Identifying Entrepreneurial Opportunity INTRODUCTION
Added on 2020-10-22
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Identifying EntrepreneurialOpportunity
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Determine and evaluate various sources of entrepreneurial ideas and innovation...........3TASK 2............................................................................................................................................6P2 Explain rationale and market gap for specific entrepreneurial ideas using relevant tools6TASK 3............................................................................................................................................8P3 Present data required to support gap analysis and evaluation...........................................8P4 Interpret data appropriately to provide evidence of market potential.............................12TASK 4..........................................................................................................................................13P5 SWOT analysis to collate evidence to support objective assessment of entrepreneurial idea..............................................................................................................................................13P6 Evaluate competitive and market environment where idea launched to assess potentialliability..................................................................................................................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONTo carry out successful business project, an entrepreneur requires to innovate anddevelop unique goods which higher growth as well as development of various opportunities thatmake business. The term opportunity complies better situation and favourable chance tocollaborate the number of activities or functions in different circumstances. In modern market,capitalising and identifying opportunities of entrepreneurial venture which is considered asprominent 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 thesituation of market demand or need in proper manner. The project is developed over “FlawlessCream” that provides for skin and beauty care product which launch in UK nation. Companyanalyse their customer demand before manufacture their products and after that develop highincome from their services. The main purpose of this assignment is to understand various sourcesof entrepreneurial idea, SWOT analysis and evaluating competitiveness or whole marketenvironment. TASK 1P1 Determine and evaluate various sources of entrepreneurial ideas and innovationAn entrepreneur can be determined as an individual who take steps for organising ventureto take benefit of an opportunity. They supply risk capital as a risk taker and control the businessoperations and activities. The entrepreneur is considered as sole proprietor, partner and owns themajority of shares in incorporated venture. They have liability to execute their innovative andcreative ideas in respect of implementing different business plan which help in generating highincome or revenue. Such people tend to express new plan of business which enlarge their countrygrowth and development in proper manner. With the execution of STEEP determinants, suchthings assist in carry out number of opportunities of employment among person of specificnation (Bendell, 2017). An entrepreneur using various number of approaches which help indeveloping different structure of the firm. At the time of implementing number of innovativeideas, Peter's 7 sources play role in forming and introducing company in the marketplace. Thereare various sources which are described as under:Social factor – It is that factor which concerned on setting a person who are able toconsider 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 inproper manner. Economical factor – In this, arranging and compromising economical sources which isrequired to carry out business operations. In United kingdom, there is stable and goodeconomic condition where they easily invest capital. It is associated with GDP rate whichrepresent the country's better situation. Along with this, it is the right time to implementcosmetic in sector (Ebbers, 2014). Technological factor – In current time period, there are various technologies whichexecute for developing huge business opportunities to the people at international level. Inthis, new and innovative ideas associated with current techniques which are important forpeople who are skilled in technological field. Political factor – The company entrepreneur need to gain full information and dataregarding nation political situation. In this, UK government bodies help new ventures andcosmetic industry. This is required for firm is to applied all rules or regulations which aremade by government in better manner. Environmental factor – An entrepreneur should be inculcate with various factors ofenvironment in certain areas for planning information. All corrective measures should betaken 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 externalsurroundings. Such ideas of Peter F. Ducker present 7 innovative and creative ideas which managed indeveloping cosmetic products such as “Flawless Cream”. Incongruity – It is related with the production gap for providing accurate services as perdetermined customers. Therefore, production of manufacturing of various productsproduction demand incongruity (Girotra and Netessine, 2013). Procedure requirement – Firm should implement innovative methods or techniques formanaging or maintaining different business operations and its functions. Industry and market structure requirement – Company require to execute variousnumber of alterations in the cost and structure of services as per the market need anddemand while adopting effective cost strategies.
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