Identifying Entrepreneurial Opportunities : Assignment
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Added on 2020-12-09
Identifying Entrepreneurial Opportunities : Assignment
Added on 2020-12-09
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Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1 Determining and evaluation of various sources of entrepreneurial ideas and innovation.....1LO2..................................................................................................................................................3P2 Explaining of market gap for specific entrepreneurial idea...................................................3LO3..................................................................................................................................................4P3 Presentation of data for evaluating gap analyses of the entrepreneurial idea........................4P4 Interpretation of data for providing evidence of market potential.........................................6LO4..................................................................................................................................................7P5 Application of SWOT framework to collate evidence to support an objective assessmentof idea .........................................................................................................................................7P6 Evaluation the competitive and market environments where idea will be launched.............9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10.......................................................................................................................................................10
INTRODUCTIONBusiness sector is growing with a high speed because it entrepreneurs are makingdeveloping new business ideas in order to develop a successful enterprise and reach their aim.''Rent Your Home'' is a small business organisation who want to start a business of allowingpeople to rent their home and earn money against it (Grégoire and Shepherd, 2012). Thisorganisation understand that growth potential of this business is high so they are working ongetting proper funding and start their business without face big financial hurdles. Thisassessment is based on ''Rent Your Home'', it will discuss about different sources of innovationalong with entrepreneurial ideas. Market gap between selected idea and present condition ofindustry will also become part of this file. Few graphs and data will be presented and analysed inthis report. SWOT framework will be used for ascertaining the effectiveness of idea. The marketwill idea will be come on ground will also be analysed at the end of this project. LO1P1 Determining and evaluation of various sources of entrepreneurial ideas and innovationEntrepreneurs are known for introducing new ideas but it is important to understand thesource of their ideas in order to develop a successful business. Peter Drucker gave following 7sources of innovative opportunities:The Unexpected – Marketplace is changing rapidly and with it, various kind ofopportunities are getting converted into reality and helping entrepreneurs in attaining success.''The Unexpected'' chances of new business idea, it means unanticipated demand of a product orservice in market which develop an idea in the mind of entrepreneur and motivate him/her forgrabbing a lucrative opportunity. The Incongruity – Their are many companies who are selling their products in marketwithout actually researching that what should be sold in market. Their are few entrepreneurs whobelieve that people what something different and they take a chance in their business by tryingnew things. This sometime lead to great success but it can also go otherwise. Incongruity is oneof the most popular source of innovation (Siegel and Renko, 2012). Process need – This is a origin of business idea which does not focus on situation, itmainly concentrate on a task. Whether is an entrepreneur is a product developing or serviceproviding business, they have to go through a process in order to fulfil demand of customers.1
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