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Identifying Entrepreneurial Opportunities Assignment Solved

   

Added on  2020-10-22

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IdentifyingEntrepreneurialopportunities

Table of ContentsINTRODUCTION...........................................................................................................................3Evaluating different sources of entrepreneurial ideas and innovation........................................3Introduction to business and its potential customer's..................................................................4Gap analysis in evaluation of entrepreneurial idea and interpretation........................................5SWOT analysis to assess entrepreneurial idea..........................................................................11CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16

INTRODUCTIONAn entrepreneur is an individual who founds and run a small business assuming all riskand rewards towards venture. It plays a key role in an economy, commonly seen as an investor, aa source of new ideas, goods, services and business or procedures (Audretsch, 2012) In otherwords, an entrepreneur is referred as a person who is willing and capable of taking risk to start anew venture or brining innovation within the existing products. In this report, an entrepreneur iscoming up with new idea that is organic coffee with brown sugar in new marketplace of UnitedKingdom. This report is going to determine and evaluate different sources of entrepreneurialideas and innovation as well as analysing market gap by using relevant tools and techniques.Moreover, applying SWOT framework in order to collect evidence and provide support to anentrepreneurial ideas and evaluating competitive or market environment in order to know theassess potential viabilities in competitive marketplace.P1. Evaluating different sources of entrepreneurial ideas and innovationIn today's era many entrepreneur are coming up with different ideas and innovation as tocreate a unique start up in a competitive marketplace. An entrepreneur occupies a uniqueposition in an economy (Dimov, 2011). They basically have a spark plug in economy instimulating all economic activities into new shape and ideas and innovation. Herein, anentrepreneur have adopted Ducker's sources of systematic innovation in order to evaluate itsideas and innovation. Unexpected success and failure: Innovation takes places unexpectedly. A market placeis the number one area to look opportunities. Herein, an entrepreneur need to keenly studymarketplace where an individual wants to launch his product into new marketplace. Moreover,unexpected situations can be extremely powerful in business world as they inspire leaders andinnovations in order to do welfare for an economy.Incongruities: Many entrepreneur fails into the trap of developing their product andservices without analysing its target customer that they really want (Fuentes and et. al., 2010)Eventually, here an entrepreneur need to analysis its target customer’s as well as their need andwants in order to become successful into competitive marketplace. Moreover, an individual needto analysis the pitfalls and assume greater source of inspirations for innovation. Thus, customersreviews, feedback and complaints are often best way to determine incongrunity.

Process needs: In process need of innovation an individual need to focus on more taskrather than situation focused (Grégoire and Shepherd, 2012). Herein, an entrepreneur need toexamine the sources of innovation by clearly identifying weak spots and implement strategies toimprove upon it. With this an entrepreneur can create more capabilities in order to create moreeffective innovation solutions.Industry and market structure change: An entrepreneur need to analysis the industryand market structure. Herein, an individual need to keep eye open on changes that may affect itsidea or innovation as well as take these changes as threats but more like opportunities.Demographic: An entrepreneur ideas and innovation is mostly affected by demographicor buying pattern of customers in market. Herein, an individual need to analysis the buyingpattern of its target customers so that an entrepreneur can meet up demand of people in the newmarketplace. Furthermore, an enterprise is focusing on target group who are more healthconscious. Moreover, they are targeting their target group based on income, age group as well asbuying pattern of an individual.Change in perception: An entrepreneur need to come up with such innovations andideas into competitive marketplace so that its creates a unique perception in minds of people.Herein, an individual need to create such a unique identify in marketplace of United Kingdom sothat they can attain sustainability in new marketplace. Furthermore, if an entrepreneur is evolvedin continuous change in perception that it will need to increase its cost of production so that theiruniqueness remain constant in competitive marketplace.New knowledge: Herein, an entrepreneur need to acquire new knowledge regardingmarketplace and innovation in order to attain artificial intelligence in new and advancements oftechnologies. Moreover, new knowledge can help an individual to develop new innovationsproducts to attain competition into marketplace.The above mention are the sources to gain new inspiration in leading business growthand moreover have innovative ideas to enhance productivity in competitive marketplace.Moreover, with the adoption of ducker's sources of innovation an enterprise can know what arethey impact of developing new venture in to competitive marketplace. P2. Explain rationale and market gap with the use of tools and techniquesIn today's context an entrepreneur is coming up with an innovation that is organic coffeewith brown sugar into new marketplace of United Kingdom. The rationale of implementing this

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