Identifying Entrepreneur Opportunities

This assignment focuses on different sources of entrepreneur ideas, conducting gap analysis for an E-tailoring business, and using SWOT analysis to support specific entrepreneur ideas. It also discusses the competitive market environment for innovative business ideas.

IDENTIFYING
ENTREPRENEUR
OPPORTUNITIES

Table of Contents
INTRODUCTION...........................................................................................................................1
Different source of entrepreneur ideas and innovation................................................................1
Description on rational and market gap for specific idea............................................................2
ACTIVITY 2....................................................................................................................................3
Present data to support the gap analysis......................................................................................3
Interpret the data appropriate manner to show evidence of market potential..............................4
ACTIVITY 3 ...................................................................................................................................5
SWOT analysis to support specific entrepreneur idea.................................................................5
Competitive market environment for the innovative business idea. ...........................................6
CONCLUSION................................................................................................................................6

INTRODUCTION
Entrepreneurship is one of crucial task that needed to be performed in terms to bring
number of opportunities (Boudreaux and Nikolaev, 2019). In the competitive era of business
environment, the technical advancement leads towards new processes and methods that required
to be developed effectively. Innovation is one of the greater source that aids to attract the people
and also assist to increase social life. Entrepreneur brings innovation in product, process and
paradigm.
The present assignment will focus on varied source of entrepreneur ideas with help of
which profitability can be generated. Furthermore, report will lay emphasises on entrepreneur
ideas that aids to determine the gap for E-tailoring business. Also, assignment will lay focus on
discussion about the framework of SWOT analysis, environment of market and evaluation on
business activities.
ACTIVITY 1
Different source of entrepreneur ideas and innovation.
Source of business ideas-:
Business idea can come from personal skill, experience, surveys, mass media and talents
and many more (Bouncken, Kraus and Roig-Tierno, 2019). Thus, new ideas aids to undertake the
innovation in effective and efficient manner.
Varied source of opportunities-:
Peter Drucker is modern management investor that have effective knowledge of
innovation, leadership and entrepreneurship. Henceforth, the following innovative opportunities
by Peter Drucker are outlined in following context such as-:
Unannounced- The world of enterprise is fully inundated of unexpected success and failures.
This leads to bring unexpected changes in the needs of people. Therefore, the new market needs
to be identified and requirements of the people are fulfilled. This is the term that bring out the
results in developing new services and products.
Incongruity- At this, the current actions and required actions needs to be evaluated and then the
difference among them required to be identified. It mainly supports in improving the
performance of company within market. If the procedure get changes then this enable to get
invention in product and services.
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Process needs- This is term that defined as innovation in procedure that links with operations,
delivering of the services, productions etc. This enforce the enterprise to change the process and
way of conducting the things. With help of it, innovation can be done in better manner (Clark
and Ramachandran, 2019).
Market change- Innovation needs to be occurred due to change in market structure. This also
enforce the business to bring out the innovation in more effective manner. Therefore, this aids to
have high impact over organisation operations, development and growth. So, innovation is
executed in terms to reduce the negative impact in market. It leads to gain competitive
advancement.
Demographics- It is source of innovation that relates with alteration in demographics that based
on age, gender, level of income of people.
New knowledge- This is the source of innovation in which this is crucial to apply the new
knowledge in terms of particular commodity (Exposito and Sanchis-Llopis, 2018). Henceforth,
the new features and innovations are added into it. It is the innovation that related with
advancement in techniques.
Change in mind set- Any changes observed in awareness of people in relation to requirements
and wants. This works as to demand new and something innovating commodities. Thus,
company implement innovations with help of bringing changes in product or services.
Henceforth, this can be stated that innovation termed out as the process that assist to
produce the product in different manner that aids to gain high competitive advancement in
market. Innovation aids to full-fill the needs of people (Fairlie and Fossen, 2019). Entrepreneur
takes the steps to find out the needs of people and implement ideas to bring out the changes in
commodities that can aids to satisfy customer wants. Therefore, internal and external working of
entrepreneur are the main source of innovation. Henceforth, these all source of innovation are
termed out by the Peter Drucker.
Description on rational and market gap for detailed knowledge.
To initiate new commercial activity and to launch new product or services this is crucial
to conduct the market investigation so that gap can be recognised (Njoku and Cooney, 2020).
This is very helpful in terms to analysing the situation in market and discovery out the growth
opportunities that avail in market. Henceforth, the gap analysis aids to find out the gap in the
market. Herein, data and information must be collect so that needs of the people can be
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identified. In addition to this, it can be stated that E-tailoring is termed out as the new business
concepts that offers tailoring services to the people. Market gap determined for the working
individuals as they do not get enough time to visit shop. For small stitching work they need to go
market and this leads to wastage of time. Also, the another gap is that the design and material do
not avail at the single place. So, this is very complex to get the unique design of the product.
