Identifying Entrepreneurial Opportunities : Assignment

Added on - 21 Jul 2020

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IDENTIFYINGENTRPRENEURIALOPPORTUNITY
ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation...............1TASK 2...........................................................................................................................................4P2 Explain the rationale as well as the market gap for a particular entrepreneurial idea...........4TASK 3............................................................................................................................................6P3 Presenting data to support gap analysis and evaluation..........................................................6The questionnaire is as following:...............................................................................................8P4 Interpretation of data...............................................................................................................8TASK 4..........................................................................................................................................13P5 SWOT analysis to assess the entrepreneurial idea...............................................................13P6 Evaluation of competitiveness and market environments....................................................13CONCLUSION.......................................................................................................................14REFERENCES..............................................................................................................................16
INTRODUCTIONThe first course is touches on the definition of the entrepreneurship there is differententrepreneurship, that is main object is how countries measure growth of entrepreneurshipactivity, and how to identify ideas and business opportunities. An entrepreneur is people whoobserves opportunity with in a business environment and arrange necessary resources tocapitalise on the same in an effective as well as efficient manner. An entrepreneur performsvarious duties and functions and it is not possible for any individual to become an entrepreneur.The various skills as well as the entrepreneur will poses are leadership skills, coordinationmanagement resiliency, focus invest for the long term, find and manage people, sale, learn, selfreflection, self reliance etc. These are measure skills of entrepreneur success skills. AnEntrepreneur can help an economy in different ways like opening new innovation givingemployment to individuals, contributing to the taxation of the country. An entrepreneur is givinga standard life of peoples (Gartner, Carter and Hills, 2016). ‘BUYMYWARDROBE’ is devotedmaking the experience of buying and selling fashion existing, There mission is build trust inamong people where buyers and sellers can connect. Any company there is main objective isTRUST and QUALITY. Buymywardrobe started in August 2012 in London. Kal, Founder andCEO.TASK 1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.Entrepreneur is the person who is responsible for making right of path and frame plans tocapture the necessary opportunities prevailing within the environment. A person who set up abusiness or business a taking on the financial risk in the purpose of profit. Entrepreneurship isprocess of the designing, running and launching of a new business and innovation.Entrepreneurship has been described of the capacity and willingness to develop of the businessalong with any risk and make of profit, due to high risk in launching of a new start up. So itmeans in a new start up there is high risk involve. Like lack of funding bad decision of thebusiness lack of market demand- or a combination of all these.Social Factor:Basically, this factor would mean to have a clear understanding of thesocial structure of the surrounding in which want to start a business a venture. Socialfactor can go a long way in encouraging entrepreneurship. In fact it was the highly1
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