Creativity and Innovation Under Constraints

This assignment delves into the complex interplay between creativity, innovation, and limitations. Students are tasked with examining how these concepts function under various constraints, drawing upon existing research and frameworks to provide a comprehensive analysis. The emphasis is on understanding the factors that influence creative problem-solving in constrained environments.

Turning
creativity
to
cash

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
P1 determine and evaluate the different sources of the entrepreneur ideas and innovation...3
M1 Drucker's 7 source model.................................................................................................4
LO 2.................................................................................................................................................5
P2 explain rationale and market gap for a specific entrepreneurial ideas..............................5
M2 approaches to analysis the competitor.............................................................................7
LO 3.................................................................................................................................................8
P3 present data needed to support gap analysis......................................................................8
P4 Interpret data appropriately to provide evidence of market potential.............................13
M3 the source and methods of data collection.....................................................................13
LO 4...............................................................................................................................................14
P5 Apply the SWOT framework to collate evidence to support objectives.........................14
P6 Evaluate the competitive and market environment.........................................................15
M4.........................................................................................................................................16
CONCLUSION..............................................................................................................................16
REFERENCES .............................................................................................................................17

INTRODUCTION
The entrepreneurial is the central position in the marketplace's economy. They serves as
spark plug in the economy engine, creativity and motivation which is boost for production and
sale of new products and services. Entrepreneur is an individual who sets the business and grow
its by gaining highest success at marketplace. The new venture is help to gives the new and
creative idea and opportunity to evaluate the ideas (Acar, Tarakci and van Knippenberg, 2019).
The innovation is not represent by introducing and implementing the new ideas or method. It can
be defined as the process which involves various activities to present new ways to do things. The
present report is based on new business idea which is “discount card business”. To start discount
card business is difficult but it is an ideal business idea for peoples. This help to done business
from home. The study lays emphasis on the background information of those sources which are
inspired the ideas and motivate for work. Report will introduce by the business idea and potential
customers and target audience. Study will analysis by the competitor that looks at the
competitive marketplace and also analysis by the gap like aims, objectives of the business ideas
for that here will use the present data. In this also apply the SWOT framework to collate
evidences to support objective.
LO 1
P1 determine and evaluate the different sources of the entrepreneur ideas and innovation.
The innovation ideas come from the various variety of different place and companies
which leaves the different sources from their innovative process. As per resent survey innovative
idea serves and related by the customers. As per that our business idea is discount card business.
Customers are the great source for generating new idea, marketing & sales, employees, leaders,
suppliers and competitors. Those are the sources which are help to give the new and innovative
ideas for the work in that also includes examine to their own ability, skills, talent and passion. Its
full description are as follows:
Examine ability, skills ad talent
It is very important to examine their own ability or skills. Every person have their skills
which help to boots towards the growth (Bull and et.al., 2016). Talent is effective and valuable
for the business ideas. Most of the peoples are miss those source because ignorance, laziness and
self doubts. To discover the good business, examine ability, skills and talent of own.

Customers
The customers survey is the biggest sources to provide new business ideas because their
needs and wants are justify the product and services needs. Analysis of peoples, discussed with
their friends and families are also help to generate new business at market place.
Mass media
The mass media like TV, newspaper, internet and social media are the great and effective
sources of ideas generation, information and opportunities. It is the one way to becomes a
successful entrepreneur. For that look care all the advertisement and commercials. These media
is show the new and present trend and pressing customers which need to generate and also help
to start new business.
Those are the main source which are help to generate new idea for the business. Those
are motivate personally in wishing to set up the own new business. Our business ideas is
generate from the mass media source of idea generation.
Approaches of Entrepreneur idea Generation
There are different approaches are used to generate the idea to start a new business. For
entrepreneur new and innovative ideas are so important for growth and development of
organization.
Brainstorming
The brainstorming is one of the best know process to generate new and innovative idea to
develop foundation for organization (Approaches To Generating Ideas, 2019). The organization
like Apple and Amazon work with brainstorming to create new product and services. Services
like Amazon Prime and Alexa are result of brain storming process.
Market Research
Apart from the brainstorming market research is also a good idea. Many organisation are
result of market research. In this approach market research is performed by entrepreneur to
develop new product or a company. The the taxi service of Uber is a result of market research.
M1 Drucker's 7 source model.
It is the most effective way to compete for changing environment is to out new products
and services according to the needs of market. This refers to innovation as the efforts to create
effective changes. This model have 7 sources which are established by the Peter F Drucker.
Those sources are as follows:

