Entrepreneurship and Economic Development

This assignment examines the crucial role of entrepreneurship in driving economic growth. It delves into how entrepreneurs contribute to national economies and analyzes the factors that lead to entrepreneurial success. The paper specifically focuses on identifying key areas where aspiring entrepreneurs can focus their efforts to achieve greater market efficiency and build thriving businesses.

TRANSLATING AN
OPPORTUNITY INTO
BUSINESS IDEA

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P.1. Determine and evaluate sources of entrepreneurial ideas and innovation......................1
TASK 1............................................................................................................................................3
P.2. Explain the rationale and the market gap for a specific entrepreneurial idea using relevant
tools and techniques ..............................................................................................................3
TASK 3............................................................................................................................................5
P.3. Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea.........................................................................................................................................5
P.4. Interpret data appropriately to provide evidence of market potential.............................6
TASK 4............................................................................................................................................8
P.5. Apply a SWOT framework to collect evidence to support an objectives assessment of a
specific entrepreneurial idea...................................................................................................8
P.6. Evaluate to competitive and market environment in which the idea will be launched to
assess potential viability.........................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
In this documentation, this assignment defines about to some areas in which an
entrepreneur must make efforts to appropriate development by which they can get more efficient
development in some areas effectively. Moreover, this study also refer to the presentation of data
which is needed to support gap analysis in the evaluation of retail start-up opening in the industry
in relevant form. Apart from this, the assignment describe about person SWOT analysis of an
entrepreneur by which they can assess themselves in order to get more success.
TASK 1
P.1. Determine and evaluate sources of entrepreneurial ideas and innovation
There are variety of sources are presented here by which an entrepreneurial can get
several innovative ideas and new plans regarding to starting new business in several times. They
have some areas by which they can make development in their ideas so that each one of them can
get more efficient services in the business in more effective manner (TrompenaarsGuffey and
Loewy, 2010). We can determine how sources of the ideas can make bog innovation in the
market in more effective form. An entrepreneur in their life get several experiences in effective
ways so that they can execute their ideas in very effective ways in the collage in efficient form.
An entrepreneur need to gain more knowledge about to their ideas and new opportunities in the
company in effective form. So efficient development can get within the business environment in
effective form.
Drucker’s 7 sources of systematic innovation:
The unexpected : The marketplace is one of the sector by which they can get several new
and innovative ideas regarding doing business in unique manner in the industry in more efficient
form. A good entrepreneur need to make analyse of market in effective ways so that new
opportunities could be identified by them in more relevant form.
The incongruity: It could be seen that, there has some confusion between what should
we do and what is. There is tricky method by which an entrepreneur can get impressive more
innovative ideas so that effective decision can be made in order to run business In new manner in
the company effectively (Love, Roper and Bryson, 2011).
Process need: Process needs includes some of recognition by which an entrepreneur can
identify their weak points in themselves and make efforts to redesigning them in efficient form
so that effective and innovative ideas could be generated within the business environment
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sufficiently. They can identify their existing capability of doing business in the industry in
relevant form.
Industry and market structure change: An innovative business entrepreneur need to
identify their industry in details according to industry analysis process and understand the
modern structure of the market and necessary changes as well so that effective idea and thought
can be get by them in efficient form. They need to make major focus n technological
development in their new business efficiently.
Demographic: The changes in the market and industry occur when the demographical
change occur in the market in very efficient form (Bryman and Bell, 2015). They need to identify
the income level of population in the country, populations of the country and human educational
level and age ranges etc. Paying attention on them can provide innovative opportunities in the
market in efficient form.
Change in perception, meaning and mood: The world is changing in rapid manner and it
has been seen that, there are variety of changes occur in the market in effective manner. People
of the country is changing in their lifestyles and buying behaviour in effective form so that, it
being cause of new business opportunities' generation in the market in effective form. An
entrepreneur must need to pay attention in order to get perception, meaning and mood of
changing of business environment which can increase the level of business.
