Identifying Entrepreneurial Opportunities

IDENTIFYING ENTREPRENEURIL
OPPORTUNITIES
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Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Determine and evaluate the different source of entrepreneurial idea and innovation............3
P2 Discuss about the rationale and market gap for specific entrepreneurial idea through
relevant tool.................................................................................................................................5
P3 data needed to support gap analysis.......................................................................................6
P4 interpret data to provide evidence of market.......................................................................11
P5 Swot analysis of E retailing..................................................................................................11
P6 Market environment in which product is going to be launched..........................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15
Appendix........................................................................................................................................16
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INTRODUCTION
Entrepreneurship opportunities are innovative ideas which can be turned into business. It
allows in doing market research and finding out problems of people. Thus, a solution is provided
to it in form of starting a business. There lies vast number of opportunity in market (Samo. and
Hashim, 2016). So, it depends on idea that how that opportunity is grabbed. The Report will
focuses on evaluate and determine the various source of entrepreneurial idea and innovation.
Also, it will describe, about the rationale and market gap for specific entrepreneurial idea.
Besides that, SWOT analyse of that idea will be explained along with pestle analysis,
P1 Determine and evaluate the different source of entrepreneurial idea and innovation.
Despite the broad term of opportunity, there is consensus that successful entrepreneurial
opportunity is one that will be triggered the new venture creation or expand into existing
marketplace. Creativity is evolution of opportunity by gathering or collecting new idea within
business development.
Website Flipping innovative idea:
Website flipping is considering as innovative idea that mainly used by new start-up
enterprise (Barba-Sánchez, Arias-Antúnezand Orozco-Barbosa, 2019). Nowadays, everyone
from work at home. Generally, it mainly involved buying already running website, improve its
design and content. Sometimes, it added own product information. it allows to buy e-commerce
website that can further improve content marketing and other tactics. Once site begin to generate
more revenue. It can be listed the for sale on marketplace.
It is based on the innovative idea for start-up business and also included the information of
particular product and services. This will help for customer to purchase own website to use them.
Afterwards, they can promote the share their own product In order to provide online service to
purchase product and service in marketplace.
Drucker’s 7 sources of innovation
 It is based on the framework for managing the valuable resource that applicable in
the business. It helps for improving the demand of innovative idea Website flipping
where each and every information provided through digital technology (Source of
innovation, 2018)
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 Unexpected: the process will help for identifying unexpected failure and success within
business. So as website flipping innovative idea help for resolve complex situation or
condition.
 Incongruities: For start-up enterprise, it is becoming great opportunity to adopt concept of
website flipping while established the coordination with client through distributed online
channels. Sometimes, it has increased the issue within identification of potential client.
 Need for process: it can perform the significant role as task oriented to identify the
current enterprise situation and then make a plan to use innovative idea related website
flipping In order to increase the performance and efficiency of enterprise (Babu, and etal,
2019).
 Market structure change: when implementing innovation idea about website flipping for
start-up enterprise. it is important for establishing suitable market structure to maintain
position.
 Perception change: Nowadays, it has changed the perception of people towards website
flipping because they can prefer to spend less time and purchase suitable products. This
will help for increasing the demand for business (Swan. and Morgan,2016).
Different types of innovation
 Product and process innovation: these are considered as most common innovations. It
may refer to change the product quality while including specific features to attract more
and more customers. On the other hand, process innovation also supports for using inno-
vative idea of website flipping to purchase running site. Afterwards, adding more infor-
mation or data. (Sheth, Karami. and Murphy, 2019).
 Incremental innovation: it is one of the most common form of innovation. It helps for
utilize the existing technology and also increase value of customer within existing
marketplace. In context of website flipping business idea for engaging with large number
of customer. In order to provide the better quality of product and service through online
medium.
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