Sample Identifying Entrepreneurial Opportunities - Assignment
Added on -2021-02-21
| 19 pages| 4215 words| 49 views
Trusted by 2+ million users,
1000+ happy students everyday
Showing pages 1 to 4 of 19 pages
IdentifyingEntrepreneurialOpportunities
Table of ContentsINTRODUCTION.....................................................................................................................................3TASK 1....................................................................................................................................................3P1 Evaluation of different sources of entrepreneurial ideas and innovation.....................................3P2 Explain rational and market gap by using relevant tools and technique.......................................5TASK 2....................................................................................................................................................7P3 Evaluation of gap analysis with specific entrepreneurial idea......................................................7P4 Interpret data appropriately to provide evidence of market potentials.......................................9TASK 3..................................................................................................................................................11P5 Implement of SWOT framework that support objective assessment of entrepreneurial idea. . .11P6 Evaluate the competitive market environment..........................................................................12CONCLUSION.......................................................................................................................................13REFERENCES.........................................................................................................................................14
INTRODUCTIONEntrepreneur is the person who bear risk to start or launch own business which help togenerate profits from different operations. It is a exercise that help to design business andthen start it into actual process which signify its activities that are offer to market. Usually inthis case opportunities are identified that are present in market an entrepreneur convert thisinto potential market. It help to manufacture new goods and services by managing andorganising different resources. In this present assignment report beauty cosmetic products arechosen that include highlighters, moisturiser, eye brow and make up remover etc. The majormotive of this report is to explore ideas and innovation which determine the market gapbetween company and market by implementing relevant tools and techniques. Along withthis SWOT is also executed which help to evaluate market environment and to predict itsviabilities and capabilities.TASK 1P1 Evaluation of different sources of entrepreneurial ideas and innovationIn order to identify different sources of idea and innovation are depend on the marketand customer needs and wants. It signify this process require strong research anddevelopment which help to examine needs of customer. The changes that are incurred inexternal environment create different opportunities that are mention below.Macro environment- The manufacture and development of beauty products depend ondifferent factors that are relate with particular sector and region. It specify that each beautyproduct require different innovation which is mention below: Social factors- In present scenario customers are attracting towards unique productsthat help to consume different products it determine that customer requires constant changesin products to satisfy their need and demand. Now a days industry are moving towards greenenvironment (Grégoireand Shepherd,2012). As in this entrepreneur develop beauty skinproducts that does not impact negatively on environment.Technological factor- Business are operating its activities and delivering theirproducts at globalised level. This process is implement by the sustenance of technologywhich signify the importance of technology in present scenario. In the case of beauty
products it is essential to adopt technology in manufacturing process because it help to matchto achieve target quickly.Drucker’s sources of innovationEntrepreneur who predict market opportunity and modify its products and services tomatch them with the needs of customer. For this case entrepreneur who deal with beautyproducts need to develop business idea with different sources of innovation which is describeby Peter F Drucker as below:Unexpected- This innovation came in market with uncertainty it is sudden change tothat make product different from its substitute. In context of beauty cosmetic product it issudden change that take place by chance. For this new ideas combine together to developproduct in market.Market structure- For an innovation market structure work as chance as they all areinter-relate with each other. Like beauty cosmetic products use world wide web to improvethe product. This create booming stage for the development of beauty products which signifyits importance among overall world.Incongruities- Entrepreneur face different challenges and clashes that take place inprocess of innovation. For this individual explore different alternatives that help to builddifferent opportunities in the case of beauty cosmetic product to produce.Necessity- It is essential need of market that exists in the deep mind set of think. Forthis usually company use innovation as base which signify needs of customer. Beautycosmetic product is processed by thinking of an entrepreneur to fulfil their needs with newways. Idea is created by an entrepreneur to satisfy consumer needs.Demographics- This source of innovation is generate on the lifestyle, society etc. withthis entrepreneur develop strategy which aware customers about benefits of beauty products.It today era this work as motivation as it help to determine need of customer based on theirlocation.Changing perception- The change of perception in the mind of consumer give birth toinnovation (Elenurm, 2012). It is the change that lead to success in case of beauty products.This change perception develop opportunity for entrepreneur to explore new market for theproduct.
Found this document preview useful?
You are reading a preview
Upload your documents to download
or
Become a Desklib member to get accesss
Paid Plans
Free Plan
Single Unlock
Monthly Plan
Yearly Plan