New knowledge: In these ways, it could be stated that, internet is one of the major tool
foe getting innovative and new ideas in the industry in more relevant form. Now, internet has
been increased in number of opportunities in the world in effective form and an entrepreneur
need to understand them effectively.
The business idea is to open a retail store but there are various disadvantages opening up
the retail store because there are large number of competitors as many firms are involved in this
industry. There are various sources of entrepreneurial idea which consist of interest and hobbies,
brainstorming, trade fairs and exhibitions etc. In this business idea it will include the unexpected
innovation which include the unique idea for doing the business. It assists in performing business
operation in effective way. As per the Henry fayol principle of management there are 14
principles which assist in the management of the operation in the organisation. The entrepreneur
in order to manage the activities is required to follow these principles to achieve the business
objectives. This principle consist of division of work, authority and responsibility, discipline,
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unity of command, Unity of direction, remuneration to personnel etc. This business idea is
effective because there are lot of customers attracted towards the products and services provided
by the retail store. This business ideas is good to pursue because there are more chances of profit
and the way to attract more customers through providing various facilities with the help of
technology.
TASK 1
P.2. Explain the rationale and the market gap for a specific entrepreneurial idea using relevant
tools and techniques
Being an entrepreneur is one of the effective choice in the world and this is one of the
most trends in the market in relevant form. It assists you to know about to the rational and new
market gap and identification of relevant opportunities in the marketplace which can make you a
successful businessman in the industry in relevant form (Chesbrough, 2010). As I have decided
to make open a retail store, where all kinds of small and products can be available into a roof
which can be beneficial for the organisation and customers as well. As innovative retail store
owner, I need to bring all new technological product and services to my retail store according to
new demand of the customers in relevant form. As I have noticed that, there are lot of retail
stores are presented here in the market but some of them are not innovative. I need to start up a
new retail store in the market according to new demand in the market in more relevant form.
They have some issues by which they can generate more effective services in the market in
effective manner. I have been noticed that there are some market gaps which can assist me to
make development in some new ideas about opening new retail stores in the market in relevant
form.
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Justification of how a specific idea fills market gap using different techniques fr and
competitive analysis:
From the market and industry analysis, I got the proper idea about to opening a new retail
store in the market in more effective form (Gutt, 2014). From the industry analysis and market
positioning analysis, I have been noticed that, I need to start-up a new retail store where all small
and necessary things are presented here in more relevant form of business could be started
efficiently. Moreover, I have also noticed that, there are several types of retail stores are
operating in the market and being an entrepreneur I need to find out the appropriate opportunity
in the market by which they can get relevant manner in terms of making more issue in the market
in more efficient form. I need to make use of innovative techniques to open up my new retail
stores in the market which attract more to my targeted customers.
With the help of gap analysis the gaps which can affect the business idea can be
identified. It includes the stages which help in analysing the gaps that are as follows :
 identifying the current state
 determination of the future state
 identify the gap between the two
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 closing the gaps
By using the gap analysis the market information can be gathered and the gap existing in the
market can be filled to derive effective results.
TASK 3
P.3. Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea
Gap analysis is a process of evaluation of the different in performance between a business
information system of software to identify whether business necessity and being met and if they
are not matching to our set goals then we need to find out the appropriate steps that should be
taken in the business environment in relevant form. This is very helpful for my new projection of
open up a new retail store in the market in relevant form so that effective decision could be made
within the business environment efficiently (Bendell, 2017). As a business owner, I need to
implement proper gap analysis in order to get relevant data regarding the performance of the
company in the industry and necessary steps to make improvement in the performance of the
firm in the market as well. In terms of evaluation of new retail store start-up ideas, I need yo
utilise gap analysis tools in order to determine my competitive success in the market effectively.