Hence, the rationale behind this idea is that this provide elasticity to people and
interacting both work at the common platform. This is one of the effective way to save the time
and cost or product (Vom Brocke and Mendling, 2018). Therefore, services can be easy to assess
it from the home. By the use of it, the whole procedure can become effective and easy. In order
to conduct the market gap analysis there are number of methods. It rest on the entrepreneur to
make the choice on the basis of idea. Therefore, techniques are outlined in the below context
manner as are-
Customer survey- This is termed out as the techniques where market research can be conducted
in effective and efficient mode. Hence, there are number of the question that are needed to be
asked to the people in relation to need and wants. Therefore, the data which is gathered needs to
be analysed and this also gives proper insights on the future requirement of people. Therefore,
customer survey needs to be done in terms to conduct the tailoring services in the proper manner.
SWOT Analysis- It is termed out as the technique that aids to investigate the strength, weakness,
threats and opportunities. This is one of the effective concept that enables to making the things
easy and also helps to find out the changes in the market. Basically, this leads to pit focus on the
opportunities that exist within the market.
ACTIVITY 2
Present information to support the gap investigation.
For some new business enterprise, this is crucial to collect some of appropriate data and
information. It aids to analysing the current conditions of the enterprise and also aids to
determine the that whether the business will be success in future or not (Wojan, Crown and
Rupasingha, 2018). In addition to this, e-tailoring start up data needed to be composed within
UK clothing industry. Therefore, these are outlined in the below manner as-:
E-tailoring is a start-up that offers online tailoring facilities to people. There are range of
the facilities that are needed to be offered such as stitching, to make choice of design, clothing
material and embroidery work etc. It is the service that will offers to the both women and men. In
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order to reach the e-tailoring website, the customer needs to make the request to get access to it.
Thus, customer needs to enter their address and type of services that required. Besides this, they
need to purchase cloth from one shop and direct it for the stitching. This is time consuming
process and also needs to invest huge cost.
Henceforth, there are some particular data that can be helpful to gain particular data and
information that assist to support the gap analysis. Thus, clothing industry of the UK will grow
with by the 16.6% in the 5 year. Henceforth, the profitability will be enhanced with £51.2 billion.
Hence, this has been found out that there will be rise cost of manufacturing of producing the
clothes. In addition to this, the men wear in the market will enhance by 21.2% till 2022 in the
UK and cost of the women wear will be enhanced by the 5.8%.
Hence, this has been analysed that there is high rise in the use of internet. In the present
era, the number of the people are relayed over internet. All the things such as cloths, groceries,
electronics etc. all are avail on online platform. In addition to this, the offering e- tailoring
services will allow people to full-fill their wants in ease manner. They are the individuals who
uses to get all type of services in ease mode. Therefore, this can be stated that this is very crucial
to collect all the data relate with the marketplace. It is the information that aids to gather the
whole information in relates with marketplace.
Interpret the data appropriate manner to show evidence of market potential.
This is very crucial to collect the better information in relation to marketplace. It is the
information that can be very helpful to undertaking effective analysis on the current and future
situation in the market place and organisation (Zhang, and Walton, 2017). In addition to this, the
data collected by the business aids to forecast the future requirements of the business. London is
the place that termed out as major fashion Hub of the UK. So, this can be stated that this is very
crucial for organisation to effectively evaluate the current data in relation to marketplace. With
the help of this, it can be stated that E-tailoring is the online website that act as entity and will
offer the online tailoring services to people in effective manner. There are wide rand of the
online organisation that provided by the company to the client. In addition to this, e-tailoring
services can be helpful to save the time and cost for the working people. These are the services
that can be provided by the enterprise at the vast level. Henceforth, they offer the services to the
both male and female.
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Hence, this also has been investigated that as per the market data this also aids to rise in the cost
of the production as this will offer the customer ease in services. In the upcoming 5 years the
profitability of the textile business will be enhanced with the 17%. As per the market information
till the year 2022 the male clothing marketplace will be enhanced with 21.2% and this kind of the
services will be also aids to rise in clothing to women with 5.8% in UK. By looking over the
current scenario in the market, organisation needs to put more emphasis on online commercial
that has reduced the business cost of operating (Zhang, and Walton, 2017). Hence, this can be
stated with help of example such as- the product such as electronic equipment grocery, product is
avail on the online stores. In addition to this, it can be stated that the online market can be helpful
to change the overall scenario. In addition to this, the all products and services needed to be
delivered to people on lower amount of cost and low level of production cost. Henceforth, this
can be stated that the future market is overall reliant on the online market.
ACTIVITY 3
SWOT analysis to support specific entrepreneur idea.
