Assignment: Identifying Entrepreneurial Opportunities
13 Pages4193 Words24 Views
Added on 2020-10-04
Assignment: Identifying Entrepreneurial Opportunities
Added on 2020-10-04
ShareRelated Documents
Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Identification and assessment of various sources of entrepreneurial ideas & innovation.....1TASK 2............................................................................................................................................4P2 Rationale and market gap for particular entrepreneurial idea by using relevant tools..........4TASK 3............................................................................................................................................4P3 Data needed to aid gap analysis in entrepreneurial idea evaluation......................................4P4 Interpretation of data to administer evidence of market potential.........................................5TASK 4............................................................................................................................................6P5 Application of SWOT analysis to assess entrepreneurial idea..............................................6P6 Evaluation of competitive and market environment to assess potential viability..................7CONCLUSION ...............................................................................................................................8REFERENCES .............................................................................................................................10
INTRODUCTIONIn modern market, identifying an entrepreneur opportunities is considered as importantsector through which company can develop new ideas and creation. This sector is growing dayby day because more of persons are much interested in starting their own start-ups in which theycan apply their own ideas and plans in external market so that they can earn more profits. Changein the market are fastly adopted by company so that they can adopted new technology which isintroduced by young entrepreneur who focused on results by understanding of demand ofcustomer's (Block and Wagner, 2010). Under this case company Natural essence is considerwhich deals in skin care products and established its business in 1998 as a exporter andmanufacture of massage cream. This company is also famous for start ups which is liked bycustomers due to which they earn high profits from their products. This report is discussed aboutthrough which new ideas can be examine so that they take rational decision on the basis ofexternal market scanning. In this SWOT analysis also discuss which help the company to knowtheir strength and weaknesses.TASK 1P1 Identification and assessment of various sources of entrepreneurial ideas & innovationEntrepreneur are those person who can develop their own ideas and implement them ininnovative ideas in order to apply different business plan which help in generating profits fororganisation. These individuals are always try to apply their own new and innovative ideas inorder to increase increase economic growth of nation. With the help of applying STEEP factors itdevelop lot of employment opportunities for people of nation. Entrepreneur take use of variousapproaches of experts which help them in developing more structure in organisation. Byapplying new innovative idea Peter 7's sources of innovation play a important role in establishingorganisation (Dimov, 2011). These sources are discussed below:Social factor:- This factor is important in determining that people are able to understandthe value of technology or not. It is necessary to observed while starting a business that financialcondition of entrepreneur should be strong.Economical factor:- There are some condition in which entrepreneur can invest hugeamount of capital through which they can earn more profits. It includes inflation rates, per capitaincome, interest rates and GDP rates which show better economic condition of nation. It iscorrect time for individuals to develop industries of cosmetic products. 1
Technological factor:-Due to implementation of new technology in market it creates lotof opportunities for people. In order to cope up with this new technology it is very important forentrepreneur to hire such type of people who are experts. Due to this change company able toproduce more cosmetics product which help in increasing productivity of cosmetic products. Soentrepreneur can apply new and innovative technology in order to achieve different activities inproduction of cosmetic products (Ekpe, Mat and Razak, 2010). Political Factor:-While developing an organisation entrepreneur should take properknowledge of political condition of nation. They should maintain good relationship with politicalgovernment which help them in supporting new cosmetic plant in different countries. They alsoget the proper knowledge of various taxes which they implement while establishing of plant.Economical factor:- Entrepreneur should able to follow environmental factors if theywant to established plant in different place. For this corrective measures should be taken inadvance in order to cope up with problems while performing different function of organisation sothat they take proper care in order to not to give negative effects on nature.Peter F. Drucker give 7 innovative ideas which are stated below in order to manufacturecosmetic products like Natural essence.The Unexpected:-It is outside event that take place independent of what the enterprise isworking on . The market place is better are which help in find out opportunities. A good managershould constantly study the market.Incongruities:-It is a disconnect between what is and what should be. Foe eg. The steelmills and the creation of mini mills.The demand for steel increased but the economicperformance from traditional large steel mills did not. It can be done between reality andassumptions (Foo, 2011). Process Need:-Organisation always try to implement new and innovative methods inorder to perform various function of business. The source of innovation for a process need is animperfect task or step in an existing process.Industry and Market Structures:-Changes in industry and market are the good time toinnovate new ideas .For eg. It include cell phones, tablets and even shift from product basedbusiness models to service based show a change in structure that offered platforms forinnovation.2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Identifying Entrepreneurial Opportunities Essaylg...
|12
|4007
|47
Identifying Entrepreneurial Opportunitylg...
|17
|5276
|41
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation (Doc)lg...
|21
|5891
|172
(Solution) Identifying Entrepreneurial Opportunities Assignmentlg...
|17
|4642
|359
Identifying Entrepreneurial Opportunitieslg...
|17
|4758
|61
Report on Entrepreneurial Opportunities : Natural Essencelg...
|17
|4812
|36