Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Determination of different sources of entrepreneurial ideas as well as innovation with
examples......................................................................................................................................1
M1. Detailed evaluation of Drucker's seven sources related to systematic innovation...............3
D1. Critical evaluation of benefits and drawbacks of different sources that leads in identifying
entrepreneurial ideas....................................................................................................................3
TASK 2............................................................................................................................................4
P2. Explanation about rationale addition to market gap for particular entrepreneurial idea with
relevant tool and techniques.........................................................................................................4
M2. Justification related to ways a particular entrepreneurial idea fills market gap through
different techniques for gap addition to competitive analysis.....................................................5
D2. Evaluation of particular entrepreneurial idea on the bases of interpretation as well as
investigation of competitive market place...................................................................................6
TASK 3............................................................................................................................................6
Covered in PPT............................................................................................................................6
TASK 4............................................................................................................................................6
P5. Application of SWOT framework on specific entrepreneurial idea......................................6
P6. Evaluation of competitive market environment wherein idea will be launched for assessing
potential viability.........................................................................................................................7
M4. Critical evaluation of particular entrepreneurial idea in context with marketplace and
competition..................................................................................................................................8
D4. Formulation of valid conclusions and recommendations on ways specific entrepreneurial
idea can be developed, managed and sustained in competitive marketplace. ............................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurs are the individual who exercises initiatives to take benefits of available
opportunity by establishing a venture (Cloutier, Cueille and Recasens, 2017). Entrepreneurial
opportunities are mentioned to situations in which unique items are provides to audiences at
relative higher prices than production cost. Different situations motivates the individuals to take
actions that further makes profits for them. For developing insights for identifying
entrepreneurial opportunities, a new business is introduced that is “Blended Drinks” by a
budding entrepreneur who will take consultation and financial help from Virgin Money in order
to start the venture. The new idea will offer various frozen drinks, painkiller Slushie, organic
juices and detox products which are more demanded by customers of Hackney, UK. The report
covers distinct sources for entrepreneurial ideas, rationale of market gap, SWOT framework and
evaluation of market environment in which the idea will be introduced to assess viability.
TASK 1
P1. Determination of different sources of entrepreneurial ideas as well as innovation with
examples.
Entrepreneurial ideas are termed to the concept which are used to gain financial success.
The ideas are generally unique, profitable, innovate and problem solving that helps entrepreneurs
to grab maximum attention of audiences and make position in market. There are some sources of
ideas and innovation which are listed by Peter F. Drucker in the book named as “Innovation and
Entrepreneurship”. In this, discussion on power along with needs of systematic innovation is
done that acts as innovative opportunity. In context to Blended Drinks, it is a new innovation
wherein entrepreneur is looking ahead to introduce it in Hackney, UK. The business idea is in
service sector. Moreover, it will provide fresh and organic juices according to taste and
preference of heath consciousness people that is more in demand in market. By performing the
activities in such manner it will achieve success in upcoming duration. Along with this, the juice
company will also provide home delivery options that to in convenient costs and ease. Following
are some sources that inspires the entrepreneur for the idea and innovation:
The Unexpected: In this, entrepreneurs recognise changing patterns and then build a new
idea on those patterns. Moreover, innovation in various situations happens by chance. For
example, idea of beverage drinks was unexpected source for an individual. By introducing
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Blended drinks, it will benefit in gaining huge responses. In contrary, wide types of failures are
part of the source.
Incongruities: The situation in which choices are in congruent with supply then there are
more chances of innovation. It is the source which resolves current incongruities with a new
idea. For example, at the time when brainstorming was done to resolve present incongruities in
context to beverage drinks, budding entrepreneur sources the idea of Blended Drinks that will be
healthy, tasty and will kill pains of audiences. Its advantages are that it assist to resolve
dissonance together with creates unique ideas. In contrary, its disadvantage is that it consumes
more time and also creates conflictary situations (Ding, 2019).
Process need: The another source in which major focused towards tasks despite of
situations. It results in innovation after identifying weak spots within processes and then
converting them in new ideas. For instance, the budding entrepreneur analysed loopholes of
another business process and further innovated the solution of Blended Drinks. The advantage of
the source is provide direction to creating innovative solution. In contrary, it is very complex to
understand any weak spot of another firms and then making innovation that is its main
disadvantage.
Demographics: Changes within population, size, usage, composition and income enables
entrepreneurs to find suitable opportunities as innovation (Hanohov and Baldacchino, 2018). It
was analysed by budding entrepreneur that various changes occurred in education, frequency of
usage and income level, they sourced idea related to a of Blended Drinks which will provide
painkiller Slushie, detox products and frozen drinks. Its advantage is that it offers wide
opportunities through considering changes in demographic factors.
Industry along with market structure change: When some changes arises in market
and industry of a nation then it results in innovation. The entrepreneurs keeps eye on these
changes along with treat them as opportunities for new ideas. For instance, beverage industry and
market of UK are undergoing with changes that helped budding entrepreneur to adapt them and
make new innovation. Its advantage is that it strengthen products line according to structure of
market. However, changes leads to shrink various operational ways which is major disadvantage
of the source.
Changes in perception: Perceptions of external people gives birth to new ideas and
innovation. For example, in past era, overweight citizens were seen as healthier people than
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