Identifying Entrepreneurial Opportunities Assignment - Coffee Delight
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Added on 2020-10-23
Identifying Entrepreneurial Opportunities Assignment - Coffee Delight
Added on 2020-10-23
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IdentifyingEntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................3Background information about those sources that inspired your idea and what motivated youpersonally in wishing to set up your own business.....................................................................3An introduction to your business idea and what it is, and who and where your potentialcustomers and target audience are...............................................................................................5A competitor analysis that looks at the competitive marketplace. Look at failures andsuccesses in the industry. What you can do differently?............................................................5Gap analysis and how you are looking to close the gaps. What is the situation now and what isthe future?....................................................................................................................................6Market research to support viability for your business idea and identify market potential usinga range of sources that could be both primary and secondary....................................................7Why your business idea is viable and feasible and how you qualify this belief. What are thestrengths and weaknesses? .......................................................................................................10How will you overcome the risks of competition and the potential opportunities for growthand development in the future? ................................................................................................12CONCLUSION..............................................................................................................................14REFERENCES .............................................................................................................................16
INTRODUCTIONEntrepreneurship is an important attribute in economic growth and enhancement and it isprocess of designing, launching and running business often it is small business. Individual andgroup of people who start a new business called entrepreneurs. Entrepreneurship creates hugeemployment for country and raise living standard of people. An entrepreneur is one who takesrisk by identifying new opportunities in market and future needs of consumers in better manner.This report is based on idea of launching a new business by finding new opportunities and scopeof development in London named as Coffee delight which find new concept of organic coffee forhealth-conscious people. This report is based on entrepreneurial idea and source of thatinformation and motivation behind it. In it also includes potential consumers and target marketwith competitor analysis by finding out gap and factors of risk business. In addition to viabilityof project and identification by both primary and secondary research.MAIN BODYBackground information about those sources that inspired your idea and what motivated youpersonally in wishing to set up your own business.To expand business always need to expand its market share by evaluating opportunitiesand future needs and wants of consumers in better way. Entrepreneurship is an important factorthat creates employment opportunities in both individual and organizational development. In thatscenario Coffee delight by finding new opportunities aimed to launch a new product that isorganic coffee which is healthy for people. An entrepreneur can take idea from various sourcesin which consist of their hobbies and interest area to take risk by finding out new and potentialopportunities. Customer surveys, brainstorming, mass media and experience with talents of anindividual. There are many factors that influence to become an entrepreneur first and foremost ismoney, flexibility in working according to own, control on each and every activity, teamworkalso an influential factor and legacy that people appreciate them for their new thought andprogress in life. So all these factors are very important for individual development and by allthese factors they take step to become an entrepreneur.Sources of entrepreneurial idea:To find out sources of entrepreneurial idea need to evaluate Peter Drunker seven steps toput management by objective that are as follows:
Ducker's 7 sources of systematic innovationPeter Ducker listed the 7 sources of innovative opportunity in his book Innovation andEntrepreneurship. These sources are mentioned below:1.The Unexpected – The world of business is un expectations, not only the unexpectedfailures but also success that comes to the firm can be a great field of idea for innovation.The unexpected success and failures are unnoticed and are not ignored as opportunities.The not assumed conditions inspire and motivate the leaders and entrepreneurs to getanother view on the situation no matter it is positive or negative and they try to takebenefits of the opportunities.2.The Incongruity - The best thing to look for incongruity is in own consumers. Thecustomer reactions, feedback, and complaints are major way to find out incongruity.Incongruity is all connect with reality as it actually is and the reality as it is assumed orexpected to be.3.Process Need – This source of innovation is about identifying the weak points of abusiness and ascertain the ways to improve them, as innovation is based on process need.Considering an example of coffee delight that find out customers wait too long for theirentries and so the owner of cafe decides to launch healthy coffee for their consumers.4.Industry and Market Structure Change – Industry and market structures are stable formany years, yet with development of the technology. An example is deregulation.Measure for rapid growth of an industry. If an industry grows significantly with fast pacethan the economy, structural problems can occur and changes are certain.5.Demographics - People constantly see changes occur in populations, income levels,human capital and age ranges. Smart business-man are constantly paying attention to this.6.Changes in perception – It's style of people perceive the world. Perception changesover time, and today due to the involvement of technology, these changes happen rapidlythan always. People can change their perception for certain product, brand or industryrapidly. The changes of perception open a route for businesses to develop new productsand services that match with the new perspective of the customers.7.New Knowledge – New technology can bring better ways to accomplished things andenhancing processes. The owner of cafe should be aware about the new technology forthe advancements of the cafe.
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