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Identifying Entrepreneurial Opportunities Sources

Added on - 12 Nov 2020

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IdentifyingEntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Evaluation of different sources of entrepreneurial ideas and innovation.........................3TASK 2............................................................................................................................................5P2.Explanation of the rationale and the market gap for a specific entrepreneurial idea usingrelevant tools and techniques to support your choice.............................................................5TASK 3............................................................................................................................................7P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurialidea.........................................................................................................................................7P4 .Interpret data appropriately to provide evidence of market potential..............................8TASK 4.........................................................................................................................................13P5. A SWOT framework to collate evidence to support an objective assessment of a specificentrepreneurial idea.............................................................................................................13P6. Evaluate the competitive and market environments in which the idea will be launched toassess potential viability.......................................................................................................15CONCLUSION..............................................................................................................................18REFERENCES.............................................................................................................................19
INTRODUCTIONEntrepreneurship isactivityof setting up business, a new venture is started by anentrepreneur (Alvarez, Barney and Anderson, 2013). Entrepreneuris a person who innovate anew business by taking financial and many more other risks. It also provides new way ofemployment. In this report, a new idea is introduce by the firm nameEmergency Indicatorabout a device as a wrist watch which indicate sudden fall or onset of convulsion of dependentperson (i.e. parents, handicap persons and so on.). It gave the name of its new product (wristwatch) also a emergency indicator. Convulsion refers to sudden, violent and improper movementin the human body. This report is going to evaluate sources of new innovative idea and explainthat how it increase employment and attract more customers in market. And how it is beneficialfor the persons who have dependents in their lives. It also includes reason of choosing specificidea and evaluation of market gap by applying various techniques. This report is going todetermine primary method approaches that aid in representing market potential for specificservices.Andapart from ,that SWOT based analysis is provided for the better clarification.TASK 1P1. Evaluation of different sources of entrepreneurial ideas and innovation.Entrepreneur try to take a unique position in potential market. There are various sourcesof innovative ideas which reflect origin of new venture.Thesuccess of that depends on factorswhich encourage entrepreneur idea and provide potential opportunities information forsucceeding in future market.Herein, Druckers 7 sources of innovation opportunities is analysed.Perter Druckers is considered best management consultant in field of management.Theunexpected:Market is a place where opportunities can be find out very easily(Audretsch, 2012). Manager of Emergency Indicator should always be conscious about marketsituations. To develop indicator of emergency its manager have to study market regularly.Without studying market situation un-expectancy can't be converted into opportunities.Becausethat is only one of great reason to take advantage of unexpected situation of market. Bystudying situation and needs of market Emergency Indicator can be launched at right time.TheIncongruity:As in market there is always a big difference between situation thatwhat should be and what will be.And this factor plays a specific role in developing business ofentrepreneur in launching Emergency Indicator.Emergency Indicator can't get success without
analysing needs of customers. Facebook and Myspace are good example of that situation.Facebook beat Myspace portfolio by analysing current situation and its portfolio. Prior toFacebook Myspace is a dominated player in social networking.Process need:Process need is very important for getting success in potentialmarket(Aliaga, Isla and Rialp 2015).Because without analysing needs of Emergency Indicatorsoperating process, errors can't be rectified which later create barrier in path of success. Itprovides to entrepreneur a way of to do business in new innovation.For example a restaurantanalysis customer satisfaction by getting proper feedback and if any deficiency in serving themtimely then hire another chef to speed up cooking process. Same as Emergency Indicator have toanalysis its process and make it according to need of customers.Industry and market structure change:Industryand markets are fully flexible places.There is rule that with time span some product lines are expanded and some got shrink.Emergency indicator have to follow that structure change for successful future. For that it have todo continuous watch on market. Deregulation is one of example of that situation.Earlyenteredcompany have more chances of success. Emergency indicator should have to watch out regularconvergence of multiple nature technology and other problems to update product timely.Demographic:These situations matter a lot in success of a new venture,if inventedproduct is not according to needs of demographics situations then it will not attract customers.Demographics situation includes population level, income , human capital, education and ageranges.If age range and dependency increases day by day then market need of EmergencyIndicator at higher level and it will be right time to launch product. Because it attract morecustomer by help of its specific use which provides indication of dependent persons situation.It provide solution for aged person's safety. It attract more youngster because it create a alternatefor them to taking care of their dependents and aware them timely if there are any emergencysituation. For example it replace care takers for old aged persons and create a safety zone.Changes in perception, meaning and mood:With time span needs and requirementsof people changed.They attracted towards smart things. Because over time, prior launchedthings seems to less useful(Wood and McKelvie, 2015). Emergency Indicator also have to takecontinuous watch and to pay attention in order to capitalize its reputation and setting a successfulventure in market. For example in overall world religion changed continuously. Islam andatheism rise. company have to do regular watch on that to adopt overall culture and religion.
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