Identifying Entrepreneurial Opportunities

Identifying entrepreneurial
Opportunities

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.........1
P2 Explain the rationale and market gap by using relevant tools and techniques..................3
TASK 2............................................................................................................................................7
P3) Support the gap analysis in the evaluation of specific entrepreneurial idea....................7
P4) Interpret data appropriately to provide evidence of market potential............................11
TASK 3..........................................................................................................................................13
P5) Apply SWOT framework to collate evidence to support an objective assessment.......13
P6) evaluate the competitive and market environment to access the potential viability......14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurial opportunities are the different situations that are faced by an entrepreneur as in
terms of greater profit that has been raised in return of products and services that are offered by
them. It is an opportunity in which entrepreneur get a lot of profit from the market in terms of
maximum sales. It is the process through which an entrepreneur provides the relatable goods and
services to the customers (Korte, 2018). The need and demand of the customers get resolved and
it generates more opportunity in the market for an entrepreneur to measure more growth and
development. This report is based on the company that sales the cosmetics products and get
supported by the Virgin money that is the brand of beauty products that is used by the three
independent brands having licensees over all across the world. They currently supplied their
services in Australia, UK and South Africa and were founded in 2003 by Richard Branson. As
virgin money wants to expand their business in Oldham and they are looking forward to assist
the community. This report includes the new innovative idea that is used by the company to
rationale the market gap with the help of certain tools and techniques. Furthermore, includes the
SWOT analysis that addresses the possible threat to the business in the market, PESTLE analysis
to know the effect of the marketplace.
TASK 1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation
There are different sources that are used by an entrepreneur in order to satisfy the need and
demand of the customers. The innovation will be inserted while conducting the market research
and then the new idea will be implemented within the products and services that are served in the
market by the virgin money (Newman, 2018). The new thoughts will be generated as per the
knowledge, experience, skills, ability, passion, commitment, focus, talent of an entrepreneur. But
business environment goes on changing as per the different requirements of the customers and
has both threat and the opportunity for the business. Some of the changes are as defined below
as:
Macro-environment: beauty products are based on the economic effects of the country or
the economic growth of the certain region. Innovation in the beauty products reflects the
different consequence that has been generated within the change in the economy that is as
defined below as:
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Social factors: It reflects the life standard and the style of the particular society that has been
developed as per the size, scope, educational background, religious, habits, taste of the people
that have been changes on random basis (Miao, 2019). As people have more concern about to
keep secure their beauty products and they get attracted towards the beauty products. It supports
an entrepreneur to keep motivating the people to get connect with the different services that is
served by the company.
Technological factors: It is the factor that defined the technological advancement that
has been introduced as per the different innovation of the market. beauty products has been
introduces a lot of advancement on terms of digitalisation and it is used by the people on larger
scale. It is a source that supports an entrepreneur to grab the market opportunity and helps the
virgin money to get resolved the different problems of the market.
Drucker’s sources of innovation:
It is the source of innovation that is used an entrepreneur in order to gain the opportunity
that helps to gain the higher competitive advantage in the market while measuring the threat
that has negative impact of the performance of the company. The beauty products as like
mortgages, savings, credit saving etc is some of the basic services that attracts the large customer
base. The innovation that is based on the idea that is generated from an entrepreneur is as
explained below 3with the help of by Peter F Drucker are as:
Unexpected: It is the innovation that is very much unexpected to occur as its probability
of happening is quite low thus the new innovation and the idea is stumble. Virgin money
considered this as the uncertain event that has happened by chance. In this the new idea and
innovation will implemented by the businesses order to achieve the better outcome.
Incongruities: It is the behaviour of feeling incompatible and it is in the nature if the
human behaviour that goes change as per the changes that are implemented by the company.
Thus the entrepreneur tries to resolve this issue from the company by motivating an employee by
which they easily accept the change within the business (Ezeahurukwe, 2018). It builds a lot of
opportunity for the Virgin money as it reduces the incongruities and imparts the belief in the
people.
Market Structure: It has been changes on continuous basis as the beauty products has
been served in the market that is all across the world as people get searched that from the Google
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