Identifying Entrepreneurial Opportunities
Added on 2020-07-23
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Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................3P1 Sources of Business Ideas ................................................................................................3TASK 2............................................................................................................................................5P2 Explain the rationale and the market gap for a specific entrepreneurial idea using relevanttools and techniques ..............................................................................................................5TASK 3............................................................................................................................................7P3 Data which supports gap analysis in evaluation of idea ..................................................7P4.Interpretation of data.........................................................................................................8TASK 4............................................................................................................................................9P5 SWOT analysis to support specific entrepreneurial idea..................................................9P6 Evaluating competitiveness and market environments...................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONA business concept acts like a bridge between an idea and a business plan. Conversion ofan idea into a business concept comprises a in-depth study of whole process starting frommanufacturing a product, its unique features to differentiate it with existing goods, its targetaudience, methods of delivery and so on. Thus, crucial task for an entrepreneur is to identify theopportunities prevailing in a market and cultivate new and innovate ideas into business conceptby using several methods and sources for creating unique and different products that can helpthe firm to get an edge over its competitors by gaining the attention of customers (Alvarez,Barney and Anderson, 2013). Report discusses about Amaira company which provides beauty products, various skintreatment and a fitness center for all its customers. This assignment will give a brief aboutvarious sources that can be looked upon for a generating a business idea and different tools andtechniques that can be utilized to study the market gaps. Report will also discuss SWOT analysiswhich will help in evaluating competencies of generated idea and its feasibility in current marketenvironment. TASK 1 P1 Sources of Business Ideas In this era of competitive and ever changing market environment, it is critical for everyentrepreneur to continuously evaluate opportunities that can be convert it into a business idea.Thus the critical task of an business person is to carefully generate best and most innovative ideafrom the pool of variety of sources that has not been worked upon by anyone and can provide alead in market. Mentioned below are some of the sources that can be considered while workingupon a business idea:-Drucker's 7 Sources of innovative opportunity model- Following are 7 sources suggested byPeter Drucker for generating innovative ideas-
The Unexpected- An enterprise should always keep a close check on the marketenvironment to grab an opportunity of developing new and improved products and latestskin treatments emerging all across world so as to get lead from market rivals.Incongruity- There is always a wide difference between what we thing and how it isfinally been applied Amaira needs to develop innovative techniques, tools and ways thathelp in applying the idea as it was visualized into a concept.Process Needs- It is associated with finding out areas of lacking and rectifying them orredesigning them. This acts a source of innovation for firm to come across currentcapabilities of business process and ways to improve and enhance it to get higher profitsand success.Industry and Market structure change- Market scenario, laws and regulations,technologies etc. keep on changing frequently. Thus Amaira for its successful long termsurvival needs to evaluate recent market trends so that it can provide such machines,treatments and products which helps in meeting latest problems and needs of itscustomers (Arentz, Sautet and Storr, 2013).Demographics- Constant change appearing in population, income levels, human capital,age group etc. which can serve a source to find out new requirements of changeddemographic conditions and can be cultivated into an idea. Changes in perception,meaning and model- With change in demographic situations,the way in which people thinks, feels and requires also gets change. Company canevaluate this behavioural and attitude change to cater needs of the customers byintroducing something new as per their requirements.New Knowledge- It is essential for firm to keep on introducing advance and innovativetechnologies and tools to remain figurehead in the industry.Apart from these sources there are some other prominent sources too- Customers:- For a entrepreneur to get an innovative idea customers serves as mostfruitful sources of idea generation. A leader should used various methods for gaining andgathering information from them about their needs , wants, taste, preferences, lacking incurrent products etc. Competitors:- Competitors are generally the neglected sources for innovation. If studiedthoroughly, they can be emerge as most important source of creative ideas. An
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