Identifying Entrepreneurial Opportunities and Innovation: Doc

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation..............3
TASK 2 ...........................................................................................................................................5
P2 Explain the rationale and the market gap for a specific entrepreneurial idea using relevant
tools and techniques....................................................................................................................5
TASK 3............................................................................................................................................6
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea..............................................................................................................................................6
P4 Interpret data appropriately to provide evidence of market potential....................................8
TASK 4 .........................................................................................................................................13
P5 Apply a SWOT framework to collate evidence to support an objective of specific
entrepreneurial idea...................................................................................................................13
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability............................................................................................................13
CONLUSION ...............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship is a process of designing and launching a new business venture into the
potential market. The individual who create this business are called as entrepreneurs. However, it
is responsibility of entrepreneur to manage as well as organise the business venture in such a way
that maximum amount of profit is attained (Davidsson, 2015). For business analysis is has been
critically identified that in today's competitive business environment there are variety
opportunities which are potentially available in market through which maximum returns to
entrepreneurial efforts are gained. This report is based on The Robotic Restaurant which coming
up with new business venture in UK market. The interior of restaurant would be 5D and the
restaurant would make use of robot as waitress. The outcome this report aims to cover several
aspects through which new opportunities available in potential market can be effectively
identified. Determination as well as evaluation of different sources of entrepreneurial ideas and
innovation shall be made. Reason behind market gap should be identified using relevant
techniques and tools. Proper SWOT analysis shall be considered in order to identify strengths as
well as weakness of respective business organisation. Lastly evaluation shall be made in order to
identify competitive market wherein this innovation shall be launched to asses potential viability.
TASK 1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.
There are variety of different sources of entrepreneurial ideas and innovation which are
potentially available through which monetary benefit can be gained in long run. However, in
order to capture a reasonable market share in potential market entrepreneurs are coming up with
unique business venture so that competitive advantage shall be gained. Through adoption of such
unique ideas and innovation entrepreneurs occupy a consistent position in the economy. This is
eventually because huge amount of revenue is generated through entrepreneurial activities
(Green, 2015). In order to significantly identify business opportunities with respect to The

Robotic Restaurant entrepreneur have adopted Drucker's sources model. This model consist of
seven different sources of innovation.
 The Unexpected: This is basically when innovation within an organisation takes
unexpectedly. However, a keen study shall be conducted by marketers in order identify
the needs as well as demand of targeted customers. The unexpected situation is extremely
powerful through which leaders are highly motivated.
 Incongruities: This is a source of innovation wherein entrepreneur aims to think out of
the box and invent something which is never can launched in potential market (Hang,
Garnsey and Ruan, 2015). Many individuals failures to under the exact needs as well as
demand of potential customer. Therefore, proper strategies might be invented in order
gain success. Further, customers feedback and reviews helps to determine incongruities.
 Process Need: This source of innovation is task focused rather than situation focused.
Herein the prime source of opportunity basically comes by analysing the process adopted
by respective company. Weak spots and ways to improve these areas are essentially
adopted. Through this the most effective innovation within an organisation shall be
witnessed.
 Industry and Market Structure Change: Change in market structure as well as
industry is one of the most important source of innovation. However, entrepreneurs shall
keenly identify the changes and treat these factors as opportunities rather then
considering changes as threats.
 Demographics: Ideas and innovation invented by an entrepreneur are highly impacted by
demographics. Changes in demographics impact the market demand of goods and
services. Demographic factors basically includes age, education, income level and several
other similar aspects. Herein identification is made to identify buying pattern of targetted
customers in order to effectively meet the demand.
 Changes in Perception: An entrepreneur shall successfully aim at coming up with such
innovation that it creates a unique perception in the mind of company's potential
customers (Hansen, Monllor and Shrader, 2016). Through such innovation business is
able to attain sustainability and overall market share shall be enhanced.
 New Knowledge: Under this source of innovation complete new knowledge is required.
Proper market analysis is conducted in order to exactly identify needs as well as demand