 Unexpected success or failure: understand the reason for that of a product which
generate opportunities to innovate. For example: the IBM, want to sell accounting
machine to the banks but it discovered (Drucker's 7 source model, 2017). In that IBM
design advanced work machine. To learn by this unexpected product failures help to give
new ideas for the success entrepreneur.
 The incongruity: the incongruity between actually happens and supposed this things are
not happen in that have scope to innovate new things. for example: the industry is
growing fast but the profit margin is fail, there is generate the potential innovation. This
is really help to generate new business ideas to entrepreneur.
 The deficiencies in a process: the process is inefficient and suffers from the big gap and
face various problems. In that have scope to innovate something new for growth in
specific way.
 The change in industry or market: the emergence of a new and fastest growing
segment provide the scope for the innovation. For example: the success of small floppy
disk drive manufacture has to do the emergence to new customers segment who want
smaller or lighter disk drives. The discount cards business ideas is generate with the help
of this sources.
 Demographic changes: demographic changes are the new wants and new lifestyle that is
help to generate new product and services. For example: the Japanese robotics because
they want rise the level of education and shortage of blue-collared worker.
 Changes in perception: changing in the common perception of the peoples, new needs
created. For example: the peoples are concerns about their health, a booming emerged for
exercise and jogging equipment. It is also help every person to meet successfully with
new ideas.
 The changes brought about by new knowledge: new information and knowledge used
to develop innovation products. The development of the computer fro example: the
facilitated by a combination of calculating machines, punch card, sudion tube etc. such as
the innovation are risky because the gap between the emergence of new knowledge and
its conversion.
Those are the effective and valuable sources to generate new business ideas and growth of
business.

LO 2
P2 explain rationale and market gap for a specific entrepreneurial ideas.
Understand the needs and wants of customers which is help to identify the specific
customers types for target new ideas. Here is very important to identify the market gap for the
specific entrepreneurial idea by using relevant tools and techniques. With the help of source it is
possible top find the gap between the work and business ideas. Being a entrepreneur it is one of
the best vocation in the world because it encourage to view everything as an opportunity for
innovation (Charness and Grieco, 2018). The gap in the market can have more attributes. It
improves something that already exist. Here is mentioned the five ways which are help to find
the gap of market and customers that are as follows:
Trend and new technology
The trend and new technology is move quickly for the new opportunities which are
related to the daily basic. The discount is signs have become a main at gap in the recent. Its more
generate at time of shopping of cloths at full prices and also at the supermarket. In the market
place in this various trends and new technology are established. The trends technology are help
to find the gap between market and customers needs. Presently most of the shoppers are provide
discount to the peoples but they are not satisfied by this. In this the discount card is work and
help to satisfied to customers and peoples.
Research trend on the established market
Research help of fill the gap in established market researching at the different trend. As
per the research of market, in market most of the peoples are prefers discount at the time of
shopping. In that our business is the discount card is help to peoples to shop with low prices of
product. This provide the best service like it is valid till the three hours of purchase. Discount
rate with the shopping and purchasing. It increase after 300 to 2000 pound purchasing as per
product and quality basis (Crilly and Cardoso, 2017).

