Identifying Entrepreneurial Opportunities Assignment - Infolex

Added on - 22 Nov 2020

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Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Determine and evaluate different sources of entrepreneurial ideas and innovation..............3TASK 2............................................................................................................................................4TASK 3............................................................................................................................................5P3 Present data needed forgap analysis in evaluation of aspecific entrepreneurial idea......................................................................................................5P4 Interpret data appropriately to provide evidence of market potential....................................7TASK 4..........................................................................................................................................10P5 SWOT analysis to support objective assessment of an entrepreneurial idea.......................10P6 Evaluate the competitive and market environments in which the idea will be launched toassess potential viability............................................................................................................11....................................................................................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONIdentifying entrepreneurial opportunities has become important for an individual to starttheir own business with an intention to earn the higher profit along with generating employmentopportunities. For this, perfect idea generation is needed, where application of desired strategieswill be applicable for long term business and venture (Busenitz, 2012). This report will be coverInfolex, which is the new budget ended smartphone companies, headquartered in London, UnitedKingdom. As, this report will cover generation for new business entity, hence different sourceswill be identify. Apart from this, companies will dealin budget ended smartphones with highspecifications. This report will cover determination and evaluation of different sources forentrepreneurial idea. Also, report will present the data which are needed to support the gapanalysis along with interpretation of it for potential of the market. This report will focus onSWOT analysis to measure the suitability and reliability of an entrepreneurial idea along withstudying of the competitive and market environments.TASK 1P1 Determine and evaluate different sources of entrepreneurial ideas and innovationEntrepreneurial idea are important for an every individual or group of people to start theirown business, with an agenda to acquire the customer trust, generating employment scope andfacilitating the customer, the experiences of well-structured products or services (Kacmar, 2014).Various sources such as information/knowledge from existing business, proper market outlooketc., would facilitates an individual to give acceleration to their business idea's. Determinationand evaluation of business ideahas been explained through Peter Drucker model which is asfollows:The unexpected:This actually says that market place & conditions are suitable to pursuebusiness opportunities. A good manager should be constantly studying the market scenario oravailable trends. In context with this business idea, UK market is the suitable for low budgetsmartphone. This is why because, people are buyers of smartphone are looking for low endedsmartphone, might be as a reason of their affordability or they are not interested to spend highmoney.
The Incongruity:There is a discrepancy between what is and what should be. This is akey to developing wildly successful businesses but it's tricky. In context with tech businessentities, Facebook has nailed it. In UK market, various companies are selling budget smartphone,but they are selling with old technology, which simply means “Scrap”. This business idea and itsopportunity will be longer in UK market for at-least two decades. In response to this, idea willsustain, because of large customer base around entire UK and Infolex commitment for price asattractive points to maintain customer trust in them.Process need:Process need involves identifying your company’s process weak spots andcorrecting or redesigning them. Here, in UK market, potential for budgeted ended smartphone ishigh, company are selling such a “Scrap”.Through this, special focus will be given to customerpriority, instead of process. Customer desires for budget ended smartphone is high and this hasled me to come as entrepreneur to solve identified desires.Industry and Market Structure Change:This says that market and industry are incontinuous flux. Regulation changes and some product lines expansion are required to fulfil thebusiness idea. Infolex has opportunity to generate product & quality changes at the higher rate topush theirin market. Actually, they need to work along with such flux of market and industrysuch as suppliers regulations, current distribution channel to asses their product in market.Demographics:Market constantly see changes occur in populations, income levels,human capital (education) and age ranges. Smart firms are constantly paying attention to this.Idea of Budget ended has been arrived, when look at the income level of people and focustowards stop wasting money on high ended phones.Changes in Perception, meaning and mood:Over many times, perception level ofpeople has changed.The way people perceive things has created scope for entrepreneurialopportunities from time to timeand how they feel about things also is modified over time andsmart companies must pay attention to this in order to capitalize. This has inspired for creation ofnew end phones through clear and complete understanding of thought process, which people useswhile expressing their satisfaction level to their colleagues, peer, friends etc.New knowledge:As the speed of technological revolution increases, there will be an everincreasing number of opportunities that open up. New knowledge is about more than justtechnology though, it’s about finding better ways of doing things and improving processes. Thiswill provide me exact knowledge of current trends running in smartphone to identify changes,
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