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P1 Determine and evaluate different sources of entrepreneurial ideas and innovation

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Added on  2021-01-03

P1 Determine and evaluate different sources of entrepreneurial ideas and innovation

   Added on 2021-01-03

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Identifying EntrepreneurialOpportunities
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation_1
Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3P1 Determine and evaluate different sources of entrepreneurial ideas and innovation...................3TASK 2.................................................................................................................................................4P2 Rationale and market gap for a specific entrepreneurial idea using relevant tools and techniques........................................................................................................................................4TASK 3.................................................................................................................................................5P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial idea...................................................................................................................................................5P4 Interpret data appropriately to provide evidence of market potential........................................9TASK 4...............................................................................................................................................10P5 Apply a SWOT framework to collate evidence to support an objective assessment of a specific entrepreneurial idea..........................................................................................................10P6 Evaluate the competitive and market environments in which the idea will be launched to assess potential viability.................................................................................................................11CONCLUSIONS................................................................................................................................12REFERENCES...................................................................................................................................13
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INTRODUCTIONEntrepreneur is a person, who establish it's own small business rather then working as anemployee. A person who is innovative or have a new idea, are more probable to being a successfulentrepreneur as comparing to others. An entrepreneur have to identify the risks and opportunitiesthat will come in business according to the environment where they are going perform theirbusiness. For being a successful entrepreneur in the world, which is full of competition and have avery fast changing business environment. An individual or a group of people come with such anidea which is able to make and accept changes according to the needs easily. In this report, somegraduates are coming together for a small start up. Here they all are setting up for launching a cafenamed as “Jungle Cafe”, which have interior design as a forest along with some human friendlyanimals ( Audretsch, 2012). This report will explain about the source of idea along with gapanalysis. This also includes the SWOT and market analysis of idea, so that the business get startedsuccessfully.TASK 1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.In today's modern world of business, many youngsters are looking up for ideas throughwhich they can start a new venture. In such cases, government of UK is also playing a vital role forencouraging graduate youngsters by providing them funds and other resources which are needed bythem. Also, the UK government takes required initiatives for increasing the employment level incountry. These efforts by government use to motivate youngsters, specially which are graduated, tocome with an innovative or a new idea, which can improve quality of products or services. This alsomotivate those who have ideas for making current products or services better. New and innovativeidea helps an entrepreneur in starting a new venture easily and also reduce the competition. It isnecessary for an entrepreneur to keep identifying new opportunities and grab them before theircompetitors, so that they can gain some competitive advantages (Top 10 Sources of Business ideas& Opportunities, 2018). There are many sources through which an individual can get someinnovative ideas, some of them are discussed below :-1.Trade fairs and exhibitions – This is one of the best sources from where an individual canget some innovative ideas. Visiting such places regularly help an individual to discoversome innovative idea and give them chance to meet with some manufacturers, salesrepresentatives, distributors, wholesalers, and franchisers. This all can help an individual toshare ideas with them and get suggestions which can make it better. This also increases
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opportunities that any of them need a mind like that and can make them their partner forsuch product.2.Mass media – Mass media includes TV, radio, news papers, magazines, and internet. Theseall are considered as a good and fruit full source of innovative ideas. As these are the sourceswhere, a long list of problem is present which helps an individual to think for solutions.These also provide some ideas and opportunities which can individual can grab or modifyaccording to needs.3.Customer survey – This is an open source for collecting information about needs andproblems in society. This also help an individual to identify the trend in market and changein environment ( Dimov, 2011). This also help them to know that, what is the currentdemand of the customers and how the demand will going to be change in future.4.Interest and hobbies – This is a source where an individual innovate some ideas accordingto their interests and hobbies. Persons who use to go with their interest are one of thesuccessful entrepreneur in the world. As working with hobbies help them to make solutionsfor problems very easily and also help them to make some effective changes in business.TASK 2P2 Rationale and market gap for a specific entrepreneurial idea using relevant tools and techniques.Here entrepreneur is going to launch a cafe named as “Jungle cafe”. For this they haveinnovated an idea where it is decided that, the theme of the cafe will be according to the name and itwill be Jungle. Here customers can enjoy foods and beverages with an outlet of jungle and somehuman friendly animals. This provides customers an open environment where they can play withsome human friendly wild animals, which are highly trained for playing humans. Having trainedanimals in premisses will reduce chances of injury. Along with this, the serving style in cafe will bewill be according to the theme. This idea is very effective while dealing with customers of newgeneration. As this provide their customers to get interact with culture of jungle and animals, so thatthey get feeling for saving environment. Also the entrepreneur have to identify the risks andopportunities that will occur in future so that they can make effective solutions and strategies forgaining some competitive advantages. This also help them in achieving changes efficiently in futurethat can enhance their working and products ( Fuentes, 2010). Market gap is known as theintroduction of some products and services which are not yet provided by any one in market. Theconcept of “Jungle Cafe” involves a theme of jungle which is new in market and not provided byany one. This allow humans to know the culture of jungle. Market gap is associated with every
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