Identifying Entrepreneurial Opportunities Concept
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Added on 2020-10-04
Identifying Entrepreneurial Opportunities Concept
Added on 2020-10-04
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Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................11. Sources of innovative entrepreneurial ideas...........................................................................12. Introduction of business idea, who and where is potential consumers and targeted audience.....................................................................................................................................................33. Competitor analysis to look at the competitive marketplace..................................................34. Gap analysis, current and future situations and objective of business ides............................55. Market research to support viability of business using range of sources such as primary andsecondary.....................................................................................................................................66. Viability and feasibility of business idea, strength and weakness of business.....................127. Risk of competition and potential opportunities for growth and development.....................13CONCLUSION .............................................................................................................................13REFERECNES..............................................................................................................................14
INTRODUCTION`The concept of entrepreneurial opportunity is the central for study and theory ofentrepreneurship. Entrepreneur are the individuals who pursue entrepreneurial opportunities.Entrepreneurial opportunities are usually defined as situation where products and services can besold at a price greater than the cost of their production. It is considered as opportunity whereentrepreneurs can take a action to make profit. It emerges at the nexus of individuals aspersionswith economic and social conditions perceived as favourable to create a new product or service,either in an existing market or a new one. In this competitive world preference of consumers arechanging continuously and persons starting a business possess various ideas but one idea whichis feasible can be launched successfully in marketplace (Aliaga-Isla and Rialp, 2012). Thisproject report is based on the idea of launching organic chocolates by “Munches”. This reportwill explore the sources that inspire and motivate new business idea with gap analysis. This alsoincludes the SWOT and market analysis of entrepreneurial idea to start a new business venturesuccessfully. 1. Sources of innovative entrepreneurial ideasIn the world of digitalisation many business opportunities are identifies through socialmedia so as to create a start up in the marketplace. Business that are started in the economy likeUK which is supportive for establishment and provide assistance helps business to grow anddevelop. UK economy is facing problems regarding employment of young graduates and tookinitiative to support them to have their own start up. For this funds are required to introduceopportunities of new and innovative businesses by various entrepreneurs. Largely motivatedyoung citizens of the country come up with their idea in relation to development of a product orservice. Young graduates have many ideas and one idea which is feasible to start a business isintroduced to government for funds (Alvarez, Barney and Anderson, 2013). It is essential forbusinesses to keep updated with new and innovative business opportunities that providescompetitive advantage. Some of the innovative sources that provides ideas of commencing abusiness which is unique and helps in satisfying consumers requirements. Peter Drucker hasprovided seven sources of innovation opportunity that helps in getting a new businessopportunity which are as follows- 1
The Unexpected- Market place is considered as number one area which is flooded withopportunities. Continuous study of the market is done so that opportunities can be grab as soonas they generate. Analysis of market demand can be done and this helps businesses to grow anddevelop business idea. The unexpected business opportunity helps businesses to convert ideasinto successful business venture. Idea of introducing organic chocolates by Munches will givesome unexpected opportunities that pushes towards success of the business. The Incongruity- As per this source of business opportunity there is difference bet5weenwhat is done and what needs to be done by businesses to become successful. Enterprises needs togather appropriate information from the market for new business so consumers requirements canbe met appropriately. Data regarding taste and preference of the consumer will help Munches tointroduce demanded product (Audretsch, 2012). Process Need- Identifying companies weak spots and correcting or redesigning them.This is a task oriented solution that helps Munches to identify demand for organic chocolates thatis tasty and healthy. Market structure change- Industry and market structure keeps on modifying that guidesbusinesses to implement creative idea for the introduction of the new business opportunity andmeets consumers expectations. Introduction of organic chocolates by Munches is change becauseconsumers are quite health conscious and needs something healthy. Demographics- There is continuous change occurs in population, income level, humancapital, education and age of targeted consumers. It is considered as smart move by businesses topay attention to these changes to grab new opportunity. Change in preference of consumers whobelongs to different age group and income level for healthy chocolates gives opportunity tointroduce Munches as organic chocolates (Autio and et. al., 2018).Change in Perception- Over a period of time it can be seen that way in which viewregarding life needs to be seen changes. These changes demands for new products and services.Consumers in today's scenario are quite conscious about life and demands for the product whichare healthy. Organic products are high in demand so Munches is a opportunity for new business. New Knowledge- Technology and opportunities moves hand-in-hand. Revolution intechnology opens doors for introducing new products. Knowledge will motivate entrepreneur ofMunches to focus on current market trend and targeted consumers requirements. 2
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