(solution) Unit 27– Identifying Entrepreneurial Opportunities

Unit 27 – Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Determination and evaluation about different sources of entrepreneurial ideas and
innovation....................................................................................................................................4
P2 Explanation of the rationale and the market gap for a specific entrepreneurial idea using
relevant tools and techniques to support your choice.................................................................6
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea..............................................................................................................................................7
P3 Presentation of data needed to support gap analysis in the evaluation of a specific
entrepreneurial idea.....................................................................................................................8
P4 Interpretation of data appropriately to provide evidence of market potential.......................8
P5 SWOT framework to collate evidence to support an objective assessment of a specific
entrepreneurial idea...................................................................................................................14
P6 Evaluation of the competitive and market environments in which the idea will be launched
to assess potential viability........................................................................................................15
CONCLUSION..............................................................................................................................17
REFERENCES .............................................................................................................................19

INTRODUCTION
Entrepreneur is a person who sets up a business with taking a financial risk with the hope
of high profit and returns on capital employed1. The main role of the entrepreneur is to set up a
business or expand business with identifying opportunities, threats and personal capacity to
translate an opportunity into a business idea. This report is based on concept of launching a new
business by evaluating business opportunities in London that is Coffee thrill that found new
concept of to make coffee with help of natural herbs for the health aware people. This
assignment is based on entrepreneurial new idea and concept with relevant information and idea
behind it. The report also includes discussion about market research and apply primary and
secondary research techniques to investigate a personal entrepreneurial idea and make an
assessment of whether it is likely to be a commercially viable business or social enterprise
proposition.
P1 Determination and evaluation about different sources of entrepreneurial ideas and innovation
Business expansion is very obligatory to exist for long time in market, that can be achieve
by evaluating opportunities and threats of market and consumer needs2. Entrepreneurship is an
significant factor or attribute which enables in enhance employment opportunity at both
individual and group of individuals development. In case of Coffee thrill it by finding out new
opportunities in market aimed to launch a new product for health conscious people. An
entrepreneur can bring out innovative idea from many sources such as some times they are
passionate about to open their own business and their family background support them. Further
brainstorming, consumer survey and mass media collection are important sources to bring idea.
A lot of factors that influence to become an entrepreneur is to control others and their activities,
1 Grégoire, Denis A., and Dean A. Shepherd. "Technology-market combinations and the
identification of entrepreneurial opportunities: An investigation of the opportunity-
individual nexus." Academy of Management journal 55, no. 4 (2012): 753-785.
2 Tang, Jintong, K. Michele Micki Kacmar, and Lowell Busenitz. "Entrepreneurial
alertness in the pursuit of new opportunities." Journal of Business Venturing 27, no. 1
(2012): 77-94.

earn money, risk taking ability, new thought and idea are important attributes that contributes in
advancement of entrepreneurs.
Sources of entrepreneurial idea:
To search out best source of entrepreneur with help of Peter ducker seven step to gain
potential results that are as follows:
Ducker's 7 sources of systematic innovation:
Peter Ducker list out 7 main attributes to bring new ideas and opportunities in their book
innovation and entrepreneurship.
The unexpected:
The whole world is full with lot of unexpected events and sometime individual have to
face these failures and sometimes success that is result of innovation and new idea. Unexpected
success and failure that is not noticed. These conditions and situations inspire and motivate
others to start their own business to beat these situations by evaluating both positive and negative
aspects.
The incongruity:
To evaluate market conditions and scenario need to evaluate consumers preferences. In
preferences includes their reactions or responses, feedback and complaints is one of best way to
search out incongruity factor. It is connected with reality as well actuality that is to be expected
in near future to get better results.
Process need:
The best source to find business opportunities is to search out their factors that lack
behind in progress3. It delivers best solution to improve them by accessing needs. For example
Coffee thrill found that consumer are more health-conscious and want something new to
compensate with their needs and wants in well manner.
Industry and market structure change:
Industry and market structure that change time to time and it not stable for long period of
time4. With help of technology changes occurs in industry and market that are very necessary for
3 Kirzner, Israel M. Competition and entrepreneurship. University of Chicago press,
2015.
4 Phelan, Chris, and Richard Sharpley. "Exploring entrepreneurial skills and
competencies in farm tourism." Local Economy 27, no. 2 (2012): 103-118.