Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Contents
Introduction......................................................................................................................................3
Task 1...............................................................................................................................................3
P1 Different sources of entrepreneurial ideas and innovation................................................3
M1 Detailed evaluation of Drucker’s 7 sources of systematic innovation.............................4
D1 Benefits and Drawbacks of different approaches and sources leading to entrepreneurial
idea.........................................................................................................................................5
Task 2...............................................................................................................................................6
P2 Evaluation of Rationale and market gap for specific entrepreneurial idea using relevant
techniques ..............................................................................................................................6
M2 Justification of entrepreneurial idea filling market gap and competitive analysis...........7
D2 Evaluate respective entrepreneurial idea..........................................................................7
Task 3...............................................................................................................................................7
P3 Gap analysis in support of respective entrepreneurial idea...............................................7
P4 Interpretation of data by providing market potential evidence.........................................9
M3 Sources and methods of data collection & identifying market potential.......................12
D3 Appropriate sources and methods analysis to justify business objectives and market
potentials ..............................................................................................................................12
Task 4.............................................................................................................................................13
P5 SWOT analysis framework to collate evidence in support of entrepreneurial idea objective
..............................................................................................................................................13
P6 Competitive and market environment analysis in order to identify potential viability of
idea launch............................................................................................................................14
M4 Evaluate respective entrepreneurial idea in context to marketplace and competition...15
D4 Valid conclusions & recommendations on entrepreneurial idea ...................................15
Conclusion.....................................................................................................................................15
References......................................................................................................................................16

Introduction
Entrepreneurs are said to be individuals who run take various potential risks in order to
convert a business into successful venture. Entrepreneurship is significantly important role which
signifies innovation, creativity, certain ideas and other factors which needs to be focused for
future growth prospects. Entrepreneurs have been seen doing various innovations for effective
development of business structure. In this concern, a new food place called “Foody Manic” is
been established in UK in order to provide public with more healthy food and drinks. This
restaurant has emphasised over health and sustainable environment for future. Also it focused
over producing low calorie items in order to boost immune system of human beings in order to
fight viruses in current times such as Covid-19 which is affecting human health immensely. In
this report, business innovation plan of Foody Manic will be discussed in detailed manner which
will include various market analyses, sources of entrepreneurial idea sources, SWOT analysis of
such innovation, industry analysis and many other factors in this concern.
Task 1
P1 Different sources of entrepreneurial ideas and innovation
MARKET TREND: A market trend is the belief that financial markets are heading in one
direction over time (Zheng and Musteen, 2018). Traders use technical analysis to try to spot
market patterns, which is a mechanism that defines market trends as predictable price tendencies
within the market when price hits support and resistance levels that change over time. Since
future prices are unknown at any given time, a trend can only be calculated in review.
MARKET RESEARCH AND SURVEY: Market research includes activities such as
interviews with members of the target group. You can hire a company to do it for you, but
performing the interviews yourself would give you a much better understanding of your target
audience's needs and provide you with information you wouldn't have gotten otherwise. Market
surveys gather information about a target market, such as price patterns, consumer needs,
competitor research, and other related information (Mehdizadeh and et. al., 2020).
PAST EXPERIENCES: By analysing various past experiences, entrepreneurs are able to learn
from old experiences in order to build effective business structure which will be well established
in order to fight future based contingencies which could occur before a company in its long term
existence (Tseng and Tseng, 2017). In this respect, business entrepreneurs needs to develop

effective system which will identify deviations in past and present performance so that further
performance could be provided in much efficient manner.
CHANGES IN ENVIRONMENT: In the time of eco-destructive activities which are
promoting problems such as global warming, depletion of ozone layer and various other
problems (Khin and Lim, 2018). Due to such problems, it is important to development such
business entity which will be helpful from various aspects. It is also important to use sustainable
resources, promotion of healthy eating habits for betterment of individuals across the globe.
M1 Detailed evaluation of Drucker’s 7 sources of systematic innovation
DRUCKER 7 INNOVATION
Those interested in starting an entrepreneurial venture should keep an eye on seven sources of
creative opportunities, according to Drucker.
1. UNEXPECTED- Unexpected Success or Failure, according to Drucker, is the best basis for
successful innovation. Since an unforeseen performance is a symptom, manipulation of this
necessitates study (Hjalager and Kwiatkowski, 2018).
2. INCONGRUITY- A gap between fact and what everyone expects it to be, or between what is
and what ought to be, may lead to a novel idea. An incongruity, like the unexpected
occurrence, whether success or failure, is a symptom of progress that has already occurred
or can be made to occur.
3. INNOVATION BASED ON PROCESS NEED- When a weak link in a process is obvious, but
people work around it rather than fixing it, an incentive arises for the individual or
organisation willing to provide the "missing link."
4. CHANGES IN INDUSTRY OR MARKET STRUCTURE-When the underlying basis of an
industry or market changes, the need for a new product, service, or business strategy arises.
5. DEMOGRAPHICS- Changes in population size, age structure, composition, jobs, education
level, and income can all lead to new possibilities (Kokkonen and Ojanen, 2018).
Demographics and demographic shifts (age, schooling, disposable income, regional shift,
and so on) are one of the most accurate predictors of the future, according to Drucker, and
they provide opportunities for innovation.
6. CHANGE IN PERCEPTION- When a society's general assumptions, behaviours, and beliefs
alter, new opportunities arise and main objective is to change the perception of customers.