Identifying Entrepreneurial Opportunities - Peter Drucker
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Added on 2021-02-21
Identifying Entrepreneurial Opportunities - Peter Drucker
Added on 2021-02-21
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IDENTIFYINGENTREPRENEURIALOPPORTUNITIES
Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1 Sources of Entrepreneurial ideas and innovation...................................................................1LO2..................................................................................................................................................2P2 Rationale and market gap for the specific venture idea with the help of tools andtechniques....................................................................................................................................2LO3..................................................................................................................................................4P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurialidea...............................................................................................................................................4P4 Interpret the data to provide the evidence in market potential...............................................8LO4..................................................................................................................................................8P5 SWOT analysis of specific venture idea.................................................................................8P6 Competitive and market environment idea to assess the potential viability...........................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurial opportunity is the situation where the products and services is being soldby identifying the potential clients and from the past leads. It is basically to target the potentialcustomers by fulfilling their needs, wants, challenges and frustration from the society for these itis very important to identify the entrepreneurial opportunities. In this the new business venture isbeing started that is cafe by offering the innovative product that is Affogato espresso coffee. Thisreport contains the seven sources of systematic innovation that is being given by the PeterDrucker. This report also elaborate the present data that is support by the gap analysis by doingthe evaluation of specific entrepreneurial idea.LO1P1 Sources of Entrepreneurial ideas and innovation.Peter Drucker seven sources of systematic innovation is about the monitoring of sevensources to have the innovative opportunity at the same in his famous book 'Innovation andEntrepreneurship' he has discussed about the power and requirement of systematic innovation.These seven sources of innovation areThe UnexpectedAs the business world is full of unexpected surprises as the result may be unexpectedfailure or it might be the unexpected success (Arregle and et.al ., 2015). It is difficult to predictabout the product and services that we want to offer is having the anticipated demand or greaterand lesser. For example it is the time when Marriott is restaurant chain and their one of the outletin Washington DC is performing outstanding and generating huge revenue and whileinvestigating they found that passengers will buy the meals to take it in their journey than theysuggested to airlines to give the snacks to the passengers and thus the airline start cateringbusiness (Peter Drucker on the Seven Sources of Systematic Innovation, 2019).IncongruitiesSeveral entrepreneurs start their business and develop the product without doing theappropriate market research that to which customer they want to target as it is the economicreality of the every business between the what is and what “ought” to be and that leads to thedownfall of the company (Davidsson, 2015 ). But at the same customer reviews, feedback andcomplaints is the best way to identify the incongruity.1
Process NeedAs per the Drucker innovation is more task focused rather than they have to focused onsituation. So the idea of innovation is being come after analysis of whole process of the ventureand at the same try to identify the weak sports and try to find the ways to overcome. For examplethe Elijah Mccoy has done the engineering but he could not find the suitable job and he has to dothe work of doing the oil by hand in the central rail road than he figure out the best way to do theoil by lubricating cup that is automatic dripped oil and it becomes the hit in the market.Change in Industry and market structureFrom the year's industry and market structure are stable but from the advancement intechnology many industries are being disrupted overnight. Leaders need to have an eye on thesechanges and try to adopt the new technology and take it as an opportunity.DemographicsMany companies are being affected by the change of demographics that is change inpopulation, age, level of education, income etc. are one of the main reliable predictors for thefuture and give the ideas for innovation (Kohlbacher, Herstatt and Levsen, 2015 ).Changes in perceptionDuring the last few years there is a drastic change in the perception of human. As thereare involvement in new technology that is social networking as these changes are happening atthe faster rate. People have change their perception about the whole market and the way of doingthe business as everyone is expecting the innovation.New knowledgeNew knowledge is equivalent to the innovation because the scientific and technologicalare the sources of innovation that is being taken care by every business (Kraus and et.al., 2015 ).Knowledge based innovations were never based on the one factor as there are many types of newknowledge is there.LO2P2 Rationale and market gap for the specific venture idea with the help of tools and techniques.Industry Life Cycle shows the various stages from where the business starts to operate,progress, grows and slum within the sector. Life cycle of industry consist of typically five stagesthat is start-up, growth, shake-out, maturity and decline. It is just like the life cycle of a person2
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