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Identifying Entrepreneurial Opportunities: Doc

   

Added on  2020-10-22

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Identifying EntrepreneurialOpportunities

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different sources of entrepreneurial ideas and innovation................................................1TASK 2............................................................................................................................................4P2 Rationale and market gap for specific entrepreneurial idea..............................................4TASK 3............................................................................................................................................7P3 Present data to support gap analysis in evaluation of entrepreneurial idea.......................7P4 Interpret data appropriately to provide evidence of market potential.............................10TASK 4..........................................................................................................................................11P5 SWOT framework to collect evidence to support an objective assessment....................11P6 Competitive and market environment in which idea launched to assess potential viability..............................................................................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONIdentifying entrepreneurial opportunities can be referred as a concept which define thatindividual conduct market analysis to acknowledge problems and various issues. This give rise toidea of opening a new business by using distinct resources and skills that a businessperson has togenerate profit. Food on Flame is new start- up venture which is established to target the areawhere hostels and professional people are living and transporting from place to another for job.Online and offline restaurant both facilities are provided to people to purchase productsaccording to their needs and demands (Kohlbacher, Herstatt and Levsen, 2015). Differententrepreneurial ideas and innovation are described in this report. Marketing gap and competitiveanalysis are tactics which are used by person to have complete information about conditions ofmarket. Along with this, interpretation and SWOT framework is conducted to support objectiveassessment. Hence, market environment and competitive helps individual to assess potentialviability to launch ideas. TASK 1P1 Different sources of entrepreneurial ideas and innovationEntrepreneur role is to conduct market evaluation to identify opportunities and threats.Along with this, it is fundamental to assess personal abilities and skills of an entrepreneur whichhelp them to convert possibilities into business idea. Innovation can be termed as the process oftranslating an invention and idea into a better service which create product value amongconsumer. This is fundamental for entrepreneur to undertake the innovation while developing abusiness idea as Peter F. Drucker has also mentioned its worth. Business idea is aspect which is formulated in minds of individual with help of market researchto asses opportunities which can be converted into reality.Sources of Business Idea:R&D and External Technological Developments: Market research is appropriatetechnique which entrepreneur of Food on Flame uses to assess market opportunities andeffectiveness of business idea. Existing products and geographical market: This is another source which is used byentrepreneur to acknowledge taste and preference of people. 1

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