Starting a New Venture: Key Considerations
Added on 2020-06-05
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Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Evaluate various sources of entrepreneurial idea and innovation....................................1TASK 2............................................................................................................................................2P2: Rationale and market gap for a particular entrepreneurial idea.......................................2TASK 3............................................................................................................................................4P3: Essential data require to support gap analysis in specific entrepreneurial idea...............4P4: Analysis of data to collect relevant evidence of market potential...................................8TASK 4............................................................................................................................................8P5: Apply a SWOT framework to gather an objective assessment........................................8P6: Evaluating the competitive and market environment.....................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship is an essential process of framework, implement and operating a newventure. It involves expansion and formulation of going concern. It is mainly studiedentrepreneurial attitude, the dynamics of business set-up and expansion of an entrepreneurialenterprises. The primary role of entrepreneur is to measure up opportunities, threats andindividual capacity to transform an opportunity into a new business idea. This project providesbetter understanding of where start-up venture innovative ideas comes from and deliver moreeffective opportunities to investigate and analyse latest idea. Selection of particular entrepreneuridea for determining market gap as well as use of primary and secondary data for examinemarket potential. Evaluation of entrepreneurial idea in accordance to market and competitor tomake assessment of specific viability of an organisation (Grégoire and Shepherd, 2012). TASK 1P1: Evaluate various sources of entrepreneurial idea and innovationOver the year, it has been seen that plenty of people that have certain interest inestablishing new a new business. Most of the individuals are having valuable amount of fundsbut they are not having ability to invest those or to decided what business is more reliable tostart. Apart from this, there are certain other people those are of narrow minded but there seemsto be scarcity of innovative idea. Business ideas are all within individual minds and within theirown environment. Some of these business opportunities would emanate from proper analysis ofmarket and consumer requirement. In order to start is new venture “Soft Drinks” is more suitablein nowadays. There are various sources available to an individual to plan their business in moreeffective manner. For this purpose, entrepreneur always looking to attain latest opportunities thatare more reliable and helpful for delivering better growth chances to an organisation. Some ofthem are discuss underneath: External or macro-environmental sources are one of the important ways to createvaluable opportunities to an individual. The role of entrepreneur in weighing up to createopportunities and individual capacity to transform the ability and knowledge into starting into anew business (Tang, Kacmar and Busenitz, 2012). Researcher would have recommended that thefollowing idea for an entrepreneur:Spotting trends and anticipating their impacts: Searching into actual thinks those arehappening in the society around us or in market. This will also essential to respond quickly to1
certain changes that are present during the time. This idea is taken from recently operatingdemand from customer and their craze towards soft drinks. As plenty of companies are alreadyoperating in cold drink sectors so they are more reliable to go along with latest trend is moreaccurate options. Instead of this, there are certain other ideas which are mentioned underneath:Determining a niche market: This seems to involve something missing in the market orthat would be improve by introducing new feature and quality in their services. This is simplyrelated with spotting any gaps that are present in the marketplace.Copying idea from other nation: As per this idea, individual should be travelling tovarious nations and culture that enable entrepreneur to select best alternative ideas that workedelsewhere (Hansen, Shrader and Monllor, 2011).Taking latest scientific method: There are certain other people those are related withspending time on inventing new products that would relatively different from one another. It issaid to be longer process that produce product that does not create advantages before the idea iscopied. There are certain types of innovation which are effectively helpful in introducing latestideas into action. Creativity is a perfect aspect that separate innovation and invention.Incremental innovation is said to be utmost important and common form of innovation. It assistsin utilising current technology and enhance value to the customers within the current market. TASK 2P2: Rationale and market gap for a particular entrepreneurial idea“Fizzy World” is a new venture of soft drink company which is started for launching“Bubbly” drinks at marketplace. However, quality of product is shown by the impressive sloganwhich is “Have Fizzy, Be fizzy AND Dance Fizzy”. Main objective of this idea is to promoteenjoyment and joy amongst the whole society as well as between every age group people. Thus,being an entrepreneur, it is necessary to examine market analysis. This will assist in reducing allthose gaps which are present in the business should be remove easily. It encourages an individualto reviews everything as an opportunity for creativity innovations. Once Soft drink business getsucceeded the process of market analysis could remain continued. It is essential to determinemarket gaps in the early stage of the business. A gap in the market would consists of one or moreof three attributes. Basically, it is said to be something latest and real which can improve ongetting something which is already being present in the market. Gaps are present in everywhere2
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