Identifying Entrepreneurial Opportunities PDF

Added on - 17 Sep 2020

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Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P.1 Evaluating various sources of business ideas...................................................................1P.2 Rational and market gap in entrepreneurial idea..............................................................3P.3 Data which supports gap analysis in monitoring of idea.................................................4P.4 Interpretation of data........................................................................................................9P.5 SWOT analysis to monitor entrepreneurial idea............................................................11P.6 Evaluating competitiveness and market environment....................................................12CONCLUSION..............................................................................................................................14REFRENCES.................................................................................................................................15
INTRODUCTIONIdentifying entrepreneur opportunities are crucial for every company. It helps thecompany to launch distinct and innovative products in market. It helps the organization toincrease their revenues and can satisfy users(Alvarez and Barney, 2010).Through this it canmaintain good and positive image in minds of customers Hence they can also maintaincompetitive edge on other firms.Report describes about Quality clothing firm which is start upcompany. Organization develop various designs and do printing on T-shirts. Thus it can satisfycustomers and can earn more revenues. Through this it can also give strong competition to othercompanies. Assignment explains about monitoring of possible sources for new and innovativebusiness ideas. Project discusses about choices of entrepreneurial idea for investigation andmarket gap and application of primary and secondary data to determine market potential andmonitoring this idea in market and assessment of market potential.LO1P.1 Evaluating various sources of business ideasVarious sources of business ideas are developed so that firm can develop innovativeideas. External factors considered by Quality clothing are-Peter Ducker's 7 sources of innovation: 7 sources of entrepreneurial opportunity are-Unexpected: In this entrepreneur can develop such as ideas which are unique and distinctand which are unexpected by people. They can be treated through evaluating requirements of allusers.Incongruity:In this firm creates unique styles and determine different methods of printingso that it can different experience to all users. It can use various methods such as uniquemachines which can create different designs of Block printing.Process need: Quality clothing can find new and innovative methods and techniques sothat quality clothing can create different designs of Block printing. Through this they can createattractive designs in less time.Industry and market structure: Firm have to monitor changes in market and industry.Thus it can create unique and innovative designs of printing on t-shirts. It helps them inexpanding business(Davidsson, 2015).Demographics: In this firm can evaluate requirements and needs of people. Thus createdifferent and appropriate designs in t-shirts according to preferences of users. It is targeted to1
young boys and girls so hence they create deigns according to their choice and preferences(Dimov, 2011).Change in perception: It can use various promotional strategies such as sales promotionand online advertisements in which it can create posters, attractive slogans and pictures of blockprinting so that it can capture many users.New knowledge: Firm can enhance its knowledge through searching of innovativetechnologies such as those machines which can create distinct and attractive designs in less time.Through this it can increase the knowledge.STEEP factors:External factors which influence Quality clothing are-Social: Quality clothing can create and develop designs according to preferences ofyoung boys and girls.Technological: Quality clothing can use innovative technologies in developing printingdesigns. They can use such tools and techniques which can create many different designs on T-shirts in less time which can set apart from other rivals.Economic: In case of deflation company is charging lower price from users so it benefitsthem a lot. Thus they can create distinct designs so that more young boys and girls are attracted.For example Quality clothing can create different ways so that it can create unique ways henceEnvironmental: Quality clothing do not waste items it can reuse and recycle manymaterials which can cause less harm to environment. For example, Quality clothing do not wasteany items and protects the environment. So hence it causes less harm to environment and society.Political: Quality clothing has to follow all rules and regulation and fix prices accordingto government. Then only it can survive in market. For example, it can set prices such as 50000prices which is set by government. Hence it can attract many users if it follows all rules.Schumpeter's theory of innovation:In this quality clothing can create unique and different technologies and tools so that theycan bring innovation in firm. It includes 2 stages. First is firm evaluate impact of innovative andcreative ideas. Second is monitoring answers given in applications are noticed(Ellis, 2011).Through this firm can create different and innovative ideas of printing designs on t-shirts.Types of innovation-2
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