Identifying Entrepreneurial Opportunity Assignment Solution
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Added on 2020-10-05
Identifying Entrepreneurial Opportunity Assignment Solution
Added on 2020-10-05
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IdentifyingEntrepreneurialOpportunity
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Different source of entrepreneurial ideas and innovation......................................................3TASK 2............................................................................................................................................5P2 Examining the particular entrepreneurial idea for investigating the market gaps, by usingthe specific tools and techniques.................................................................................................5TASK 3............................................................................................................................................6P3 Data needed to support gap analysis in the evaluation of a specific entrepreneurial idea.....6P4 Interpretation of data..............................................................................................................8TASK 4..........................................................................................................................................12P5 SWOT framework to collate evidence.................................................................................12P6 Evaluation of competitive and market environments...........................................................13CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONIn present world, identifying entrepreneurial activity or opportunities is considering to bea process of developing a new business on the basis of innovative idea for the betterment ofeconomy (Zamfir, 2015). Entrepreneur are individual those are responsible to open, manage andcontrol new business in order to generate profit. Nowadays government of UK have developedvarious entrepreneurial opportunities in order to develop assorted business programs for thedevelopment and growth of economy. In this report a cultural theme restaurant “The Dexterity Cafe”is going to developed inLondon, United Kingdom. The main focus of restaurant is to provide cultural environment topeople where they can interact with each other and learn the value of different culture.Entrepreneur set the rules that visitor is not allowed to use mobile or any other electronic gadgetsas main theme is to connect and learn different value. Different topic is covered such as sourcefor new business ideas, choice of a particular primary and secondary data to determine marketopportunities. Report also shows a classification of potential property and challenger analysis isdone that help to sustain for long term. TASK 1P1 Different source of entrepreneurial ideas and innovation.In recent time it is observed that most of the entrepreneurial ideas and thoughts are basedon totally fresh and inventive techniques. Therefore, an entrepreneur got its business idea formassorted sources that help them to run and manage business activity in competitive world. Thusentrepreneur of The Dexterity Cafe ascertains the concept of sources with the support ofDrucker's 7 source of innovation. This is discussed below:Drucker's 7 sources of Innovation: Peter Drucker's introduced the different sources of innovation that support to inspireindividual which further help to established and run new business in effective manner. Important7 source are defined underneath:Unexpected: This is consider to be the prime source of innovation that help to define the unexpectedquality and nature of innovation (Wilson and Martin, 2015.). This help to draw conclusion thateither business will result in massive success or failure. As the business thought of “The
Dexterity Cafe” is innovative and strange, so it may aid business person to accomplish theoverall objective and aims. Incongruities: This source of innovation is related to gathering of useful information or data of currentmarket that help to develop business with item and services according to exact demand ofcustomer. Thus it is very significant for the entrepreneur of “The Dexterity Cafe” to analyse theneed of customer that help to make food and develop an environment that help them tounderstand the cultural and behaviour of each other. Process need: This source of innovation means that a new, effective, strange and unique idea forbusiness are more liked by customer. Thus entrepreneur must always use the strange conceptwhile introducing the new business that is not used by any other business person. Asentrepreneur of “The Dexterity Cafe” have develop different and unique restaurant in Londonthat bring the attention of large number of people. They also provide best quality food productwith speciality in coffee product (Tang, Kacmar and Busenitz, 2012). Industry and market change:In present world adjustment in business enterprise and market construction guides tomake advanced idea for a particular commodity which is according to wants of customer. As“The Dexterity Cafe” is develop according to the condition of market and customer. Asnowadays people are more involved with mobile phone every time and this business concepthelp them to learn different values for life. Demographic: It is observed that with changes in demographic condition such as education, income,population help business person to build new business in most suitable manner. As entrepreneurof “The Dexterity Cafe” gives preference to these factor and develop totally new businesses. Change in Perception:Perception and desire of people keeps on changing, it is noticed that customer are alwaysattracted towards new concept. Thus “The Dexterity Cafe” is established with totally differentconcept that help to draw attention of large number of people of London. New Knowledge:
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