Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Determining and evaluating distinct sources related to entrepreneurial ideas as well as
innovation....................................................................................................................................1
TASK 2............................................................................................................................................3
P2. Explanation of rationale as well as market gap in context to specific entrepreneurial idea
by using relevant techniques along with tools.............................................................................3
TASK 3............................................................................................................................................5
Covered in PPT............................................................................................................................5
TASK 4............................................................................................................................................5
P5. Application of SWOT framework for collating evidence for supporting objective
assessment of specific entrepreneurial idea.................................................................................5
P6. Evaluating competitive as well as market environments wherein idea will be launched for
assessing potential viability.........................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneur refers to the personality who have huge capacity and willingness for
developing, organise, run together with manage a venture for making profit. Entrepreneurs
identifies opportunities by listening potential clients in the surrounding areas (Bridge and
O'Neill, 2012). For such purpose, research practices are undertaken by individuals to identify
customer choices, market trends and many other aspects. At same time, they also analyses
competitors, existing market trends, legislative concerned with business addition to factors that
can influence the venture. For gaining insights about entrepreneurial opportunities, Detox Juice
Bar is the new idea that will offer organic and detox beverage drinks which will be made on
order as per diet and choices of population of Wembley. UK. Entrepreneur of the new idea will
take help from Virgin Money for consultation and finance for starting the venture. Present report
highlights about possible sources for ideas and innovation of entrepreneur, rationale and market
gap for the idea through relevant techniques and tools. Further, the report applied SWOT
framework and evaluation of competitive and market environment.
TASK 1
P1. Determining and evaluating distinct sources related to entrepreneurial ideas as well as
innovation.
In present era, there are various sources which are related to entrepreneurial ideas
addition to innovation that stimulates entrepreneurs to set and manage a new business venture
(Burns, 2016). Detox Juice bar is a new innovative idea whose entrepreneur is looking to launch
the venture at Wembley, London. Dynamic market demands and changing population
perceptions for organic juices, smoothies and other beverage commodities influenced the
personality to set this business. The targetted population are the youngsters and people who
focuses on taking detox beverages. Some of sources for ideas and innovation of entrepreneur as
provided by Peter F. Drucker are the following:
The unexpected: In modern era, innovation arises from unexpected situations. Business
world posses various unexpected circumstances which helps entrepreneur to generate idea and
innovation for new venture. For example, innovation of juice was one of unexpected source for
humans. It will benefit new business by introducing detox beverages that are unexpected by
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population and to gain huge responses. Where as, disadvantage of the source is that various
failures are associated with it.
Incongruities: Incongruity is the another entrepreneurial idea source that is related to
some discrepancy among what is to that of what should be (Campos. and et. al., 2015). For
example, while resolving current incongruities for beverage drinks, entrepreneur innovate the
idea of detox drinks which are healthy and helps in loosing weight. Benefits of the source is that
it resolves dissonance and create something unique. But, weakness is that it is tricky and time
consuming.
Process need: Needs are said to be mother of innovation. Needs of market helps in
innovating something. Process need includes identifying organisational process weak spots, later
redesigning them. In case with Detox Juice Bar, the entrepreneur identified weak spots of other
business process and redesign own idea through task oriented solution. The source helps in
focusing on situations or aspects that are weak and then creating innovative solutions to take
leads is major advantage of the source. However, identifying weak links and redesigning them is
complex and creates huge difficulties to analyse that whether they will help in gaining profits or
not.
Changes in industry and market structure: Changes within market structure as well as
industry give rise to innovations and new ideas. For instance, In beverage industry, various
changes arised helped budding entrepreneur to gain idea for innovating detox beverage drinks for
market of Wembley. Benefit of the source is that adoption of changes will help the new venture
to strengthen its product line as per market structure. In contrary, changes in industry together
with market structure shrinks ways of operations.
Demographics: Changes in lifestyles or income level of population is other source for
entrepreneurial innovation or idea. When budding entrepreneur of Detox Juice Bar analysed
changes occurring in income level, age ranges as well as education, they sourced the idea for the
offering detox beverage products. Benefits of demographics source to the new venture is that
focusing on changes in education and income level provides opportunities for offering suitable
drinks. However, considering all is unsuitable and creates cumbersome issues in success.
Changes in perception: Perception is said to the ways people perceives things in the
world. Changes in perception occurs often in regards to drinks and juices (Ceci and Prencipe,
2013). For instance, population of Wembley are changing their perceptions towards detox drinks
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