Identifying entrepreneurial opportunities and innovation 3 TASK 13 P1. Determination and evaluation of different sources of entrepreneurial ideas and innovation

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1.Determine and evaluate different sources of entrepreneurial ideas and innovation.........3
TASK 2............................................................................................................................................4
P2.Market gap for a specific entrepreneurial idea using relevant tools and techniques.........4
TASK 3............................................................................................................................................6
P3.Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea.........................................................................................................................................6
P4.Interpret data appropriately to provide evidence of market potential...............................9
TASK 4..........................................................................................................................................13
P5.SWOT framework to collate evidence to support an objective assessment of a specific
entrepreneurial idea..............................................................................................................13
P6.The competitive and market environments in which the idea will be launched to assess
potential viability..................................................................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................18

INTRODUCTION
Now a days entrepreneur opportunities are becoming significant competitive. It is
considered as a situations where products or services can be sold at a price more than the
production cost. With this entrepreneurs can take action to make profitability (Bagheri and Lope
Pihie, 2013). Within the present report. firm which has been taken into consideration i.e. Zylla
cafe, which will be launching it's products and services within the United Kingdom's potential
market. Report is going to be enclosed with ample number of sources, that are linked with
entrepreneurial ideas along with innovation. Analysis of market gap by utilising tools and
techniques. On the other hand, data interpretation has also been performed of potential market of
United Kingdom. Along with this identification of their competitors and SWOT into business
environment i.e. linked to viability will also be considered within the report.
TASK 1
P1.Determine and evaluate different sources of entrepreneurial ideas and innovation
Entrepreneurship is considered as an opportunities for people to execute its ideas. For it,
this is essential for them to adopt advantageous option among varieties. Opening a new business
is a tough task as for it they need to examine available sources to execute effectual ideas in that.
Few external environment sources of change also useful to form new opportunities.
Social factors: This is essential for an entrepreneur to examine the preference, choice and
tastes of consumer for particular products or services. This will assists them to execute their
ideas easily to facilitates standard services in innovative manner in order to attract customer.
These types of sources gives a grate opportunities for new business.
Technological factors: As per current scenarios, technology advancement have large
effect upon all industry. Within restaurant sectors, it assists to enhance profit through
minimising wastage as well as giving on time services to clients.
Entrepreneur role: Entrepreneur is the one who gives its effective contribution into growth as
well as improvement of economy. They launch innovation ideas in its new business. This will
aids them to acquire various opportunities from targeted marketplace (Cassar, 2014). Crucial
role are it increase living standard into society, they facilitates employment opportunities to
proficient individuals and many more.
Scope and Kinds of innovation:

This is crucial for an entrepreneur to develop various kinds of ieas so that they can
facilitates quality services to its clients as process and product innovation. It is mainly utilise to
shows their goods or services quality to consumer. Through this firm can obtain benefits for
longer durations.
Innovation and Invention:
Both are the two different concepts. Invention is utilise to launch new goods or services
by personal observations. Where as innovation is considered as a process which is utilise to make
effectual changes into many services or products as per the innovative ideas (Bosio and et.al,
2018).
Within business enterprises, it is essential for their owner to execute its new ideas for
obtaining maximal benefits. With the help of systematized innovation seven sources which are
established through Peter Ducker are mentioned below: Unexpected: the main aim of innovation process is to ready for all the things through
utilising effective strategy in order to tackle them in simple manner. Incongruity: This is ascertain as an effectual model where person utilise to think
something innovative from another one. Innovation based on process need: Innovation is applied to execute new thoughts and
this shove be based upon procedures requirements. Changes into market and sectors: Innovation execution is utilise to adapt various
modification into sector as well as market. Demographics: This is based upon developing own enterprise into target marketplace by
facilitating satisfaction to customers. Changes in perception: By executing new or innovative thoughts into business, an
entrepreneur can modify purchaser perception.
 New knowledge: Innovation is mostly depends upon new ideas and conceptions of
person.
TASK 2
P2.Market gap for a specific entrepreneurial idea using relevant tools and techniques
The target market place of new business should has to particularly examine through
entrepreneur in order to fulfil gaps. Within this process, it can apply creative ideas to finding its