Entrepreneurial Opportunities and Small Business Development
Added on 2020-10-22
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UNIT: 27 – IdentifyingEntrepreneurialOpportunities
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1P1. Presenting different sources of entrepreneurial ideas and innovations............................1P2. Explaining the rationale and the market gap ...................................................................2P3 Presenting data to support gap analysis in assessing specific entrepreneurial idea..........5P4 Interpreting data to provide evidence of market potential................................................9P5 Applying SWOT analysis to support objective of entrepreneurial idea..........................10P6 Evaluating competitive and market environments in which business idea will be viable11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneurial opportunities are required to be identified so that business may be able tostart new venture in effectual manner. Present report deals with starting up new venture byanalysing sources for innovative idea. In relation to this, Exotic restaurant is taken as businessidea and market research is conducted on it. Moreover, gap analysis is carried out along withprimary and secondary data are collected. Furthermore, competitive analysis and SWOT analysisis conducted as well in effective way. P1. Presenting different sources of entrepreneurial ideas and innovations.Entrepreneurship plays a vital role in the field of business. The concept behind start upbusiness is to involving new product, services, process with latest technology. Entrepreneurshipis a study of how new businesses are created and the actual process of starting a new businessand an entrepreneur is a person who has many ideas and who works to create a product orservices that people will buy to support a sales (Seethamraju, 2015). There are many different sources of entrepreneurial ideas and innovation which helpbusiness man to set up new business, these are mention below:Consumers: the consumers should be the final focal point of ideas for an entrepreneur. Inorder to utilize the power of customers, innovation leaders place different methods for gatheringconsumers ideas. Internet is the best place to begin, there are many online sources to provideproduct review on product. Even, companies also want to invest in an online portal attached totheir website which allows customers to add, reviews, complaints and ideas. Proper evaluatingand implementing ideas and taking customer's feedback is one of the best method of stayingahead in competition. Competitors: Attending conferences, exhibitions, and trade shows are a good ways tokeep aware what competition is developing and researching. Business can also adapt this idea or1
modify them to create new products. For higher level, business leaders are stay connected andnetworked with each others in the industry for gathering more ideas. Existing Companies: with the help of existing formal methods potential entrepreneursand intrapreneurs can evaluate competitive products and services which leads to a result in newor more product and services. Companies should not disregard old ideas and proposals for newproduct, they must follow those for improvement. Existing patents may also be considered on theinternet and it is low cost method of gathering ideas (Spence, 2016).Distribution Channels: members of this chain are quite familiar with the need of marketand hence they prove to be best source of new ideas. As these peoples help to know new ideasrelated to product and advice what is wrong and fruitful for the company.Government: it is also a source of new product and ideas in two different ways firstly,response come from government to change the rules and regulation can become a source of newideas and secondly, patent office files contain various types of product possibilities that help aentrepreneur to obtain product information.Research and Development: Entrepreneur's own research and development is the largestsource of new ideas. A formal and well equipped department help to develop successful newproduct ideas. Internal Department: internal employees are the largest source for ideas. Withexperience and exposure related to its products, they become most well informed idea source andcan provide detailed, structured proposals for new product and services. Encourage employeeideas by providing them infrastructure to submit new proposals. This create relationship betweencustomers and internal departments.P2. Explaining the rationale and the market gap Being an entrepreneur is one of the best vocation in the world because it encourages theview of thinking and creating new ideas such as starting a new business of restaurant in ruralarea. The market gap can have more than one attributes but to identify the gap is the biggest taskwithout getting out there and meting people (Stewart and Gapp, 2014). Challenging doing newthings, exploring and being curious and meeting new people must be a habit of an entrepreneur. There are some strategies which help to leverage gaps in the market, it may takes a bit oftime and efforts to explore, learn and research with discoveries. Trends and new technologiesare moving so quickly, in an restaurant the trend effect directly such as people wants new and2
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