Identifying Entrepreneurial Opportunities

This report explores the concept of identifying entrepreneurial opportunities. It discusses different sources of entrepreneurial ideas and innovation, the rationale and market gap of a specific idea, the application of SWOT analysis to support the idea, and the evaluation of the competitive and market environments for launching the idea. The report focuses on the e-tailoring business as an example of an entrepreneurial idea.

Identifying Entrepreneurial
Opportunities
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Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Different sources of entrepreneurial ideas and innovation.....................................................3
P2 Rationale and market gap of specific idea..............................................................................4
P3 covered in ppt.........................................................................................................................5
P4 covered in ppt.........................................................................................................................5
P5 Application for swot to support the specific entrepreneurial idea..........................................5
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability..............................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9
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INTRODUCTION
Innovation is considered to be important aspects for the advancements of the society which is
helpful in solving any kind of the social’s problems along with enhancing society capacity’s in
order to perform. On the other hand, innovation is responsible in order to have resolving the
collective business problem in sustainable and efficient way with the help new technology. In
entrepreneurship. innovation helps in identify more level of crowd into the exiting business
which will clear increase the change of success (Gümüsay, 2018). In order to get success into
same market with same business, it is important to identify market gaps so that differences are
determined. This leads to finding out vast opportunities for growth. In addition, market gap
enables businesses to recover it and succeed in that particular area. In this report, e tailoring
business have been identified as idea in which tailoring services are provided online to people.
P1 Different sources of entrepreneurial ideas and innovation
Innovation refers to creating a new product or service by generation of new ideas and
knowledge. It helps in gaining competitive advantage by fulfilling needs of customers. An
entrepreneur finds out several sources through which ideas are generated and innovation is done
(Duignan, Down and O'Brien, 2020). Basically, there are two common sources that are internal
and external. Internal are those available within organisation such as employees, IT, etc. whereas
external sources are customer, market, etc. Alongside, in this Drucker 7 sources of innovation is
applied which is effectively evaluated to find out new ideas and innovation. The 7 sources are
described as below:
Drucker 7 sources of innovation
Unexpected – it is an unexpected change that occur in need of people. Thus, here target market
becomes a new idea or source of innovation. The needs are identified and fulfilled. This leads to
new development of product.
The incongruity – in this the difference between action required and current actions of company
is identified to enhance performance in target market. So, for that changes are made in process or
methods. it results in innovation.
Process needs- it occurs within a process either of delivering goods and services in target
market, operations, and others. So, the change occurred is due to process needs or procedure.
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This leads to innovation of modifying new method or procedures within organisation. With this
customer needs are fulfilled.
Industry or market change- This is also a source of innovation where any change in structure
or market changes forces organisation to bring innovation. However, any change in market place
highly impact on company operation. Thus, they have to reduce impact by executing change.
With this they are able to enhance performance of firm (Gazel and Schwienbacher, 2020).
Demographics- It is related to change in population, age structure and education level of people.
This leads to change in taste and preference and can lead the change implementation in company.
These changes will affect the requirements related to specific product and services.
New knowledge – Here, innovation is related to applying of new knowledge to specific product
or service. It results in developing new product. Besides that, new method or process are
invented and applied. This development of knowledge leads the entrepreneur to implement
innovative practices in organization.
Change in perception- Any change in mindset of people impact on their needs. Their desire and
needs changes. Therefore, change in perception of people reduce the sales within target market
and it enforce company to make changes in their business process. It helps in improving
productivity (Xu, 2020).
P2 Rationale and market gap of specific idea
It is necessary to identify market gaps so that differences are determined. This leads to
finding out vast opportunities for growth. In addition, market gap enables businesses to recover it
and succeed in that particular area. Therefore, in order to implement new idea market gap needs
to be analysed. For a start-up business the rationale has to be specific so that things are done in
particular way. so, e tailoring is a business idea in which tailoring services are provided online to
people. Here, the market gap analysed was that there was no particular concept which provide
online tailoring services. Besides that, it consumes a lot of time of people to visit tailor shop.
Also, for working people it becomes difficult to manage their time. So, people required such
services which was quick. They do not have to visit tailor shop for stitching or some other work.
