P1 Determine and evaluate different sources of entrepreneurial ideas and innovation (Doc)
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Added on 2020-12-31
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation (Doc)
Added on 2020-12-31
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Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation..............1TASK 2............................................................................................................................................3P2 The rationale and the market gap for a specific entrepreneurial............................................3TASK 3............................................................................................................................................5P3 Gap analysis in the evaluation of a specific entrepreneurial idea..........................................5P4 Interpretation of data to provide evidence of market potential..............................................7TASK 4............................................................................................................................................8P5 SWOT analysis to assess the entrepreneur idea.....................................................................8P6 Competitive and market environments in which the idea will be launched........................10CONCLUSION..............................................................................................................................10REFRENCES.................................................................................................................................12
INTRODUCTIONEntrepreneur is an individual who starts and runs a small business firm by undertakingentire risks or uncertainties and rewards as well. The entrepreneur also known as innovator,producing goods or services, sources of new ideas and development etc. Therefore, to be asuccessful entrepreneur, there is requires continuously innovations and looking for variousopportunities so that business can be grow or run in more effective manner (Farmer, 2011).Every individual try to develop their small enterprises by finding several opportunities and bringinnovation, creativity or uniqueness in particular products or services so that number ofcustomers can be attracted to satisfy desired needs or wants as well. This report is based on CafeCappuccino shop which is a new start up and established in London, UK. It will define aboutvarious sources of entrepreneurial ideas and innovation with the help of rationale and marketgap. This assignment will support in analysing gaps and interpret data that helps in providingevidence of market potential. This will apply SWOT frame work to collate evidence that will bebeneficial for entrepreneurial ideas. TASK 1P1 Determine and evaluate different sources of entrepreneurial ideas and innovationIn the present scenario, many of individuals come up with new innovative ideas andcreative thinking while starting a new venture or small business. They always focus ondeveloping firms and generate more revenues in an effective manner. It is the biggestopportunities of individual that to come with unique ideas and generate higher profits by runningsmall business firm. There must bes required to select best alternatives solution from variousaspects or option as well. An entrepreneur is going to start a new cafe which is Cafe Cappuccinoat London (Yao, 2011). This is not an easy task start a new business venture in the competitiveenvironment because there are number of factors available that can affects on the businessoperations as well. Firm needs to considers various resources and better strategies to deal withthese forces and run business in an effective manner. There are defined some externalenvironmental factors that bring various changes as well as opportunities to develop particularbusiness such as:Political factors: In this included several political issues or conditions that influencebusiness ideas and its operations as well. In this defined that government may have1
favourable conditions by undertaking tax rates, rules or regulations and restrictions etc.there are wide scope of selected start up as individual can generate higher profits byserving variety of coffees to customers so that they will be ready to get foods andbeverages in more efficient manner. Economical and Social factors: In this consider customers related factors that havemajor impacts on the organisational profits and its reputation (Kung, 2011). Companyrequires to analyse customers needs and demands by conducting small research ofconsumer behaviour. In this, they will analyse customers choices, tastes andpreferences so that they can implements the ideas as well as provide better quality ofgoods or services as per their requirements. These are very beneficial in generatingmore profits and biggest opportunities for a new start up. Technological factors: in the present world, advanced technologies play an importantrole in increasing works productivity by making entire activities more effective andeasy.Role of entrepreneur: an entrepreneur has major role in developing country as they contributemore in increasing economies and growth. They come up with new innovative ideas andeffective plan while starting a small business. Entrepreneurs always focus on finding variousopportunities and grab these to develop business firms in an appropriate manner. There aredefines some major role of entrepreneurs such as: Entrepreneurs helps in providing job opportunities for unemployed people.They support in improving economic conditions and country's infrastructure.Entrepreneurs support to social people for developing their living standards.Types and scope of innovation: In this defined that entrepreneurs are needed to bring uniqueideas and creativity in producing goods or services so that customers can be attracted becausethere are lots of competition in the international market (Mcintyre, 2011). The Cafe Cappuccinohas wider scope as they can achieve long term benefits and make customers loyal towards firmas well. Innovation and invention: It is concern with two different concept as innovation and inventionsare very important aspects for modifying and changing in business operations, products orservices, and create new ideas or innovations so that particular goals or objectives can beachieved in well manner. 2
Evaluation of Drucker's 7 sources of systematic innovationIn term of small or medium enterprises requires to focus on bringing new ideas orthoughts for the purpose of achieving set goals or targets. Individuals always try to implementnew ideas and innovations for getting maximum outcomes in more effective manner. There aredefined Peter Drucker's 7 sources for systematic innovations such as:Unexpected: The main purpose of brining or adopting innovative ideas as well as thingsfor being ready to face any kinds of situations or challenges (Duru, 2011). Entrepreneursfocus on formulating better strategies and actions plans in well manner. Incongruity: It included several methods or techniques which support in making betteractions plans by following unique thinks. Entrepreneurs always thinks out of the box forstarting and developing firms.Innovation based on process needs: In this undertakes various new ideas as well ascreative thoughts which has based on needs or requirements.Change in industry and market: There is needed to adopt various innovative ideas andseveral changes in the industry as well as market. Demographics: In this, entrepreneur start business by segmenting market and createtarget customers for the purpose of increasing their satisfaction level.Changes in perception: There can be possibility to implement the new ideas and plans sothat individual can changes perceptions of buyers.TASK 2P2 The rationale and the market gap for a specific entrepreneurialEvery business organisations requires to analyse target market and particular customer'sneeds or wants so that they can provide them better quality of goods or services in an appropriatemanner (Grégoire, 2012). In this process, entrepreneurs undertake innovative ideas or creativethinkings as well as several kinds or tools or techniques for finding particular market, its currenttrends, situations, customers with their choices, tastes and preferences, needs or wants and strongcompetitors who are operating such kinds of business in the market place as well. There must berequired to identify various elements while launching a new business with ideas and effectiveproducts in the market. There are defined basic requirements for reducing such types of gaps:Identifying customers:3
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