometimes innovative ideas come from when industry ormarket continual faces fluctuations such as technological advancement demanded, lag inprofitability due to disruption and kinds of factors. So leaders closely evaluate each and everyfactor to remain always competitive by adopting innovative business or idea which is Time'sdemand. The coffee industry divided into the three main segments that are growers, roasters andretailers and also two main economic structures which helps to control the coffee industry. Incontext of Coffee Exotica they aimed to launch the series of coffee as per the needs of consumersto remain always competitive in marketplace. Demographics:Organizations directly affected by change which occurs in demography by determiningdemand of products, target market and quantity of products purchased by consumers (Chell,2013.). Change in demo-graphical factors such as age, education, purchasing power ofconsumers and their education level are affected on business decisions. Change in perception:Change in perception is very much crucial factor for an organization so managementhave to keenly study perception of their target market. Now a days perception changes overnightdue to advent of technology, involvement of social networks and many other deliverable. Thesecrucial level of perception brings innovative ideas in mind of entrepreneurs after conducting
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