Identifying Entrepreneurial Opportunity
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Added on 2020-06-04
Identifying Entrepreneurial Opportunity
Added on 2020-06-04
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Identifying EntrepreneurialOpportunity
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1...........................................................................................................................................1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.............1TASK 2............................................................................................................................................4P2 Explain the rationale and the market gap for a specific entrepreneurial idea........................4TASK 3............................................................................................................................................8P3 Presenting data to support gap analysis and evaluation.........................................................8P4 Interpretation of data availed.................................................................................................9TASK 4............................................................................................................................................9P5. SWOT analysis to assess the entrepreneurial idea ...............................................................9P6 Evaluating competitiveness and market environments........................................................10CONCLUSION..............................................................................................................................11REFERENCES .............................................................................................................................13
INTRODUCTIONIn contemporary market, identifying and capitalising on entrepreneur opportunities isconsidered as of the prominent sector through which company can innovative ideas andcreativity. This industry is growing day by day because of individuals are interested in startingtheir own venture in which they can implement their ideas and tactics in external market in orderto earn huge profits (Block and Wagner, 2010). Change in the dynamic market are carried out ata very fast speed due to upcoming technology introduced by young entrepreneur who grabopportunity by understanding the niche demand of customers. Under this assignment companywhich is preferred I.e. Natural essence which deals in beauty and skin care products and found in1998 as a exporter, manufacturer of massage cream. This organisation consider as start up whichliked by customer very well and earn huge profits from their products. This project discuss aboutsource from which innovative ideas can be evaluated and take rational decision on the basis ofexternal market scanning. Further SWOT analysis discuss which help organisation to know theirstrength and weaknesses in their ideas.TASK 1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.Entrepreneur are those person who takes opportunities to implement its new and innovativeideas in order to implement different business plan it help to generate revenues for organisation(Dimov, 2011). These individuals always tend to implement new and innovative idea in order toenhance the economic growth of any nation. By the implementation of STEEP factor it createslots of employment opportunities of people of certain nation. Entrepreneur use to take help ofvarious approaches of renowned writer which help them to organise the different structure oforganisation. In implementing innovating new idea Peter 7' s sources of innovation play asignificant role in establishing organisation. The seven sources of innovation are mentionedbelow:Social factor: this factor is concerned on to determine that people should be able tounderstand the values of technology. It is determined that before starting the business thefinancial condition of entrepreneur should be in good. Brexit there are various changes Ilaws and regulations from which population that are not aware and leads to be awareabout different legislation.1
Economical Factor: there are good and stable condition in order to invest hugeamount of capital. It related to per capita income and high GDP rate which shows stableeconomical condition of nation. It is right time for the individual to implement industriesof cosmetic productive. Technological factor: in present scenario, implementation of different types oftechnology leads to create lots of opportunity to people of nation. In order to mange thesenew and innovative factors of technologies it is very essential for entrepreneur to hiresuch types of people who are expert in technology (Ekpe, Mat and Razak, 2010). It haslong range of working procedures which help to perform different types or workactivities in production of cosmetic products. So entrepreneur should implement new andinnovative technology in order to accomplish different activities in production ofcosmetic products.Political Factor: Before establish organisation entrepreneur should acquire deepknowledge about political condition of the nation. Entrepreneur should inculcate withdifferent political government to give support in establishing the new cosmetic plant inother nation. It also acquire knowledge about various types of taxes which are imposeduring establishing of plant. Economical factor: Entrepreneur should inculcate with environmental factor of thatparticular place in order to establishment of plant. All corrective measures should betaken in consideration so that while performing different function of organisation itshould take proper care in order to not to harm the nature or the people who are livingnearby the organisation.Peter F. Drucker give 7 innovative ideas which are stated below in order to manufacturecosmetic products like Natural essence.Incongruity: it is concerned about the gap of producing right products as per the desireof customer (Foo, 2011). It is concerned about the processes of production of differentcosmetic products.Process needs: organisation should implement new and innovative methods in order toperform different business operation.2
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