Identifying Entrepreneurial Opportunity Assignment - Easybay company
Added on 2020-12-18
14 Pages4222 Words289 Views
Entrepreneurship
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IDENTIFYINGENTRPRENEURIALOPPORTUNITY
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ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation..............1TASK 2............................................................................................................................................3P2 Explain the rationale as well as the market gap for a particular entrepreneurial idea............3TASK 3............................................................................................................................................5P3 Presenting data to support gap analysis and evaluation.........................................................5P4 Interpretation of data..............................................................................................................7TASK 4............................................................................................................................................7P5 SWOT analysis to assess the entrepreneurial idea.................................................................7P6 Evaluation of competitiveness and market environments......................................................8CONCLUSION................................................................................................................................9REFERENCES................................................................................................................................1
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INTRODUCTIONThere are plenty of opportunities that are lying down in the environment in whichbusiness operates, but on which opportunity to capitalise on is a task that can be well understoodonly from the mindset of an entrepreneur. An entrepreneur is a person who observes opportunitywithin a business environment and arranges necessary resources to capitalise on the same in aneffective as well as efficient manner. An entrepreneur performs various duties and function and itis not possible for any individual to become an entrepreneur. The various skills as well as traitsthat entrepreneurs will posses are leadership skills, team work, co-ordination, Management skillsetc. An entrepreneur can help an economy in various ways, like by opening up businesses, givingemployment to individuals, contributing to the taxation of the country, raising the overallstandard of living of people etc. Easybay is a new start up by an entrepreneur and the companyahead have distinct opportunities as well as difficulties, the current report will have a detaileddiscussion how it is dealing with the same in an effective manner.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 (Tumasjan and Braun,2012). It is thus quite essential that right kind of environment is available for entrepreneurs tomake sure that they don't face any problems in implementing those opportunities in an effectiveas well as efficient way. In order to determine where are opportunities is available, an analysis ofSTEEP factors can be done, For the purpose of implementing new and innovative ideas the roleof peter Drucker's 7's Sources of innovation can be significant, these sources are discussed asfollows:Social Factor: Basically, this factor would mean to have a clear understanding of the socialstructure of the surroundings in which he or she wants to start a business or a venture. The socialmindset of people and any changes within such mindset can have a categorical impact on theopportunities available and thus it is quite essential to execute the same (Messersmith and Wales,2013).Economical Factor: Various ideas can be drawn from the economical factors that areavailable within a country, for example an increase in taxation would be beneficial for1
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