logo

Assignment on SWOT analysis of an Etntrepreneur

   

Added on  2020-06-06

13 Pages3835 Words92 Views
TRANSLATING ANOPPORTUNITY INTOBUSINESS IDEA

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

INTRODUCTIONIn this documentation, this assignment defines about to some areas in which anentrepreneur must make efforts to appropriate development by which they can get more efficientdevelopment in some areas effectively. Moreover, this study also refer to the presentation of datawhich is needed to support gap analysis in the evaluation of retail start-up opening in the industryin relevant form. Apart from this, the assignment describe about person SWOT analysis of anentrepreneur by which they can assess themselves in order to get more success. TASK 1P.1. Determine and evaluate sources of entrepreneurial ideas and innovationThere are variety of sources are presented here by which an entrepreneurial can getseveral innovative ideas and new plans regarding to starting new business in several times. Theyhave some areas by which they can make development in their ideas so that each one of them canget more efficient services in the business in more effective manner (TrompenaarsGuffey andLoewy, 2010). We can determine how sources of the ideas can make bog innovation in themarket in more effective form. An entrepreneur in their life get several experiences in effectiveways 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 thecompany in effective form. So efficient development can get within the business environment ineffective form.Drucker’s 7 sources of systematic innovation:The unexpected : The marketplace is one of the sector by which they can get several newand innovative ideas regarding doing business in unique manner in the industry in more efficientform. A good entrepreneur need to make analyse of market in effective ways so that newopportunities could be identified by them in more relevant form.The incongruity: It could be seen that, there has some confusion between what shouldwe do and what is. There is tricky method by which an entrepreneur can get impressive moreinnovative ideas so that effective decision can be made in order to run business In new manner inthe company effectively (Love, Roper and Bryson, 2011). Process need: Process needs includes some of recognition by which an entrepreneur canidentify their weak points in themselves and make efforts to redesigning them in efficient formso that effective and innovative ideas could be generated within the business environment1

sufficiently. They can identify their existing capability of doing business in the industry inrelevant form.Industry and market structure change: An innovative business entrepreneur need toidentify their industry in details according to industry analysis process and understand themodern structure of the market and necessary changes as well so that effective idea and thoughtcan be get by them in efficient form. They need to make major focus n technologicaldevelopment in their new business efficiently. Demographic: The changes in the market and industry occur when the demographicalchange occur in the market in very efficient form (Bryman and Bell, 2015). They need to identifythe income level of population in the country, populations of the country and human educationallevel and age ranges etc. Paying attention on them can provide innovative opportunities in themarket in efficient form.Change in perception, meaning and mood: The world is changing in rapid manner and ithas been seen that, there are variety of changes occur in the market in effective manner. Peopleof the country is changing in their lifestyles and buying behaviour in effective form so that, itbeing cause of new business opportunities' generation in the market in effective form. Anentrepreneur must need to pay attention in order to get perception, meaning and mood ofchanging 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 toolfoe getting innovative and new ideas in the industry in more relevant form. Now, internet hasbeen increased in number of opportunities in the world in effective form and an entrepreneurneed to understand them effectively. The business idea is to open a retail store but there are various disadvantages opening upthe retail store because there are large number of competitors as many firms are involved in thisindustry. 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 unexpectedinnovation which include the unique idea for doing the business. It assists in performing businessoperation in effective way. As per the Henry fayol principle of management there are 14principles which assist in the management of the operation in the organisation. The entrepreneurin order to manage the activities is required to follow these principles to achieve the businessobjectives. This principle consist of division of work, authority and responsibility, discipline,2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
IDENTIFYING ENTREPRENEURIAL OPPORTUNITY INTRODUCTION
|15
|4578
|162

Identifying Entrepreneurial Opportunities Assignment - Restro Cafe
|18
|4772
|380

Identifying Entrepreneurial Opportunities
|23
|5386
|66

Identifying Entrepreneurial Opportunities
|15
|3883
|73

Identification of entrepreneurial opportunities
|17
|4640
|75

Identifying Entrepreneurial Opportunities
|16
|3656
|20