Sources of the Entrepreneur Ideas PDF

Added on - 22 Nov 2020

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Table of ContentsINTRODUCTION...........................................................................................................................3LO 1.................................................................................................................................................3P1 determine and evaluate the different sources of the entrepreneur ideas and innovation...3M1 Drucker's 7 source model.................................................................................................4LO 2.................................................................................................................................................5P2 explain rationale and market gap for a specific entrepreneurial ideas..............................5M2 approaches to analysis the competitor.............................................................................7LO 3.................................................................................................................................................8P3 present data needed to support gap analysis......................................................................8P4 Interpret data appropriately to provide evidence of market potential.............................13M3 the source and methods of data collection.....................................................................13LO 4...............................................................................................................................................14P5 Apply the SWOT framework to collate evidence to support objectives.........................14P6 Evaluate the competitive and market environment.........................................................15M4.........................................................................................................................................16CONCLUSION..............................................................................................................................16REFERENCES.............................................................................................................................17
INTRODUCTIONThe entrepreneurial is the central position in the marketplace's economy. They serves asspark plug in the economy engine, creativity and motivation which is boost for production andsale of new products and services. Entrepreneur is an individual who sets the business and growits by gaining highest success at marketplace. The new venture is help to gives the new andcreative 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 canbe defined as the process which involves various activities to present new ways to do things. Thepresent report is based on new business idea which is “discount card business”. To start discountcard business is difficult but it is an ideal business idea for peoples. This help to done businessfrom home. The study lays emphasis on the background information of those sources which areinspired the ideas and motivate for work. Report will introduce by the business idea and potentialcustomers and target audience. Study will analysis by the competitor that looks at thecompetitive marketplace and also analysis by the gap like aims, objectives of the business ideasfor that here will use the present data. In this also apply the SWOT framework to collateevidences to support objective.LO 1P1 determine and evaluate the different sources of the entrepreneur ideas and innovation.The innovation ideas come from the various variety of different place and companieswhich leaves the different sources from their innovative process. As per resent survey innovativeidea 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 innovativeideas for the work in that also includes examine to their own ability, skills, talent and passion. Itsfull description are as follows:Examine ability, skills ad talentIt is very important to examine their own ability or skills. Every person have their skillswhich help to boots towards the growth (Bull and et.al., 2016). Talent is effective and valuablefor the business ideas. Most of the peoples are miss those source because ignorance, laziness andself doubts. To discover the good business, examine ability, skills and talent of own.
CustomersThe customers survey is the biggest sources to provide new business ideas because theirneeds and wants are justify the product and services needs. Analysis of peoples, discussed withtheir friends and families are also help to generate new business at market place.Mass mediaThe mass media like TV, newspaper, internet and social media are the great and effectivesources of ideas generation, information and opportunities. It is the one way to becomes asuccessful entrepreneur. For that look care all the advertisement and commercials. These mediais show the new and present trend and pressing customers which need to generate and also helpto start new business.Those are the main source which are help to generate new idea for the business. Thoseare motivate personally in wishing to set up the own new business. Our business ideas isgenerate from the mass media source of idea generation.Approaches of Entrepreneur idea GenerationThere are different approaches are used to generate the idea to start a new business. Forentrepreneur new and innovative ideas are so important for growth and development oforganization.BrainstormingThe brainstorming is one of the best know process to generate new and innovative idea todevelop foundation for organization (Approaches To Generating Ideas, 2019). The organizationlike Apple and Amazon work with brainstorming to create new product and services. Serviceslike Amazon Prime and Alexa are result of brain storming process.Market ResearchApart from the brainstorming market research is also a good idea. Many organisation areresult of market research. In this approach market research is performed by entrepreneur todevelop 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 productsand services according to the needs of market. This refers to innovation as the efforts to createeffective changes. This model have 7 sources which are established by the Peter F Drucker.Those sources are as follows:
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