Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Determine and evaluate different sources of entrepreneurial ideas and innovation........1
TASK 2............................................................................................................................................3
P2: Explain the rationale and the market gap for a specific entrepreneurial idea using relevant
tools and techniques to support your choice...........................................................................3
TASK 3............................................................................................................................................4
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea.........................................................................................................................................4
P4: Interpret data appropriately to provide evidence of market potential..............................6
TASK 4..........................................................................................................................................11
P5: Apply a SWOT framework to collate evidence to support an objective assessment of a
specific entrepreneurial idea.................................................................................................11
P6: Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability.......................................................................................................13
CONLUSION................................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship refers to process under which individual or group of people starts a new
venture and motive behind business is profit maximization. It can be designing of a business or
launch a new business. The entrepreneur is ready to take risk if required as maximum the risk
maximum are the chances of profit (Autio and et.al., 2014). The new idea is based on Pine hut
bakery in which the entrepreneur is providing sugar free biscuits. The concept behind business is
targeting fitness oriented people that can be of different age group, also it include people that
have high diabetic issues and old age people that can have nutritious bakery items without
compromising their taste. This report cover topics like different sources of innovation address the
specific choices of entrepreneurial idea for investigating marketing gap. Moreover, use primary
as well as secondary data in order to identify potential market. Further, evaluate desirable
entrepreneurial idea that is potentially viable and help to overcome competitors by carry out
sustainably success.
TASK 1
P1: Determine and evaluate different sources of entrepreneurial ideas and innovation.
The competition in market is increasing day by day and entrepreneurs are aware about it.
To overcome the obstacles they need to introduce something fresh or new to compete in the
challenging environment. As a entrepreneur, the main objective is to innovate the producer in
such a way that it can compete with the competitors products which will result in increase
customer and greater penetration in the market. So to get that advantage the entrepreneur of Pine
Hut Bakery has implemented adopted Drucker's source model so that innovation and idea can be
identifies. The steps of the model are determined below:
The Unexpected: The chances of innovation are unexpected for an organisation but there
is a requirement of analysing the demand of target audience. If the company is not planning to
make any innovation and at the same time there is an unexpected innovation, it can help the
organisation in its growth and development. At same time if the idea is wrong it can hamper the
growth of company.
Incongruities: Within this process the entrepreneur have strong urge to think out
innovatively due to which they have out of the box thinking ability. Such method is innovative
and based to grab opportunities that exist in potential market (Davidsson, 2015). Further, it is
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derived out by resolving incongruities and by significantly identifying healthy competes for
wellbeing of people.
Process Need: This is an essential step immensely required by innovator to carry out
innovation. Here, needs of the potent market is exactly identified based on which the
requirements are appropriately catered. Diverse forms of aspects are viably considered like
innovation sources are made to cater untapped requirements of target audiences. This further
maximise the productivity as well as profitability for an entrepreneur by favourably carrying out
the innovation aspect for potential customers.
Industry and Market Structure Change: Entrepreneur explores the opportunity in eth
external environment and makes immense affects in cover to convert the simple idea into
detailed concept. For this techniques are used according to existing market structure or condition
like if any change in market is wittiness then innovation is backed accordingly (Godley, 2013).
Negligence of industry and market structure can directly hamper interest of ultimate consumer
and leads to the chances of economic loss.
Demographics: Demographics represent the living standards as well as forms of choices
that are acquired by people living in the particular periphery and immensely affect the innovation
aspect. Thus, United Kingdom is the greater platform where immense innovation takes place in
order to cover the diverse customer by resolving their queries significantly. Eventually within the
prevailing business idea that is based upon preparing sugar free cookies which is made from
wheat and jagger does not only fulfil requirement of people but also help them to lead healthy
and fit lifestyle. This determines that it can appeal local residence of UK who is mostly healthy
freak. Investment in such innovative can significantly accommodate the present lifestyle of
people and cover the need of different age group significantly.
Changes in Perception: Innovation of any new offering basically change the perception
of society. This help the people to generate better habits which are beneficial for them in terms if
healthy and safe life. Such practices directly influence the habits of customer by generating
awareness which lead them or make better choices in their lives (Hsiao, 2013). Such as, bakeries
in normal life helps to fulfil different requirements like the youths and adult visit bakery when
they out from home to want to have some filling and tasty items. Along with that enormous
demand of products are generated during the time of parties. So the Pine Hut bakery shop have
come up with sugar free cookies which are high in protein and low in carbohydrates due which
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