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Identifying Entrepreneurial Opportunities - Beauty Cosmetics

   

Added on  2020-10-23

17 Pages4116 Words268 Views
Identifying EntrepreneurialOpportunities

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Evaluate sources of entrepreneurial ideas and innovation................................................3P2 Explain rationale and market gap by using relevant tools and techniques........................5TASK 2............................................................................................................................................8P3 Evaluate gap analysis with specific entrepreneurial idea..................................................8P4 Interpret data appropriately to provide evidence of market potentials............................11TASK 3..........................................................................................................................................13P5 Apply a SWOT framework to support an objective assessment of entrepreneurial idea13P6 Evaluate the competitive and market environments ......................................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16

INTRODUCTIONEntrepreneur is an individual who run its own business in a manner of bearing risks. It isan initiative exercise which takes benefit by an opportunity and design its start-up business withactual process. Opportunities are identified by involving especially in own business (Alvarez,2013). An entrepreneur is leading with situations by making involvement in new goods, services,materials and organising methods. This report is based on Beauty Cosmetics which is providingcosmetics products like highlighters, Moisturiser, eye brow enhancer, make-up remover etc. Themain purpose of this report is to evaluate ideas and innovation by rationale market gap withrelevant tools and techniques. Apart from that, data is collected in support of making gapanalysis with potential evidences from market. Lastly, an organisation is collating evidence offramework by SWOT analysis and evaluating market environment with assessing potentialviabilities.TASK 1P1 Evaluate sources of entrepreneurial ideas and innovationSources of ideas and innovation is understood by customer wants and proper research ofmarket. Ideas are implemented by thoughts which is came into generalisation in order to examineskills, knowledge, talent and passion. Changes incurred in an external environment which arecreating opportunities and these sources are define below.Macro environment: Beauty Cosmetics is based on conditions which are existing in an economyand particular sector or region. Innovation of this product is made in regarding with facingchanges in an economy are describe here.Social factors: Customers are attracting towards product in order to societal habits andtastes which changes constantly. People are aware about green consumers who are preferringgoods and services which are environmentally-friendly and reduces impact on an environment. Itis helpful for an entrepreneur which motivate them to innovate demanding product in market. Technological factors: This source is based on developing new technologies which ishelpful for an innovator which provide best solution for market(Audretsch,2012). BeautyCosmetics are leading with appropriate technology that is heavily meeting government targets.This source is creating opportunity for an entrepreneur with personal capacity which involved inbusiness idea.

Drucker’s sources of innovation: This source of innovation is helpful for an entrepreneur who are leading withopportunities and making improvement with existing product and service. Beauty Cosmeticsentrepreneur is making improvement with respond to market demand. They are emerginginnovation which is based on business idea with several sources of innovation which is describeby Peter F Drucker are describe below.Unexpected: This innovation takes place unexpectedly which is happened by chance andstumble with new idea and innovation. Beauty Cosmetics company is consider an expectedinnovation which is happened by chance. In this their collected new idea generation which isimplemented and happened by chance. Incongruities: An entrepreneur resolve incongruities which came in an organisation witha source of innovation. It is basically an human nature which is filled by solving incongruities.This source is helpful and motivated to an entrepreneur in building opportunities in productBeauty Cosmetics.Business idea is generated by resolving incongruities and make anidentification that cosmetic product has to produce. Market Structure: This structure is rises by giving chance of innovation. BeautyCosmetics entrepreneur setted use of world wide web for searching information from google.This is flourish for raising market structure and helpful for Beauty Cosmetics that motivatedthem towards enhancing opportunities. Necessity: This source is innovated by microscope which is deeply set by thinking. It isbased on innovating opportunities which is made by entrepreneur by having bright ideas. BeautyCosmetics is new product in market which is processed by thinking of an entrepreneur inaccording to fulfil requirement of customers in new ways. Idea is generated by entrepreneur inorder to make research for knowing that there is necessity of cosmetic product in market. Demographics: This source of innovation is look after of customers lifestyle needs.Beauty Cosmetics are leading with the same by satisfying major opportunities with fulfilment. Itis best source that motivated an entrepreneur for fulfilling needs according to lifestyle andsometimes leading with best opportunities. Changing perception: It is based in regarding with birth to innovation by undergoinghealthy change in an organisation which lead success in Beauty Cosmetics(Cruz, 2012). This

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