Sources of Entrepreneurial Ideas
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Added on 2020-10-22
Sources of Entrepreneurial Ideas
Added on 2020-10-22
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Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Different sources of entrepreneurial ideas and innovation...............................................3TASK 2............................................................................................................................................5P2. The rationale and market gap for a specific entrepreneurial idea...................................5TASK 3............................................................................................................................................7P3. Presentation of Data needed to support gap analysis in the evaluation of a specificentrepreneurial idea................................................................................................................7P4. Interpretation of data to provide evidence of market potential......................................11TASK 4..........................................................................................................................................13P5. SWOT framework of the launching idea “Krashu Cafe”...............................................13P6.The competitive and market environments in which the idea will be launched to assesspotential viability..................................................................................................................13CONCLUSION .............................................................................................................................14REFERENCES..............................................................................................................................16
INTRODUCTIONAn entrepreneur is an individual who can be a innovator, a worker or a challenger. Theone who creates something new, either an initiative, a business or a company. The Entrepreneuris the beginner or starter of a new venture or business, or a project. They are the only one whocan convert an idea into reality by taking risks. They are responsible for the destiny of theirventure. An Entrepreneurial opportunity is important for the survey and theory ofentrepreneurship. Thus, this is a state where entrepreneurs can take action to make profit(Aliaga-Isla and Rialp, 2012). Running a cafe takes an aptitude for business as well as a passionfor feeding the people, So the present report is based upon launching a new cafe “Krashu” by anentrepreneur in UK in which snacks with coffee will provided to the customers. As goingthrough this cafe, the report undertakes certain discussion on the sources of EntrepreneurialOpportunities, the market gap for a specific entrepreneurial idea and along with this, thecomparison between the new business and the competitor and the competitive marketenvironment is evaluated in this report .TASK 1P1. Different sources of entrepreneurial ideas and innovationThe sources of entrepreneurial ideas helps to start a prosperous business.Entrepreneurialideas are crucial as they determine the potential energy of the entrepreneur at start-up levels tothe time when it begins to flourish while achieving set objectives. Here are the sources ofbusiness ideas and opportunities for entrepreneurship that can lead to a successful business:1.Customer Surveys – The first considering point of any new business should be thecustomers, as their needs and requirements are important factors in growth of a business.The sources of a business idea can be ascertain by carrying out a survey. The owner ofKrashu Cafe can conduct a survey and ask whether formally or informally throughquestionnaire or through observation, and can list the various sources which are best forthe cafe. While conducting survey they can ask with their family members and friendsabout the customer requirements (Alvarez, Barney and Anderson, 2013) . They can alsotalk in a distribution chain including agents and wholesalers. Relationship which, theowner had created while conducting the survey with the customers can lead to newsource of business as they freely shared their ideas with them.
2.Brainstorming and dreams - Brainstorming is a method of problem-solving and qualifiesas the best source of business ideas since an entrepreneur focuses on offering solutions tothe problems faced by the customers. This process generally begins with a problem orquestion. For example ,customer ask a question “what are the services or productsnecessary in the home that are hard to get?” In this way, each organisation will result inone or more ideas and lead to several opportunities for becoming an entrepreneur.Dreams are also part of the sources of developing business ideas though most people arein favour to ignore them. People should wake up in the middle of the night and note downthe ideas before they disappear (Audretsch, 2012) . While many people get ideas duringthe deep sleep in the form of imagination.Drucker’s 7 sources of systematic innovationPeter Drucker listed the 7 sources of innovative opportunity in his book Innovation andEntrepreneurship. These sources are mentioned below:1.The Unexpected – The world of business is full of surprises, not only the unexpectedfailures but also the unexpected success that comes to the organization can be a greatsource of idea for innovation. The unexpected success and failures are unnoticed and arenot overlooked as opportunities. The unexpected conditions inspire and motivate theleaders and entrepreneurs to get another view on the situation no matter it is positive ornegative and they try to take advantage of the opportunities.2.The Incongruity - The best thing to look for incongruity is in the own customers. Thecustomer reviews, feedback, and complaints are the best way to find out incongruity.Incongruity is all related between reality as it actually is and the reality as it is assumed orexpected to be.3.Process Need – This source of innovation is about identifying the weak points of abusiness and ascertain the ways to improve them, as innovation is based on process need.Considering an example of Krashu cafe that identifies that customers wait too long fortheir entries and so the owner of cafe decides to hire another chef to pace up creationtimes (Fisher, 2012) . 4.Industry and Market Structure Change – Industry and market structures are stable formany years, yet with development of the technology. One example is deregulation Watch
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