Identifying Entrepreneurial Opportunities
21 Pages5315 Words320 Views
Added on 2020-10-05
About This Document
Identifying Entrepreneurial Opportunities INTRODUCTION 3 TASK 13 P1 Determination and evaluation ofdifferent sources of entrepreneurial ideas and innovation. 3 TASK 25 P2 Introduction to business idea and their potential customer's 5 TASK 35 P3 Gap analysis for evaluation of entrepreneurial ideas 5 P4 Interpretation of data to provide evidence of market. In other words, entrepreneur is a person who can take risk to start new venture with innovative ideas in context to existing products or services (Audretsch, 2012)
Identifying Entrepreneurial Opportunities
Added on 2020-10-05
ShareRelated Documents
IdentifyingEntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Determination and evaluation of different sources of entrepreneurial ideas and innovation.................................................................................................................................................3TASK 2............................................................................................................................................5P2 Introduction to business idea and their potential customer's.............................................5TASK 3............................................................................................................................................5P3 Gap analysis for evaluation of entrepreneurial ideas........................................................5P4 Interpretation of data to provide evidence of market........................................................6Task 4.............................................................................................................................................12P5 SWOT framework to support an objective assessment of a specific entrepreneurial idea.12P6 Evaluation of competitive and market environments in which the idea will be launched.13CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................17
INTRODUCTIONEntrepreneur refers to an individual who identify requirement of market and works infulfilment of those needs. It has an effective role within economy. In other words, entrepreneur isa person who can take risk to start new venture with innovative ideas in context to existingproducts or services (Audretsch, 2012) . This report includes an entrepreneur who is having anew idea i.e. “Mr. Happy cafeteria” which is theme based in market of United Kingdom. Thisreport will ascertain and assess sources of entrepreneurial innovation. Moreover market gap isanalysed by usage of appropriate techniques and tools. Furthermore, SWOT analysis is done toanalyse different factors to support entrepreneurial idea. Apart from this market environment isevaluated to find out competitive marketplace.TASK 1P1 Determination and evaluation of different sources of entrepreneurial ideas and innovation.In this era, entrepreneurs are looking forward for innovative ideas by which they canestablish themselves within competitive marketplace. Entrepreneur have their own positionwithin economy of country. They plays an effective role in simulation of ideas and innovations.Ducker's sources of innovative opportunities have been used by entrepreneur so that new ideacan be evaluated. This has been explained below:Unexpected success and failure: Innovations are unexpected as anything can come inmind of individual at any time. Opportunities can be found within marketplace easily ifindividual is creative. In this, entrepreneur needs to observe market where they want to establishtheir product (Autio and et. al., 2018.). Furthermore, unexpected conditions can provideindividual with great ideas as they can motivate and inspire individuals to do good for economy.Incongruities:Sometimes entrepreneur launch their product without evaluating targetmarket and target customers. It is essential for an entrepreneur to analyse their target customersand evaluate their needs so that they can excel within competitive marketplace. For this, theyneed to find out difficulties and different sources of enthusiasm related with innovation. Thus todetermine incongruities, entrepreneur must take reviews, complaints and feedback fromcustomers.Process needs: In process need, individual must focus on task rather than on situations,.Entrepreneur must study different sources of creativity and innovation by finding out weak links
and execute different strategies to enhance them. By this, entrepreneur can make knowledge sothat effective solutions to innovation can be build. Industry and market structure change: Entrepreneur must analyse structure ofindustry and market (Barazandeh and et. al., 2015). Individual must be focussed and observe allthose factors which can have impact on their ideas. Apart from this, they must consider thesethreats as an opportunities.Demographic: Idea of an entrepreneur gets affected by buying patterns or demographicsof customers within market. For this entrepreneur needs to analyse its target customers in termsof their buying patterns so that they can meet requirements of customer's in new market.Change in perception: To create a unique and effective awareness in minds ofcustomers, entrepreneur needs to come up with different idea in competitive market. For thisindividual or an entrepreneur must build their unique identity with distinguishable services inmarket of United Kingdom so that they can stay within market for longer interval of time. New knowledge:In this context, entrepreneur must acquire knowledge in terms ofmarket, innovation and technologies used within market. Furthermore, this knowledge will helpentrepreneur to build and provide services or products which can help them to stay stable withinmarket by remaining competitive (Dimov, 2011).These are the different