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Report on Entrepreneurial Opportunities : Natural Essence

   

Added on  2020-06-05

17 Pages4812 Words36 Views
IDENTIFYINGENTREPRENEURIALOPPORTUNITIES

INTRODUCTION In today's competitive world, there are various opportunities that exist in the market placethat needs to be identify and exploit by entrepreneur in an effective and efficient manner. Beautyand cosmetic product is consider as one of the growing and leading sector (Block and Wagner,2010). This is the main reason why entrepreneur is keenly interested in launching their businessventure in this sector with an aim of earning higher profits and revenues. In the given report,chosen company is Natural Essence that mainly deals in providing cosmetic and skin careproducts. The report covers assessment of various sources of entrepreneurial idea, market gap,interpretation of collected data, SWOT analysis and evaluation of competitive and marketenvironment in order to assess firm potential viability. TASK 1P1 Determine different source of entrepreneurial innovation and ideasEntrepreneurs are the one who identifies the opportunities and grab them effectively toimplement their innovative idea for establishing a new venture. They set up their own businessby taking financial risk with the hope of earning high revenues and profits. They are the one whocontribute immensely towards the growth of country by executing innovative and noble ideas. Intoday's era, where nothing is constant a new innovation or invention takes place. Similarlybusiness environment keeps on changing constantly because of innovative technology introducedby entrepreneurs. Basically they first identify various market opportunities by understanding theneeds and wants of customers and domestic population by implementation of STEEP factor.Peter's 7 sources of innovation also play key role in executing innovative ideas and establishing anew business venture. There are some other key elements that needs to be taken into accountbefore developing a new product in the market. These are listed below: Social factor: The factor is mainly related with identifying that people must be able tounderstand technology value. It is essential for an entrepreneur to have an adequate amount offunding that is needed to launch a new business venture. However, due to Brexit there are severalchanges that takes place in terms of change in law and regulation from which domestic public isnot fully aware of. Therefore it is primarily important for an entrepreneur to analyse each andevery aspect that is related with establishing new business venture (Ekpe, Mat and Razak, 2010).

Economical factor: These factors are normally related with country's per capita incomeand GDP rate that signifies stability in the economy. If entrepreneur wants to invest high capitalin their business venture then the economic condition of respective country must be stable orgood. If there is economic stability found in the respective country then it is the right time forentrepreneurs to establish and launch their new business venture i.e. Cosmetic product industry(Dimov, 2011). Technological factor: In the modern era, there are several new technologies that areavailable in market and creates extensive opportunities for companies and people as well. Inorder to gain high competitive advantage in overseas market it is essential for an entrepreneur toproduce cosmetic products with the help of innovative and high end technology.Environmental Factor: Before launching new business venture it is important for anentrepreneur to consider that their new venture should not harm the environment all factorsrelated with environment needs to be taken into account by entrepreneurs. After analysing allsuch factors protective measures should be taken so as to ensure that and activities of newbusiness venture does not harm the environment.7 Sources of InnovationThe framework has been developed by Peter Drunker. It encompasses:Incongruity: It is mainly concerned with the gap regarding what is produced and what is actuallyneeded. It is mainly related with the production process of different cosmetic products.Process needs: It has been believed that in order to perform or carried out different businessoperation and activities in an effective manner, it is essential for every business entity toimplement unique and innovative technique that give them high competitive advantage.Market structure and industry need: Any change in price of the product must be doneaccording to the needs and wants of the customer and as per the market trend as well. Thereforecompany needs to design effective or clever pricing strategies so as to beat market competition.Demographic: It is important for every form to pay attention towards any changes that has beencontinually occurring in population education age or income level of the customer.Change in meaning perception and mood: The main objective of natural essence is to whichproducts that changes the moodor perception of the customer. Their management team needs tounderstand what the perception of customer towards organic cosmetic products are. It help them

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