logo

Sources of Ideas and Innovation - PDF

   

Added on  2020-10-22

16 Pages3930 Words430 Views
IdentifyingEntrepreneurialOpportunities

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.........3P2 Rationale and market gap for a specific entrepreneurial idea using relevant tools andtechniques...............................................................................................................................4TASK 3............................................................................................................................................6P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurialidea.........................................................................................................................................6P4 Interpret data appropriately to provide evidence of market potential...............................8TASK 4............................................................................................................................................9P5 Apply a SWOT framework to collate evidence to support an objective assessment of aspecific entrepreneurial idea. .................................................................................................9P6 Evaluate the competitive and market environments in which the idea will be launched toassess potential viability.......................................................................................................10CONCLUSIONS............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONEntrepreneur is an individual who like to bear risk while caring out different operationalactivities of business so as to achieve maximum profit. Opportunities are those which came fromissues in market function describing contribution. It refers to distinguish good from bad ones inorder to lead with long run decisions(Autio, 2014). This report is based on ABC company whichis a start-up company. Main purpose of report is to evaluate sources of ideas and innovationmade by an entrepreneur. In addition to this brief explanation about relevant tools and techniquesused according to their customer choices. Apart from this, it refers to deal with evaluating ofideas made by entrepreneur and interpreting data which provided to potential market. Lastly itdescribe as a framework with supportive objective of ideas and competition in order to assesspotential viabilities.TASK 1P1Determine and evaluate different sources of entrepreneurial ideas and innovation Entrepreneurs are starting their business with well planned. ABC is a start-up companyhas lead with surveys, training, experience, talents and building strength of an individual. PeterF. Ducker is leading with sources of innovation by making tremendous impact on business worldare defined below.The Unexpected: Business is made with full of surprises which lead unexpected successthat came with great source of innovation. ABC company is facing unexpected situations inextreme powerful business world by overlooking possibilities. It is helpful in start ups ofbusiness. Company uses this source which increases innovation of new product in market.Incongruities: This is a source of innovative idea which is opt by entrepreneurs, withoutmaking appropriate research in developing of product(Gras, Moss and Lumpkin, 2014). It isdetermined by finding feedback, customer reviews and complaints which is useful for opting inbusiness. ABC company is leading with assuming downfall with a great source of inspiring formaking innovation opportunity.Process need: Peter Drucker has described this source of innovation as making focus ontasks rather than situation. ABC is improving their ways by identifying weak spots clearly. It isbased by identifying weak links with detailed evaluation of capabilities of entrepreneur.

Industry and market structure change: This source is determine by developingtechnology by which industry is stable for many more years. ABC leaders are focusing onchanges which are treated as opportunity rather than threats.Demographics: In this source, ABC affected by changes with lie on market and demandof products. The variations takes place such as eduction, employment, age and direction ofbusiness with new horizons which are managed appropriately by identifying opportunity. It isinvolved in increasing population with a context increasing level of income by initiating ideas.Changes in perception: ABC company is affected by changes in perception madesignificantly(Hang, Garnsey and Ruan,2015). Perception is determine by time, involvement intechnology and their power of social networks. The variations occur in order to certain product,brand and industry oversight. This align is made by new prospects of customers.New Knowledge: this source of innovation is overlooked by business in leading withtechnological and scientific thoughts. ABC refuses in adapting changes or making newdiscoveries in start ups. This discoveries is doomed to be failed. Role of entrepreneur is to work hard by eventually expanding enterprise. He has differentqualities like initiating, risk taking, allocating and forecasting in order to their enterprises. Exploring creativityEntrepreneur is based on generating ideas by concentrating and adapting focus on tools.These approaches are pushed in mind with new connections. As per sources opt by anentrepreneur which are evaluated for start-up of ABC enterprises. An entrepreneur creativity isexplored by facing complexity, ever changing challenges, open-ended and constant realization incompetition.P2 Rationale and market gap for a specific entrepreneurial idea using relevant tools andtechniquesBusiness ideas are based on enterprises in which entrepreneur is leading withbookkeeping services, affiliated marketing, attracting customers and social media consultants.Entrepreneurial idea is generated by rationale gap identification made by entrepreneur. ABCenterprises is licensing level of demand by setting specifically on the basis of customer choices.The relevant tools and techniques which are addressed by making identification of specificcustomer are stated below.

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Identifying Entrepreneurial Opportunities | Assignment
|19
|4889
|65

Identifying Entrepreneurial Opportunities - Peter Drucker
|15
|3711
|35

Identifying Entrepreneurial Opportunities - Beauty Cosmetics
|17
|4116
|268

Identifying Entrepreneurial Opportunities
|18
|4780
|446

Turning creativity to cash
|9
|3444
|98

Identifying Entrepreneurial Opportunities
|16
|3883
|47