Sources of Entrepreneurship and Viability of Biodegradable Products Business Idea

UNIT 27

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Sources of entrepreneurship with pros and cons of each method................................................3
Entrepreneurial idea with market gap analysis............................................................................5
SWOT Analysis...........................................................................................................................8
PESTLE analysis and evaluating whether this idea is viable or not............................................9
CONCLUSION..............................................................................................................................10
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurial opportunities are kind of opportunities that can help an entrepreneur to
expand their business or start a new business for achievement of success (von Bloh and et.al.,
2020). There are various kinds of entrepreneurial opportunities that can help an entrepreneur to
expand their business successfully. This report will lay emphasis upon Sources of
entrepreneurship, provision of entrepreneurial idea, SWOT analysis of idea, PESTLE analysis of
idea. Entrepreneurial idea chosen is development and sales of Biodegradable products.
MAIN BODY
Sources of entrepreneurship with pros and cons of each method
There are many different kinds of sources of entrepreneurship that can help in identifying a
business idea. It is said that business ideas are all around us and a simple source can directly help
in identifying an effective business idea that can directly help in growing and generating
revenues (Meng, Li and Rong, 2019). There are many different kinds of sources of
entrepreneurship and each of these sources have their own pros and cons that makes then
effective or ineffective sources of entrepreneurial ideas. These sources can be found within
existing business or industry or by changes outside enterprise or industry.
Drucker’s 7 sources for inspiration
Drucker’s helped in identifying seven main sources of inspiration or entrepreneurial ideas
that can help in identifying and effective business idea that can be used for starting a new
business successfully. As per Drucker there are seven main sources of entrepreneurial ideas that
can help in generation of new business idea, these seven sources are as follows:
 Unexpected Successes and Unexpected Failures: It is one of the most common type of
sources that helps in identification of a new business idea (MAITLO, MEMON and
SHAIKH, 2020). This happens when something unexpected happens or occurs within
business this can be unexpected success or unexpected failure. Unexpected success can
directly help in developing or identifying a new business product or service that can be used
by entrepreneurs for development of a new business. Other than this, many times unexpected
failure occurrence within business can directly lead an entrepreneur in identifying scope of
new products and services that can be focused upon for starting a new business and for
achievement of success.

One of its main advantages is that, entrepreneur already has gained experience of doing
business and thing that they need to keep in mind for achieving success.
One of the main disadvantages of this methods is that, unexpected failure can demotivate
or discourage entrepreneur that might work as a barrier in identification of new entrepreneur
idea.
 Incongruities: As per Drucker if demand of a product and a service is increasing
continuously then it can directly lead an organization to increase in economic performance of
an organization. But lack of profitability despite of increase in demand helps in identifying
incongruity between economic realities (Trabskaia and Mets, 2021). This incongruity occurs
when whole industry helps in identifying scope of a new service or process. This Incongruity
helps in identifying what his being adopted and what should be adopted. Incongruity is also
another source of entrepreneurial opportunity so that this difference in economic reality can
be reduced.
One of its main advantages is that, misperception can help in identification of new way of
doing business of help in identifying new service that can be provided to target market.
One of the main disadvantages of this methods is that, same or similar idea can be
developed or identified by others as well because of which competition of entrepreneurs can
increase.
 Process Needs: it is one of the most common sources of entrepreneurial opportunity as a
process can lead an organization towards success or failure (Gechkova and Kaleeva, 2020). If
process followed by organization is not effective then it can lead an organization towards
failure but an effective and effective process can directly help an organization to move
towards innovation.
One of its main advantages is that, identifying better way of doing business by bringing
improvement within a business process can give rise of a new entrepreneurial idea.
One of the main cons of this source is that, development of new process can result in
bringing changes within existing activity, operation or process completely that can further
become a bit costly
 Changes in Industry and Market Structure: When customers preferences or needs changes
then in such situation, it can give rise to change in industry and market structure. These