Assignment on Identifying Entrepreneurial Opportunities
Added on -2020-07-23
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IDENTIFYINGENTREPRENEURIALOPPORTUNITIES
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation..............1TASK 2............................................................................................................................................5P2 Explain the rationale and the market gap for a specific entrepreneurial idea........................5TASK 3............................................................................................................................................9P3 Present data needed to support gap analysis in evaluation of entrepreneurial idea...............9P4 Interpret data appropriately to provide evidence of market potential....................................9TASK 4..........................................................................................................................................10P5 SWOT framework to collect evidence to support an objective assessment of a specificentrepreneurial idea...................................................................................................................10P6 Evaluate competitive and market environments in which the idea will be launched toassess potential viability............................................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurial opportunities are those chances which are an entrepreneur grabs with hisvirtue and talents. Identification of these opportunities are a complex procedure that want help ofsome analytical tools like gap, competition analysis. Porter's Five forces model is a prominenttool of analysing competition and schumpeter’s sources of innovation are helpful in studyingsources of innovation (Davidsson, 2015). This report is based upon a new start-up which isnamed as UK Law App. This start-up is a new enterprise of mobile application that contains allnew, information and knowledge about all legal changes that are occurring in political place ofcountry and are affecting business operations in negative manner. These legal obligations werestarted after Brexit. TASK 1P1 Determine and evaluate different sources of entrepreneurial ideas and innovationA person a going to start his own business enterprise and for this consent, he has severalideas like selling of a travel plan on EMI basis and android application related to legalformalities. For checking feasibility of every idea, individuals conduct macro analysis thatinclude STEEP factors and Peter F. Drucker's 7 factor of innovation. There are some sources thatinspire a person to develop business idea. These sources basically include some externalenvironmental factors which are stated as below:Social Factor: In this section, it has been analysed that people are very techno friendly intoday’s era and their financial condition is also good. As a result, it is found thatfeasibility of android application is good because after Brexit, there are many changes inlaws and legislations by them population are not aware and persons need to be awareabout these alterations in legislations.Economical Factor: Conditions of country's economy are good and stable. It means percapita income and GDP growth rate are good that represent overall idea about financialposition of an individual. As per analysis of this factor, it is clear that position of personis good and they are capable in purchasing any travel and tourism plan but they wantsome legal information (Kohlbacher, Herstatt and Levsen, 2015). Technological Factors: Today's world is a technological place. There are severalopportunities in technical sector. While buying a travel plan on EMI, visitor can pay his1
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