Sample Identifying Entrepreneurial Opportunities Assignment PDF
Added on 2021-02-19
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IdentifyingEntrepreneurialOpportunities
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1 ...........................................................................................................................................1P1 Determine and evaluate different sources of entrepreneurial ideas and innovation..............1TASK 2 ...........................................................................................................................................3P2 Explain the rationale and the market gap for a specific entrepreneurial idea using relevanttools and techniques to support your choice...............................................................................3TASK 3............................................................................................................................................4P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurialidea..............................................................................................................................................4P4 Interpret data appropriately to provide evidence of market potential....................................6TASK 4 .........................................................................................................................................10P5 Apply a SWOT framework to collate evidence to support an objective assessment of aspecific entrepreneurial idea.....................................................................................................10P6 Evaluate the competitive and market environments in which the idea will be launched toassess potential viability............................................................................................................12CONLUSION ...............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTION Entrepreneurship is basically a process which primarily deals with designing as well aslaunching new business. It is described as the capacity as well as willingness to manage anddevelop a business venture along several risks in to make profit. In today' s competitive worldthere are several entrepreneurial opportunities which are potentially available in marketplace.Through these entrepreneurial opportunities products and services are usually sold at a pricegreater than cost and profit is attained. Under this report a new bakery store is coming up in themarket of United Kingdom in order to significantly earn profit. The new idea which bakery isplanning is to provide chocolate cookies enriched with brown sugar and serve on wheels.Outcome of this report is based on several ideas through which innovation invented by TheBaking Room becomes successful. Determination and evaluation of different sources ofentrepreneurial ideas and innovation will be done. Furthermore, identification of market gapwould be considered in order analysis relevant tools and techniques. SWOT Analysis andevaluation of competitive market environment will be conducted in order to identify potentialviability. TASK 1 P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.With increase competitiveness in almost all business sectors each and every entrepreneurin marketplace is coming up with new and creative business ideas in order to significantlycapture a new market share (Autio and et.al., 2014). Prime motive of Entrepreneurs is toinnovate a product which is exactly different from company's potential competitors and newcustomers by respective firm is captured through desired business objective is achieved. Herein,the entrepreneur has adopted Drucker's source model in order to identify ideas and innovation.Following are some steps which are considered under this model:The Unexpected: Innovation usually take place within an organisation unexpectedly.However, marketers usually need to make a proper analysis in order to identify the actualdemand of targeted customers. Through this analysis and unexpected idea is basicallyinherit. Incongruities: It is a process under this entrepreneur usually aims at thinking differentlyand going out of the box. This a method which is never introduced in potential market. 1
Process Need: Innovation highly requires process need. Under this determination ismade to identify the exact requirement and then implementation is adopted accordingly.Several aspects are considered under this stage of innovation. Industry and Market Structure Change: Existing market structure which anorganisation usually follows generates several steps through which several chances ofinnovation are witnessed. Sometimes due to change in market structure and industrialchange innovation is invented. Demographics: Lifestyle adopted by people living in UK enormously affects the kind ofinnovation which is be adopted by an organisation. Furthermore, demographic factorhighly impacts the over-sales within an organisation (Davidsson, 2015). Eventually underthis step identification of target consumers is made on the basis of income group, age andseveral other such factors. Changes in Perception: Change in perception of company's potential consumersenormously impacts the overall growth of entrepreneurial business. Through this changein perception birth of innovation becomes necessary.Herein innovation is made possiblebecause of changing perception of company's potential customers. New Knowledge: This is an information source through which marketers are made awareabout the trends which are being followed in potential market. It is a prime sourcethrough innovation is invented. New knowledge can be both scientific and non-scientificin nature. In context to The Baking Room, major source of innovation is change in perception ofpeople living in UK. Now-a-days people have become highly health conscious and aims tofollow healthy diet. Moreover, due this change in perception The Baking Room is significantlyplanning to launch chocolate cookies enrich with brown sugar. Through this model idea adoptedby The Baking Room can successfully become popular and desired business objective can besignificantly achieved (Godley, 2013).2
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