Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Table of Contents
TASK 1............................................................................................................................................3
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation providing
specific examples .......................................................................................................................3
M1 Provide a detailed evaluation of Drucker’s 7 sources of systematic innovation providing
specific examples........................................................................................................................5
D1 Critically evaluate the benefits and drawbacks of different approaches and sources that can
lead to the identification of entrepreneurial ideas.......................................................................5
TASK 2............................................................................................................................................6
P2 Explain rationale & market gap for a entrepreneurial idea by use of relevant tools &
techniques....................................................................................................................................6
M2 Provide justification of how entrepreneurial idea can fill market gap by use of various
techniques and competitive analysis...........................................................................................7
D2 Critically evaluate a specific entrepreneurial idea based on appropriate interpretation and
investigation of the competitive marketplace.............................................................................8
TASK 3............................................................................................................................................8
Covered in PPT..........................................................................................................................8
TASK 4............................................................................................................................................9
P5 Apply SWOT framework for collecting evidence for supporting assessment of
entrepreneurial idea.....................................................................................................................9
P6 Evaluation of markets and competitive environment where idea has to be launched...........9
M4 Critical evaluation of specific entrepreneurial idea in the present market scenario...........11
D4 Formulate conclusion & recommendation on how specific entrepreneurial idea can be
developed, managed & sustained in the competitive environment...........................................12
CONCLUSION..............................................................................................................................13
REFERNCE...................................................................................................................................14

INTRODUCTION
Entrepreneurial opportunity refers to an idea of developing a new business which is
economically feasible and can generate benefits for the stakeholders. The business idea can
include any new product, service, market,raw material, processes of production etc. For carrying
on these businesses a lot of capital is required (Boyd and et.al, 2017). Virgin Money is a
financial company which provides financial services to new budding entrepreneurs. The business
idea provided in this report is on a food truck. This report also contains plan of business idea
which will be submitted to Virgin Money. This report has a full study of the new concept
introduced along with SWOT analysis, Porter's framework etc. Following report also mentions
forthcoming risk for the new venture and ways to overcome those risks. The new venture will be
called “FOOD on WHEELS”.
TASK 1
P1 Determine & evaluate various sources of entrepreneurial innovation & ideas with specific
examples
Every young entrepreneur is in search for good opportunities which will support their
idea financially . The United Kingdom government makes sure that young entrepreneurs are
provided the opportunities to showcase their talent. This assists ample number of young people
to introduce new and innovative ideas into the world (Zaitseva, . and Bedirkhanova, 2019).
Virgin Money has generated a scheme in which they provides capital to new businesses. They
give the entrepreneurs an opportunity to pitch their idea. For identifying great opportunities
Drucker's 7 sources of opportunities model is adopted which is mentioned below:
This model was introduced by Peter Drucker. It consists of following seven sources of
innovation Unexpected- Innovations are happen unexpectedly. They happen by chance. They are
not always well thought of or planned. It has been very evident in human history that
great inventions were actually unexpected. Fire can be stated as the most unexpected
innovations that human race have invented.
 Incongruity- Whenever any need is not compatible with the actual goods or services
provided, it might lead to an innovation. We can take an example of smart cars. When
the number of cars was increasing rapidly parking spots were short. So in place of

making new parking smart car were introduced as they covered relatively less space in
parking.
 Market Structure- Market structure, plans and policies of competitors and weaknesses
of competitors also provide hints to bring in innovation (Nijssen, 2017). The best
example of it can be google. Before google all the information in search engines were
scattered. Google worked on those informations and arranged them in such a manner so
that it can be used by people without any hassle. Necessity- Necessity can be said to be mother of invention as well as innovation. For
instance a microscope was invented in order to learn deeply about microbial world.
Innovation can be said as thinking of new things which can fulfil the existing needs in a
better manner. Demographics- Lifestyle also supports innovation (Ram, , 2018). It is necessary for a
company to mould itself with the changing demographics. For example the innovation of
fan was done in order to protect people from heat. Refrigerators and air conditioners are
another such examples. Changing perception- Changing perception of people around the world is also one of the
reason of many new innovations. Today's children prefer playing indoor rather than
outdoor. This changed perception have led to innovation of number of indoor games.
Gymnasiums are also a result of people's changing perception about their health and
healthy living,
 New Knowledge- New knowledge about a subject has also led to many innovations, how
laptops were introduced after computers, then palmtops, tablets and cellphone. Each
innovation leads to a new and better innovation. Healthcare is another segment which
has witnesses a number of excellent innovations through increasing their knowledge
about various diseases and treatment for them.
M1 Detailed evaluation of systematic innovation by use of Drucker’s 7 sources
Drucker's 7 source of systematic innovation model helps in evaluating the sources
responsible for innovation. Taking it into consideration for “Food on Wheels” it can be
concluded that the sources from which this idea was developed are more than one. This idea was