Identifying Entrepreneurial Opportunities : Ideas and Innovation
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Added on 2021-02-19
Identifying Entrepreneurial Opportunities : Ideas and Innovation
Added on 2021-02-19
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IDENTIFYINGENTREPRENUERIALOPPORTUNITIES
Table of ContentsINTRODUCTION...........................................................................................................................4TASK1 ............................................................................................................................................4P1. Different sources of entrepreneurial ideas and innovation...................................................4TASK2 ............................................................................................................................................6P2. Rationale and market gap for a specific entrepreneurial idea with the help of relevant toolsand techniques.............................................................................................................................6TASK3.............................................................................................................................................7P3. Present data which will be needed in supporting gap analyses of new entrepreneurial idea......................................................................................................................................................7P4. Interpret data appropriately to provide evidence of market potential...................................8TASK4...........................................................................................................................................11P5. SWOT Analyses..................................................................................................................11P6. Evaluate the competitive and market environment in which the idea will be launched.....12CONCLUSION..............................................................................................................................14REFERENCE.................................................................................................................................15
INTRODUCTIONEntrepreneur is the person who is responsible for bringing new, innovative ideas andopportunities for the businesses. The individual who is interested in starting own business looksfor several opportunities through which they can attain the profits and revenues. Theidentification of such opportunities is referred to as entrepreneurial options. This report willevaluate the possible sources of entrepreneurial ideas and innovation. It will also explain thechoice of specific entrepreneurial idea for investigation and market gap. Furthermore, this willadopt the primary and secondary sources of data collection for identifying the potential ofmarkets. The last part of the report will concentrate on identifying entrepreneurial idea in contextof market and competitors and further makes an assessment of potential viability. TASK1 P1. Different sources of entrepreneurial ideas and innovation.Each and every entrepreneur has different set of mind, goals, skill and have differentinnovative ideas which they wish to put into the action. Even the ideas which the entrepreneurhave today in mind can be changed by tomorrow due to the highly competitive world. Theseideas are required to be changes time to time because of changing market conditions. Changesare inevitable part of business life and creates a numerous opportunities for an entrepreneur.Such changes occurs when the external environment changes and develops innovative means foran entrepreneur. For instance, if the use of technology increases then the entrepreneur will adoptdifferent types of technologies in order to maintain the sustainability and productivity of theorganisation. For better understanding of different sources of entrepreneurial ideas andinnovation, the Drucker model will be used.Drucker 7 sources of innovative opportunities The model of innovative opportunities was developed by Peter F. Drucker where the 7different sources are explained. The Drucker is considered to be one of the most importantconsultant in management. The 7 different sources are discussed below:The unexpected: The market of business is highly dynamic in nature and unexpected is akey term which can make the entrepreneur satisfied and dissatisfied as well by bringingunexpected success and unexpected failure. The unexpected situations can be the verypowerful source for the businesses
Incongruities: There is always the inconsistency between what is and what should be.The incongruities are the important ingredient for developing successful business but thisis a complex procedure. The best way to know the drawbacks and plus points for thecompany is taking customer feedback, complaints, etc. Process need: This source of creating innovative opportunities is highly focussedtowards the specific set of tasks. It helps in examining the tasks thoroughly and deeplyand identifies the weak points and the manner in which it can be improved. With this, theentrepreneur and their team will be able to create more appropriate plans. Industry and market structure change: The industry and market structure can beconstant and consistent in functioning and operation but due to the changes in externalbusiness world, they can be affected adversely and needs to be changes as rapidly aspossible for the existence of the company. The leaders and other expert people needs tocontinuously review the changes and ready to accept them as the newer opportunity forthe business rather than threat.Demographics: The demographics changes have a very crucial impact on developingnew opportunities of the businesses. For instance, the changes in the trends and demandsof the customer creates an opportunity for the company to create new products andservices in order to attain business goals and objectives. Changes in perceptions: During the last few years, the people have become persistent inseeing the world with different perspectives. Perceptions of the individuals changes veryquickly which creates a need for the company to identify and understand the customersway of thinking and treating a respective products. For instance, people are now becomemore shopaholic with the online trends and offers which demands the use of technology. New knowledge: Innovation and invention is increasing at a greater rate. This creates aneed for new knowledge, skill, expertise for the businesses. The technological andscientific area has developed a lot from last few decades and this involved that theorganisation kept on renewing its businesses structure, methods, etc. and leaves thetraditional way of doing businesses.
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