Sources of Entrepreneurship and Implementation of an Entrepreneurial Idea: A SWOT and PESTLE Analysis

This report discusses the sources of entrepreneurship and how to implement an entrepreneurial idea through SWOT and PESTLE analysis. It covers the pros and cons of various methods and provides a market gap analysis for an organic product range idea. The report emphasizes the importance of sustainable practices and proper research of market and country political systems.

Unit 27

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK ..............................................................................................................................................3
What are the sources of entrepreneurship and what are the pros and cons of each method? ....3
Provide an entrepreneurial idea and support this with a market gap analysis. ..........................5
Complete a SWOT analysis for your idea...................................................................................7
Complete a PESTLE analysis for your idea to identify how viable it will be in the markets.....7
CONCLUSION ...............................................................................................................................9
REFERNCES:................................................................................................................................10
Books and Journals:..................................................................................................................10

INTRODUCTION
The report aims to provide an understanding of entrepreneurship and how it is connected
with own ideas, skills, strength and opportunities. Entrepreneurship is all about thinking about a
new idea or development in the bushiness environment. An entrepreneur must be cognitive and
creative in brining some innovative ideas for the betterment of the society and country. They
need to think in broader and critical manner which include many ideas, experiences, unexpected
events that prepare an individual to be an entrepreneur and develop new business idea. The main
focus is to look for elements which are not yet applicable in market so that they could gain
competitive advantage and eliminate any external market impact from implementing new ideas
for development (Dvouletý, 2018). This report is going to discuss various sources of
entrepreneurship and its pros and cons. Also, there will be implementation of entrepreneurial
idea by analysing market conditions. This will be done through applying McKinsey 7s
framework. In order to check the potential of new entrepreneurial idea, there will be analysation
of Swot and Pestle analysis to attain viability in to the market.
MAIN BODY
TASK
What are the sources of entrepreneurship and what are the pros and cons of each method?
Entrepreneurship is a trait which an individual needs to have to implement their new
ideas, innovation and creativity in order to bring better services and products in market. There
are various sources to drive better entrepreneurship experiences so that, the individual would
analyse which idea will work perfectly to achieve their objectives and aims. An individual learn
from many experiences and event took place in their life which will emphasise on the idea
creation. These entrepreneurial sources will help in analysing which method is best suitable and
how could it be effective to involve ideas for new business development.
Druker's 7 sources of inspiration:
The Drucker is known as the father of management who gave 7 sources which inspire an
individual to bring innovative ideas. They suggest that innovation must be meaningful,
systematic and representable into the market which require a proper analysis of opportunities. It
is believed that the seven opportunities must be applicable and grab by the individual which are
discussed below:

The unexpected: there are many events which occurs unexpectedly in an individual life
or business environment. These events may contribute in success as well as failure. But they
plays a vital role to teach the entrepreneur about various circumstances in an unexpected way. It
is up to the individual that how they analyse these events and work for it in future.
The Incongruity: this opportunity drive individuals with many ideas as sometime they
expect something else and it does not match with the results. It shows that what it has happened
and what is supposed to be (Skica and Rodzinka, 2021). The individual will identify the best
strategies in between these incongruity.
Innovation based process needs: the workflows and systematic procedure is also
contribute in entrepreneurial ideas and innovation is mainly a task focused process which can
come up through existing areas, redesign and wherever improvements required.
Changes in industry structure: the dynamic industry changes put heavily impact on an
entrepreneurial idea. The market structure is drastically changing which require proper market
research which require opportunities and innovative ideas to meet with the trends. Therefore, it
is necessary to look for the industry in which idea is going to develop.
Demographics: These kinds of changes impact on the decision for innovative ideas. It
require analysation of various changes which occurs in population, size, income and employment
(Dias and et.al., 2020). The customer require changing trends and needs which require regular
creation of ideas.
Change in perception: today business environment is becoming dynamic which leads to
bring often change in perception and moods of customer. The people change their perception
whenever they look for other better products of different brands. Therefore, the ideas must be
specific and unique which does not lead to make frequent change in customer mood by identified
is viability into market.
New knowledge: there are development of a lot of new knowledge, skills and
development scattered across every individual. Therefore, technology is the best knowledge
which is benefited for both entrepreneur and individual to lead the innovative idea successfully.
The other sources of entrepreneurship are discussed below:
Brainstorming: it is the another effective source to bring ideas and think out of the box
concept. This method is helpful to keep the mind in all the direction of positive and negative
outcomes. The entrepreneurs will involve in observing and brainstorming deep thoughts about