sources of innovation which helps to obtain new intuition inreference to growth of business. This will also lead to enhanced productivity within growing andcompetitive market.In present context, an entrepreneur is looking forward to come up within market with anunique innovation i.e. theme based cafeteria into market of United Kingdom with a unique nameMr. Happy. The focus of entrepreneur is to make people happy as its name suggest. Apart fromthis, its a family cafeteria. Its theme is on gaming like its chairs are like a dice, table is in formludo, some are like chess. Moreover, walls are racing track. Everything present within cafeteriais related to games. This is done so that people must be aware of different games which areplayed world wide. Focus is on youngsters and kids who are future of country as if they seesomething which attracts them, they go for searching that particular options in this case it will bedifferent games.Entrepreneur is providing a innovative thought based on gaming theme. Idea of thiscafeteria is to provide their customers with enhanced services with pleasing environment. Games
theme includes different games like chairs are in form of dice, table provides layout of chess andmany more. Young generation is now more involved in playing games in their smart devices.When they will see these games they come to know about different games. There is norestrictions when individual becomes boss. Individual have their own responsibilities and goalsand for their accomplishment they can work from anywhere and any time. Motivation behindlaunching a venture is flexibility and control. When individual becomes boss then they have acall to all shots, from hiring to formulating strategies.TASK 2P2 Rationale and market gap for entrepreneurial idea.Idea of entrepreneur was to launch a cafeteria. This cafe provides their customer with atheme based space. The theme is of gaming means there all infrastructure is based on games likethere chairs are in a form of dice. It is essential for entrepreneur to acknowledge behaviour ofmarket and customer of UK. Gap analysis is done by an entrepreneur for introduction of newconcept or idea within a market. This will aid organisation in identifying whether they will meetexpected future performance in respect to their current performance. It is comparison betweentheir present performance with required business standards (Fuentes and et. al., 2010). This willaid entrepreneur to define and refine their fresh innovation and idea to acquire a standard level ofperformance. This will help new venture to enhance their growth and profit within market. Bythis, entrepreneur will be able to analyse their competitors and their own business in terms of itssuccess and failure. For this they need to opt unique strategies in their services and products bywhich they can ensure their sustainability within marketplace for long. Furthermore, when newproduct or new venture is launched then their high risk in terms of its success. Market gap isanalysed by different factors mentioned below:Advancements in technology:Changes in technology and advancements are occurringat regular intervals. It is insistent for entrepreneur to remain updated with latest techniques andtools which are used by competitors. This will assist them in launching of new venture withinmarket feasibly. With this, market gap can be filled to satisfy requirements and expectations oftheir customers.Identification of opportunities: It is essential for entrepreneur to analyse and ascertainopportunities which are accessible within market so that vantage can be gained and profitability
can be enhanced. These opportunities aids entrepreneurs to analyse and fill market gap so thatthey can stay ahead from their competitors. This will help to formulate business idea oflaunching Mr. Happy cafeteria with gaming theme.TASK 3P3 Gap analysis for evaluation of entrepreneurial ideasIn this scenario, entrepreneur is looking forward to launch their venture in market ofUnited Kingdom. Entrepreneur is opting for opening a theme based cafeteria and theme isgaming. Gap analysis is used by entrepreneur to find out whether they can meet performanceexpectations in future. Objective of this idea is to provide enhanced view of venture and provideeffective services to their customers. For this entrepreneur is opting for evaluation of products interms of venture, their spacing and kind of services they are being provided. This will helpentrepreneur to formulate their own strategies with respect to what they must include in theirventure, what all products should be added and their pricing strategies. This will aid them to copeup with present as well as future needs. GAP ANALYSISBasis Current conditionDesired conditionAction planServices and productsProviding theme basedspace which based ongaming.Customers aredemanding forcustomisation in theirmenu.To make customerscomfortable,provisionofcustomisation hasbeen provided.Cost Offering services atreasonable prices.They want that theirprices are set as pertheir competitors sothat they can earn highprofits.Pricing strategies canbe used.InnovationBusiness idea iscreative and unique toensure customerdriven approach.There are chances forbusinesstoacknowledge moreinnovations which willOpt for customercentric approach andtake review fromcustomers to bring
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Identifying Entrepreneurial Opportunities Assignment Solvedlg...
|19
|5014
|406
Identifying Entrepreneurial Opportunities : Tools and Techniqueslg...
|21
|4839
|27
Identifying Entrepreneurial Opportunities - Assignmentlg...
|18
|4579
|24
Identifying Entrepreneurial Opportunities - Croscettlg...
|21
|5492
|259
Identifying Entrepreneurial Opportunitieslg...
|22
|4859
|73
Identifying Entrepreneurial Opportunities Assignment :Magic Mania Hotellg...
|20
|4497
|29