SWOT is termed out as tool that can be useful to analyse the current internal and external
working of enterprise. There are number of components that can be used to get the effective
result from target market. Hence, SWOT analysis needed to be performed to advance the
presentation of the organisation in the market place.
Strength-:
The idea that is developed will be very effective as this aids to create the ideas for
business organisation. This is the trend that will attract the male and female as this offers ease
services (Zhang, and Walton, 2017). Use of internet facilities is very effective as this helps the
organisation to accomplish large target market. Online services will help the entity to save the
cost and provide upgraded services to consumers. So, this is crucial for the organisation to
undertake the effective technological development and this aids to meet out the desired needs of
customers.
Weakness-:
There are some of the ideas that needs to be developed by the business enterprise relates
with technologies and actions that needs to be conducted by business successfully in market
place. Lack of coordination can affects the customer services and this also impact brand image of
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the organisation in negative aspect. It is very typical to offer the better customer services at the
online platform.
Opportunities-:
Therefore, the current trends in the marketplace support the enterprise to run out
complete online business with high level of effectiveness. With the help of online platform, the
entity can easily target the new customer and able to promote their products effectively. With
help of this, entity is able to gain high competitive advancement in the market.
Threats-:
There are some of the threats that can be linked with innovative ideas that is developed
by entities relate to the organisation that are offering the similar services to customers. It is
highly affect the business organisation in crucial aspect. Thus, some of the condition such as
internet shut down can affects the working of entity in huge aspect. This kind of condition
impacts the brand image of enterprise in negative manner. Thus, presence of physical stores of
tailoring can also affects the e-tailoring business. Henceforth, customer can prefer the physical
experience over online experience.
Competitive market environment for the innovative business idea.
This is very crucial for enterprise to perform the market competitive investigation that
aids to assess the success of business. In addition to this, competitive analysis can be conducted
with use of Porter five forces analyses and these are outlined as-:
Threat of new entrants- It is high for the business organisation as there are number of the
entities that are providing the similar product and services in different aspect. In addition to this,
this can be stated that offering the similar products and services at the lower cost to grab larger
market share.
Threat of substitute- Technologies that used by the enterprise and this is easy to access and
their huge risk of substitution in marketplace. It is the threat that can be reduced by offering the
unique services to the customers.
Bargaining power of customer- The threat of the customer is very high and there number of
option that are avail in marketplace. It is the power that can be reduced by offering better
services to customers.
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Bargaining power of suppliers- In this, the bargaining power of customer is high and there are
number of different options to suppliers to have in marketplace. In addition to this, company can
improve the number of supplier and this also aids to maintain the power of supplier low.
Rivalry among the existing competitors- At the initial level, the rivalry among the competitor
will be low and this will enhance with time and also affects the business organisation
marketplace.
CONCLUSION
Hereby, it can be concluded that entrepreneur is an individual who takes steps to starts
and runs a business with limited resources and planning and this is responsible for all the risks
and rewards in business venture. The present report is based on identifying the entrepreneur
opportunities. Furthermore, report has focused on entrepreneur ideas that aids to determine the
gap new start up as E-tailoring business. Also, assignment has focused on discussion about the
framework of SWOT analysis, environment of market and evaluation on business activities.
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REFERENCES
Book & Journal
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business models for future growth: digitalized business models and portfolio
considerations. Review of Managerial Science, pp.1-14.
Clark, K. and Ramachandran, I., 2019. Subsidiary entrepreneurship and entrepreneurial
opportunity: An institutional perspective. Journal of International Management, 25(1),
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Exposito, A. and Sanchis-Llopis, J.A., 2018. Innovation and business performance for Spanish
SMEs: New evidence from a multi-dimensional approach. International Small Business
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Fairlie, R.W. and Fossen, F.M., 2019. Defining opportunity versus necessity entrepreneurship:
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Njoku, K.C. and Cooney, T.M., 2020. The Influence of Ethnicity on Entrepreneurship
Opportunity Formation (EOF) Amongst Immigrants. In Developing Entrepreneurial
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Vom Brocke, J. and Mendling, J., 2018. Business process management cases. Digital Innovation
and Business Transformation in Practice. Berlin et al.: Springer.
Wojan, T.R., Crown, D. and Rupasingha, A., 2018. Varieties of innovation and business
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Zhang, J.A. and Walton, S., 2017. Eco‐innovation and business performance: the moderating
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Boudreaux and Nikolaev, 2019 Bouncken, Kraus and Roig-Tierno, 2019 Clark and
Ramachandran, 2019 Exposito and Sanchis-Llopis, 2018 Fairlie and Fossen, 2019 Njoku
and Cooney, 2020 Vom Brocke and Mendling, 2018 Wojan, Crown and Rupasingha, 2018
Zhang, and Walton, 2017
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