Identifying Entrepreneurial Opportunities

Unit 27 - Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
TASK 1...................................................................................................................................................3
P1. Different sources of entrepreneurial ideas and innovation.................................................................3
TASK 2.......................................................................................................................................................5
P2 Explain rationality and gap of market for an entrepreneurial idea by using kinds of tools.................5
TASK 3.......................................................................................................................................................7
P3 Provide data and statistics for assisting analysis of gap while analyse entrepreneurial idea...............7
P4 Evaluate and interpret data by collecting evidences from market.......................................................8
TASK 4.....................................................................................................................................................10
P5 Use SWOT tool to identify specific kind of entrepreneurial idea.....................................................10
P6 Examine competitive marketplace and business environment while launch idea by accessing its
viability.................................................................................................................................................12
CONCLUSION.........................................................................................................................................14
REFERENCES..........................................................................................................................................15

INTRODUCTION
Entrepreneurship is the development and growth of a corporation or a business for benefit. But
it's a little constrained as a foundational concept of entrepreneurship. The more recent concept of
entrepreneurship often includes the development of the environment through solving major
problems. Just like societal reform, creative product development or a revolutionary approach
that transforms life (Hansen, Monllor and Shrader, 2016). The project report is based on an
entrepreneurial idea that is related to making startup of cloth manufacturing in the United
Kingdom. The name of business is Clark’s clothing and on the basis of it different types of tasks
are covered. The project report covers detailed information about different sources of
entrepreneurial idea, analysis of market gap as well as usage of primary and secondary data to
find out market growth. In the further part of report, different types of tools have been applied to
make competitive analysis.
MAIN BODY
TASK 1
P1. Different sources of entrepreneurial ideas and innovation.
There are a range of sources of entrepreneurs from which they can gather new ideas and
thoughts to start own business. Herein, underneath some sources are mentioned that inspired to
entrepreneur of above business:
Peter F Drucker’s Seven Sources of Innovative Opportunity: Peter F. Drucker known as the
modern management founder who gave us useful leadership, management, industry, creativity
and entrepreneurship tools. It has profoundly influenced the corporate community, bringing
industry executives and businessmen his enduring reputation as a reference and motivation.
 The Unexpected- The corporate environment is packed with surprises – not just the
unpredictable mistakes, but even its unforeseen performance will motivate creativity.
Unforeseen performance and unforeseen defeats should not be ignored and as incentives

for progress should not be neglected (George, Lahti and Wincent, 2016). Unforeseen
circumstances in the corporate environment can be incredibly intense, as they motivate
administrators and innovators to take a more optimistic or pessimistic approach at the
circumstance and to take advantage of the possibilities that emerges. Such as in the above
entrepreneurship idea, they may have faced some unexpected change in the environment
of business that enforced to owner to make a start up of clothing.
 Incongruities- Often businesses get into the pit of designing their goods without
investigating what the intended buyers actually want. The disparity between what is and
what is to be versus what everybody else thinks will contribute to a slowdown but can
also be a significant source of creativity inspiration. The easiest way to assess incongruity
was always consumer comments, suggestions or grievances.
 Process need- Drucker is more task-driven than situational centered at this center of
creativity. Here, after carefully looking at the organizations' systems and specifically
recognizing the weak points and forms they can be strengthened, the root of potential for
creativity arrives. Knowing what the poor links are, the teams will create more efficient
and creative approaches after a thorough evaluation of the company's capacities.
 Industry and market structure change- Industry and business systems will stay unchanged
for years, but many markets are disrupted almost immediately by technological advances.
Such developments will be monitored by politicians and not viewed as challenges, rather
as incentives. The entrepreneur of Clark clothing, might get innovated or motivated to
make new start up for clothing due to change in the market of cloths.
 Demographics- The shift of population impacts businesses in one direction or another.
These adjustments influence the markets while assessing the need for the goods, who
sells them and how often the commodity is priced (Jarvis, 2016). Demographic trends in
age, schooling, jobs, influence the course in which the business goes and will give the
company broad horizons, whether it succeeds in finding the opportunity. In the United
Kingdom, people are changing their clothing sense and this is the reason which motivated
to entrepreneur of above Clark’s clothing entrepreneur to start a new business.
 Change in perception- Over the years, the way citizens view the universe has shifted
considerably. Wisdom evolves over time and these shifts arise more quickly than ever
today because of the presence of technology and the influence of social networks. People