Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation providing
specific examples........................................................................................................................1
TASK 2............................................................................................................................................3
P2. Explanation about rationale addition to market gap for particular entrepreneurial idea
with relevant tool and techniques................................................................................................3
TASK 3............................................................................................................................................5
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea..............................................................................................................................................5
P4 Interpret data appropriately to provide evidence of market potential....................................6
TASK 4..........................................................................................................................................10
P5 Apply a SWOT framework to collate evidence to support an objective assessment of a
specific entrepreneurial idea.....................................................................................................10
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability............................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES .............................................................................................................................14

INTRODUCTION
Entrepreneurs are the individuals who manages their business, with very resources and
opportunities. Entrepreneurial opportunities are basically, the situations, chances and possibilities
entrepreneurs have a chance to make more profits by increasing its productivity and reducing
cost. Every entrepreneur has this desire and motive to move forward in their business, grow and
become successful, for which they look for new doors to open for them to be most effective and
increase their profit share (Hansen, Monllor and Shrader, 2016). Entrepreneurial opportunities
help individuals or entrepreneurs to grab these new possibilities and become more efficient.
Money is the most important resource for entrepreneurs to expand their business. This report is
based on a case of an entrepreneur who is developing a new business idea for growth and success
and in order to earn higher profits. Virgin money is a financial service provider who invest in
such new business ideas. The company is willing to invest and provider money once they get
good understanding of the idea and their profitability. In this report the idea which is developed
is of biodegradable packaging. The assignment covers, SWOT and PESTLE analysis of
marketplace and the new product. And, a research questionnaire of market.
TASK 1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation providing
specific examples
In modern era, every entrepreneur is in the search of grasping better opportunities for
their business as it helps in analysing and evaluating innovative ideas with the purpose of gaining
more profitability. For this, government of UK helps youth in order to represent their ideas and
attain their targets in an effective manner. Regarding to this, new entrepreneurs are looking to the
opportunities in order to ge6t innovative ideas that will be executed while earning more benefits
(Wood and McKelvie, 2015). In addition to this, the government of UK help n umber of people
in order to introduce their new and fresh products to their respective customers. As a result, it is
helpful for them in order to attain goals and objectives and it has been included the higher level
of authority of nation to offer assistance in order to provide finance as it helps in inspiring the
talent of young aspirations to introduce new products and services. Here, Virgin Money is taken
which offer financial services to entrepreneurs and also helps them in executing their innovative
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ideas into reality. As in order to determine opportunities, Drucker's 7 sources of systematic
innovation is used that is discussed as under: The unexpected: It is considered that business world is full for unexpected things which
include various failures and success also for an organisation that can be the reason or
source of inspiration for innovation (Thursby and Berbari, 2016). For this, unexpected
situations are quite powerful for business as it helps in inspiring leaders and innovators to
develop new and fresh ideas. As here, biodegradable packaging is considered which is
quite unexpected for customers as it is useful in developing environmental conditions and
reputation of company. Incongruities: Here, many companies fall into a trap as it describes the development of
products without conducting appropriate research in order to determine the targeted
customers. It describe the disagreement regarding what is supposes to be and assumed
and for this, company might face downfall while inspiring innovation for company. As
by considering biodegradable ideas, hey need to take reviews of customers, feedback and
complaints as it is the best way to analyse uncertainty. Process need: This factor is quite task oriented and focused instead of situation. For this,
sources of opportunity for innovation is comes after looking closely at the processes for
an organisation and also clearly determine the weaknesses or the ways to take
improvement (Kohlbacher, Herstatt and Levsen, 2015). For this, company conduct take
surveys of their customers which is useful in determining and analysing the capability of
company in order to develop team in more effective and efficient manner. Industry and market structure change: This step describe the market structure and its
stability for years as with it the technology development and industries are almost
disrupted. For this, leaders need to continuously determine the changes and treat changes
in an effective manner and also determine the threats and opportunities in relation to the
development of product which is biodegradable packaging. Demographics: Here, organisations determine that they are affected in one way or
another way of change of demographics. As here, the changes impacts the marketers in
order to determine the need of products while purchasing the quantity of goods (Mat,
Maat and Mohd, 2015). For this, specific areas is targeted in order to implement change
and develop product that is age, education, employment and so on that can impact the
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