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Identifying entrepreneurial ideas and innovations

   

Added on  2020-10-05

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IDENTIFYINGENTREPRENEURIALOPPORTUNITIES
Identifying entrepreneurial ideas and innovations_1

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................3P1 Evaluate various sources of entrepreneurial ideas and innovations..................................3TASK 2............................................................................................................................................6P2 Rationale and the market gap analysis.............................................................................6TASK 3............................................................................................................................................9P3 Present data needed to support gap analysis in evaluation of entrepreneurial idea..........9P4.Interpretation of data.......................................................................................................10TASK 4..........................................................................................................................................11P5 SWOT framework to collect evidence to support an objective assessment of a specificentrepreneurial idea..............................................................................................................11P6 Evaluating competitiveness and market environments...................................................12CONCLUSION .............................................................................................................................13REFERENCES..............................................................................................................................14
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INTRODUCTIONEntrepreneurial opportunities can be defined as situations which consists immensepotentials for launching a new venture or creating improvement in existing one. These peoplehave abilities to bring innovation in product or services to meet requirement of customers. In thisregard, present assignment has made a discussion on opportunities that helps a person in turningthe same into business idea. For this process, a new opened store named by Trendy Style hasbeen taken which deals in retailing sector and offers a wide range of trendy clothes on affordablerates (Mueller and Shepherd, 2016). This report has evaluated sources through which helps indeveloping idea for launching business successfully. It includes rationale and market gapanalysis with relevant data. Moreover, SWOT framework also has described in further part ofreport.
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TASK 1 P1 Evaluate various sources of entrepreneurial ideas and innovationsEntrepreneurs are those persons who have potentials to grab opportunities present atmarketplace for opening a new business in a competitive world. Before launching a business,they used to avail sources and various ideas through which innovation can be created. As perpresent scenario, a graduate person wants to launch a new business as “Trendy Style” in retailingmarketplace. For this process, it is necessary to grab different ideas like in which field businesshas to be launched to gain instant profit, what people look out while they purchase any product,condition of marketplace, source from where finance can be generated etc. Thus, in this regard,some sources are given below which present in marketplace of UK that an entrepreneur need tobe considered while developing business idea:- Social Factor: It is one of the most important factor that helps a firm in targeting itscustomers (Kohlbacher, Herstatt and Levsen, 2015). As Trendy Style deals in clothing sector so,this factor reveals the taste of customers, their purchasing power and more. Thus, it helps thisstore in offers products as per requirement of people. Technological Factors: For marketing products or services, this factor also helps ingenerating ideas through which owners of Trendy Style can promote its business. Since in UKtechnological has developed so far, therefore, it can help this store in formulating uniquestrategies related to price and promotions of business. Economical Factor: Economical factors have potentials to either make or break acompany so it is necessary for owner of Trendy Style to consider this. It consists potentials foraccess to credit and resources, demand for product and services and more. As for launching anew store in competitive marketplace, a lot of finance is required. Therefore, this factor helps inanalysing sources from where a person can generate finance in required manner on easy termsand conditions. Environmental Factor: Before launching a business, entrepreneurs must scanenvironment also. It helps in evaluating ideas which prevailing the environment. In this regard,owners of Trendy Style can determine potentials and viability of ideas which do not harmecological system. Political Factor: In opening an outlet, it is necessary for a person to evaluate politicalfactors first (Mathias and Williams, 2017). As it will help in framing business activities as per
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