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Identifying Entrepreneurial Opportunities

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Added on  2020-12-10

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5 TASK 35 P3 Gap analysis in the evaluation of a specific entrepreneurial idea. 12 P6 Evaluation of competitive and market environments in which idea will be launched to assess potential viability 13 CONCLUSION 17 REFERENCES 18 INTRODUCTION An entrepreneur is a person who is capable of taking risk to start a new venture so as to build their innovation and idea into reality. These sources are elaborated below: Unexpected success and failure: Acknowledgement of different reasons for unexpected success and failure leads to generation

Identifying Entrepreneurial Opportunities

   Added on 2020-12-10

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Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................3P1 Evaluation of different sources of entrepreneurial ideas and innovation.........................3TASK 2............................................................................................................................................5P2. Rationale for entrepreneurial idea....................................................................................5TASK 3............................................................................................................................................5P3 Gap analysis in the evaluation of a specific entrepreneurial idea....................................5P4. Interpretation of data to provide evidence of market potential of Coffee Meet...............9TASK 4..........................................................................................................................................12P5 SWOT framework to collate evidence to support objective assessment of a specificentrepreneurial idea..............................................................................................................12P6 Evaluation of competitive and market environments in which idea will be launched toassess potential viability.......................................................................................................13CONCLUSION .............................................................................................................................17REFERENCES..............................................................................................................................18
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INTRODUCTION An entrepreneur is a person who is capable of taking risk to start a new venture so as tobuild their innovation and idea into reality. They develop their concept by carrying out tasks byusing creativity and innovation. Identification of opportunities is essential in this dynamicenvironment. The present report is based upon the idea of launching a coffee house in Londonwhose name is Coffee Meet. It provides Black coffee with brown sugar. They have brought upthis idea for health conscious people. This report is based on exploring sources by whichbusiness can be developed and gap analysis is done. SWOT and market analysis is done toacknowledge different aspects of market.TASK 1P1 Evaluation of different sources of entrepreneurial ideas and innovation.In dynamic environment, entrepreneurs are looking forward for new and innovative ideasto gain competitive advantage. This will help them to enhance their productivity. Apart from thisthey can use new technologies to implement their ideas (Audretsch, 2012). Entrepreneur ofCoffee Meet is coming up with new idea that is black coffee with brown sugar in UnitedKingdom. Herein, entrepreneur has adopted Peter F Drucker's seven sources of opportunity forinnovation to know whether his innovation will be successful or not in competitive market ofUK. These sources are elaborated below:Unexpected success and failure: Acknowledgement of different reasons for unexpectedsuccess and failure leads to generation of new innovation. To understand this an example can beconsidered, IBM build their accounting machines for banks, but later on they discovered thatlibraries want to buy these machines. This did not lead to failure despite it lead to new idea.Unexpected product failure leads to generation of new idea or innovation which can lead tosomething which market likes.Incongruities: It is variance between what it is and what it should be or assumption ofpeople it to be. This indicates that if things are not happening in same manner as they weresupposed to be then there can be scope of innovation. To understand this an example can beconsidered like when number cars increased there came shortage of parking space, this lead todevelopment of smart cars. They are small cars which can come in small space. Incongruitiesacts as important source of innovation.
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Process needs: This stage involves identification of weak points of organisation andredesigning them. Source of opportunity for innovation comes from this. An innovator can thinkout of box so that weak links can be removed. An example can be considered in this context likemotel was short on help and was facing issues related with laundry, for this they installed washerand dryer in room which is behind receptionist desk (Dimov, 2011). In spare time, reservationclerk can do towels and sheets. This helped to solve problem.Changes in industry and market structure: Changes in market and industry are primesources which must be acknowledged. Emergence of new and fast growing segments providesdifferent scope for innovation. An example can be taken to further understand this like tablets,cell phones etc. Before Google, search engines were not optimised and perfect. Google shapedthem by making information searchable.Changes in demographics: Organisations are affected by change in demographics.These changes strongly affect market as it helps to find out demand of services. Innovation canbe based on certain demographics like age, employment, education, etc. Lifestyle needs are notsmall and their fulfilment is important. Changes in meaning and perception: Altering or changing perceptions in respect tocertain things also lead to innovation. An example can be considered in this context like medicaland cosmetic industries have changed. Like people who are of 50 appears to be of 45 or younger.It is necessary to acknowledge services and products which can alter perceptions.New knowledge: It can also act as source of innovation. It can be understood by this,whether it is artificial intelligence, biotechnology or nano-technology, new knowledge in anyspecific area can provide innovation (Fuentes and et. al., 2010). This knowledge can be used todevelop new, innovative products. Innovations can be risky as emergence of new knowledge andtheir conversion into usable technology and there can be gap before product is launched withinmarket.These sources helped to gain new inspiration in leading business growth and having aninnovative idea to enhance productivity in specific sector.
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