Identifying Entrepreneurial Opportunities
Added on -2020-07-23
Identifying Entrepreneurial Opportunities INTRODUCTION 1 TASK 11 P1 Determining and evaluating the different sources ofentrepreneurial idea and innovation 1 M1 Evaluation of Drucker's 7 sources of systematic innovation 2 TASK 23 P2 Explaining the rationale and the market gap for specific entrepreneurial ideas 3 M2 Providing justification of the way specific entrepreneurial idea fills a market gap using several techniques for competitive analysis 4 TASK 35 P 3 Presenting the data needed to support gap analysis in evaluation of specific entrepreneurial idea.5
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Identifying Entrepreneurial Opportunities
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determining and evaluating the different sources of entrepreneurial idea and innovation. .1M1 Evaluation of Drucker's 7 sources of systematic innovation...........................................2TASK 2............................................................................................................................................3P2 Explaining the rationale and the market gap for specific entrepreneurial ideas ..............3M2 Providing justification of the way specific entrepreneurial idea fills a market gap usingseveral techniques for competitive analysis...........................................................................4TASK 3............................................................................................................................................5P 3 Presenting the data needed to support gap analysis in evaluation of specificentrepreneurial idea................................................................................................................5P4 Interpreting data to provide the evidence of market potential..........................................8P5 Applying SWOT framework to gather evidence for supporting an objective assessment ofspecific entrepreneurial idea ................................................................................................9P6 Evaluating the competitive and market environment in which ideas will be launched .10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONAn entrepreneur is a person who is responsible for managing as well as controlling thebusiness activities. It is the quality of business perform that they have the high risk bearingcapacity and innovative skills who allows them to generate new ideas for increasing profitabilityand sales. Function of entrepreneur is to explore as well as capture various businessopportunities. Entrepreneurial opportunities is defined as the situation which new products,services, policies , procedures can be launched and sold at the higher price to customers.Business owners have the knowledge about the application of strategies in order to gain highreturn or additional field. Entrepreneurs are also aware about the various barriers which mightoccur in managing business in successful manner. Characteristics of an entrepreneur is that theyare more interested in finding new ideas to bring change at workplace and expand businessoperation.The purpose of the project is to identify the several sources of entrepreneurial ideas andinnovation. It also emphasizes on developing the understanding about different types ofinnovation.TASK 1P1 Determining and evaluating the different sources of entrepreneurial idea and innovationThe business ideas can be related to development of new products or services, inventionor solution to some specific problem. Entrepreneurial opportunities can provide entrepreneur anopportunity to bring drastic and positive change in business and improve method of working.These opportunities can be achieved by individual if he has desire to become effectiveentrepreneur. There are several sources from where the innovative ideas can be generated byentrepreneur these are:The unexpected-The market place is the number one area to look for opportunities,It is requiredby marketing manager in an organisation to conduct research at regular interval of time. As thisstrategy will help them in generating of new ideas for product development.The Incongruity-This is a key to developing wildly successful businesses but it’s tricky. FProcedure need-Process need involves identifying your company’s process weak spots andcorrecting or redesigning them. It is considered to be as a major source of innovation.1
Changer in market or industry structure-When a antecedently organized industry becomesopen there is historical priority for companies that enter early to be very flourishing. There arecontinuous fluctuations in markets and amendments in regulation .It is required by nhorganisation to keep itself update about the such changes.Demographics- It includes changes in income levels ,populations, age etc. Integratingdemographic information with segmentation and targeting is a powerful method of accuratelymeeting a target market’s .Changes in Perception, Meaning, and Mood- over time people and their needs are changing.The way they view life changes, where they take their meaning from, and the way they feelabout things also is modified over time and smart companies must pay attention to this in orderto capitalize.(Zahr and et.al, 2014)Types of InnovationProcess innovation-This sort of innovation have focus on the innovation of processes by whichproduct is being created It involves exploitation of innovation method for making changes inmethod and techniques utilise for producing goodPosition innovation-This form of innovation procedure assist business entity in repositioningtheir existing products. It also provides to an organisation a chance to re launch its product in themarket.Product innovation-This type of innovation is utilized by such company that desires to improveand modify their existing products.M1 Evaluation of Drucker's 7 sources of systematic innovationAccording to the model proposed by the Ducker's , systematic innovation can be definedas monitoring seven sources for innovative opportunity., the fist four sources of innovation arepresented within an organisation (Stuetzer, et.al, 2017) The seven sources of innovations are:Unexpected- here term unexpected is related to uncertain risk or situation.Incongruity-This is considered to be as gap deviation between actual and real fact.Innovation based on need of procedureschange in structure of industry or market is another main internal sources of entrepreneurial ideaand innovation.2
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