I need to make use of McKinsey framework which can assist me to make development market
gap analysis in the industry in relevant form. I need to identify the strategy of my business and
competitors as well as in respect to know about performance of the business in the market in
relevant form. Moreover, I need to recognise the structure of the business in relevant form so that
the ways of the organisation structure can provides me the value to make modification in my
retail store according to modern and innovative needs in the market in appropriate manner. As
per the data analysis of the industry, apart from it, the daily activities in my retail store must be
noticed by me in context of get engaged my all staff with their job sufficiently for completion of
their short-term tasks in the company in impressive manner. According to gap analysis of the
industry, I have been noticed that, the style of leadership approach and skills of employees
working in company need to be improved sufficiently in order to get success in the
entrepreneurial ideas in the market in appropriate form.
The below table shows the gap analysis by using the numerical figure
current state future state Gap filling the gaps
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Sales in the current state is zero
as the business is at initial
stage
the business
require to
increase the
sales by 10%
in the
to increase the
sales by 10%
from zero
with the help of unique
products and services and
marketing strategies the
business sis able to fill the
gaps.
cost is more as it is the new
business
reduce the cost
and achieve
break even in
6 months
there is more
cost in the
current state
With the help of improving
their marketing and operation
efficiency the business is able
to achieve the future states
and reduce the gaps
P.4. Interpret data appropriately to provide evidence of market potential
From the gap analysis, I have been noticed that, there are several kinds of factors which is
making influences on the business potential in the industry effectively. It has been noticed that,
there are several times my retail store has been facing difficulties in potential market because of
high range of potential competitiveness in the industry efficiently. As business entrepreneur, I
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have find out that, there are various types of competitors are presented in the market and giving
wide range of competition in the industry effectively (Munday, 2013). As per the results of the
data analysis of my firm, I have been noticed that, I need to make improvement in my several
functionalities of the business activities by which I can make modification in my strategy in
respect to sustain in the market in more efficient form. From the data analysis of my company, I
have been noticed that, there are several kinds of current necessary changes occupied here which
can furnish me to effective return in the future of the company in relevant manner so that
efficient development can be generated in the business environment effectively. The company
business professionals need to make use of impressive organisation systems in order to carry out
their each activities in the market in efficient ways. From the analysis, it has been seen that
effective leadership style of entrepreneur can increase the market potential in the industry
sufficiently (Foray, David and Hall, 2015.). Moreover, the retail organisation professionals
require to utilisation of their works and employees at efficient ways so that appropriate
performance can be functioned within the industry at relevant form. It has been also said that, we
need to furnish proper training and development program towards our all new staff in order to
sustain in the market in more effective manner. From the analysis, It has been seen that, the
business owner need to implementation of strategic development program to compete their
competitors in the market in more relevant form so that efficient development could get in the
market effectively.
Secondary data collection methods: Secondary data is a type of data that has been already
used in books, newspapers, magazines and journals etc. in case of my research analysis, I have
been collected the data from these various secondary form of data collection which is available
in the market in efficient form. This data collection method helps me to make proper analysis of
market potential.
Primary data collection method: This data collection method could be classified into two
major ways which is quantitative and qualitative method (Lüdeke-Freund, 2010). Quantitative
method is based on the several forms of mathematical calculations and qualitative method has
been helped me to know about to the market potential of the business in the industry effectively.
This could be done with closely associated with words, sounds and other elements of non-
quantitative formats. Primary data refers the information which is collected through the help of
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interview, survey and questionnaire to get the views and opinions of the people regarding the
business idea to identify the effectiveness of the business idea.
The business idea is effective because it will provide the customers with the basic
amenities in the retail store that will provide the customer with the easy and convenience by
using the technological tools. The unique business idea have the market potential through which
the organisation is able to attract more customers towards the business and gain more market
share which assist in enhancing the brand image of the organisation.
TASK 4
P.5. Apply a SWOT framework to collect evidence to support an objectives assessment of a
specific entrepreneurial idea
An entrepreneur becomes the most successful person in the economy in effective manner.
Each business start with an entrepreneur and many of them get effective success in the business
in more relevant form. They need to make self-evaluation at regular basis in order to examine
their success in the industry in more effective form so they need to formulate SWOT analysis of
themselves in the industry in order to objective assessment of specific entrepreneurial idea in
retail sector in effective form (Stone, 2012). They need to make use of some areas by which they
can generate more efficient services in relent form so that actual situation of the business can be
generated in the business environment in efficient form.
