Identifying Entrepreneurial Opportunities

Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Various sources of entrepreneurial ideas and and innovation providing specific examples. 1
M1 Detailed evaluation of Drucker's 7 sources of systematic innovation.............................2
D1 Benefits and drawbacks of different approaches Threat of Substitutes:and sources........2
TASK 2............................................................................................................................................3
P2 Rationale and market gap for particular entrepreneurial idea using with tools & techniques
................................................................................................................................................3
M2 Justification of particular entrepreneurial ideas fills a market gap with various techniques5
D2 Specific entrepreneurial idea depend on interpretation and investigation........................5
TASK 3............................................................................................................................................6
P3 Present data to support gap analysis and analysis entrepreneurial idea............................6
P4 Interpret data effectively for potential market...................................................................7
M3 Justify sources and methods of data collection..............................................................12
D3 Appropriate specific sources and methods of business objectives.................................12
TASK 4..........................................................................................................................................12
P5 SWOT framework support an objective assessment of specific entrepreneurial idea....12
P6 Competitive and market environment to launch idea and assess potential viability.......13
M4 Evaluate specific idea in context of competition and market place...............................14
D4 Conclusion and justified recommendations for entrepreneurial idea.............................14
CONCLUSION .............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurial opportunities are defined as condition where products commodity and
services can be sold at a greater price after analysis the cost of production. In this situation an
entrepreneurs take right action to generate profitability. To achieve these chances required to
aware for market activities and develop a new product or services which is attract people for this.
As an budding entrepreneur wants to introduce new product rechargeable USB batteries but face
problem lack of resources. For this entrepreneur analysis the market and find opportunities that
virgin money provide fund to budded entrepreneur for start up new business in existing market.
This USB rechargeable batteries are eco friendly and cost effective which is provided benefits of
their traditional brethren and can be topped up with a much broader network of power sources.
This report consist of various sources of entrepreneurial ideas and innovation with specific
example and identify market gap with entrepreneurial tools & techniques to support new start up.
Along with, presented data of gap analysis and interpreted that with specific evidence of
potential market. Additionally, apply SWOT analysis to analysis specific objectives and
competitive market environment to launch potential viability.
TASK 1
P1 Various sources of entrepreneurial ideas and and innovation providing specific examples
Entrepreneurial ideas mean recognising an opportunity that exists in the environment and
availing it to offer this products as well as services as per the requirement of the customers. The
Rechargeable USB batteries are a great invention which is cost effective and eco-friendly,
designing them a win win and the planet. The business case related to automobile sector and it
offers rechargeable batteries to keep free from charging. Rechargeable batteries which produce
less waste since they can reusable multiple times and can be replenished with a basic charging
cable. They often use less energy, since charging time battery with a rechargeable battery is
much more energy-efficient then creating new battery. With this product use product many time
and reduce wastages that become reason of success and provide competition to other seller in the
market. To better understand this innovation applies Drucker's 7 sources of innovation such as: Unexpected success & failure: Sometimes innovation can take place unexpectedly where
get a chance of success & failure. Through this source allows entrepreneur to to learn
from last mistakes and take right decision for future activities. The USB rechargeable
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batteries important innovation which is used for wall clock and other things based on
batteries. Incongruity: At the time of production mostly entrepreneur get not success at first time
and they made mistake. After that require to take right action in proper manner. The USB
batteries is developed by entrepreneur after conduct market research in proper manner. It
is actually made to charge smoke detectors, wireless keyboard and mouse. Market structure: An existing market for particular product is providing change to get
success & growth. It remains same and generate growth to satisfy the customer
requirement at particular level. It helps to attract customer for the products that helps to
increase sales. The rechargeable batteries carry out changes and invention to create
awareness among the customers. Necessity: To analysis the success it is required to a business must assure about the
invention in their business market where face lot of competition and business carry out
many changes to influence customer in regard of products as well as services. Therefore,
USB batteries develop by entrepreneur for growth of business. Demographics: It is element that presents the changes in lifestyle, technology, interest of
people that wants by every one in regard of surrounding activities. Hence, Rechargeable
batteries an opportunities that use to fulfil the necessities of user with invention to
analysis the success. Changing perception: These changes are based on the perception of individual where
people become change and try to accept all the changes effectively. Such as rechargeable
batteries fulfil the requirement of all the customers,.
