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(Solution) Identifying Entrepreneurial Opportunities Assignment

   

Added on  2020-12-18

17 Pages4642 Words359 Views
Identifying EntrepreneurialOpportunities

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation..............1TASK 2............................................................................................................................................4P2 The rationale and the market gap for a specific entrepreneurial............................................4TASK 3............................................................................................................................................6P3 Gap analysis in the evaluation of a specific entrepreneurial idea..........................................6P4 Interpretation of data to provide evidence of market potential..............................................7TASK 4............................................................................................................................................9P5 SWOT analysis to assess the entrepreneur idea.....................................................................9P6 Competitive and market environments in which the idea will be launched........................11CONCLUSION..............................................................................................................................12REFRENCES.................................................................................................................................14

INTRODUCTIONEntrepreneur is someone who starts their own business venture by identifyingopportunity to make a profit. A person operates a company alone and makes money through startup by considering risks, uncertainties and other factors. They come up with new ideas,innovation for producing goods or services to satisfy customers desired expectation.Entrepreneurs always look for various opportunities to grow business and achieve competitiveadvantage with the help of bringing changes, creativity, curiosity, innovation and inventionswithin organisation (Abu-Saifan, 2012). This report is based on Food & Fun restaurant whichrecently opened up in London, UK. This assignment will different sources of entrepreneurialinnovation and explain market gap for specific entrepreneurial ideas with tools or techniques. Itwill present data and interpret those for proper gap analysis. There will apply SWOT frameworksregarding entrepreneurial ideas as well as evaluate competitive market environment to assess thepotential viability. TASK 1P1 Determine and evaluate different sources of entrepreneurial ideas and innovationThere are number of entrepreneurs who started their own businesses and becomesuccessful. They bring new innovative thoughts or ideas while starting a venture so that betteroutcomes can be get in an effective manner. Many of individuals generally find big opportunitiesfor showing their talents and knowledge through developing business and apply skills forrunning in smooth manner. The Food & Fun is new restaurant that established in London as anentrepreneur who decided to starts a business venture for generating higher number of revenuesor profits and satisfy customers needs or wants (Audet, 2010). There is required a proper studyfor running business operations in which environmental factors considered. They can affects onthe organisation functions or activities so management make decisions to create effectivestrategies and action plans to survive in the competitive environment. Here described someexternal environmental factors to understand in better manner such as:Political: There are several political factors that have direct impacts on the business firmas it includes rules, regulations, taxation, restrictions, policies and procedure that canaffects on the organisational functions or its operations. Therefore, company have tofollow such rules that formulated by the government of UK. Food & Fun restaurant can1

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