Assignment of Identifying Entrepreneurial Opportunities
Added on 2021-02-19
18 Pages4034 Words44 Views
IDENTIFYINGENTREPRENEURIALOPPORTUNITIES
INTRODUCTIONAs per current scenario, opportunities for entrepreneurs are becoming competitive. Thisis considered as a circumstance in which goods or services can be sold at a price higher than themanufacturing cost. With this entrepreneur can perform to gain profit (Baltar and de Coulon,2014). This assignment is on a new business known as “PAZZA Restaurants”. The business isset up with little thoughts as well as develop its effective representation into marketplace throughits own work. The aim of report is to present the several entrepreneurial sources their ideas aswell as innovation, market gap and rationale for particular entrepreneurial ideas and authenticateinformation which required to support gap analysis. Apart from this SWOT analysis is applied tocollate evidence as well as specific analysis for market and competitive environments are alsomentioned in this report. TASK1P1.Business idea:This is considered as an idea that is utilise for financial gain which isgenerally centred upon goods and is provided in respect of money. “PAZZA Restaurant” is arestaurant that facilitates varieties of foods – ingredients and spices used by respective companyin their food are naturally grown by them in their garden area. So it is highly organic as well asnatural. For this they target UK people. Entrepreneurship is considered as an opportunities for person to enforced their ideas intopractical form (Hannon, 2013). For this, it is an significant for them to adapt beneficial option.Starting a new venture in not an easy task as for this they required to study all the present originfor executing efficacious thought into this.Few external source are:Technological factors:Presently, technology enhancement have huge effect upon wholeindustry. within restaurant industry, this aids to maximise profitability through obviatingwastage and provide fast services to customers. Social factors: This is significant for an entrepreneur to analysis the tastes, choices ofclients for certain goods or services. It will help them to implement its ideas easily so thatthey can give effective services in creative ways in order to grab the attention of moreclients. This sources provides a profitable opportunities for new ventures. Moreover dueto changing tastes of people motivate them to open new restaurants.1
Entrepreneur role: Entrepreneur is considered as a person who provides their efficaciouscontribution within economic process as well as growing.It launch innovative opinion into itsnew venture. It will helps them to obtain various opportunities from targeted market area.Significant role of businessperson can maximise standard of living within society, it providesjob opportunities to skilled people etc. Into business organisation, this is significant for its owner for implementing their newideas to acquire more advantages (Kirkley, 2016). With the assistance of systematised innovationseven sources that are developed through Peter Ducker are:Unexpected: The primary purpose of innovation procedures is to ready for whole thingsby exploiting efficacious plan of action for facing them in easy way. Through this,“PAZZA Restaurant” can implement innovation which motivate them to use effectivestrategy. Incongruity: It is ascertain as an efficacious model in which people used to thinksomething creative from each other. By this, “PAZZA Restaurant” can motivate to thinksomething innovative.Innovation based upon procedures required: Innovation is used to implement new ideasas well as it should be depends upon requirements of process. Hence, “PAZZARestaurant” are motivated to use innovation in their new ideas. Changes in market and industry: Innovation implementation is used for adapting severalchanges within market and industry. By this, “PAZZA Restaurant” can executeinnovation by making various changes in market. Demographics: Its depends on establishing new venture within target market areathrough providing satisfaction to clients. This motivates “PAZZA Restaurant” to set thisbusiness in target market and satisfy the target audience.Changes in perception:By executing new thoughts into enterprises, an entrepreneurmay modify the purchaser conception . As “PAZZA Restaurant” is executing newthought into enterprise, they may modify the purchaser conception. New Knowledge: Innovation is depends upon new perceptions as well as thought processof individuals (Kraus and et.al, 2015). This motivates “PAZZA Restaurant” to implementinnovation by in its business. 2
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