With the help of this graph, easy to find gap of between the performance and potential
requirements. Those are help to find the market gap with trend and our business plan. This tools
and techniques are help to support the choices the business of discount card. The discount card is
the best and effective business card which is help to make the effective and valuable for
beginning. Peoples are highly attracted towards that. This is the market gap which is provide and
offers the best and effective services. For this business the target customers who are love
shopping in this includes all age group of peoples, man, woman etc. The discount is provide the
reduction from the face values of the product and services. In this business man is provide
discount for the specific reason and growth of the business. The our card is design to sell. The
features of discount card are as here:
 Loyalty of card
 Card is give entitlement for the shopping.
 Here is mentioned the signature block this allow to sell the one card to one person.
 This card have feature which is eye catching designs.
 More of the business are on the companies on our card, more than most of the companies
are mentioned.
There are various benefits from discount card which are as follows:
 This card is beneficial for the business which is add the values for the customers.
 This is beneficial for the attracting new and repeat customers towards the business.
 By this sales are increase at marketplace (Phadermrod, Crowder and Wills, 2019).

 More companies are able to work with us at marketplace.
M2 approaches to analysis the competitor
Those approaches are help to competitive analysis which are as follows:
 Identify the current and potential competition: It is done by the customers point of
view and also from the business perspective. This help to identify the current and
potential competition at market place. It is effective and valuable for the business and its
growth.
 Determine strategic areas which is competitor: determine the strategic areas which is
help to identify the competitor by media, customers services and prices of product or
discount rate.
The porter's five force is techniques for analysis the gap like
 Bargaining power of customers: in this company is sole provider of a unique products
which have ability to control pricing.
 Bargaining power of Suppliers: there are several suppliers to select the firm in this our
company is provide best services at lower demand cost and prices (Henderson and
Campasano, 2017).
 Barriers to entry: the brand identity, capital requirements, government policy.
 Competitive rivalry: industry growth, fixed cost and values added, product differences
are the techniques for gap and competition analysis.
 Barriers substitute: the product and services be replaced with the time. Now days the
price of product if grow in this discount card is help to face form the substitute products
The business idea of discount card can be used by entrepreneur to improve the sales of
organization. This is one of the best way to attract customers to buy product of company. This
could be a risk that can be taken by entrepreneur.
The market research is normally used to perform the gap analysis in the services that are
provided by organization. For the idea of discount or gift card is good for business. There are
different services are provided by organization to customer and the process of sale is not efficient
cause of sales policy used by companies are not efficient for higher business. Discount cards can
be used to full fill this gap in sales of company products.

For the competitive market this strategy can be used to gain competitive advantage in
market place. Discount card offer will attract more consumer towards the company and this thing
will improve the positioning of company product in market.
LO 3
P3 present data needed to support gap analysis.
The gap analysis is help to compare the business or the project's actual performance
against the performance of planned. The gap analysis is the process of determining the optimal
allocation of resources for the business and its growth. Here is use the primary and secondary
data collection which is help to analysis the gap that are as follows:
Primary data collection
The primary data collection is help to collect the correct and effective information from
the market place. Here is use to collect data by the qualitative data collection method. In this
questionnaires method is used (Johnston, 2017). In this method asked question by the market
peoples which are related to the discount cards and offers. The questions are as follows:
1: What is your name and age?
---------
2: What you prefers at the time of shopping?
 High price or low quality of product
 Low price or best quality of product
3: Do you aware about the concept of discount?
 Yes
 No
4: Why you attract towards the discount shop?
 High saving
 best quality of product and services
5: how well does discount card are help to meet your need?
 Badly
 Well

With the help of those question, get the correct answer form the customers a per
requirement in correct manner. It is help to done the effective and valuable for business. By this
get the perfect ideas of start business. Th primary data collection is the best and effective for the
collecting and analysis the data and information at market gap.
Theme 1: Maximum peoples are prefers at the time of shopping.
Particular Participant
 High price or low quality of product 4
 Low price or best quality of product 6
Interpretation:
As per the research, here is get idea like most of the peoples are prefers low prices of
product with best quality of product at the time of shopping. It is best for new business idea
which is discount card.
Theme 2: Maximum customers are aware about the concept of discount.
Particular Participant
High price or low quality of product
Low price or best quality of product
0
1
2
3
4
5
6
Column B

