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

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