Identifying Entrepreneurial Opportunities

Unit 27. Identifying Entrepreneurial
Opportunities

CONTENTS
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.........1
TASK 2............................................................................................................................................3
P2 Rationale and the market gap for a specific entrepreneurial idea with relevant tool and
techniques...............................................................................................................................3
TASK 3............................................................................................................................................4
P3 Present data needed to support gap analysis in the evaluation of specific idea................4
P4 Interpret data appropriately to provide evidence of market potential...............................6
TASK 4............................................................................................................................................7
P5 Apply a SWOT framework to collate evidence to support an objective assessment of a
specific entrepreneurial idea...................................................................................................7
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability.........................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
In a business environment there are vast number of opportunities get reflected. Thus, for
an innovator it is really essential to determine all related aspects and translate or convert such
idea into opportunity better. An entrepreneur is such individual whom convert their business idea
properly and gain all related opportunities of define market world properly. This project is based
on translating an opportunity into business idea properly so that supportive sustainability could
be promoted. This project will going to include about different sources of entrepreneurial ideas
and innovation with appropriate determination of market gap. This aspect will get supported by
through appropriate data interpretation so that market potential get describe in define manner. It
will also going to organise SWOT framework so that appropriate assessment of objective idea
could get done in better and define manner so that idea get implemented with potential viability.
Thus, the selected idea for this project will be a restaurant as food industry determining as one of
a most profit generating industry in the world.
TASK 1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation
There are different sources which can gives an entrepreneurial thoughts in light of the fact
that there is dependably a need that expected to roll out a few improvements. In scholarly dialect,
these thoughts that has just begun a business requires some development and that advancement
can be uncovered by the client's overview and meetings. While in genuine the thoughts is of a
business is produced determine through perception and the possibility that can has some efficient
incentive to the general population and business visionary. These wellsprings of thoughts can be
as depicted as take after -
Users – As in each business the client is a prime individual who ought to be fulfilled from the
item because if the end client is fulfilled than then they will likewise raise the deals. That is the
reason they are most productive wellspring of thoughts with regards to open Dekike and
Medison the clients are the need for this. Since there was many individuals who are looking for
some changed sort of flavours that is the reason the bistro is putting forth sustenance from past
the limits (Dimov, 2011).
Rivalries – Competition is additionally a factor which expands deals on the grounds that there
are such a significant number of existing eateries which are putting forth the comparative kinds
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of restaurant however Dekike and Medison will dispatch with some stifle things that can
drastically drive the deals.
Looking upon on each and every attribute properly – While one is going to open an eatery they
ought to watch others what they have done before in light of the fact that the slip-ups they had
made, that can be maintain a strategic distance from to happen and put a business in
entanglements. Display prerequisites and future desires help to grow a business (Ekpe, Mat and
Razak, 2010). Dekike and Medison have to look upon on each and every attribute of present,
past and future properly so that they could compete at define world better as well as strategies
could become possible to craft in determined source of consideration.
Macro environment factors:
Following are certain number of macro aspects which made vast impact on business and its
working which need to assess and determine in a definite frame of course.-
Legal framework – Legal factor is the most vital criteria to be taken after. Since getting a permit
for Gourmand and Globetrotter is pivotal before beginning the administration if permit isn't
affirmed by the UK Government then the business will be illicit and the business visionary is
additionally at risk to pay the punishment. So it is basic to take after the lawful structure for the
business.
Social elements – Social components are those which establishes a connection on the general
public and business both. Since individuals are lives in a general public so there a few religions
and they has a few decides that they must be taken after. Along these lines, business ought to
have a few morals that does not damage client feeling. For instance, in eatery the items crude
material ought to accord to their conviction and there must not be any sort of item which can hurt
anybody. Another parts of social factor is informal, if a business has a decent picture then that
will pull in more customers (Foo, 2011).
Technological component – Technology is some assistance for business because it makes such
huge numbers of things open inside a touch. Putting a business on web brings various clients
and furthermore makes a generosity.
Various sources of innovation are there. They are:
Unexpected: It includes that manager have to continuously study the market.
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