Identifying Entrepreneurial Opportunity

Identifying
Entrepreneurial
Opportunity

Table of Contents
Table of Contents
INTRODUCTION...........................................................................................................................1
Activity 1.........................................................................................................................................1
Evaluating the sources of dissimilar entrepreneurial thoughts inventiveness.............................1
Critical evaluation and determination of diverse sources of entrepreneurial ideas and
innovation....................................................................................................................................2
Rationale and the Market Gap for Specific Entrepreneurial idea...............................................6
Describing the ways of filling up the market gap through the innovative entrepreneurial
thoughts.......................................................................................................................................8
ACTIVITY 2....................................................................................................................................9
Covered in PPT...........................................................................................................................9
ACTIVITY 3....................................................................................................................................9
Apply a SWOT framework to collate evidence to support an objective assessment of a
specific entrepreneurial idea.......................................................................................................9
Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability............................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
In this contemporary business environment there is need of proper investigation before the
starting of the new venture opportunity as this industry analyses is important aspect through
which the new firm can create the innovative idea and create the creative product and service to
be offer. Following report is regards today building of unique concept that is pet grooming
services in UK this is because the demand of this service it seems a rapid and consistent growth
as a number of domestic pet in in households are increasing day by day in UK (Khodaei, 2021).
Being as a budding entrepreneur coma following business concept need to be convey in meeting
with virgin money UK a who has started its new business branch in London and the virgin
money e is forward seeking for helping the community with the help of budding entrepreneur
how will establish their venture. In order to obtain money for starting new innovative idea
business that is pet grooming service for the customers.
Following report throw light on the diverse source of entrepreneur ideas and innovation
which can be further classified along with the national and market gave in accordance with the
following entrepreneur innovative idea. Following report also discusses the source from which
the innovative and rational decision can come based on the analysis of external market. Even so
SWOT analysis will be discussed which have the business enterprises to understand the strength
and weakness and respect to their ideas
Activity 1
Evaluating the sources of dissimilar entrepreneurial thoughts inventiveness
Entrepreneurial ideas to refer to something that can be transferred for a company or for any
other type of business that will generate income for such an individual or company. Since that
time, there have been many sources identified by the interested party in order to get money, and
sometimes for the benefit of someone else, and so on. Doing business is very important for the
economy, for society, and for the individual. Essentially, a business idea, new inventions, some
sources in which these innovations are developed and innovated . (Ratten and Usmanij, 2020). In
fact, when people have money in their hands and entrepreneurs want it to be in other places,
entrepreneurs can take advantage of it or how to generate more investment But these
opportunities are always surrounded by nature. All entrepreneurs need to do is identify them.
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Therefore, in various sources to become an entrepreneur, entrepreneurs will find many resources
that explain how entrepreneurs can use their ideas and invest.
1. Skill, talent and love
The most important source of ideas for entrepreneurs’ skills, talents, and hobbies.
Business owners have different properties and capabilities. Entrepreneurs should be able to
acquire the skills and competencies to turn idea into a great investment.
2. Social Trends Track:
Cultural and social trends, as well as culture, are the main tool for generating profit from
new business opportunities and ideas. Newspapers, digital platforms, including access to the
Internet, the Internet, etc., allow entrepreneurs to gain knowledge about human trends and their
health.
3. Innovation of a new product or service:
New solutions are always welcome in the company. Thus it means that companies
believe in innovation. they also believes that entrepreneurs do the same work as others, but in a
whole new way. Thus, innovation is the main source of application of new business ideas
anything that can increase the value of an existing product or service (Leong, 2021).
4. Industry research:
Industrial tests were conducted every two years. This is done for a variety of purposes,
including the research goal of being one of them. This is an industrial test that can become a
source of new subjects, strategies, and ideas.
5. Customers complain
Complaints aren't always bad. Sometimes this creates an opportunity for business
engagement. All complaining means is getting rid of one problem, and that means creating
something that will solve the problem. This creates another opportunity for entrepreneurs to do
business.
Critical evaluation and determination of diverse sources of entrepreneurial ideas and innovation
Entrepreneurs are people who are looking for business opportunities. This possibility can be
defined as a situation in which various goods and services are identified and sold at a price that
exceeds their value. Entrepreneurs are considered as people who, using new ideas and initiatives
to implement a business plan, have support in generating the organization's income. Emerging
entrepreneurs often aim for a new concept and know-how to increase the company's share and
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