SWOT framework
SWOT analysis assist an entrepreneur to identify the justification of their innovative idea and its
feasibility in the industry in effective manner.
Opportunity:
 Retail sector has a big industry in the country and being an entrepreneur I need to make
use of some effective services in relevant form so that each of them can get efficient
services in the industry in sufficient form.
 I have large number of future opportunity to compete my friends in efficient form. With these ideas, I can get more success in the future in the retail industry in relevant
form.
Threats:
 There are large numbers of retail sector are presented here which can give me effective
competition in the market in more relevant form.
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 In case of retail industry, my ideas cannot effective efficient development in which they
can generate more efficient services in the organisation in efficient way. In retail industry, there are several substitute companies presented here which can give
effective competition in the market (Zott and Amit, 2010).
Strength:
 The major strength of this sector is that, they have large number of scope in the market
and they need to make use of some effective services in sufficient form.
 Innovative and attractive small retail store can affect majorly in the market in relevant
manner. My passion towards new business and retail sector make me more efficient to work hard
for the organisation.
Weakness:
 The major weaknesses is that, there are very major opportunity to make development in
these areas efficiently.
 The weakness of the business is that there are large competitors involved in this business
 The retail store provide different products due to which there is lack of competitive
advantage gained by the business.
P.6. Evaluate to competitive and market environment in which the idea will be launched to
assess potential viability
From this discussion, it has been noticed that, my innovative ideas about to succession in
the market is more efficient in terms of get the success according to my predetermined targets in
the industry in efficient form. The competition is increasing frequently in the industry in relevant
form, they need to make use of some areas by which they can get more efficient development in
the business entity in efficient form (Saunders, 2011). In the complex new market of retail sector,
I need to make use of innovative ideas in order to launch in the market in efficient form they
need to make use of some areas by which they can generate more relevant form of the services in
efficient form. In case of retail sector, I need to make analyse of current retail industry of the
country and then effectively launch my new retail start-up opening in the industry in more
relevant form. I need to make use of some areas by which I could be successful entrepreneur in
the market efficiently.
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CONCLUSION
From the above analysis, it is concluded that, entrepreneur is most essential thing for
development of the country’s economy in relevant form. Moreover, this assignment also
concludes that, they have some areas by which the can get more success in the market in efficient
form. An entrepreneur must analyse themselves in order to identification of some areas in which
they can get more success in the industry efficiently.
REFERENCES
Books and Journals
Bendell, J., 2017. Terms for endearment: Business, NGOs and sustainable development.
Routledge.
Bendell, J., 2017. Terms for endearment: Business, NGOs and sustainable development.
Routledge.
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Bryman, A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.
Chesbrough, H., 2010. Open services innovation: Rethinking your business to grow and compete
in a new era. John Wiley & Sons.
Foray, D., David, P. A. and Hall, B. H., 2015. Smart specialisation. Routledge.
Guffey, M. E. and Loewy, D., 2010. Business communication: Process and product. Cengage
Learning.
Gutt, E. A., 2014. Translation and relevance: Cognition and context. Routledge.
Love, J. H., Roper, S. and Bryson, J. R., 2011. Openness, knowledge, innovation and growth in
UK business services. Research Policy, 40(10), pp.1438-1452.
Lüdeke-Freund, F., 2010. Towards a Conceptual Framework of'Business Models for
Sustainability'.
Munday, J., 2013. Introducing translation studies: Theories and applications. Routledge.
Saunders, M. N., 2011. Research methods for business students, 5/e. Pearson Education India.
Stone, D., 2012. Transfer and translation of policy. Policy studies, 33(6), pp.483-499.
Trompenaars, F. and Hampden-Turner, C., 2011. Riding the waves of culture: Understanding
diversity in global business. Nicholas Brealey Publishing.
Zott, C. and Amit, R., 2010. Business model design: an activity system perspective. Long range
planning, 43(2-3), pp.216-226.
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