 Yes 8
 No 2
Interpretation:
As per the research, get answer about the aware about concept of discount, most of the
peoples are know the concept of discount.
Theme 3: Maximum customers are attract towards the discount shop.
Particular Participant
 High saving 6
Yes
No

 best quality of product and services 4
Interpretation:
from the above chart concluded that the maximum customers are attract towards the
discount because with this they save their money in highly.
Theme 4: Maximum customers are well does discount card are help to meet your need.
Particular Participant
 Badly 5
 Well 5
High saving best quality of product and services
0
1
2
3
4
5
6
Column B

Interpretation:
Form the above chart it has been concluded that the, out of 10 peoples, 5 says discount is
help to fulfil their needs and wants but other 5 says it not help for the same.
Secondary data collection
The secondary data collection is help to collect data from the net, social media and
various sources. It is effective and valuable for the business and its growth. The secondary data is
already available on the valid and effective sources like web pages, nets, cyber and also from the
market observation (Pezzuto, 2019). The financial statement is help to analysis the market and its
effectiveness at workplace and help to start their new business at market place. The discount card
is good at the online shopping market. In the online shopping market is use the discount card for
shopping but not to use at the physical shopping market. For that here is new business ideas is
select the discount card. This abundance of data is available in the sources about the research
areas.
Badly Well
0
1
2
3
4
5
6
Column B

P4 Interpret data appropriately to provide evidence of market potential.
As per the research questions peoples are give the correct and valid answer which are
help to analysis the market and its growth towards new business ideas. That is help to make the
effective and valuable for the business and its growth as per requirements. By the question here
is interpreted that the customers and peoples are like at the time of shopping which is low prices
of product with best quality. This best quality of product is always help to attract customers
towards the company. Customers are highly attract towards the discount shop because they thing
with is have high saving of money. It is the effective way to attract customers towards the
peoples. The discount card help to meet the needs of customers because of customers wants the
best quality of product at low prices. As per that our new business the discount card coupon is
best. This fulfil all customers needs like best quality of product, low prices, 3 hours shopping
challenges. As per the research get ideas most of the customers like discount and highly attracted
towards when price of product is low and quality of product is best. In that here, is
recommendation for the business is to deal with best and high brand products in this customers
are Stanfield with quality of product and its services. he peoples are highly aware about the
concept of discount.
M3 the source and methods of data collection.
There are two methods of data collection which are primary and secondary data
collection methods.
 Primary data collection method: this data collection method is also divided into two parts
which are quantitative and qualitative data collection method.
Quantitative Qualitative
The quantitative data collection method is help
to collect data from the mathematical
calculation in various formats. Like mean,
mode, median and other (Kachelmeier, Wang
and Williamson, 2018). This applied in shorter
duration of the time compared to the
qualitative methods.
The qualitative research method not involve
the numbers or mathematical calculations.
With the words, sounds, feeling, emotions and
other elements are non quantifiable. Like
questionnaires, observation, interview and
various.

 Secondary data collection method: it is already published at the various valid source like
newspapers, websites etc.
For the research work secondary data collection approach is used to collect relevant data for
research. Apart form this approach of data collection approaches like brainstorming and market
research can be used to get specific data about the topic.
LO 4
P5 Apply the SWOT framework to collate evidence to support objectives.
The SWOT analysis is help to capture the key strength and weakness within the business
ideas. It is effective way to identify the strength, weakness, opportunity and threat of the new
business ideas which is as follows:
Strength Weakness
 It is the unique and new combination of
the both creativity and business senses.
 A target focus for attracting customers.
 This is the new and latest payment
technology (Lee, 2016).
 Card have strength and strong feature
which is the effective and payment
process.
 The struggle to develop and set to
awareness related to the start up
company.
 This can be increase limited amount of
the time for the marketing activity.
Opportunity Threat
 A grow the market not seem to focused
on attracting a target customers
segment.
 Growth in global E-commerces.
 Card account on the rise.
 Competition from the local competitors
to decide to focus on target segment.
 Competition from entry of new players.
 Security issues due to the data breach.
With the help of SWOT, here is get idea of strength, weaknesses, opportunities and threat
of new business idea. Strength is help to overcome the weakness of ideas like strength is this is
the new and latest payment technology which is help to over come the weakness is increase

