Identifying entrepreneurial ideas and innovation

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITY

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.............1
TASK 2............................................................................................................................................4
P2 Explain the rationale and the market gap for a specific entrepreneurial idea........................4
TASK 3...........................................................................................................................................6
P3: Presenting data to support gap analysis and evaluation........................................................6
P4: Interpretation of data availed..............................................................................................11
TASK 4..........................................................................................................................................12
P5: SWOT analysis to asses the entrepreneurial idea...............................................................12
P6 Evaluating competitiveness and market environments........................................................12
CONCLUSION ............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneur plays an important role to implement various new and innovative idea in
order to create employment opportunity for the people living in the society (Chaston and Sadler‐
Smith, 2012). It also plays a significant role to generate large number of revenue for
organisation. Entrepreneur are individuals which always in search of opportunity to invest for
modernisation of its organisation. Entrepreneurship is the process which plays an important role
in order to implement different ideas and tactics in the external market. This helps to maximise
the level of profit. Natural beauty and care limited is deals to provide beauty and skin care
limited it also manufacturer of massage cream. Due to dynamic change in market needs to
implement new and innovative technology in order to sustain strong position of organisation.
This company has start new company in the marketplace. In this venture it explain the
implementation of new and innovative ideas in order to attract large number of revenues in the
marketplace.
TASK 1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.
Entrepreneur is the individuals which always takes an opportunity to implement new
and innovative ideas in order to generate large number of revenues for company (Wright and
Stigliani, 2013 ). They always in search to implement new and innovative ideas which leads to
growth of new venture and also helps to expand its business. Various implementation of STEEP
factor in order to enhance the number of employment opportunities for the living in the society.
These are the person which implement different strategies from the books of various writer in
order to implement different types of new and innovative ideas in the organisation. These
strategies helps to accomplish different types of functions of organisation. These strategies aids
to frame the proper structure of organisation. It leads to maintain effectiveness in performing
different types of operation of company. By implementation of Peter 7p's source of innovation
plays an essential approach in order to accomplish various activities of organisation. The seven
source of innovation is describe below: Social factor: This factor is deals to determine the values of new and innovative
technology which is understand by people in effective manner. Before starting of new
venture the management needs to determine the economical condition of entrepreneur is
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in better position. Due to Brexit there are different types of changes occurs in the nation.
There are various rules and legislation have been changed (Zahra and Wright, 2011.).
There are many rules and regulation which were newly imposed they are not in the notice
of different people. Economical factor: In order to start new venture, the management of the organisation
should determine the fix amount of capital which is used to start the venture. It is also
concerned with the GDP values which define the stability of economic condition of the
particular country. By determining right time the employer of cosmetics organisation
invest capitals in order to start new venture. This factor is related to the allocation of
different resource in order to generate funds tom accomplish different types of activities
of organisation. Before execution of new venture company needs to recognise different
economic factor in order to invest capital to start venture (Jennings and Brush, 2013). Technological factor: In order to inculcate with various condition of marketplace. The
management of the Natural Beauty and health care Ltd implement new and advance
technology which helps to accomplish various function of the organisation in stipulated
time period. So entrepreneur needs to recruit those employee who are capable to work
with helps of new and innovative technology. By implementation of new and innovative
technology there are different of functions of the organisation which is being accomplish
by theses technology in stipulated time period which are related to production of new and
innovative cosmetic products. For example when android comes into existence then
people innovate different types of application as per their needs. Here entrepreneur invest
huge amount of capital in order to invent different types of products (Johnson, 2016).
 Environmental factor: Entrepreneur have to determine the various condition of
environment which are consider during starting of new plant. The management need to
take all corrective measures while implementing different types of operation of the
company. The manager of company consider all economical factors which do not harm
the natural element of environment and the people living besides the organisation.
Peter F. Drucker state 7 ideas of innovation which are describe below to produce cosmetic
product like Natural beauty and care Ltd.
Incongruity: It is related about the disparity to produce specific products according to the desire
of customer. It is related to produce various types of various cosmetic products.
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