Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1. Different sources of entrepreneurial ideas and innovation...............................................4
TASK 2............................................................................................................................................5
P2 Explain rationality and gap of market for an entrepreneurial idea by using kinds of tools5
TASK 3............................................................................................................................................7
P3 Provide data and statistics for assisting analysis of gap while analyse entrepreneurial idea.
................................................................................................................................................7
P4. Interpretation of data to provide evidence of market potential........................................8
TASK 4..........................................................................................................................................11
P5. SWOT Analysis to assess the entrepreneurial idea........................................................11
P6. Evaluation of competitive and market environment to assess potential viabilities........13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is really for the purpose of creating and increasing a company or a
venture.Entrepreneurship is an endeavour involving the exploration, assessment, and
development of possibilities to implement new products and services, methods of managing,
economies, procedures and manufactured goods by coordinating activities which have not
happened previously (Hansen, Monllor and Shrader, 2016). The Toughleather a shoes company
with new innovative idea of making shoes with plastic waste is selected.
In this report details on the different channels of entrepreneur, real economy gap evaluation
and the use of primary and secondary data to discover the market growth. Various kinds of tools
are being implemented to make competitor analysis.
TASK 1
P1. Different sources of entrepreneurial ideas and innovation
Peter F. Drucker regarded as the father of management practice that gives manager
of company valuable resources for leadership, marketing, business, growth and innovation. This
has had a tremendous impact on the global world and carried its everlasting prestige as a guide
and inspiration to company managers and entrepreneurs. These are discussed in the
organisational context:
 The Unexpected: The business world is filled with uncertainties not just the unexpected
failures, but innovation can be encouraged also by the unthinkable success. As in the
above-mentioned field of development, Toughleather might have encountered some
unforeseen adjustment in the market world that has prompted the holder to design
products in such a manner that can attract customer attention and increase revenue.
 Incongruities: By researching what the target customers really desire, companies
sometimes fall into the trap of producing their products. The difference between what is
needed and what is delivered can lead to a decrease Toughleather growth, but may also
be a big source of motivation for innovation a manager of start thinking to produce
something new.
 System requires: Drucker focused on task driven than relational oriented in this
innovation business environment. Thus the origin of possibility for innovation

in Toughleatherarrives after looking closely at the processes and primarily respecting the
weaknesses to be more strengthened in existing market.
 Shift of industry and structure: Industries and business structures will remain stable for
years, but technical developments threaten certain businesses nearly instantly.
Toughleather apparel entrepreneur, due to shifts in the textile industry, may get
modernized or inspired to create a fresh start for apparel.
 Demographics: The change of demographics affects industries in one way or the other
and such changes influence the economies by determining the demand for the products,
who buys products and how much the product is sold (Jarvis, 2016). Consumers in the
UK are evolving their perception about shoes and that is the explanation why
entrepreneur of Toughleather inspired to launch a new company with customer
demanding cloths.
 Shift of perspective: The world has changed significantly through the years and
customer also brings changes in their views about certain products, brands or sectors. The
changes in thought open the way for companies to reimagine and generate new goods and
services that complement modern perspectives of consumers. This change in the
perception of UK peoples of new lighter and reliable, long lasting shoes has enforced the
Toughleather entrepreneur to create respective shoes at decent prices.
 Modern experience: Modern knowledge of market condition is often used as a symbol
for creativeness. Companies which refuse to embrace advancements driven by new
developments are guaranteed to fail. However, new technology may be implemented in
each field of the market-from learning more about customers via data to managing the
supply chain to hiring the right employees in Toughleather.
TASK 2
P2 Explain rationality and gap of market for an entrepreneurial idea by using kinds of tools
Market gap offers a company with the ability to develop and sell something that is not
already distributed (Reuber, Liesch and Zhou, 2018). Toughleather as a new company,
recognized market gap which support them to discover the UK people shoes demand and desire.
Target audiences: Mainly company target all the age group and focus to provide best quality
shoes with light weight so that customer do not feel burden at the time of running, playing or