Identifying Entrepreneurial Opportunities - Report

Added on - 22 Jul 2020

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Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Evaluation of different sources of entrepreneurial ideas and innovation.............................1TASK 2............................................................................................................................................3P2 Rationale and market gap for a specific entrepreneurial idea using relevant tools andtechniques....................................................................................................................................3TASK 3............................................................................................................................................6P3 Data needed to support gap analysis in the evaluation of a specific entrepreneurial idea.....6P4 Interpretation of data to provide evidence of market potential..............................................7TASK 4............................................................................................................................................7P5 SWOT analysis to support specific entrepreneurial idea.......................................................7P6 Impact of Competitive and market environments.................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONThere are different sources through whichsocietycan grow. Economic status ofsocietycan be raised by improving financial condition of country. So these days government isemphasising on opening new business venture. There is need of new and creative ideas whichaims at providing satisfaction to society(Devece, Peris-Ortiz and Rueda-Armengot, 2016). Thereare different factors which affect business objectives and they must be considered forsuccessfully running business. These days time is very dynamic and hencethere is requirementto come with new and innovating ideas. Entrepreneur has to give emphasis on scope of businessand possibilities of growth prospects. There are various policies framed by government tomotivate entrepreneurial venture. This report is based on Dream Clothing online business.Thisreport tells about various sources of entrepreneurial ideas, gap between market and actualstandards, SWOT analysis to support objective of entrepreneurial ideas, factors to be consideredfor starting new business.TASK 1P1 Evaluation of different sources of entrepreneurial ideas and innovationThere are differentideas in the mind of person who wants to establishnew business inmarket. There is requirement of many difficulties which may occur due to change in external orinternal factor business.It is essential to analyse market and in case of change in businesssurroundings, then it is essential to take them in consideration.There are possibilities thatcompany has to perform activities as per requirement of society. There are various factors whichhas to be considered by manager when they want to achieve business objectives. Some of thefactors are discussed under:Social factor -Dream Clothing is running business in society so social factors will affectthem to set goals and objectives.There are possibilities of some aspect then they can come withthat concept.There are many changes which are taking place due to change customer demandand their briefs(Gartner, Carter and Hills, 2016). There is difference in demand as per change ingeographical region or climatic factors. As there is trend of batch parties, hence entrepreneur getidea to start business of customised t-shirts.Economical factor -This is most essential factor which may affect business objectives.There is requirement of funds to start a business, so it is essential that organisation has to select1
source of fund which is most appropriate and useful for satisfying society. As there are someorganisation which provide customised t-shirt but they are costly and delivery is not on time.Technological factors -These days there are different technologies present which can beused by managers to achieve business objectives. There are possibilities that due to change intechnology there is some new thing arises(George and et. al., 2016). There is use of differentdesigning machine which proves to be source of innovative ideas.Political factors-This factor is also essential as due to change in political parties there arepossibilities that organisation has to change activities which impacts on their innovation. DreamClothing can innovate new things after analysing government parties.There is difference in perception of every personso it is essential to frame policiesaccordingly, there will less chances of failure. Dream Clothing is coming with idea to launchservices through whichcustomer can order t-shirts of design they want. This service is cheap inrate and aim of Dream Clothing is to deliver product in promised time.Peter F. Drucker gave 7 innovative ideas are beneficial for every business, so it isessential to consider them. They are discussed as under-Incongruity:This principle says that there must be use techniques which areextraordinary as compared to other. Objective of Dream Clothing is to deliver product at time.Process needs:There are some process followed byfirmto provide satisfaction toemployees. There are possibilities that due to change in process quality will improve or costreduces. Entrepreneur use innovative machines which is beneficial for setting business.Industry and Market Structure Needs:As change in market and target customer, thenthere is requirement of proper analysis of market so there are less chances of failure of productand services(Hmieleski, Carr and Baron, 2015). Textile industry is increasing and in markettrend of customised t-shirt increases.Demographics:As per change region demand also changes so it is essential to satisfyneed accordingly. IN UK countries there is need of t-shirt is increasing and as there people arebusy so they cannot go out to shop and choice design of t-shirt, hence there trend increases.Changes in Perception, Meaning and Mood:These days customer are more aware aboutfashion and current trends, so there is change in their needs and demands. This affects businessoperations also. As compared to initial days there is difference in thought of people and trend ofonline business increases.2
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