Unit 27 - Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Table of Contents
 Introduction
 Evaluate sources of entrepreneurial ideas and innovation
 Provide detailed evaluation of Drucker's 7 sources of systematic
innovation
 Critically evaluate benefits and drawbacks of different approaches
 Conclusion
 References

Introduction
Entrepreneurship is one of most important act of creating business while
building and scaling it for generating profitability. Entrepreneurship
plays very much important role in economic development and
enhancement by providing employment opportunities to the people.
Respective report is based on the Rowlinson Knitwear which produce
the durable garments suitable for the corporates and personalization
for schools and clubs.

Evaluate sources of entrepreneurial ideas and
innovation
For an organization to enlarge business opportunities required to
expand their products and services, in context of Rowlinson
Knitwear they operate in the durable garments for corporate,
school and clubs.
 The unexpected
 Incongruities
 Process need
 Industry and market structure change
 Change in perception
 New knowledge

Provide detailed evaluation of Drucker's 7
sources of systematic innovation
Drucker 7 source of innovation is one of most important kind of tool
that helps to organization in analysing the major source of
innovation in bringing their new product and services into the
marketplace. As per respective model there are 7 sources of
innovation that evaluate need of bringing new concept into
marketplace. In context of Rowlinson Knitwear they analyse that
perception of people change gradually so to compete with
marketplace have to bring new product into marketplace.

Critically evaluate benefits and drawbacks of
different approaches
There are different approaches behind the new idea or innovation and
each have their own benefits and drawbacks. In context of
Rowlinson Knitwear that deals in durable clothes for corporate,
school and club wear. They aimed to bring sports wear that are eco
friendly in nature in that regards they analyse the personal
situational factors. In respective factor they analyse that perception
of consumers rapidly changes so to pace with changes need to bring
new product into marketplace.

Conclusion
From the above report it has been concluded that entrepreneurship plays
very much important role for economy as well as for individual to
provide employment opportunities to them. It is very much important
for an entrepreneur to collect necessary knowledge and information
before expanding their business activities in wider marketplace. To
gain potential outcomes it is important for organisation to use various
tools to analyse the internal and external business environment.

References
 Clark, K. and Ramachandran, I., 2019. Subsidiary
entrepreneurship and entrepreneurial opportunity: An
institutional perspective. Journal of International Management.
25(1). pp.37-50.
 Clough, D.R. And et.al., 2019. Turning lead into gold: how do
entrepreneurs mobilize resources to exploit opportunities?.
Academy of Management Annals. 13(1). pp.240-271.

Thank you