Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities
TASK 1

Table of content
 Introduction
 Different sources of entrepreneurship idea and innovation
 Conclusion
 References

Introduction
In present era, entrepreneurs have
responsibility for weighing up
opportunities, threats along with
individual capacity for translating
opportunities into successful
business idea. The presentation
includes possible sources for new as
well as innovative business idea.

Different sources of entrepreneurship idea
and innovation
Presently, wide sources of entrepreneurial ideas together
with innovation are available that influences
entrepreneurs to establish and run a business venture. In
case with Tesco, the innovative idea is Detoxify Drinks
that is build after analysing various sources of ideas and
innovation. Peter F Drucker is popular management
author and consultant who gave seven sources of ideas
that entrepreneurs can use for innovations.

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Following are some of sources:
The unexpected: As per the source, unexpected situations can
create innovation. Unexpected things generally inspires
entrepreneurs to innovate ideas after analyzing situations.
Incongruities: The another source that result in innovation
within the dissonance between what is, what it is purported to be,
what everybody assumes.

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Process needs: The source which helps in analysing weak spots in
business procedures and then redesigning it.
Changes in industry along with market structure: when some
changes arises external market structure along with industry then
something innovative is build.
Demographics: It is related to changes in lifestyle of population
that results in innovation.

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Changes in perception: Perceptions are said to the ways in which
external people changes they aspects for something. For instance,
population of UK are shifting their perception towards some organic
commodities from soft drinks.
New knowledge: New knowledge also results in innovation. For
example, entrepreneurs of Tesco gained new knowledge about the
ingredients and components that lose weight and making complexion
fair.

Conclusion
The presentation concludes that entrepreneurs have to
identify opportunities for sustaining in market. Some of
sources that results in innovative ideas are new
knowledge, perception changes, process needs,
unexpected and so on.

References
Rastkhiz, S. E. A. And et.al., 2019. A new approach to evaluating
entrepreneurial opportunities. Journal of Small Business and
Enterprise Development.Miocevic, D. and Morgan, R.E., 2018.
Operational capabilities and entrepreneurial opportunities in
emerging market firms. International Marketing Review.
Sagath, D. and et.al., 2019. Identifying design principles for
business incubation in the European space sector. Journal of
Business Venturing Insights. 11. p.e00115.

Thank You