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Identifying Entrepreneurial Opportunities

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Added on  2020-06-04

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Identifying Entrepreneurial Opportunities INTRODUCTION 1 TASK 11 P1 Determine and evaluate different sources of entrepreneurial ideas and innovation 1 TASK 24 P2 Explain the rationale and the market gap for a specific entrepreneurial idea 4 TASK 36 P3 Presenting data to support gap analysis and evaluation 6 P4 Interpretation of data availed 7 TASK 48 P5. SWOT analysis to assess the entrepreneurial idea 8 P6 Evaluating competitiveness and market environments 9 CONCLUSION 10 REFERENCES 11 INTRODUCTION Identification of entrepreneurial opportunities are considered

Identifying Entrepreneurial Opportunities

   Added on 2020-06-04

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Identifying EntrepreneurialOpportunities
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.........1TASK 2............................................................................................................................................4P2 Explain the rationale and the market gap for a specific entrepreneurial idea...................4TASK 3............................................................................................................................................6P3 Presenting data to support gap analysis and evaluation....................................................6P4 Interpretation of data availed.............................................................................................7TASK 4............................................................................................................................................8P5. SWOT analysis to assess the entrepreneurial idea...........................................................8P6 Evaluating competitiveness and market environments.....................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
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INTRODUCTIONIdentification of entrepreneurial opportunities are considered as an eminent part becausewith help of this organisation will develop new and creative ideas for business (Davidsson,2015). By modify items as per requirement of consumers they will satisfy their desires and itleads in improvisation of revenues. Present assignment is based on Natural Essence, it deals inskin care and beauty items. It is must to identify and evaluate distinctive source ofentrepreneurial thoughts and innovation. To analyse internal market, organisation will conductSWOT investigation. Firm is going to launch organic cream for clients which will help them toincrease their market share. To take benefits from rivals, certain type of strategies as well aspolicies will be formulated by management.TASK 1P1 Determine and evaluate different sources of entrepreneurial ideas and innovationEntrepreneurs are considered as individuals who obtain opportunities so that they willapply creative thoughts into business. This will assist them to earn maximum benefits for anorganisation. It aids in success and enhancement of country (Kohlbacher, Herstatt and Levsen,2015). Through applying STEEP component, numerous employment chances will get enhancedin nation. There are many approaches which will support them to manage distinctive frameworkof an association. Peter 7's innovation source plays essential part in establishment of firm. It willbe described as follows:Social factor: This aids to identify whether people are able to comprehend technologicalvalue or not. When an entrepreneur is going to begin their business then, it is must for them tohave good financial condition. After Brexit, there are many alterations in laws and regulations ofcountry which provides affect to each sort of industry. Economic factor: If condition of the nation is much stable, then they will easily gainmaximum investors. GDP as well as per capita income of the country presents its economiccircumstances. Hence, it is correct period of time to establish cosmetic industries. Technological factor: In the recent era, it is required for organisations to utilise the latesttools or methods as this will help them to produce items or products in a creative manner(Kirzner, 2015). To manage this, entrepreneur will appoint some people who possess knowledgeregarding technology. For production of cosmetic items, company needs to perform distinctive1
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kinds of activities. Through manufacturing goods and services in an innovative way, firm willcapture attention of numerous individuals towards them.Political factor: Before establishment of association, it is must for manager to obtainrequisite knowledge regarding country's political status. This will aid them to know about the taxpolicy of nation effectually. Environment factor: It is needed for superior to know about environmental condition ofcountry before implementation of new plant. Along with this, they need to analyse that it will notprovide harm to surrounding or nature of country. Seven innovation ideas were given by Peter F. Drucker, which are described as beneathto produce cosmetic items, such as Natural essence:Incongruity: Company needs to manufacture products according to demands of personsso that they will accomplish their requirements. This procedure is much obsessed withmanufacturing of distinctive cosmetic items.Process needs: It is must for the firm to produce products by implementing newmethodologies; therefore, they will execute varied operational activities (Karimi and et.al., 2016).Industry and market structure needs: Association has to apply many kinds ofmodification in value of goods; this represents inventive strategy of pricing.Demographics: To improve profits, it is must for affiliation to implement innovativealterations in business.Changes in perception, meaning and mood: Natural essence has to take response fromtheir clients as this will assist them to launch latest cosmetic items; as a result, they willbe able to improve revenues.New knowledge: Through implementing new and latest techniques, organisation willeasily take benefits from rivals. This will help them to enhance market share and brandimage.Unexpected: By applying new thoughts, Natural essence's entrepreneur will developmore opportunities for individuals of specific place (Renko and et. al., 2015).Type of Innovation:2
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