limited amount of time (Gray, 2013). This help to business for reach towards aims and objectives
of business as per using opportunities.
P6 Evaluate the competitive and market environment.
All organisation is face the competitors to ensure the viability in a new market. Our
business will also conduct a full assessment of the competition to uncovers either. Here, it is
important to evaluate the competitive and market environment in that the idea is lunched to
assess the potential viability (Malats, Molina-Montes and La Vecchia, 2017). Market gaps can be
exploit to create the valuable niche or the opportunities to the innovate to find the advantage to
outperform.
Discovers who is competing customers
Determine the offers same product or an alternate which is spending opportunity to the
customers. In the starting of the business build the matrix of the work. By this our idea can be
evaluate at the competitive and market environment. This help to attract target customers
towards the business and its grow(Gray, 2013).th at workplace.
Find other competing factor
Competition is not only by the another organisation, but here are available the other
factors that are also compete with product. Like other company is directly provide discount to
customers, offers buy on get one free to them. Those are the factor which are also impact to the
business ideas (Mould, 2018). In that our business idea is sell by deal with branded company and
provide best quality at low price of product.
Those are the factor which are help to evaluate the competition and market environment
in the idea in the potential viabil(Gray, 2013).ity.
Porter five forces
Porter five force is effective and valuable for the business and its growth factors.
Power of suppliers
power of suppliers are depending upon the certain factors and suppliers by various
control and influences success. Like number of suppliers is the market like how many peoples
are provide discount.
Buyer power
buyer are influences the business by demanding lower prices, better customers experience
and high quality of product and services. Cost switching competitors is very low.

Competitive rivalry
in this our ideas know about the competitor in marketplace. Like other stores are provide
discount to their customers. By this customers are attract towards the business.
Threat substitute
(Gray, 2013).(Gray, 2013). great idea and innovative product always affect to the business. In
this innovation is work for attract customers towards the company. The discount card is design
unique and added various features. (Gray, 2013).
Threat of new entry
this business ideas have threat from the business who are entry newly in market like new
business are give discount for attract customers.
M4
The discount card business have the effective and valuable growth of business at market
place by targeting peoples who lov(Gray, 2013).e shopping. In the competition market our
business card is help to shop with the high brand (Gray, 2013).product at best quality of product.
In the market place various companies and business are provide discount. In this case the
discount card is offers the unlimited 3 hours shopping with increasinPresent data needed to
support gap analysis in the evaluation of a specific entrepreneurial idea.g discount rate per
shopping items which is depends upon the quality and prices of product.
CONCLUSION
From the above study it had been concluded that the new business ideas has help to make
the effective and valuable growth at marketplace. There has various source which helped to
generate the new business idea for innovation. Report has covered by the various tools and
techniques to support the choice of the business in effective business market. By taking the real
world example the process of idea forming for entrepreneur to create new business idea has been
concluded in report. Different technology also can be used to improve the business development
process and idea generation. The technology like information system and Artificial Intelligence
can be used to improve the business creating idea. The primary and secondary data collection
methods helped to collected the correct data and information from the marketplace. The SWOT
analysis of the business idea has effective and valuable to analysis the strength, weakness,
opportunities and threat of the business at marketplace of new business idea.

REFERENCES
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Charness, G. and Grieco, D., 2018. Creativity and incentives. Journal of the European Economic
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Crilly, N. and Cardoso, C., 2017. Where next for research on fixation, inspiration and creativity
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Henderson, W. G. and Campasano, M., 2017. Data Collection Forms. In Clinical Trials Design
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Kachelmeier, S. J., Wang, L. W. and Williamson, M. G., 2018. Incentivizing the Creative
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Lee, K. C., 2016. Future into the Digital Creativity. In Digital Creativity Model and Its
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Malats, N., Molina-Montes, E. and La Vecchia, C., 2017. Genomics in Primary and Secondary
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ONLINE
Drucker's 7 source model. 2017. [online]. Available thorugh: <https://thepitcher.org/peter-f-
druckers-seven-sources-innovative-opportunity/>