market requirements and work of making effective situation. This source has advantage to
improve past mistakes by observing what individual had already did and what could be added in
it to get better results.
Think of experience: it is also on of the important source of entrepreneurial ideas. The
individual needs to analyse the past experiences which may results in failure or success. Analysis
these experiences will clear out important concepts and the entrepreneur will be bale to make a
clear plan (Saputra, Rahmatia and Muslimah, 2021). The cons of this source is that, business
environment is dynamic which comes with different types of risk and situation that may not be
applicable as per the past experiences.
All these sources are effective if used properly and as per the situation and requirement
for the development. Overlapping and confusion must be avoided from the analysation
procedure. It will impact on the results and the entrepreneur might regret later. It is necessary to
look for the development through assessing best source which will bring innovative ideas and
practical implementation.
Provide an entrepreneurial idea and support this with a market gap analysis.
Entrepreneurial idea: the idea is to provide organic product range in the market, the
purpose behind this idea is to fulfil the health concerns of customer that made them conscious
after the trauma of Covid-19. The packaging will be recyclable and re usable through paper bags
and eliminate plastic usage to support polluted free environment. This will reduce the impact of
carbon emission and save the planet through wildlife protection.
In order to fulfil the aims and purpose of the idea there is requirement of proper strategies
and make collaborative efforts, Mckeiney 7s framework is an effective technique to satisfy
consumer as well as organisation need. A detail discussion is provided below:

Strategy: It is most required value which to gain competitive advantage within an
enterprise. To make implementation of new ideas and innovation, an effective strategy is
necessary which sets a path and systematic plan.
Structure: this shows that how an entrepreneur organise its strategy and regulates it in all
the departments, workforce which shows lines of communication and command. Therefore, it is
required to specify who reports to whom.
Systems: this shows how the ideas will be implement on daily basis. This shows a
system which is followed by employees (Wheatley and Armstrong, 2021).
Shared value: this shows that the ethics which are followed by organisation in order to
carry out work activities.
Style: this focus on the style which leaders adopt to provide guidance and instruction.
Leadership style defines the valuable outcome from the employees so that, all the goals will be
achieve successfully.
Staff: it describe the employees and their abilities to perform necessary activities and
innovation.
Skills: it defines the skills which is must in employees to share together values. This
helps in performing better and drive competencies.
These values are helpful to perform innovation and new ideas which will effectively
work to bring necessary development.

Complete a SWOT analysis for your idea
Swot analysis:
A swot model consist all the important concept which helps in check the internal abilities
of the organisation. In order to make strategic planning and beating competition, it will drive
factors which could be strength for enterprise to grab opportunities (Septiani, Astria and
Asmalah, 2020). As the idea involves production of organic food items and enabling sustainable
packaging, there is need to analyse a complete details about Unilever company, it works for the
same strategy so that, it will be helpful to check the potential that drive companies growth.
Strength: Unilever is known as the leading organisation which deals in all the product
that satisfy customer needs. They also enable the production of dairy and farm product which
leads becomes the strength for company as people are being concerned about health after Covid-
19 impact.
Weakness: the company has repeatedly falls under the allegation of high sugar
consumption and wasting water resources. This impact on their sustainability standards.
Therefore, every sustainable idea must be implemented through undertaking optimum utilisation
of the resources.
Opportunity: Unilever is derived with many opportunities in relation to technology,
online selling, collaboration with other brands and omni channels. These opportunities will lead
to make people aware about organic food products and helps in establishing brand name. Also,
the company may support health sectors in the situation of Covid-19 through healthy products
which will boost their immunity and give strength to fight with diseases.
Threat: The company has threatened from the competition around the world. It will
impact on every retail sector as the industry has took much growth (DeMaria, 2020). Also, there
is threat of less management strategy which will impact on adopting new work criteria.
It has analysed that, to implement and regulate the new idea for entrepreneurial tenure, it
is required to focus on having large customer base and gain their trust which will help the
enterprise to established good brand name. Therefore, it is necessary to analyse the demand and
market requirement to avoid any unwanted practices and check all the measures while doing
sustainable acts.
Complete a PESTLE analysis for your idea to identify how viable it will be in the markets.
Pestle analysis:

