Identifying Entrepreneurial Opportunities- PDF

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Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determination and evaluation of different sources of entrepreneurial ideas and innovation1TASK 2............................................................................................................................................3P2 Explain the rationale and the market gap for a specific entrepreneurial idea........................3TASK 3............................................................................................................................................5P3 Presenting data to evaluate gap analysis................................................................................5P4 Interpretation of data to provide evidence of marketing potential.........................................6TASK 4..........................................................................................................................................10P5. SWOT analysis to assess the entrepreneurial idea..............................................................10P6 Evaluating competitiveness and market environments........................................................11CONCLUSION..............................................................................................................................12REFERENCES.............................................................................................................................14
INTRODUCTIONEntrepreneurship is a concept which includes the activities related to designing,launching and running of a new business. These ventures are small in nature and required largeamount of resources to carrying business activities effectively. The individual and person whocreate new start-ups are known as entrepreneur. It determines risk taking ability in order tomaximise income and growth easily. Launching and running a new business is required specificabilities to perform properly in challenging situations. Through this, an entrepreneur can grabseveral opportunities to maximise their business structure in target market (Farmer, YaoandKung‐Mcintyre, 2011). This report will defined about the planning of a new venture as “TheItalian Table”. It is a small and medium size restaurant. This project represent evaluation ofdifferent sources of entrepreneurial ideas and innovation and market gap analysis with relevanttools and techniques. It will also determine Swot analysis of organisation and Evaluation ofenvironment factors to test viability of business ideas.TASK 1P1 Determination and evaluation of different sources of entrepreneurial ideas and innovationFor a new venture, it is required that entrepreneur determine several resources that helpsin maximising growth and profitability easily. In this process, they need to use innovative ideasand creative thoughts to make desired changes and modification on the bases of customer'srequirement and need. There are different sources of entrepreneurial ideas and innovation whichare given below as -External environmental sources:Social factor: According to this factor, entrepreneur requires to be aware about markettrends and customer demand to opt a better choice. This factor is consider individual'sdesire and obligation towards a unique and new idea. Thus, they can initiate a newopportunity in target market.Economical Factor:This factor is essential to composing appropriate growth andevolution practices on the bases of new ideas. UK has better economical condition, so itcan be an advantage for entrepreneur to associate their business with amendedopportunities. It can be a better choice for an entrepreneur to execute their ideas in thoseeconomies.1
Technological Factor:For an entrepreneur, it is essential to analyse execution process oftechnology in their business idea to grab maximum opportunities easily. An innovativeidea is associate with technological advancement that helps to enhance knowledge andexpertise.Political Factor:For an entrepreneur, it is require to acquire information regardinggovernmental policy and regulations. In UK, political condition is very stable andsupporting for food industry.Environmental Factor:Entrepreneur must focus on the environmental factors whichassists new business firm of small enterprise and owners to bring up in this competitivebusiness globe. This will help them to take corrective measure while performing thefunctions of an organizations. It provide help to people to gain required benefits as pertheir actual needs.Drucker's 7 sources of innovation:Unexpected – For a business, it is important to implement advance technology andinnovative ideas to produce unique service in target market. These products and serviceshould have to be most effective and impactful than others.Incongruity – For a new venture, it is require to introduce new and quality products intarget market to getting higher competitive advantages easily. Through this, “The ItalianTable” can capture customer's attention toward their products and services.Innovation based on process need – Innovation is a most effective procedure that us tomake appropriate changes on the bases of process need. By implementing theseprocedures, “The Italian Table” can easily maximise sales and profitability of firm.Changes in industry and market – Innovation is basically uses to make positive alterationin products and services. Through this, “The Italian Table” can easily changes market offood industries.Demographics – This is a most specific business approach that helps to make properclassifications of organisational segmentation. Through this, an organisation can easilygain higher competitive advantages from target markets.Changes in perception – The changes in customer's perceptions are uses to providenumerous opportunity to an business organisation. It can be identify through customer'sfeedback and opinions for specific services.2
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