Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Different sources of entrepreneurial ideas and innovation..................................................................3
TASK 2.......................................................................................................................................................5
P2 Market gap and rationale for a particular entrepreneurial idea with the help of using tools and
techniques................................................................................................................................................5
TASK 3.......................................................................................................................................................6
Covered in PPT.......................................................................................................................................6
TASK 4.......................................................................................................................................................6
P5 SWOT framework..............................................................................................................................6
P6 Competitive and market environment in which idea will be launched to assess potential viability....7
CONSLUSION............................................................................................................................................9
REFERENCES............................................................................................................................................9

INTRODUCTION
Entrepreneur is an individual who generally thinks about innovative ideas and thoughts in
order to run business successfully by bearing numerous risk factors to get huge benefits any time.
Thus, an entrepreneur plays an essential role within the economy and offer numerous job
opportunities to people that maximize their working skills and knowledge as well. On the other
side, budding entrepreneur are those who plays significant role and take helps from Virgin
money firm in order to operate their business within the competitive scenario. This assignment is
going to launch Cool Fresh Juice Bar in which innovative product will be Peanut butter banana
shake will be provide to customer’s at marketplace. Moreover, there are different types of
entrepreneurial ideas by following Drucker’s 7 source models and Porter’s five forces analysis.
At last, gap analysis along with SWOT framework and PESTLE framework will get covered
(Dai and Liao, 2019).
TASK 1
P1 Different sources of entrepreneurial ideas and innovation
Within the UK economy, businesses are frequently increasing in order to achieve targeted
goals and objectives with high sales and revenue. Along with this, there are lots of entrepreneurs
who play crucial role through developing new ides with innovative business, further it helps
them to increase business profit with effective sales and revenue. For maintain business
objectives every entrepreneur needs to think innovative and different to attainment of desired
goals. There are different types of entrepreneurial sources used by respective business, those are
as follows:
Interest and hobbies: According to this type of interest and hobby an entrepreneur think
innovative towards developing better venture or start up so that they can achieve targeted goals.
In relation with Cool Fresh Juice Bar, an entrepreneur has huge interest along with hobby
towards forming best innovative product to achieve desired goals by satisfying demand of
consumers (Scott, 2019).
Mass media: It includes internet, radio, magazine and lots of sources. In order to focus on
these assorted sources an entrepreneur able to achieve numerous opportunities through

developing innovative sources to operate business positively. In relation with respective business
an entrepreneur use several mass media sources to achieve business targeted goals and
objectives.
Exhibitions and trade fairs: It is one of the best interesting aspects by entrepreneur in
which they explore new ideas of business and able to learn new concepts or business strategies.
In regards with respective business they generally attend exhibition or trade fairs by which they
can attain desired outcomes and overcome issues from business.
Apart from this, there is Peter Durcker’s model has been used by Cool Fresh Juice Bar in
order to understand several concepts at marketplace. Those are mentioned in beneath:
The unexpected: In this businesses adopt so many changes every day in order to develop
best strategies for launching new goods and services with innovative ideas. In relation with
respective business an entrepreneur bring few changes by which they can focus on unexpected
things of business and improves them accordingly (Liu, Xu, Zhou and Li, 2019).
Incongruities: In this source of model businesses and firms mainly involves forming
better services and goods without doing any research. Thus, budding entrepreneur requires
conducting proper research so that they can run their business accordingly.
Process need: According to this an entrepreneur needs to determine their targeted
objectives for overcome several issues from their business.
Market and industry structure change: As per this, respective business needs to seek
several changes within industry or structure so that they can build more strong structure of their
business at marketplace.
Demographics: Within this source of model, firm needs to identify so many changes in
their business so that they can achieve desired results. In relation with respective business they
segments their product as per income or age level of customers so that they can give them better
services.