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Identifying Entrepreneurial Opportunities

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Added on  2021-02-18

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Identifying Entrepreneurial Opportunities INTRODUCTION 1 P1 External or macro environmental sources of changethatcreate opportunities 1 P2 Identification of customers 2 P3 Market research to support viability for your business idea and identify market potential using a range of sources that could be both primary and secondary2 Use of big data to access market trends, internet forums and social media to test market responses and evaluation8 P4 and P58 CONCLUSION 10 REFERNCES12 12 INTRODUCTION Entrepreneurial opportunities are defined as the situation in which

Identifying Entrepreneurial Opportunities

   Added on 2021-02-18

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Table of ContentsINTRODUCTION ..........................................................................................................................1P1 External or macro environmental sources of change that create opportunities ....................1P2 Identification of customers ...................................................................................................2P3 Market research to support viability for your business idea and identify market potentialusing a range of sources that could be both primary and secondary...........................................2Use of big data to access market trends, internet forums and social media to test marketresponses and evaluation ............................................................................................................8P4 and P5 ....................................................................................................................................8CONCLUSION .............................................................................................................................10REFERNCES ................................................................................................................................12.......................................................................................................................................................12
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INTRODUCTION Entrepreneurial opportunities are defined as the situation in which products and servicesare sold at greater prices than the cost of production. An entrepreneurial opportunity is a futureoriented action of entrepreneurs (Baldacchino, 2013). Entrepreneurs are looking for new andinnovative ideas for earning growth and profits for their business. The individuals who wants toexpand their business must make effective strategies and plans for converting these intosuccessful actions. In the following report, entrepreneurial ideas and the different ways offunding them are described. This report has competitive analysis as well as gap analysis formaking business viable. An effective market analysis is given for analysing the strengths andweaknesses as well as opportunities for doing business. P1 External or macro environmental sources of change that create opportunities The seven sources of innovation are given by Peter Ducker. He gave these sources whichare helpful in making innovative opportunities for the company. They are given below- The unexpected success and failure – According to Drucker, the best source forinnovation is from an unexpected failure or success. This means that when companies start a newbusiness without taking care of it's loss or profit. This can be explained by an example- Marriottstarted it's business of hotel chain just like that the owner was not knowing that it will beappreciated by customers and make huge profit for the enterprise. Earlier it was involved inrestaurant chain. Incongruities- According to Drucker, incongruity is described as a discrepancy ordissonance between what is actual expectation and what is assumed need of the customer. Theincongruity between perceived and actual values and expectation of customers. This is the mostcommon type of incongruity. The companies must know exactly what are needs and demands ofcustomers and then make products (Elenurm, 2012). The marketers cannot just assumerequirements needed by customers and make products. Innovation based on process needs – The incongruities in process should look into weakprocesses. Opportunities for innovation are present if there is a recognised demand forcompleting the process. 1
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Changes in Industry and market structures – The changes in market and industrystructure generally takes place while change in customer preferences, new values and tastes. Thegrowth of any company is indicator for changing structure of the organisation. Demographics – Innovation depends upon demographic and population changes like age,education, income, geographic shift, etc (Grégoire and Shepherd, 2012). Any industry orcompany considers these factors before launching a new product in market. Changes in meaning and perception – Customers have different perception about theinnovation and company has to take care about requirements of customers for making productsthat are liked by them. New scientific and non-scientific knowledge - New knowledge is a source of innovativeopportunities. The employees of the company must have knowledge about new technologies andtrends that will help in making good and effective products for the company. This will help inincreasing profits and sales of the company. P2 Identification of customers There are different ways by which marketers estimate the condition of market forintroducing new products and services. Marketing and entrepreneurs take care that they do nothave to face any problems while launching the product or service in market. The Porter's Fiveforces Model analysis includes several estimations which are given below - Bargaining Power of Buyers The bargaining power of customers depends upon quality and price of the product. Whenthe number of buyers are less, then they have more power for influencing suppliers to provideproducts and services on price estimated by customers (Hang, Garnsey, and Ruan, 2015). Theprice set by Techfirm for it’s new smartphone is less as compared to price of other smartphonesin market. This is done in order to attract more number of buyers. Bargaining power of suppliersThe bargaining power of suppliers is defined as the extent up to which a supplier canbaragain for a product. The bargaining power of supplier is based on availability of the numberof suppliers. The suppliers of software, systems, hardware required in making of smartphonehave less number of supplier. Thus it is the power of supplier to sell hardware and software ontheir estimated price. 2
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