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Identification of Business Opportunity

   

Added on  2020-11-12

23 Pages5676 Words348 Views
IDENTIFYINGENTREPRENEURIALOPPORTUNITIES

ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Evaluation of different sources of entrepreneurial ideas and innovation...............................1TASK 2............................................................................................................................................2P2 Marketing gap for a specific entrepreneurial..........................................................................2TASK 3............................................................................................................................................2P3 Presentation of data for evaluating gap analyses of the entrepreneurial idea.........................2P4 Interpretation of data for providing evidence of market potential.........................................2TASK 4............................................................................................................................................2P5 Application of SWOT framework to collate evidence to support an objective assessment ofidea...............................................................................................................................................2P6 Evaluation the competitive and market environments where idea will be launched..............2CONCLUSION................................................................................................................................2REFERENCES................................................................................................................................2

INTRODUCTIONEntrepreneur is one who inculcates all opportunities, threat and personal capacity so as toconvert thoughts into business ideas. Report will focus on idea that is generated to start a newventure and what all factors are required for the same (Rennemo and Åsvoll, 2014). Through thisresearcher will have an understanding about how to establish a new venture and where the ideacame from? Thus, through the concept of innovation and creativity a person will be able todevelop creative abilities. Furthermore, methods and framework to creating venture ideas so asto get benefits is explained in this report. Other than this market techniques such as primary andsecondary are incorporated in order to evaluate whether the ideas will give maximum benefits ornot.TASK 1P1 Evaluation of different sources of entrepreneurial ideas and innovationInnovation is a concept which assists companies in manufacturing new products that cancreates and values to its commodities. Thus, it can be said that innovation is done to satisfy theneeds and wants to people. This incorporates imaginative thoughts by considering all theresources available to them (Drucker’s Seven Source of Opportunity, 2015). Creating an idea iseasy but converting them into business idea is a difficult task. There are various external andinternal sources through which an entrepreneur can generate opportunities and these are given byPeter Drucker who was one of the renowned management consultants henceforth, some of theseare explained below:Unexpected: Market place is considered as an area with full of opportunities from wherethey can have an idea about current trends that is going on. It also helps an entrepreneur inanticipating whether service will last for longer period of time or not. Therefore, world ofbusiness is full of unexpected things because unexpected situation can give an individual higheropportunities but it depends on situation (Guerrero, Urbano and Fayolle, 2016). The Incongruity: This has explained about the nature of most of the companies that theymanufacture goods without knowing what targeted customers wants form their company. Thus,in some context, company can face a downfall in their business operations. Process Need: Under this, a new idea is generated but it fully concentrates on taskinstead of situations. An entrepreneur manufactures goods according to the needs and demands1

of consumers. Therefore, for making any changes it is necessary to implement innovative ideasand this leads to innovation. Change in structure of industry and market: Structure that comes under this can stablefor many years but there are some reasons which they can apply for sustaining in market area forlonger period of time. Because of the change in technological department many companies facessome or the other difficulty in processing their system (Miles, 2014). Thus, its prime duty ofmanagers to monitor what is going on in market area so that they can be aware of threats andopportunities. Demographics: Change in demographic can have an effect on business operations ascompany has to analyse demands of customers at different places. This includes certain factorlike age, employment, education and many more. Change in perception, meaning and mood: With the change in course of time people'sperception has changed. One of the main reasons of this is implementation of new technologieswhich has made life easier. Henceforth, companies should look out the recent trends that aregoing in the market. New knowledge: Innovation of new technologies should not be overlooked if they wantto operate their business effectively. Thus, it is important that company adopts changes so thatthey can have appropriate growth. Henceforth, new knowledge always help organisation inimproving supply chain so as to select suitable employees for their firm (Noyes and Linder,2015). Schumpeter’s sources of innovationProduct: Under this kind of approach company try to make new products. Therefore, foran entrepreneur it is essential that they know market trends so that they can manufacture acomplete fresh and new commodities.Process: For manufacturing goods there are always certain procedures which companyfollow but by making some innovation company can produce innovative goods andcommodities.New market: This is the prime role of companies that have adequate information aboutthe market area. This will help them in delivering goods in speculated time frame and its endcustomers as well (Lima and et. al., 2015).2

New sources of inputs: New products always attract a large number of customers socompany should look for new suppliers who can provide them with raw materials at reasonablecost.New organisation: Now a day’s investors are more interested in investing their money innew organisations or entrepreneurs. Reason behind this is that they implement new andinnovative ideas (Green, J. V., 2015). TASK 2P2 Marketing gap for a specific entrepreneurialNow a day’s people are very much focusing on trying new and innovative things, “Printyour shirt” is going to start a new business in market area. Therefore, some of the factors areexplained below that company can incorporate for fulfilling market gap:Identification of customers:Targeting: “Print your shirt”, there are majorly focusing on the young people who wantto work with a motive of earning money. They can use their new ideas and thoughts in printingvarious shirts. So, company is focusing on earning more and more money by printing creativeand innovative shirts. Behavioural: According to the current market scenario, now a day’s people arepreferring to earn money and spending them on things that are not required. People arecelebrating many occasions and they are gifting valuable things to their beloved (Renko and et.al., 2015). So, printed shirt is the best options as one can get these at reasonable rates. Demographic: “Print your shirt” for establishing their business they are focussing onmajor cities. So, they are identifying the places from where they can get better outcomes. Thus,they are focussing on young people who want to do something innovative and creative in theirlife. Geographic: Environmental is the biggest concern for most of the organisation. Alongwith this, it includes factors that includes climatic condition, population etc., thus, in terms of“Print you Shirt” they are using ozone-friendly stuffs for printing process. Therefore, it isattracting more and more customers towards their organisation (Jarvis, L. C., 2016). 3

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