Business Model Development and Entrepreneurship

This assignment provides a detailed analysis of business model development and entrepreneurship, covering various aspects such as simultaneous experimentation, networking behavior, contracting relationships, and business model innovation for sustainability. It also explores the role of education and training in entrepreneurship, as well as the importance of corporate entrepreneurship as knowledge creation and conversion. The assignment includes references to relevant books and journals, online resources, and key concepts such as Porter's Five Forces. It is suitable for students looking for past papers and solved assignments on business models and entrepreneurship.

Identifying Entrepreneurial
Opportunity

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Determine and evaluate various sources of entrepreneurial ideas and innovation...........3
TASK 2............................................................................................................................................6
P2 Explain rationale and market gap for specific entrepreneurial ideas using relevant tools 6
TASK 3............................................................................................................................................8
P3 Present data required to support gap analysis and evaluation...........................................8
P4 Interpret data appropriately to provide evidence of market potential.............................12
TASK 4..........................................................................................................................................13
P5 SWOT analysis to collate evidence to support objective assessment of entrepreneurial idea
..............................................................................................................................................13
P6 Evaluate competitive and market environment where idea launched to assess potential
liability..................................................................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
To carry out successful business project, an entrepreneur requires to innovate and
develop unique goods which higher growth as well as development of various opportunities that
make business. The term opportunity complies better situation and favourable chance to
collaborate the number of activities or functions in different circumstances. In modern market,
capitalising and identifying opportunities of entrepreneurial venture which is considered as
prominent segment in which company are developing unique or creative ideas (Andries,
Debackere and Van Looy, 2013). An entrepreneur consider idea that can be change as per the
situation of market demand or need in proper manner. The project is developed over “Flawless
Cream” that provides for skin and beauty care product which launch in UK nation. Company
analyse their customer demand before manufacture their products and after that develop high
income from their services. The main purpose of this assignment is to understand various sources
of entrepreneurial idea, SWOT analysis and evaluating competitiveness or whole market
environment.
TASK 1
P1 Determine and evaluate various sources of entrepreneurial ideas and innovation
An entrepreneur can be determined as an individual who take steps for organising venture
to take benefit of an opportunity. They supply risk capital as a risk taker and control the business
operations and activities. The entrepreneur is considered as sole proprietor, partner and owns the
majority of shares in incorporated venture. They have liability to execute their innovative and
creative ideas in respect of implementing different business plan which help in generating high
income or revenue. Such people tend to express new plan of business which enlarge their country
growth and development in proper manner. With the execution of STEEP determinants, such
things assist in carry out number of opportunities of employment among person of specific
nation (Bendell, 2017). An entrepreneur using various number of approaches which help in
developing different structure of the firm. At the time of implementing number of innovative
ideas, Peter's 7 sources play role in forming and introducing company in the marketplace. There
are various sources which are described as under: Social factor – It is that factor which concerned on setting a person who are able to
consider the technological value. An entrepreneur need to be aware about current trends

according to this, they make proper changes in their products design or requirement in
proper manner. Economical factor – In this, arranging and compromising economical sources which is
required to carry out business operations. In United kingdom, there is stable and good
economic condition where they easily invest capital. It is associated with GDP rate which
represent the country's better situation. Along with this, it is the right time to implement
cosmetic in sector (Ebbers, 2014). Technological factor – In current time period, there are various technologies which
execute for developing huge business opportunities to the people at international level. In
this, new and innovative ideas associated with current techniques which are important for
people who are skilled in technological field. Political factor – The company entrepreneur need to gain full information and data
regarding nation political situation. In this, UK government bodies help new ventures and
cosmetic industry. This is required for firm is to applied all rules or regulations which are
made by government in better manner.
 Environmental factor – An entrepreneur should be inculcate with various factors of
environment in certain areas for planning information. All corrective measures should be
taken in the consideration at the time of performing different functions of the company.
They must ignore to throw all waste material which create bad impact on external
surroundings.
Such ideas of Peter F. Ducker present 7 innovative and creative ideas which managed in
developing cosmetic products such as “Flawless Cream”. Incongruity – It is related with the production gap for providing accurate services as per
determined customers. Therefore, production of manufacturing of various products
production demand incongruity (Girotra and Netessine, 2013). Procedure requirement – Firm should implement innovative methods or techniques for
managing or maintaining different business operations and its functions. Industry and market structure requirement – Company require to execute various
number of alterations in the cost and structure of services as per the market need and
demand while adopting effective cost strategies.

