Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Define & assess various sources of entrepreneurial ideas & innovation..........................1
M1 Provide detail analysis of Drucker’s 7 sources of systematic innovation........................2
D1 Critical evaluation of advantages and drawbacks of various approaches which leads
towards the examination of entrepreneurial ideas..................................................................3
TASK 2............................................................................................................................................3
P2 Describe the rationale & market gap for particular entrepreneurial idea by using specific
tools and techniques...............................................................................................................3
M2 Justification how specific idea fill market Gap with the help of various techniques......4
D2 Critical evaluation on the basis of interpretation & investigation of competitive
marketplace.............................................................................................................................4
TASK 3............................................................................................................................................4
P3 Present data required to support gap examination in the assessment of particular
entrepreneurial idea................................................................................................................4
M3 Justify sources and methods of data collection and how data related to examine market
potential..................................................................................................................................7
D3 Analysis of methods to justify business objectives and identify market potential...........7
P4 Interpretation of data in an appropriate manner................................................................7
TASK 4..........................................................................................................................................10
P5 Application of SWOT framework...................................................................................10
M4 Critically evaluate specific entrepreneurial ideas in reference to the marketplace and
competition...........................................................................................................................10
D4 Develop valid justification & conclusion on how entrepreneurial ideas can be formulate,
sustain at competitive marketplace.......................................................................................11
P6 Evaluation of competitive as well as market environments where the idea will be going to
launch in order to measure potential viability......................................................................11
CONLUSION................................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship define as a procedure mainly deals in launching, creating as well as
designing new business venture. It generally defines as the willingness and capability in order to
manage business risk for gaining profitability (Autio, 2014). In the present report, TESCO is
chosen as the base organisation, which is a British multinational groceries & general
merchandise establish in the year 1919. Headquarter of the company is located in Welwyn
Garden City, England, UK. In this report, an innovation is taken place where management team
of TESCO introduce beauty cosmetic segment at the competitive marketplace. In this report
various sections are going to be discussed which includes various sources of entrepreneurial
innovation and ideas. Apart from this, examination of market gap is going to be considered for
identifying appropriate tools. Furthermore, SWOT Analysis of competitive market situation will
have conducted for examining the recognizing potential viability.
TASK 1
P1 Define & assess various sources of entrepreneurial ideas & innovation.
An entrepreneurial idea refers to a business concept which is usually related with offering
new product or service in the market with the objective of achieving financial gain. Many
sources have been identified for generation of an idea. Peter Drucker identified seven such
sources of innovative opportunity which are:
The Unexpected: The business environment for any organisation is full of unexpected
opportunities with huge potential for success (Godley, 2013). These unexpected situations
present a huge opportunity to take competitive advantage as well and shouldn’t be overlooked by
the management. A manager should keep studying the business environment to exploit any
opportunities therein.
The Incongruity: Incongruity refers to the differences between what an organisation is
offering and what the customer actually wants. The assessment of needs of the customers helps a
firm to understand what is and what should be. The management of Tesco plc ltd. found an
opportunity in the beauty and cosmetic sector after considering the demands of potential
customers.
Process need: Process needs refers to the critical evaluation and identification of the weak
spots in an organisation’s processes. Here, the opportunity for innovation comes from within the
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