 New knowledge: Innovation is always helps to carry out new technology and products in
market that helps to society and induce changes in increasing manner of knowledge and
conduct overall market to collect all related information.
Therefore, Rechargeable batteries based on the various factors in order to enhance and
increase overall development & success with new innovation.
M1 Detailed evaluation of Drucker's 7 sources of systematic innovation
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D1 Benefits and drawbacks of different approaches Threat of Substitutes:and sources
There are analysed different sources and approaches that could be utilised by the
entrepreneur to get success in articular product and measure the effectiveness.
Creativity: It is an internal factor which is helping an entrepreneur to think different and
unique in regard of their business and according to that they are taking further steps.
Benefits Drawbacks
The main benefit of this approach that supports
to deduct the loop holes and increase the
productivity of business.
The main disadvantage of this it is does not
affect to business in proper manner because
some time it shows negativity in growth &
success.
Products & services: It is part of external sources in which present effective services of
particular products that presents by entrepreneur.
Benefits Drawbacks
The major advantage of this complete all the
requirement on time and increase growth in
proper manner.
It is not required that customers like these
products & services effectively.
TASK 2
P2 Rationale and market gap for particular entrepreneurial idea using with tools & techniques
As entrepreneur can work at international level where identify geographic segmentation
that based on the various areas. In order to behavioural segmentation require to arrange supply
on the basis of culture, beliefs, society and values. According to this segmentation require to
manage supply as per the gender, age, family etc. Market gap is defined as hidden opportunities
which are available in the market to cover particular area effectively. The idea selected is related
to development of rechargeable USB batteries. This one of the least explored area in terms of
development. There are large number of opportunities are present in this sector to attain success
and capture large market share. This is the industry where innovation will be used regarding the
development of batteries that removes the issue of their one time use. This will includes the
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option of their connection with any technological device and charging for future use. The benefit
of the same will be ascertained in various manner as help to attain monopoly in market through
capturing innovational capacity, support of government as reduction in wastage that negatively
impacts the environment, customers satisfaction, competitive edge, large market share etc. All
these aspects provides an opportunity to sustain in market for longer period of time and build an
unique position which is distinctive from others. Not only the benefits are attained by an
organisation in terms of attaining large empire of organisational activities but aid the nation to in
formulation strong economy. Also, many other benefits will attained like high employment
opportunities, good flow of foreign currency, better infrastructure. The world economy is also
improves in future and provides help in protection of environment at world wide level. The tool
and technique used for the purpose of determining market along with opportunities is known as
porter five force analysis. This is one of the effective framework that provides an opportunity
regarding determination of the conditions present in industry along with opportunities to grow.
Thee are number of aspects in respect to which information is ascertained with the aid of this
includes buyers, suppliers, competitors, rules and regulations etc.
Porters five forces model: This model is applied by entrepreneur to analysis the market
condition. This is one of the effective model that provides an opportunity in determination of
different information that have important of any industry (Clark and Ramachandran,2019).
Currently, this model is used for analysing the opportunities present in rechargeable USB
batteries industry. The different informations that can be gathered through effective application
of this framework includes rivalries from the number of competitors, legislations and rules exists
regarding operation of business functions, number of suppliers, power of the different kind of
substitutes. The idea selected in the industry where already such products are present but in very
few amount and costly in nature. The innovation is used by the organisation here to produce it
cost friendly and accessible to all in the direction of reducing the usage of single time use
batteries. Analysis of all the different factors falls under this framework are provided below: Industry rivalry: The number of competitors present in this industry is very few. This
depicts the power of competitors very low in nature. This is beneficial for the
organisation as they easily can grab the opportunities by using new and innovative
approaches. The low of power of competitors also aid to target large share of market
along fulfilment of their needs. Such as company have many competitors in the market
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