Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Sources of entrepreneurial ideas and innovation with specific examples .............................3
TASK 2............................................................................................................................................5
Covered in PPT...........................................................................................................................5
TASK 3............................................................................................................................................5
P3 Information and data to fill the gap and fulfil of entrepreneurial idea...................................5
P4. Interpretation of the data for providing evidence of market potential................................10
TASK 4..........................................................................................................................................14
P5 SWOT framework to collate evidence to support an objective assessment of a specific
entrepreneurial idea...................................................................................................................14
P6 The competitive and market environments in which the idea will be launched to assess
potential viability......................................................................................................................15
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Entrepreneurship can be defined as the process by which new business is developed,
planned, studied by an individual. This persons is known as the entrepreneur who understand risk
to earn good amount of profits from organisational operations. Entrepreneurial opportunities
leads an individual to complete all task and operations according to market conditions and
customer needs. This work as an advantage which is get by an entrepreneur in terms of product
and services. These report is written from perspective of Virgin money which is performing there
work in financial industry. Virgin money provides there services in South Africa, Australia and
United Kingdom. Moreover, this report highlights on different sources of entrepreneurial ideas
and innovation and provides rational market gap for a specific entrepreneurial idea. With the
relevant tools. Current data and information will also included in this report to understand and
support gap analysis. In the last, SWOT framework is highlighted in upcoming report.
TASK 1
P1 Sources of entrepreneurial ideas and innovation with specific examples
Entrepreneurship is consider as the motive of implementing new and feasible thought or
ideas for satisfying the needs of customers and wants. There are various entrepreneurs among all
over the world perform and convert their idea into a business. Some sources for innovation and
business ideas are mention as follow: Customer surveys- The main motive of an organisation to start a business relates with
clients and customers. With the enhancement of companies at global level it is identified
that with fulfilment of customers needs it is easy for organisation to stay in market for
longer period. Virgin money perform there work by analysing customers needs and
market conditions. This refers it is easy for management to gain long term results for
increase sales of company products. Further, for innovation respective organisation
management is increase value in existing products to increase sales of customers needs. Mass media- There are various task are performed by management which leads company
to perform work as per mass media. Television, newspapers, radio, magazines and
internet are most effective sources for identify new entrepreneurial ideas. Example- With
monitor of business magazine an individual monitors the ideas encourage them to work
with new ideas. Moreover, in context of innovation it is used for completion of all task

and objectives with business practices and ethics. Like, internet provides more
information to an individual for improvement of products and services. Virgin money
implement utilise mass media source to improve process. Trade fairs- Exhibitions, trade show and fair are the most essential source for an
individual or organisation to formulate new business idea. It is usually advertised to
perform work with motive of gaining ideas as per consideration to perform work in order
to gain long term results that is used to discover more services and products.
Management of Virgin money is more active to participate in Trade show because it
helps them to arrange meetings with stakeholders of company. Along with this trade fair
and exhibition also help organisation to perform work. In the present scenario, sound
business ideas to work with people.
 New knowledge- According to present market conditions the industries and companies
face competitive conditions in business. Technological knowledge, skills improvements
and recruitment of right employees leads an individual to perform all work with motive
of achieving long term results. Virgin money operates there business in finance industry
which is a crucial aspect for individual and organisation. This also refers that all task and
operations are performed with invest of monetary. So with implement of new knowledge
such as to pay with cashless transactions. Similarly, digital payments is an example of
implement of new knowledge.
Evaluation of Drucker’s 7 sources of systematic innovation
Systematic innovation and its evaluation start with Incongruities this is the difference
between the current and desired position. So it is advised to all entrepreneurs for making relevant
and appropriate research to introduce new products and services. So it work as a positive point
for company to work with new ideas. Another aspects relates with innovation source is
unexpected which is useful to identify new idea by monitoring all perspective. Along with this
needs and wants of customers is too dynamic so it is essential to perform work as per existing
market conditions. Process need relates with identification of ascertain needs such as ineffective
business idea creates complexity to perform task. Therefore, it is mandatory to implement new
idea process in effective manner. Changes or modifications it is essential for organisation to
design new structure which facilitates organisation to complete task as per current trends.
Demographic aspects consider those changes which take place in population, age-group, income