Translating an Opportunity into Business Idea

Added on - 04 Oct 2020

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Translating an Opportunityin to Business Idea
INTRODUCTION.....................................................................................................................................3TASK 1....................................................................................................................................................3P1. Determine and evaluate different sources of entrepreneurial ideas and innovation..................3TASK 2....................................................................................................................................................5P2. Rational and market gap for specific entrepreneurial idea using relevant tools and techniques5TASK 3....................................................................................................................................................6P3 Data needed to support gap analysis in the evaluation of Green Herbs.......................................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 GreenHerbs.................................................................................................................................................9P6 Evaluate the competitive and market environments in which the idea will be launched to assesspotential viability.............................................................................................................................11CONCLUSION.......................................................................................................................................12REFRENCES..........................................................................................................................................13
INTRODUCTIONMost crucial part related to starting a business is more passionate about the idea as well astranslating that message to the people at large (Li, 2018). Moreover, entrepreneur is theperson who play important role in starting business and he/she is the one manage and controlday to day operation. Along with this, bring innovative ideas for further improvement andresponsible for the success and failure of organisation. This project will going to discusspoint related to translating opportunities within business ideas and role of an entrepreneur,various sources of entrepreneurial innovation ideas and several data collection methods onbehalf of Green Herbs which is an start up in United Kingdom it deals in herbal products.Apart from this, respective report will analyses and investigates market to assess potentialviability of the developed idea through SWOT and competitive study. Study and assessmentof various market researches for analysing opportunities as well market gap are also that willenable entrepreneur in attaining a rationale by using several tools and techniques.TASK 1P1. Determine and evaluate different sources of entrepreneurial ideas and innovationSTEEP analysis is the common tool utilise in the marketing process for evaluatingvarious external factors that have impact on the company. It is important for Green Herbs toconsider few external forces before taking decisions for long term sustaining in market.Along with this, respective framework will help in identifying what will happen in the future.Green herb is the start up and they have to analyse all the external factors time to time forcontinuing their business in better manner. Here, STEEP stands for Social, Technological,Economical, Environmental and Political. Explanation of these in relation of Green Herbs areas follows :-Social – It is the term which involve factors such as consumer behaviourdemographics, lifestyle, religion, values, advertisement and so on. Green Herb inlaunching their business in United Kingdom where people are more health consciousand their life style allow them to purchase new latest products and services. But
respective organisation has to continuous analysis social factor before entering inmarket so they can provide products as per the targeted population. Because suchpractices will result in generating revenue and sustaining in market for long duration.Technological – This focus highly on technological advancement and involve factorslike new technology, enhancement in existing, innovation etc.. As it is wide factor anddue to high level competition technology is getting update day by day. Thus, GreenHerbs have to implement latest technology in their production so that product will bemanufactured through advance technology (Peterson, Jaret and Schenck, 2016).Along with this, such practices result in attracting large number of customers frommarket area.Economic – It is the factor which include customer spending, disposable income,inflation, taxation, unemployment, taxation, monetary issues and son. Green Herbshave to analyse all these factors in effective manner before expanding or starting theirbusiness in any nation. Along with this, it is necessary to set price of offering afteridentifying economic condition of that particular economy.Environmental – It is the factor which mainly focused by organic offeringorganisations. Now a day’s consumers get more aware of healthy food and their needstoward it. Along with it, company have to take all the major steps which will not harmenvironment while doing production because all these result in attracting customersand gaining competitive advantages.Political – It have major influence on the regulation of business as well as thespending power of consumer and other business. For Green Herbs it is necessary tofollow all the rule and regulation given by government while starting up a newbusiness.There are several types of innovation explanation of these as follows :-Product and process innovation – It is most popular kind of innovation inwhich product innovation is related to changes in the good. It can be in 2 formi.e., modification in product and second is adding new features in product.Whereas, process relate to improvement in the producing products (Rae,2017). Apart from this there are some significant like product innovation isvisible to the customers but process not. Product innovation target goods but
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