Identifying Entrepreneurial Opportunities Assignment - Eat and Treat restaurant
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Added on 2020-12-10
Identifying Entrepreneurial Opportunities Assignment - Eat and Treat restaurant
Added on 2020-12-10
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IDENTIFYINGENTREPRENEURIAL OPPORTUNITIES
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determine and Evaluate different sources of entrepreneurial ideas and innovation..............1M1 Evaluation of Drucker's 7 sources of systematic innovation providing specific examples..2D1 Benefits and drawbacks of different approaches ..................................................................3TASK 2............................................................................................................................................3P2 The rationale and the market gap for a specific entrepreneurial idea using relevant toolsand techniques.............................................................................................................................4M2 Justification of how specific entrepreneurial ideas fills a market gap using differenttechniques and competitive analyses..........................................................................................5D2 Evaluate a specific entrepreneurial idea based on appreciate interpretation andinvestigation of competitive market place..................................................................................5TASK 3............................................................................................................................................6P3 Presentation of data needed to support gap analysis in the evaluation of a specificentrepreneurial idea.....................................................................................................................6M3 Justify sources and methods of data collection..................................................................10D3 Analyses of specific sources and methods of data .............................................................10P4 Interpretation of data appropriately to provide evidence of market potential......................11TASK 4..........................................................................................................................................13P5 SWOT framework to collate evidence to support an objective assessment of a specificentrepreneurial idea...................................................................................................................13P6 Evaluation of competitive and market environments in which the idea will be launched toassess potential viability............................................................................................................13M4 Critically evaluate a specific entrepreneurial idea in the context of the marketplace andcompetition................................................................................................................................14D4 Valid conclusions and justified recommendations on how a specific entrepreneurial ideacan be developed, managed and sustained................................................................................14CONCLUSION..............................................................................................................................15REFERENCES .............................................................................................................................15
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INTRODUCTIONEntrepreneurs are individuals who runs their own organisation by taking risks and pursueentrepreneurial opportunities. It is the process in which individuals contributes their efforts tomake their business renowned at market place. In this, the government of country also helpsentrepreneurs by providing them funds in their start-ups. Entrepreneurs are also seen as innovatoror a source of new imaginations, ideas, etc. In this report, a new business is going to set up in UKwhich is a restaurant namely 'Eat and Treat'. In this, the entrepreneur of organisation introducesnacks by considering health of customers. They prepare health and oil free snacks to attractmore customers towards them at affordable rates (Grégoire and Shepherd, 2012). In this report,new and possible sources are specified to set up innovative business in country. Along with this,some tools and techniques are also stated to analyse market gap. Additionally, evaluation ofcompetitive and market environment is also discussed in which idea will be launched to assesspotential viability.TASK 1P1 Determine and Evaluate different sources of entrepreneurial ideas and innovationTo run a successful business organisation, there are various entrepreneurial ideas andinnovation which are used to attract customers and gain competitive advantage. In context of 'Eatand Treat' the entrepreneur of company also implements various innovative ideas to attract itscustomer and achieve their goals. Thus, some ideas are as follows:Surveys: The initial idea to start a business and achieve growth is by doing surveys. It isan important aspect for an individual who wants to run a business enterprise. They shoulddo market surveys to identify customers demands and preferences. This also helps themto generate new an innovative ideas to boost their business. In context of Eat and Treat,the entrepreneur of organisation should also do market surveys before start new business.This helps them to bring innovative ideas and achieve their objectives (Jarvis, 2016).Training: An entrepreneur can also attain various innovative ideas through trainingsessions. Training helps them to learn new things and develop skills of an individual.This can be attained by education from schools and other training institutions. The ownerof Eat and Treat should also do training which assists them to acquire new and innovative1
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