Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Evaluation of different sources of entrepreneurial ideas and innovation using specific........1
examples......................................................................................................................................1
P2 Describe the rationale & market gap for particular entrepreneurial idea with the help of
tools and specific techniques.......................................................................................................3
TASK 3............................................................................................................................................4
P5 Application of a SWOT framework to support an objective assessment of the
entrepreneurial idea.....................................................................................................................4
P6 Evaluation of the competitive and market environment in which the idea is going to be
launched to ascertain potential viability......................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship is defined as a process which involves a launch of a new business venture
related to manufacturing of a product or offering a service. An idea is the concept which adds
uniqueness to the business venture and provides it competitiveness (Biswas, 2017). In this
report, Down2Earth Ltd. is a company which deals with producing eco-friendly products. The
management of the company came up with a business idea of manufacturing sustainable bamboo
cups for drinking tea/coffee. Along with durability and eco-friendliness, these cups also have the
provision of personal customisation such as the name of the user printed on the front of the cup.
The report aims at understanding the various sources of innovation and business ideas and aims
at evaluation of the market gap by using appropriate tools and techniques. In the end, a SWOT
analysis and analysis of the market environment is being done for ascertaining the potential
viability of the business idea.
TASK 1
P1 Evaluation of different sources of entrepreneurial ideas and innovation using specific
examples.
An entrepreneurial idea refers to usually a business concept or thought which is associated
with offering a product or service in the industry with the main objective of attaining financial
benefits. An idea could generate from any source like industry environment, technology change
etcetera. There are many such sources for entrepreneurial ideas and innovation. Peter Drucker
put forward a theory under which he identified seven such sources of entrepreneurial idea which
are as follows:
The unexpected: There exists a lot of surprises in the business world, unexpected success as
well as unexpected failures are both a great source of innovation and ideas for any manager.
These rapid changes for any organisation shouldn’t be left unnoticed and due attention should be
given to them by the managers (Burns and Dewhurst, 2016). These situations present a massive
opportunity for business growth many a times and hence, a manager should constantly keep
scanning the business environment for any such opportunities.
The Incongruity: Incongruity can be defined as the differences between what an organisation
is offering and what the customer actually wants. This increases the importance of assessment of
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