Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Assess various methods related to entrepreneurial ideas & its innovation......................1
TASK 2............................................................................................................................................3
P2. The rationale as well as gap in market for specific entrepreneurial idea........................3
(Covered in PPT)....................................................................................................................3
TASK 3............................................................................................................................................3
P3. Provide data & information which needed to provide support to gap analysis...............3
P4. Understand information appropriately to provide proof of potentiality in market.........4
TASK4:............................................................................................................................................9
P5. Explain SWOT framework...............................................................................................9
P6. PESTEL analysis............................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
The entrepreneur is considered as an individual person that is capable to generate innovative
ideas regarding organisation and bearing risk for accomplish profit in upcoming time period. In
assistance of this, the entrepreneur plays an important role that help in generating employment
opportunity for followers. The entrepreneur is important in introducing innovative products and
services in marketing and bring innovative ideas in target market so that company can capable to
accomplishing goals as well as objective in timely. In addition to this, the entrepreneur focuses
on offering fund to organisation by providing different offers prevailed in market. As it aids
assistance in enhancing skill and competence between individual people then it assists company
to achieve success in target market. In this assignment, the Virgin money provides fund to
budding entrepreneurs so that they start their own venture. Therefore, herein, the new
entrepreneur focuses on providing eco-friendly products to customer for satisfying their need. In
addition to these, there is a discussion regarding different entrepreneurial ideas during the period
of time. The analysis of marketing gap along with PESTEL & SWOT analysis is also discussed
in this assignment (Abdi Jamayran, Sehat and Hossein, 2017).
TASK 1
P1. Assess various methods related to entrepreneurial ideas & its innovation
In given scenario, the organisation is growing that aids assistance to company to start their
organisation at target market and increase profit in future time period. In assistance to this, there
are diverse kinds of business that require entrepreneur to introduce innovative goods and services
and target market so that organisation achieves profit by satisfying requirement of its audience.
In assistance this, the entrepreneur are needed to bring innovative ideas in order to introduce
goods in market so that company can accomplishing goal as well as objective in timely manner.
There are various sources of entrepreneurial ideas of entrepreneur and its innovation that is going
to be mentioned below:
Exhibition and trade fair in this kind of source, the entrepreneur is capable to get
innovative ideas that are applied within organisation strategy in order to launch new goods and
services in market (Shu, Ren and Zheng, 2018).
Mass media the entrepreneur have innovative ideas like radio, magazine as well as other
sources regarding improvement of organisation in target market. Therefore, the budding
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entrepreneur focuses on using this idea in order to increase awareness regarding eco-friendly
products.
Interest and hobbies in reference of budding entrepreneur, they emphasize on increasing
their interest in accomplishing objective in timely manner and they introduce eco-friendly
product that is required by user in market. Therefore, they adopt Drucker’s model to in order to
bring innovative ideas in company that is going to be mentioned below:
The unexpected the organisation perform their work within an environment that is changing
on continuous basis and that provide path to introduce innovative products and services in
market by entrepreneur. These kinds of situation are adopted by budding entrepreneurs to bring
innovative goods as per present demand of user in market. I
Incongruities in this situation, the company trap in two conditions in which they needs to
launch product without conducting any kind of research related to product and services. In
addition to this, the entrepreneur needed to organise research before introducing innovative
product in market.
Process needs the entrepreneur is required to assess goal as well as objective so that they
use alternative methods to reduce errors in executing their work.
Industry structural changes in present time, the technology are changing in market so it is
necessary for organisation to adopt this type of technology for attracting ample of customer at
market place (Al Mamun and Ekpe, 2016).
Demographic in this situation, the entrepreneur focuses on assessing requirement of goods
and services in market. The company required to categorise good as per education as well as
employment of target audience in order to produce right goods in exact places.
Changes in observation the entrepreneur is needed to maintain superior relation along with
audience that help in achieving objective in more profitable manner.
New knowledge in this condition, the company required to possess superior skill of
subordinate that help in accomplishing task in more appropriate manner.
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