This analysis is helpful in analysing external market factors which might disturb the
innovate ideas. An entrepreneur must be aware about all the market uncertainties, ongoing
trends, values and interferences to drive decisions in according to that manner.
Political: this factor include all the potential interference which political parties levied
upon an organisation while working in the host as well as international countries. It could be
taxes, trade barriers, restriction on commercial activities, terrorism, law enforcement and many
others. UK business organisation has been facing various interferences on business practices. So,
the idea of serving organic products will drive some interferences across different countries.
Environmental: environment includes various elements and resources that must be keep
safe and protected in order to better serve the world in sustainable manner. The UK organisation
required to focus on corporate activities and bring innovative ideas to eliminate all the hazardous
practices from the society (Kuswoyo, Suharyo and Syahlan, 2021). Therefore, the idea to bring
organic products and give recycled and reusing packaging will be effective and create positive
impact on the enterprise.
Social: The enterprise needs to analyse the social elements, culture, values, market
trends, age, income and all the demographic factors also. These factors helps the organisation to
take decision which will create a positive impact on the demand of customer. The idea for
sustainable products and packaging is the most important after the post Covid-19 situation.
Technological: It is the most vital factor which creates much impact on the business.
Technology is most required need for bringing innovation and look for the better of society. UK
is a developed country which involved various technology in terms of machinery, digital outlook
and other innovations (Szenes, 2017). So that, to bring the effective of organic product,
technology is the best way to implement the ideas successfully.
Legal: The organisation needs to ethically liable and representative in the eyes of law.
The country impose various laws for particular services, products and innovation that must be
attain by the enterprise. For the new idea development, the entrepreneur needs to first analyse the
legal requirements to be fulfilled for undertaking organic resources and make customer welfare
by providing employees welfare, health and safety and avoid customer exploitation.
Economical: This factor impose direct contribution in the development of economy. It
has shown that sustainable ideas of business has a great requirement in economy. It will keep the
demand and supply under control, customer could experience good products at reasonable rates.

Therefore, economic crises will create impact on the production due to which prices may get
high and lead to less sales for the enterprise.
It has evaluated from the above analysis, the enterprise need to create focus mainly on
political, economical and environmental factors in order to carry out ideas and implementation
effectively (Aithal, 2017). These factors must be balanced to attain large position by eliminating
political interferences whereas, make the effective use of resources so the economic crises would
not affect on the cost and prices of products and deliveries.
CONCLUSION
The report has significantly analysed that, entrepreneurs are the one who have many traits
and personality which is beneficial in the market. They bring innovation and value product and
services options to provide better experience in the market. Therefore, the report has provided
many ways and methods which will be helpful to think of best ideas. It has analysed that, the
organisation needs to be careful about sustainable practices by conducting proper research of
market and country political system. It will help in making smooth objectives and strategies to
carry out the set plans.

REFERNCES:
Books and Journals:
Dvouletý, O., 2018. How to analyse determinants of entrepreneurship and self-employment at
the country level? A methodological contribution. Journal of Business Venturing
Insights, 9, pp.92-99.
Skica, T. and Rodzinka, J., 2021. Local government policy towards the financial instruments
supporting entrepreneurship. Entrepreneurial Business and Economics Review, 9(3),
pp.135-147.
Dias, Á., and et.al., 2020. Developing sustainable business models: Local knowledge acquisition
and tourism lifestyle entrepreneurship. Journal of Sustainable Tourism, pp.1-20.
Saputra, A.D., Rahmatia, A. and Muslimah, M., 2021. How personal factors grow students'
interest in entrepreneurship. Jurnal Manajemen dan Pemasaran Jasa, 14(1), pp.61-76.
Wheatley, A. and Armstrong, S., 2021. Entrepreneurship research guide design at Canadian
university libraries. Journal of Business & Finance Librarianship, 26(1-2), pp.46-66.
Septiani, F., Astria, K. and Asmalah, L., 2020. Product marketing strategy of Kapal Api Group
uses SWOT Analysis. International Journal of Advances in Social and Economics, 2(1).
DeMaria, E.J., 2020. A strategic SWOT analysis of ASMBS and our specialty with implications
for our future. Surgery for Obesity and Related Diseases, 16(12), pp.1885-1892.
Kuswoyo, A., Suharyo, O.S. and Syahlan, Z., 2021, June. HUMAN RESOURCES
DEVELOPMENT STRATEGY IMPROVE PERSONNEL PERFORMANCE USING
SWOT ANALYSIS METHOD. In STTAL POSTGRADUATE-INTERNATIONAL
CONFERENCE (Vol. 5, No. 1).
Szenes, E., 2017. The linguistic construction of business reasoning: Towards a language-based
model of decision-making in undergraduate business.
Aithal, P.S., 2017. A critical study on Various Frameworks used to analyse International
Business and its Environment. International Journal of Applied Engineering and
Management Letters (IJAEML), 1(2), pp.78-97.