Identifying Entrepreneurial Opportunities INTRODUCTION 1 Task 1: Identification of Entrepreneurial Opportunities
Added on 2020-10-22
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IdentifyingEntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................1Task .................................................................................................................................................11. Sources of inspired ideas for new business..............................................................................12. Introduction of business ideas. ................................................................................................33. competitor analysis..................................................................................................................54. gap analysis of market.............................................................................................................65. market research through primary and secondary data. ...........................................................76. swot analysis of business ideas and entrepreneur capabilities.................................................8Conclusion ......................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONEntrepreneur is a individual who create ideas for increase profit and productivity. It mainpurpose is improve business and innovate different types of products and services. It also takerisk for earn more profit (Nohria, 2017). Entrepreneur research market and understand needs andnecessity before start up of new business. This report will be cover that ideas for set up newbusiness, potential customers, competitor analysis. It also will be cover gap analysis, marketresearch and swot analysis of business. Task 1. Sources of inspired ideas for new business.Through event and seminar entrepreneur inspire for start their new business of fashionclothing. Innovation is increasing day by day and many sources are present in market thatentrepreneur take ideas for new innovation and start new business. Fashion are increasing veryfast and peoples change their fashion, choice and trend so entrepreneur has opportunity to set upnew business and provide products and services to customers at reasonable rate compare thanother entrepreneur. Peter ducker give many sources of innovation with purposeful way and entrepreneureasily search market and risk elated to business for take risk and earn more profit because peterducker said that without risk profit can not earn by any entrepreneur. He also give followingseven sources of innovation:- The unexpected :- market is a very best place that entrepreneur easily search and getopportunities and entrepreneur start their fashion clothe business so they research of market veryfrequently for find and evaluate demand increase or decrease at one point of time (Zahra andGeorge, 2017). Because through fashion clothes they get unexpected success and they easilyconvert success into opportunity. The incongruity :- it is also a opportunity for innovation of fashion clothes business. Soentrepreneur easily get opportunity through research that if similar company downfalls due toany reason so they get opportunity.Process needs :- entrepreneur get opportunity for new innovation and redesign theirbusiness through evaluation of existing business and make perfect to all loopholes that theycreate barrier in making profitability.1
Industry and market structure change :- market structure changing day by day andfashion, choice and trend also change with time so I is opportunity for innovate new thingsthrough establish new technologies.Demographics :- this source is very bes for innovate opportunity that helps in get successbecause population, income level, education and age change very frequently and day by day soentrepreneur research of market time to time for understand choice and desire and than provideproducts and services according to needs.Changes in perception :- peoples update and modify to them with changing time so it isvery good opportunity for start and innovate new business and provide fashion clothes accordingto fashion and choice of customers.New knowledge :- technologies increasing very fast and entrepreneur and alstakeholders gather information about market condition through technologies, social media etc.STEEP factors also create opportunity because it is a tool for evaluate externalenvironment factors and through this entrepreneur easily know about condition and opportunitiesfor start new ideas. It stand for S- social, T- technological, E – economical, E – environmentaland P – political factors. All these factors helpful in know about opportunity.Socialfactors includes lifestyles, fashion and choice of customers that changing very frequently.It also includes trend, income, education, age and population so it is a opportunity for innovation.Technological factors includes increase new innovations and technologies, development andnew products. Economic factors includes inflation, interest rate, taxation and unemployment soentrepreneur evaluate right condition and time for innovation (Cooper and Folta, 2017).Environmental factors includes transport, life cycles and global warming so all these thingaffect on business and its evaluation helps in know about condition. Political factors includescompetition, legislation and tax policies so that things very useful in know and analyse aboutopportunity.Roles of entrepreneur :- Basis of business :- in every type of business either small or large entrepreneur has needto evaluate and analyse risk and bear it because if they do not ready for bear risk so they neverbecome success in business. Risk create at every stage of business so its important for risebusiness and analyse opportunity as well.2
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