Unit 27– Identifying Entrepreneurial Opportunities
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Added on 2020-10-23
Unit 27– Identifying Entrepreneurial Opportunities
Added on 2020-10-23
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Unit 27 – IdentifyingEntrepreneurialOpportunities
Table of ContentsINTRODUCTION ..........................................................................................................................1P1 Determination and evaluation about different sources of entrepreneurial ideas andinnovation....................................................................................................................................1P2 Explanation of the rationale and the market gap for a specific entrepreneurial idea usingrelevant tools and techniques to support your choice.................................................................3P3 Presentation of data needed to support gap analysis in the evaluation of a specificentrepreneurial idea.....................................................................................................................4P4 Interpretation of data appropriately to provide evidence of market potential.......................5P5 SWOT framework to collate evidence to support an objective assessment of a specificentrepreneurial idea.....................................................................................................................9P6 Evaluation of the competitive and market environments in which the idea will be launchedto assess potential viability........................................................................................................10CONCLUSION..............................................................................................................................12REFERENCES .............................................................................................................................13
INTRODUCTIONEntrepreneur is a person who sets up a business with taking a financial risk with the hopeof high profit and returns on capital employed (Audretsch, 2012). The main role of theentrepreneur is to set up a business or expand business with identifying opportunities, threats andpersonal capacity to translate an opportunity into a business idea. This report is based on conceptof launching a new business by evaluating business opportunities in London that is TEA POINTthat found new concept of to make Tea with help of natural herbs for the health aware people.Because now in those days peoples are more concerned about their health. This assignment isbased on entrepreneurial new idea and concept with relevant information and idea behind it. Thereport also includes discussion about market research and apply primary and secondary researchtechniques to investigate a personal entrepreneurial idea and make an assessment of whether it islikely to be a commercially viable business or social enterprise proposition. P1 Determination and evaluation about different sources of entrepreneurial ideas and innovationIn today's market environment it is very essential to expand the existing businessactivities with the help of new and innovative activities. For expansion of business the evaluationof various factors in market is necessary such as opportunity, threats, strengths weaknesses etc..Entrepreneurship is a vital factor which develop the opportunities of employment through newidea generation and business expansion. In case of TEA POINT, it find out new opportunities inmarket for launching new products for health concerned peoples. The new idea and concepts aregenerated by the entrepreneur to launch a new product or service in the market. Furtherbrainstorming, 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,earn money, risk taking ability, new thought and idea are important attributes that contributes inadvancement of entrepreneurs.Sources of entrepreneurial idea:To search out best source of entrepreneur with help of Peter ducker seven step to gainpotential 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 bookinnovation and entrepreneurship (Autioandet. al., 2018).1
The unexpected:The whole world is full with lot of unexpected events and sometime individual have toface these failures and sometimes success that is result of innovation and new idea. Unexpectedsuccess and failure that is not noticed. These conditions and situations inspire and motivateothers to start their own business to beat these situations by evaluating both positive and negativeaspects.The incongruity:To evaluate market conditions and scenario need to evaluate consumers preferences(Barazandeh and et. al., 2015). In preferences includes their reactions or responses, feedback andcomplaints is one of best way to search out incongruity factor. It is connected with reality as wellactuality 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 lackbehind in progress. It delivers best solution to improve them by accessing needs. For exampleTEA POINT found that consumer are more health-conscious and want something new tocompensate 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 oftime. With help of technology changes occurs in industry and market that are very necessary foradvancement. For example TEA POINT faces deregulation in rules and policies for that theyhave to pace with these changes launch a new product into market.Demographic:One who want to something new in their business always observe change in populations,their income level, capital and age range that occurs in recent time. To gain advantage constantobservation is very very necessary.Change in perception:It is very necessary to perceive world with right view and it changes very frequently. Inchanges many in technology, working method and certain brand features are major attributes thathelp in rapid growth. These changes are the major reason behind developing a new product andservices that match with perception of consumers.2
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