 Demographics – In current time period, company reaching with desired income and
financial level so they can make certain modifications while target customers regarding
products. Changes in perception, significance & Mood – The company management of Flawless
Cream can be maintained and managed with the help of collecting customer feedback for
considering the buyer’s values or beliefs, perception and response (Hisrich, 2012). New knowledge – New knowledge of technology in both scientific and non-scientific.
Business owners should be touch with current techniques and methods that can smoothly
run the organisation functions and operations. Unexpected – It is necessary for implement variety of innovative or creative ideas with
the business plan at the time of launching business which offer effective customer
services along with innovation.
Different types of innovation – It is necessary for an enterprise to assume innovative ideas and
execute this as a major business opportunities. Along with this, it is a simple and effective
method that are divided into various types of innovation which can persuaded. There are
different types of innovation ideas such are described as follows: Incremental innovation – It is that method which help in improving the system that
already present, exist, developing them better, faster cheaper. This is the general form of
innovation. Along with this, it will help in enhancing customer value in the existing
market area. Disruptive innovation – It involves execution of new procedures and technologies of
existing business market place. This is often costly or expensive which lead towards new
technological, feature of planning of organisation. Architectural innovation –It define the whole skills and technologies and
implementation in various market area. It is determined as effective innovation which
lead towards growth of new customers and trade is receptive (Jansen, 2017).
 Radical innovation – The market is determined as innovation where modification has
been conducted as the technological evolution. It provides creative and new form of
common process which derive to make transformation in the current market.
Thus, there are number of techniques and various methods that can lead towards creative
and innovative. Flawless cream is adopting incremental innovation as a cosmetic brand in which

they are using natural essence of Ayurveda, Indian medical develop to solve and remedy the
issues. This is based on different types of ideas and business designed whether firm transform its
ideas in the market and develop new opportunities for gaining higher growth and development.
But, innovation is considered with invention concept which are described between them:
Comparison among Innovation and Invention:
Innovation Invention
Innovation implies the execution of ideas for
goods or procedures for first time. It is
determined as new though, idea, process and
opinion introduce in the market. This derive
evolution and development of individual or
industry in proper disrupting new concept that
was uncounted.
It can be defined as the process, concept, ideas
and products that managed and alter as per the
market demand and requirements of an
organisation. Invention help in developing
existing product value for the company in their
sustainability.
TASK 2
P2 Explain rationale and market gap for specific entrepreneurial ideas using relevant tools
It is essential for any organization to cater the information about place where it is going
to launch a business. They should research for analysing behaviour of its targetted customers so
they can increasing their sales of firm in order to gain profit. Therefore, 'Flawless Cream' should
conduct a research to analyse perception and point of view of UK residents.
They can investigate marketplace through three kinds of segmentation techniques that are
used to divide marketplace on several variables. Hence, segmentation are mentioned below -
Demographic segmentation – It is used to divide the entire market in according to the
people who stays in a particular regions. Demographic segmentation refers to distinct
marketplace through age, race, religion, gender, family size, ethnicity, income, and education.
As 'Flawless cream' is mainly focused on the females that used cosmetic product to get a smooth
and glowing face. This cream is used by every aged women including college going to elders
because it cleans their pores that removes acnes and spots. Adult women can use it to remove
their wrinkles to look young. Hence, cream is focusing on adult age group of people with a wide
range of cream which is required by different skin type.

