Identifying Entrepreneur Opportunities

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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