Identifying Entrepreneurial Opportunities – Assignment
Added on 2021-02-21
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IDENTIFYINGENTREPRENEURIALOPPORTUNITIES
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Different sources of entrepreneurial ideas and innovation................................................3TASK 2............................................................................................................................................5P2 Rationale and market gap for a specific entrepreneurial idea using tools and techniques5TASK 3............................................................................................................................................6P3 Present data needed to support gap analysis in the evaluation of entrepreneurial idea....6P4 Interpret data appropriately to provide evidence of market potential...............................8TASK 4 .........................................................................................................................................13P5 Apply a SWOT for specific entrepreneurial idea............................................................13SWOT Analysis....................................................................................................................14P6 Competitive and market environments to assess potential viability...............................16CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17.......................................................................................................................................................18
INTRODUCTIONEntrepreneurship is defined as procedure for launching, designing and running newbusiness that is often small concern (Davidsson, 2015). The person running or creating enterpriseis called entrepreneurs. The entrepreneurial opportunities are referred as situations where goodsand services are sold at high prices than cost of production. This is created when there is needand in order to solve creative solutions is provided. It is very important for entrepreneur toidentify opportunities in market and develop accordingly for fulfilment of their requirements.The given assignment is based on developing new ideas that is restaurant which is supported onsport and gaming theme. The name of restaurant is “Ethnic Restro” for their consumers. Thisreport covers various sources available for new and innovative business idea and market gapanalysis is explained with help of theory. It also uses primary and secondary data foridentification of market potential and their market and competitors with help of Porter model andSWOT analysis. TASK 1P1 Different sources of entrepreneurial ideas and innovationIt is essential for entrepreneur to identify various sources of entrepreneurial ideas andinnovation. This can help them to know about requirement of various sources and funds ineffective and efficient manner (George and et. Al., 2016). Ethnic Restro is theme basedrestaurant where infrastructure is made on basis of sport and gaming. It is providing ethnic foodto user or consumer in order to fulfils need and requirement. The sources of entrepreneurial ideasand innovation is described with help of theory that is Drucker's 7 source. They are as follows:Peter F Drucker's Seven Sources of Innovative OpportunityThis theory was published in famous book known as “Innovation and Entrepreneurship”in order to evaluate various sources of innovative opportunities. They are described below:The Unexpected- The business is full of unexpectation which can provide success aswell as failure to organisation for inspiring innovation. This can help innovators and leaders totake advantage of opportunities. Incongruities- This means organisation produce new product without doing research fortheir customers. This source of innovation concentrate on what should be presented in the market
instead of what is currently present.Ethnic Restro to do proper analysis of market in order toknow about their consumer's taste and preferences. Process Need- This phase of innovation means to focus on task rather than situation.Ethnic Restro can come up with such idea after looking into process and identifying weak pointof organisation and finds ways to improve it. After finding weak points, organisation can createinnovative solutions to problems. Industry and Market Structure Change- The industry and market structure is changingdue to change in technology. Here, leaders should keep eyes on changes and grab these asopportunities. This can help Ethnic Restro to know about market and industry for running theirbusiness in hotel sector. Demographic- This is important source for innovation as there are many factors whichare included such as age, qualification, gender of consumers (Grégoire and Shepherd, 2012). Thedynamic factors can affect business and their idea. Here, Ethnic Restro should adopt thosechanges for their new business. Change in Perception- There are various changes which took place in world. With risein technology, power of social network perception changes. This is great opportunity for EthnicRestro to grab market due to change in perception of people. The perception of people haschange for restaurant and they prefer unique and creative theme based restaurant in order to takefood. New Knowledge- It is very essential for organisation to adopt changes in order to survivein market (Guo, Su and Ahlstrom, 2016). This can help them for better achievement of results incompetitive market. The new knowledge and information can help before launching new productat market place. The idea of ''what people should get'' is the key factor behind this business idea.Incongruitiesis the type of innovation which is used by Ethnic Restro for running their businesssuccessfully. They are not satisfied with the current themes and this can be considered as themain reason behind starting a Ethnic restaurant as it will motivate people to try something newwhich is related to their customs.Therefore, it can be summarised that new ideas and analysis of market can help todevelop new business in competitive market. This model can help Ethnic Restro to buildsustainability at market. The main motivation for entrepreneur to start new venture of Ethnic
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