Identifying Entrepreneurial Opportunity (Assignment)

Added on - Nov 2020

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IdentifyingEntrepreneurialOpportunity
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different sources of entrepreneurial ideas and innovation....................................................1TASK 2............................................................................................................................................2P2 Rational and market gap for a specific entrepreneurial idea..................................................2TASK 3............................................................................................................................................3P3 Data needed to support gap analysis in the evaluation of a specific entrepreneurial idea.....3P4 Interpretation of data..............................................................................................................5TASK 4............................................................................................................................................9P5 SWOT framework to collate evidence...................................................................................9P6 Evaluation of competitive and market environments..........................................................10CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14.......................................................................................................................................................15
INTRODUCTIONEntrepreneurial opportunity can be defined as the process of establishing a businesswhich is based on a new idea. For all the individuals who are willing to be entrepreneur in future,it is very important to gather appropriate information of essential requirements that may help toset up a commercial enterprise successfully (Aliaga-Isla and Rialp, 2012). Main aim of thisreport is to figure out the sources that are required to launch an effective business idea.In this project report a new Chinese restaurant“Sweet and Spicy”is going to beestablished in London, UK. Low fat food items and beverages are going to be offered by theorganisation. It is a great place for foodies who are fitness freak. Various topics are coveredunder this report that are sources for a new and innovative business idea, choice of a specific ideaand primary and secondary data to identify market potentials. An assessment of potentialviability and competitor analysis has also been covered under this assignment.TASK 1P1 Different sources of entrepreneurial ideas and innovationMost of the entrepreneurial idea are based on innovation because these are madeaccording to recent market trends. Entrepreneurs get business idea from various sources thatmotivate and support them through out its implementation. A new business is going to beestablished in London, UK. It is a restaurant which is Sweet and Spicy. Target market of theorganisation is fitness freak and diet conscious individuals. Chinese food and beverage itemswith less fat and calories are going to be offered by it. The concept of Sweet and Spicy is beingidentified with the help of Drucker's 7 Sources of Innovation which is described below:Drucker's 7 Sources of Innovation:All these sources are introduced by Peter Drucker inorder to inspire individuals so that a new business can be launched successfully. All the 7sources are described below:The unexpected:It is the first source of innovation that described the unexpected natureof innovation that may result in massive success or failure. As the business idea of Sweetand Spicy is very interesting then it may help the entrepreneur to achieve all the businessgoals. Identification of unexpected situations may guide to find best idea (Alvare, Barneyand Anderson, 2013).1
Incongruities:According to this source the entrepreneurs need to gather appropriate dataof market so that a new business can be established with such items that customers arewilling to buy. While introducing Sweet and Spicy the owner need to collect properinformation of market so that taste and preferences of customers can be identified.Process need:The entrepreneurs needs to be task oriented rather than situation focusedas it can help to identify best business opportunity. According to this source theentrepreneurs should use such concept for business which has not yet been used by anyother person. Differentiation and uniqueness of Sweet and Spicy restaurant will help toattract large number of customers.Industry and market structure change:Modification in industry and market structureguides to create innovative idea for a specific product so that it can meet the expectationsof customers. As Sweet and Spicy is based on an innovative business concept and theidea is formulated according to market changes in order to reach large number ofcustomers.Demographics:Fluctuations in demographics such as population, education and incomelevel guides individuals to create a business idea according to them. It will help to meetthe goals of the new businesses such as Sweet and Spicy. For the restaurant it is veryimportant to give preference to these factors while launching business. It helps tomotivate the entrepreneurs to set a business by analysing the demographics that arerequired to be focused while establishing a business.Changes in perception:Preferences and perception of customers changes with time. Itcan motivate Sweet and Spicy to offer them such food and beverage items that they arewilling to have (Audretsch, 2012).New knowledge:It is the combination of scientific and non scientific technology. It isvery important for entrepreneurs to have appropriate information of recent trends ofmarket. It may motivate the individuals who have formed the business idea of Sweet andSpicy to focus on the preference and current market trends that have taken place in foodand beverage sector.All the above described sources can motivate individuals to form innovative ideas forbusinesses so that future goals can be achieved. These sources may guide and support the owner2
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