(Doc) Assignment: Identifying Entrepreneurial Opportunities
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Added on 2021-01-02
(Doc) Assignment: Identifying Entrepreneurial Opportunities
Added on 2021-01-02
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IdentifyingEntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................4Background information about those sources that inspired your idea and what motivated youpersonally in wishing to set up your own business................................................................4An introduction to your business idea and what it is, and who and where your potentialcustomers and target audience are..........................................................................................6A competitor analysis that looks at the competitive marketplace. Look at failures andsuccesses in the industry. What you can do differently?........................................................6Gap analysis and how you are looking to close the gaps. What is the situation now and what isthe future?...............................................................................................................................7Market research to support viability for your business idea and identify market potential usinga range of sources that could be both primary and secondary................................................8Why your business idea is viable and feasible and how you qualify this belief. What are thestrengths and weaknesses? ..................................................................................................13How will you overcome the risks of competition and the potential opportunities for growthand development in the future? ...........................................................................................14CONCLUSION..............................................................................................................................16REFERENCES .............................................................................................................................17
INTRODUCTIONEntrepreneurship is an significant component that enables in growth and developmentand it is a chain of activities in which composing, running and launching a business specificallysmall business. Individual and group of individuals who begin a new business with a newconcept to enlarge business and gain large market share. Entrepreneurs create or build largeopportunity by accessing consumers needs and wants in better way. This report is based onconcept of launching a new business by evaluating business opportunities in London that isCoffee thrill that found new concept of to make coffee with help of natural herbs for the healthaware people. This assignment is based on entrepreneurial new idea and concept with relevantinformation and idea behind it. Further it also includes consumer base and market that they wantto capture by finding their key wants by evaluating gap and risk analysis. In addition to it alsoaccess potentiality of project with help of primary as well an secondary data.Background information about those sources that inspired your idea and what motivated youpersonally in wishing to set up your own business.Business expansion is very obligatory to exist for long time in market, that can be achieveby evaluating opportunities and threats of market and consumer needs (Audretsch, 2012).Entrepreneurship is an significant factor or attribute which enables in enhance employmentopportunity at both individual and group of individuals development. In case of Coffee thrill itby finding out new opportunities in market aimed to launch a new product for health consciouspeople. An entrepreneur can bring out innovative idea from many sources such as some timesthey are passionate about to open their own business and their family background support them.Further brainstorming, consumer survey and mass media collection are important sources tobring idea (Autio and et. al., 2018.). A lot of factors that influence to become an entrepreneur isto control others and their activities, earn money, risk taking ability, new thought and idea areimportant attributes that contributes in advancement of entrepreneurs.Sources of entrepreneurial idea:To search out best source of entrepreneur with help of Peter ducker seven step to gainpotential results that are as follows:Ducker's 7 sources of systematic innovation:
Peter Ducker list out 7 main attributes to bring new ideas and opportunities in their bookinnovation and entrepreneurship.The unexpected:The whole world is full with lot of unexpected events and sometime individual have toface these failures and sometimes success that is result of innovation and new idea. Unexpectedsuccess and failure that is not noticed. These conditions and situations inspire and motivateothers to start their own business to beat these situations by evaluating both positive and negativeaspects.The incongruity:To evaluate market conditions and scenario need to evaluate consumers preferences. Inpreferences includes their reactions or responses, feedback and complaints is one of best way tosearch out incongruity factor ( Barazandeh and et. al., 2015.). It is connected with reality as wellactuality that is to be expected in near future to get better results.Process need:The best source to find business opportunities is to search out their factors that lackbehind in progress. It delivers best solution to improve them by accessing needs. For exampleCoffee thrill found that consumer are more health-conscious and want something new tocompensate with their needs and wants in well manner.Industry and market structure change:Industry and market structure that change time to time and it not stable for long period oftime. With help of technology changes occurs in industry and market that are very necessary foradvancement. For example coffee thrill faces deregulation in rules and policies for that they haveto pace with these changes launch a new product into market.Demographic:One who want to something new in their business always observe change in populations,their income level, capital and age range that occurs in recent time. To gain advantage constantobservation is very very necessary.Change in perception:It is very necessary to perceive world with right view and it changes very frequently. Inchanges many in technology, working method and certain brand features are major attributes that
help in rapid growth ( Dimov, 2011.). These changes are the major reason behind developing anew product and services that match with perception of consumers.New knowledge:New way and technology is very important to give things in better way to satisfyconsumer needs and demands. In case of Coffee thrill they launch a new concept to fully satisfytheir needs in better way.An introduction to your business idea and what it is, and who and where your potentialcustomers and target audience are.Business idea is main attribute to gain financial stability in market, it is related withproduct and services to give best things to consumers.In perspective of coffee thrill, it aimed to launch a new product that coffee which isprepare on basis of herbs to target health-conscious people ( Fuentes and et. al., 2010.). Theywant to expand their market by satisfying wants of consumers in different way. They evaluateneeds and wants of consumers by different sources in which media, past experiences andsecondary source of data. Target audience:target audience is potential consumer base on which coffee thrill want to target for thatdifferent sources such as advertisement, media and publications are use to connect with them.According to target audience organization have to create their message and advertisementcampaign. Coffee thrill their consumer are all age people who are health-conscious people whowant herbs in their coffee to give delighted experiences to their consumers (Grégoire andShepherd, 2012).. Hence with help of research and data base they can collect importantinformation about their consumer base and achieve large market share. Their potentialconsumers are people who are gourmet and people who are interested to taste different types offood and drinks. They found their consumers in local area and they grab it by differentadvertisement sources.A competitor analysis that looks at the competitive marketplace. Look at failures and successesin the industry. What you can do differently?Competitor analysis is an very important tool and management approach that enables inaccess strength and weaknesses of both their current and potential consumers. They using bothoffensive and defensive strategy and approach to find out opportunities and threats to grab large
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