Identifying Entrepreneurial Opportunities

Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P.1 Determining and evaluating various sources of entrepreneurial idea and innovation.....1
P.2 Rational and market gap for specific entrepreneurial idea through various tools ...........3
P.3 Data which supports gap analysis in evaluation of idea .................................................4
P.4.Interpretation of data........................................................................................................1
P.5 SWOT analysis to support specific entrepreneurial idea.................................................1
P.6 Evaluating competitiveness and market environments....................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Entrepreneurial opportunities is very important for every business. It is crucial so that
company can develop unique and creative ideas. Thus it can earn more profits and can increase
market share. Hence firm can also maintain competitive edge on others. Report focuses on
initiating a new business idea i.e. To launch a new fitness centre named as Natural Essence.
Hence it can satisfy many users (Arregle and et. al., 2015). Project explains about determining
and evaluating entrepreneurial opportunities, innovation and rational and market gap for
entrepreneurial idea using various tools. Assignment discusses the data to support gap analysis in
monitoring these plans,interpretation of data to provide evidence of market potential,use of
SWOT analysis to support objective assessment of specific entrepreneurial idea and checking of
competitive as well as market environment in which ideas are launched.
TASK 1
P.1 Determining and evaluating various sources of entrepreneurial idea and innovation
Natural essence wants to start a new and innovative idea that is starting of a fitness
centre business. So company can determine and evaluate different sources of entrepreneurial idea
and innovation.
For this it uses Peter F Drucker's 7 sources of innovation. It includes-
Unexpected: Company can determine the market conditions so that they can develop the
new machines and technologies for fitness level of all persons. It is important so that they can get
unexpected results.
Incongruity: Company has to develop differently from the competitors so that it can
survive in market. It can develop new and innovative tools so that they can create such machines
through which they can develop such beauty products through which people can become fit and
they do not have skin problems.
Process need: In this company identifies the weak points and then improving them. If
machines of Natural Essence are not according to latest technologies and market treads then new
idea of firm cannot run successfully . So hence company can develop that techniques which is
according to need of people (Ciravegna, Majano, and Zhan, 2014).
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Industry and market structure change: For surviving in market company have to evaluate
the recent market and industry trends (Gartner, Carter, and Hills, 2016). Then only it can
develop such machines and other tools through which it can maintain competitive edge on other
firms.
Demographics: Company have to evaluate the income level,sex of population. It is
important so that company can develop such machines and technologies which can fit all people
which the company has targetted.
Change in perception: Company has to evaluate behaviour and attitude of all people so
that it can create the technologies and tools which are suitable for customers. Through this it can
create unique image in front of all users.
New knowledge: Company has to innovate new technologies and tools through which
people can remain fit for long time. Through this firm can gain knowledge and skills and can
think of other ideas to develop machines.
STEEP factors: It is determine so that firm can evaluate the external trends . They are:
(Source: Analysing the external environment,2018)
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Illustration 1: Analysing the external environment