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(pdf) Identifying Entrepreneurial Opportunities | Assignment

Added on - 09 Dec 2020

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IDENTIFYINGENTREPRENEURIALOPPORTUNITIES
Table of ContentsINTRODUCTION..........................................................................................................................1TASK 1............................................................................................................................................1P1 Different sources of entrepreneurial ideas and innovation....................................................1TASK 2............................................................................................................................................4P2 Explain the principle and the market gap for a specific entrepreneurial content...................4TASK 3...........................................................................................................................................5P3 Presenting data to support gap analysis and evaluation........................................................5P4 Interpretation of data availed...............................................................................................7TASK 4............................................................................................................................................7P5 SWOT analysis to asses the entrepreneurial idea.................................................................7P6 Evaluating competitiveness and market environments..........................................................8CONCLUSION...............................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneurs are the individuals who have large number of ideas on which they investtheir capital to start new venture (Guerrero, Urbano and Fayolle, 2016). As in order to startventure, there is a risk in starting new venture. There is lots of products are produced by theorganisation but they cannot sustain in the market for longer period of time due to change inbuying behaviour of customer. Therefore, an organisation needs to implement innovation processto implement change in the existing products. Herbal Beauty Care Ltd is the new venture whichdeals to provide different types of herbal products to customer. Their new innovative product isHerbal Skin Cream. Due to change in buying behaviour of customer company needs toimplement change in various to attract large number of customer. This report explains aboutsources of entrepreneurial ideas and innovation, gap analyses, SWOT analyses is performedentrepreneur helps to sustain in the marketplace.TASK 1P1 Different sources of entrepreneurial ideas and innovationEntrepreneurship is the method by which an entrepreneur implements new and innovativeideas to maximise the level of profit of company. Entrepreneur is the person who executes newand innovative idea which helps to generate large number of revenue and give lots ofemployment opportunities to customers (Kidwell, 2013).There are various factors of STEEP which is implemented by company in order to start anew venture in an effective manner. There are different plans and policies which are used by anentrepreneur to define the structure of organisation in proper manner. They generates new andinnovative ideas from different sources like magazines, albums and various newspapers.Entrepreneurs implement 7P's source of innovation which aids to perform various operations ofnew venture in effective manner.The seven sources of innovation are mentioned below:Social factor:This factor plays an important role to ascertain the values of new andadvance techniques which is used to understand effectiveness by people living insociety. The management needs to find new business the owner of company needs toexamine the financial condition of entrepreneur needs to be in good state. There is lots ofchange are done during Brexit division. There are large number of modification in rules1
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