Geographic segmentation – This refers to a particular region in which 'Flawless cream'
is going to be launch. As citizens are already having a white skin but they also have some issues
that effects on their skin according to weather. Therefore, their geographic location should be
consider by firm to provide them prod cut according to their area.
Behavioural segmentation – If targetted market has potential to purchase a luxury
products to improve their life style. Then, they can buy costly product because people prefer
quality of an item rather than price of product. 'Flawless cream' has a potential marketplace
because people can purchase it for its immense quality even on high price.
Tangible and intangible features – These are essential resources which for a firm that
includes land and building where 'Flawless cream' is manufactured. Machinery, equipments and
human resource are needed for manufacturing process of the cream. Similarly, there are some
intangible features are also required such as trademark, patent, copyright to protect quality of
cream and company image. So that others cannot copy formula of cream or negatively influence
the brand.
Porter's five force model
Michael Porter introduced five elements that gains competitive advantage in present
marketplace. These are given below -
Bargaining power of suppliers – In this supplier has a high power for negotiation, if
there is only one supplier for access raw material for 'Flawless cream' then they will have a high
power to increase their service charges. But if an enterprise has a wide range of suppliers then
they will have less power of bargaining because an entrepreneur can switch to the others.
Bargaining power of customers – 'Flawless cream' should innovate its quality because
customers have a wide range of same products. They can switch their product if they find in low
cost than this. So it is essential for enterprise to innovate their product and provide it on
reasonable price.
Competitive rivalry – There are several rivals of beauty products. Therefore, in order to
stay in the marketplace, they need to manage low cost. So that they can sale their products and
sustain in the marketplace for a long time.
Threat of new entrants – As new entrants always looking for drawbacks of existing
products. So 'Flawless cream' needs to maintain its quality and innovation that can helps to stay

in the market. Otherwise, new entrants can replace the cream which can impact on presence of
cream.
Threat of substitute – There are similar products in the marketplace and if target people
can find high price of the product then they can easily substitute Flawless cream with others.
TASK 3
P3 Present data required to support gap analysis and evaluation
Business regulate in the community and an entrepreneur are mainly responsible for
undertaking number of social elements. There are different factors that directly effect on person
views and their real demand (Katre and Salipante, 2012). It is fundamental through which
entrepreneur evaluate such components and require to avoid such negative influences. Along
with this, there are different company competitors of Flawless Cream which should be defined
and create various terms and conditions effectively. The cosmetic industry scope is wide in
which firm can easily enter in the large market area. Here are presenting data of Flawless Cream
which are mentioned as under:
Basis Company Competitive firm
Competition in market An organisation has offer low
rate of products as compare
with their competitors which
help in enhancing firm growth
and income. Price of product is
£500
Competitive organisation are
providing prominent of
substitutes of their services
which is around 5%. thus,
customer mainly prefer to offer
quality based goods and less
price products in despite of
higher rated services.
New entrance in industry Company offer various
services at reasonable rate
which attract large number of
customers towards their
products. They determine
around 3% discount for
gaining attention of desired
As per the new market entry,
the prices are £1000 that is
developing comparison of
Flawless Cream.

customers.
Power of supplier Most of the suppliers are offer
variety of services in less
expensive as compared to
other competitive organisation
(Katz, 2014).
In this, rival company
suppliers are taking high
commission cost that is £2000
are relatively leading to loss
the income.
Power of customer An organisation main aim to
satisfying their customers
needs and demand by
providing products.
The company mainly focus on
enhancing its revenue in
compare with customer
satisfaction that can lead
towards lack of products and
services.
Threat of substitute When company are offer
substitute product at lower
price as compared with their
competitors that includes
famous relaxing and healing
method, pure Ayurveda at
international level.
Competitive organisation are
always change their goods rate
and adding more substances
which provide different
treatment method.
A questionnaire is designed or prepared in regard to collecting and gathering various
respondents of different consumers after adopting new services or goods.
Questionnaire
Name:
Email:
Contact no:
No of respondents:
Q.1. Does Flawless Cream producing effective cosmetic Ayurveda products ?
 Yes 40

 No 20
Q.2. What are the attractive features of Flawless Cream ?
 Prices 25
 Outcomes 15 Suitability 20
Q.3. Are you satisfied with the result of product of Flawless cream ?
 Yes 35
 No 20 Can't say 5
Q.4. Does price charged for products of Flawless cream is affordable for customer ?
 Agree 45
 Disagree 15
Graphical representation:
1.
2.
Yes No
0
5
10
15
20
25
30
35
40
40
20
Column B

3.
(a): Yes (b): No (c): Can't say
0
5
10
15
20
25
30
35
40 35
20
5
Respondent in %
4.

