Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Table of Contents
P3 and p4 ppt...................................................................................................................................1
INTRODUCTION...........................................................................................................................1
LO 1) ...............................................................................................................................................1
P1: Identify and examine various sources of entrepreneurial ideas and innovation .................1
LO 2.................................................................................................................................................3
P2: Discuss the rationale and market gap for particular entrepreneurial idea using relevant tool
and techniques ............................................................................................................................3
LO 3.................................................................................................................................................5
P3: Present data required to support gap analysis in evaluation of particular entrepreneurial
idea..............................................................................................................................................5
P4: Elaborate data appropriately to provide evidence of market potential.................................7
LO 4...............................................................................................................................................12
P5: Use SWOT analysis framework to support objective assessment of entrepreneurial idea.
...................................................................................................................................................12
P6: Competitive and market environments in which idea will be launched to assess potential
viability.....................................................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneur is a person who come up with creative thinking and idea in the market.
They contribute more in the growth and development of the national economy (Beynon and
Pickernell, 2016). New business introduce by entrepreneurs create large job opportunities for the
society people which reduces unemployment to a large extent. This report is based on the new
entrepreneurial idea which is Vagro Finance. It is providing home loan at low interest rate to
those people whose net income is low and are unable to purchase their home. This report
includes, various sources of entrepreneurial idea and innovation. Swot analysis is explained
deeply in order to discover the threats prevailing in the global market. Pestle analysis is
examined in order to frame tactics to overcome the challenges occurred by them. Porter's five
force model is determined to understand the degree of power each stage stage is holding in the
market.
LO 1)
P1: Identify and examine various sources of entrepreneurial ideas and innovation
New venture is launched in the global market by getting inspired from the existing trend
which is abbreviated on the basis of present market scenario. There is no specific time and place
to come up with innovative idea by Entrepreneur. New start- up or venture directly or indirectly
raises the economy of the nation. They contribute a large share in raising the living stand of the
people. Vargo Finance is undertaken to complete the report. It deals in providing financial
services to the customers across the globe. Drucker's model is used for the concept of
introducing this business venture. This model is illustrated as under:
The Unexpected: In the competitive world nothing is stable things changes frequently
which leads a business towards success or failure (Devece and Rueda-Armengot, 2016).
Management scan the loop of other and turn them into their business opportunity. Vargo Finance
is able to gain competitive advantages against rivalry from unexpected situation. This is because
they are extremely powerful to inspire leaders and innovate to get varied perspective to a specific
situation. It indirectly aid organization to take benefits of opportunities prevailing in the
international market which is occurring with unexpected technology changes.

Incongruities: Business idea is successful or not can be determined by types of goods
and services offered by the firm. If the goods and services are satisfying customers expectation
level it flourish rapidly whereas, if lack behind in meeting emerging needs of the customers is
existed from the market. It is essential to scan the market before coming up with creative product
and services so that set goals and objectives can be attained easily. By this firm is able to target
their customers easily in short timer duration. Incongruities can be identified by analysing the
customers feedbacks and complaints. By gathering information from customers regarding their
demand and preferences fore financial services will be beneficial for Vargo Finance. This is
because by this management is able to come up more attractive financial schemes in less
investment (Foo and Murnieks, 2015).
Process Needs: Drucker's model highlight that this sources of innovation should be task
oriented. In order to examine the positive and negative side of the business it is very essential to
study opportunity and innovation closely. Loop holes discovered earlier can be modified easily
and can lead Vargo Finance towards success. On the other hand identified weak area motivate
organisation and its employees to come up with more creative solution.
Industry and market structure change: In the global market business financial stable
can survive for longer time duration but technology up-gradation can knock down an industry
overnight. In the era of modern world technology is changing rapidly so it is important to keep
eye on this changes in order to cope with them. Vargo Finance is benefited by the changing
technology because they are able to connect their customers and are able to understand issues
regarding financial services they face on daily basis.
Demographic: Business is influenced greatly when changes take place in demographic.
It brings fluctuation in customers demand regarding financial services. However, demographic
change in employment, education, age and many more direct impact the business and give birth
to new business opportunity in the open market place. It is beneficial for Vargo Finance because
through this firm introduce their new financial scheme to their targeted customers who are
seeking more monetary benefits in less investments (Hajizadeh and Zali, 2016.).
Change in perception: With the phase of time the demand and perception of customers
for financial services changes accordingly. In today's world because of raising social networking
site trend among people changes are occurring rapidly in short time duration. It is directly
helping Vargo Finance to introduce their attractive financial scheme that is particularly designed