Identifying Entrepreneurial Opportunities Sample Assignment - Doc

Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
P1) Measure and examine distinguish sources of entrepreneurial ideas and innovation............1
P2) Discuss rationale and market gap for mango Lassi by using appropriate tools and
techniques....................................................................................................................................3
P3) Present data needed to support gap analysis in evaluation to specific entrepreneurial idea.
.....................................................................................................................................................5
P4) Interpretate data gathered ...................................................................................................6
P5) SWOT analysis...................................................................................................................11
P6) Examine competitive and market environment in that idea will be launched to assess
potential viability......................................................................................................................12
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
An entrepreneur is one who weigh up personal capacity, threats and opportunities
prevailing in the open market place and mould them into business idea. In the intense
competitive world they are liable for their new business risk and rewards (AHMADI and
MOKHTARI, 2018). They grow continuously because they focus more on innovation either in
new product or services or try to add something additional in it. This report is based on based on
the idea of launching a Sugar free mango Lassi by John and Mark which is a juice company in
Westminster, London. It is successfully growing across the nation because it in selling high
standard food and beverages products. This assignment covers Druckers's 7 sources of
systematic innovation. Rationale and market gap is discussed so that best results can be attained
in open market place. SWOT analysis is deeply studied in order to better understand strengths,
weakness, opportunities and threat prevailing in the market. Competitive market environment is
studied so as to capture targeted market and customers for the drink.
P1) Measure and examine distinguish sources of entrepreneurial ideas and innovation.
Creative idea can be emerged at any place at any time. There is no specified location and
time frame to discover innovative idea. The business idea is to launch a sugar free mango lassi
for health conscious people who wants but prohibit to consume drink due to having sugar. It will
be additional taste to Lassi with taking consideration of health of customers so as to attract large
health and diet conscious customers for the drink. Their targeted customers are people who are
trying to remain fit in hectic life schedule. The concept of introducing this business venture is
developed by Drucker’s which are mentioned below:
The Unexpected: It is related with identifying and undiscovered business idea so that it
can ensure that venture project gains significant support from customers within the marketplace.
John and Mark is coming up with sugar free mango Lassi so it is essential for entrepreneur to
increase understanding regarding Lassi taste and other preferences (Clark and Ramachandran,
2019).
Process needs: This high-lightening more on the weak points of the creative business
idea. Process need is very important to make rectifications in the entrepreneurial ideas in order to
achieve the emerging taste and demand of the customers in cut throat competitive market place.
market.
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Incongruities: Unique and innovative idea is the only way to grow the business in global
market over the years. The success and failure rate totally depends on type of distinguish product
is served to the potential clients as compare to other competitors. So as to measure incongruities
it is very important to evaluate consumer’s reviews and feedbacks on regular basis.
Demographic: This is uncontrollable in nature and it creates direct impact on business
day to day function in both positive and negative manner. The demographic change in illiteracy
level, age group and so on influence business and provides new opportunity.
Changes in perception: To bind customers for longer time duration it is essential to
study customer’s changes in perception level (Ezeahurukwe and Ameh, 2018). Fluctuation in
perception are changes in ideologies of person which leads in generating numerous business
opportunities for entrepreneurs in neck to neck competitive world.
New Knowledge: In the era of technology it generates possibility of businesses for
entrepreneurs to capture the benefits of market opening and present goods and services. John
and Mark can meet the preferences of consumers who are more conscious about maintain their
healthy lifestyle within United Kingdom.
Industry and market structure change: Technology is the success ladder as well as
shows exit gate to the business if they are managed properly. Up gradation in technology helps
John and Mark to capture opportunities prevailing in the market as well as changing threats into
new business opportunity.
STEEP factor: It is used to study external factors in open market place. The points are
explained below:
Social factor: Society traditions, customs are examples of social factor all this affect the
sugar free Lassi drink introduced by John and mark in positive and negative way. To overcome
this management frame tactic to grow the business successfully.
Technological factor: Using of 3D technology helps Lassi drink to attract large number
of customers for the mango Lassi which will raise their productivity and profitability ratio
(Fritsch and Wyrwich, 2018).
Economical factor: Wages act, government policies etc. are mentioned in this factor.
John and mark Lassi drink follow all the necessary economical factor so that potential employees
can be retained back.
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