P4 Interpret data appropriately to provide evidence of market potential
There are described analysis and interpretation of available data by the company:
 Due to tough competition in market, an enterprise requires to understand customers want
and target consumer provide competitive position. The price of delivery service is £900
which is lower than their rivals.
 Flawless cream provide their buyers discounted and customer loyalty. Firm can offer
such as buy one get one free, 30% off for first purchase which can lead growth or
development.
 Customer is main asset of the business that can develop their company with the help of
providing effective services so this will assist in building good image in the market place
(Leib, Ponet and Serota, 2012).
Thus, it can be interpreted that company can providing numerous of data and information
which are directing firm towards right path. Here is representing interpretation by collecting data
that are present distinct central tendency:
This is interpretation of the described data collection by using different central tendency:
1.
Total 60
Mean 30
agree disagree
0
5
10
15
20
25
30
35
40
45
50
Column B

Median 30
Mode 0
Interpretation- AS per the observation, there are around 30 respondents who are agree on that it
is effective product and remaining respondents are disagree on this statement.
2.
Total 60
Mean 22.5
Median 22.5
Mode 15
Interpretation- As per the analysis, there is high value mean which represent the distinct
respondent who are stated the number of factors mentioned that present firm can formulated in
the long time period.
3.
Total 60
Mean 12.5
Median 12.5
Mode 0
Interpretation – Mean is related to 12.5 that present the main respondent are state the brand
outcome and median is equal.
4.
Total 60
Mean 30
Median 30
Mode 0
Interpretation- According to the described data and facts, 30 respondent are think that Flawless
cream are charge on high cost and rest of them are consider that it is reasonable in price.

TASK 4
P5 SWOT analysis to collate evidence to support objective assessment of entrepreneurial idea
An organisation will use SWOT evaluation for analysing their strength and weaknesses.
This will help company in review all major threats and opportunities which lead and evolve in
the market place effectively (Palo and Tähtinen, 2013).
Strength Weaknesses
 The company is opting new and
advanced methods or techniques which
can assist them in gaining attention of
large number of customers towards
company products or services.
 They can modify their goods according
to the demand and need of customers.
 Flawless is best quality and standard
based products which is suitable for all
people.
 Goods cost are higher that can effect on
its production and sales.
 Sometime, middle class people does not
purchase such type of product.
Opportunities Threats
 They can sale Flawless cream through
online which attract domestic as well as
international customers.
 They are developing such products
which can enhance its company growth
and development.
 There are various competitors who also
providing similar type of products.
 Change in customer choice and demand
which create threats for the company.
P6 Evaluate competitive and market environment where idea launched to assess potential
liability
It is fundamental for entrepreneur for analysing whole market for using appropriate
strategies and carry out business operations and its functions. It will help in identifying
customers needs and demand and also analyse their competitors major policies and strategies in

better manner (Rohrbeck, Konnertz and Knab, 2013). In context to Flawless cream, organic
Ayurveda cosmetic introduced by Flawless cream, which is important for examine the entire
market:
Competitive market – It is fundamental for firm in evaluating rivals in order to evolve
customer’s products. There are various number of items which are exist in market such as eternal
skincare, etc. for providing innovative and better identification, competitor fundamental is
examined as under:
Substitute Products: It can be defined as a product from another industry that gives
similar benefits to their consumers present in that industry. Under a competitive market, it is
very necessary for the companies to come up with various new strategies so that their product
can be preferred by customers. For this, they do various promotional activities, pricing strategies
are created so that customers can get attracted to their products.
Target Audience: The organisation is currently focussing over the female population
and also those who are cautious to keep their skin healthy.
Demand: It can be said that commodities which are organic in nature are more in
demand since they have less side effects.
So, it is obvious that people will be more attracted towards these kind of products since their side
effects are less than others and this will increase the demand as well.
Market Environment: It is further categorised into two forms:-
Macro environment: Here, PESTLE evaluation can be conducted so as to analyse the
external environment in a proper manner (Saltman, 2015). It is determined that if the price will
be high then it may influence the customer buying behaviour as well.
Micro Environment: It contains the internal factors that have an impact on the product
like attitude, staff, value, culture etc. Also, it is considered very important to analyse the internal
environment so as to gain success in the market.
CONCLUSION
From the above described report, it can be analysed that entrepreneur consider idea that
can be change as per the situation of market demand or need in proper manner. The entrepreneur
is consider as sole proprietor, partner and owns the majority of shares in incorporated venture.
Along with this, it is a simple and effective factor that are divided into various types of
innovation which can persuaded. Business regulate in the community and an entrepreneur are

mainly responsible for undertaking number of social elements. This is based on different types of
ideas and business designed whether firm transform its ideas in the market and develop new
opportunities for gaining higher growth and development.