Identifying Entrepreneurial Opportunities

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES
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Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................3
P1 Evaluate different sources of entrepreneurial ideas and render different specific examples
................................................................................................................................................3
M1 Explain Drucker’s 7 sources of systematic innovation....................................................4
D1 Explain benefits and drawbacks of entrepreneurial different approaches........................5
TASK 2............................................................................................................................................5
P2 Determine rationale and the market gap for a specific entrepreneurial idea using relevant
tools and techniques...............................................................................................................5
M2 Determine how a specific entrepreneurial idea fills a market gap using different
techniques...............................................................................................................................6
D2 Determine a specific entrepreneurial idea on interpretation of competitive market place.7
TASK 3............................................................................................................................................8
P3, P4, M3 and D3 covered in power point presentation.......................................................8
TASK 4............................................................................................................................................8
P5 Define SWOT framework to collate evidence to support an objective assessment of a
specific entrepreneurial idea...................................................................................................8
P6 Determine competitive and market environments in which the idea will be launched to
assess potential viability.........................................................................................................9
M4 Determine entrepreneurial idea used by the organisation..............................................11
D4 Give recommendations on how a specific entrepreneurial idea can be developed, managed
and sustained........................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES................................................................................................................................1
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INTRODUCTION
Entrepreneurship is the activity of developing new business by generating new innovative
ideas. This report covers different innovative ideas implemented by entrepreneurs to achieve
business success and growth. It involves different measures in order to develop effective product
development for accomplishing business success. For starting a business, entrepreneurs need to
take financial assistance and business solution. An entrepreneur has to come up with new
innovative ideas to attract the attention of the final customer and influences them to take the
services of the company. Virgin money is such an organisation which renders financial services
to entrepreneurial business in UK, All business solutions and financial assistance for the growth
of new business. In the context of Zolo beauty and cosmetic which an entrepreneurial business
rendering beauty products to its customer. By taking the helps of virgin money in order to
achieve business success (Blundel, Lockett and Wang, 2017). This report covers different
entrepreneurial ideas, rationale and market gap of the developed idea, data needed to support the
gap for evaluating entrepreneurial ideas, data interpretation of the potential market, applying
different swot analysis to analyse business ideas and evaluation of the competitive market.
TASK 1
P1 Evaluate different sources of entrepreneurial ideas and render different specific examples
Technological advanced
With the increase in technological advancement, developing products which are highly
technologically advanced helps to develop products in accordance to the market demand. Using
high end technologies like radio frequency identification devices, augment reality, artificial
intelligence and other advanced technologies accordance to market demand helps to stay updated
to market demand. Entrepreneurs should conduct market survey in order to develop the products
which best suits business objectives. Using high end technologies not only helps for product
development but also helps to also achieve efficiencies in business functions (Foss and Klein,
2017).
Environmental friendly products
Developing products which are environmental friendly products helps to reduce the
pollution in the environment. With the increased pollution, it becomes important to take different
measures which contribute to the environment protection. Developing products which uses
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energy from renewable sources like hydropower, wind, heat energy in order address
environmental concerns.
Reduce use of polythene
Reducing the use of polythene helps the business to become socially responsible. Where
business fulfils the social cost and deliver quality products. Using paper bags instead of
polythene bags helps to reduce the pollution caused from the use of polythene. Business should
starts using paper bags from delivery the value to the customers.
Social and cultural belief
Addressing social and cultural beliefs of people helps to accomplish organisational
objectives (Frederick, O’Connor and Kuratko, 2018). People often prefer products which fulfils
social and cultural beliefs of people around. While formulating new business ideas entrepreneurs
should formulate new product development of ideas which fulfil social and cultural beliefs of the
people residing in particular location.
Online platforms
With the increase in digital platforms, online networks help to connect to large number of
customers with just a click. Online networks help to engage with the target customer irrespective
of their locations. The organisation needs to develop an effective marketing offerings which has
to delivered to the target customers, using digital platforms helps to engage with the customers.
Entrepreneurial business should use online marketing in to aware and influences the customers
about the market offerings of the company. Different digital platforms include social media,
search engine optimisation and other digital platforms in order to engage with the target
customer and make profitable relationship. With growing digital business which help to deliver
the value to the target customer via internet platforms. Many entrepreneurial businesses have
achieved success it involves low business cost which contributes in accomplish profitability
gaols of the business (Harima and Freudenberg, 2020).
M1 Explain Drucker’s 7 sources of systematic innovation
Drucker 7 sources of systematic innovation
Unexpected: Innovation is about generating new ideas and things which are different, Zolo
beauty has come up innovative products using organic beauty product in nature. Innovation is all
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