However, rationale of e tailoring idea is to provide flexibility to people in making easy to
access online services. They will get home delivery of all tailoring facilities and it will save their
time as well. Hence, their social life will be enhanced. It will also change people perception.
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Usually, there are some techniques available for finding out market gap. They are defined
as follows:
Customer survey – this is a technique in which market research is done to find out needs of
people. For this survey in done in which questions is asked to people about what new thing they
want (Duignan, Down and O'Brien, 2020). The data and info gathered from it gives insight about
what are customer requirements. Furthermore, competitor’s product and its features are
evaluated. Thus, a customer survey was done for e tailoring services.
SWOT - this technique analysis the market gap into four elements that are strength, weakness,
threats and opportunities. This enables in making things easy and finding out changes in the
market. Basically, focus is on exploring the opportunities in market.
P3 covered in ppt
P4 covered in ppt
P5 Application for swot to support the specific entrepreneurial idea
E tailoring has been coined as the addition to the e- mail, e- commerce and e- tailing. In addition
to that’s this service is about the tailoring of clothes through internets. In short it can be
understood as the electronic tailoring is all about the hectic urban style along with electronic
media is gaining more level of popularity worldwide.
Strength
 The business has the inclusion of the unique graphics along with aesthetic solutions in
order to have best meeting out the perception
 The proposes to have the communication in more consistent ways as having the
managements of multichannel distribution (Jarvis, 2016).
 The strength of business in the inclusion of light interfaces along with speed of
construction as per the recent level of trend and market status.
 The business ideas have the ability to meet up the needs of customers by focusing on new
level of technologies which is considered as the essentials characterise of the business
idea.
Weakness
 As the major weakness of company that’s may have the count afraid the business idea is
that the firm has been the new business idea or firm in lines.
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 As they don’t have the more level of financial capacity to have the competition which
more level of high fi brand labels when it comes to the time of controlling specific
market.
Opportunities
 To have the business idea have the opportunities to have the entailing of the product
details by creation of products page which have all the information regarding fitting,
volumes and term products geometrics.
 The business idea should have the development of right structed and retailing of all
product in more perfect manner (Holloway and Pimlott‐Wilson, 2019). In extents to
that’s there propel will have always create the level of opportunity to wear more trendy
clothes. so, the firm should pay more leverage on these opportunities.
Threat
 As other e business, the major level of threat which is been based by there e -tailoring
will be more level of economic downturn which will have clear effect over the
purchasing power of consumers.
 On the other hand, the next threat which will be confronting by business will be the
arrival of new clothing lines who have the want to adopt the business as the same
business side.
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability.
E tailoring business is the niche in the ecommerce industry which is recovering more level of
trajectory in the recent time. This is the business have involvement in creation of clothes which
is according tier need and specification of customer.
In this customer have the free level of preference to have chosen everything form fabrics along
with designing, tailoring style and fitting.
In recent time, modern tailors provide customers with solution to select their design preferences
online and order their clothes directly from the tailor’s website. This solution is known as custom
apparel design software that enables buyers to co-create their clothes on the tailor’s website
(Mrożewski and Kratzer, 2017).
In reaction to have wearing their clothes which are controlled by the financials means will have
the willingness in order to weigh more in more unique and different way.
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This business in ow on more leveraged as the coampny is offering stiff competition by preparing
another online customer tailoring brand. The firm have the robust level of team member which
have rhea excellent level of services. The business will have the highly interactive and easy to
use websites with appropriate shipping network along with usage of various machines and
equipment also count towards the advantages which is specially comes to have competing in
retailoring to another tailoring brands. On the other hand, this development of knowledge leads
the entrepreneur to implement innovative practices in organization. Therefore, change in
perception of people reduce the sales within target market and it enforce company to make
changes in their business process.
CONCLUSION
From the above file it can be concluded that innovation is responsible in order to have resolving
the collective business problem in sustainable and efficient way with the help new technology.
In entrepreneurship. innovation helps in identify more level of crowd into the exiting business
which will clear increase the change of success. An entrepreneur finds out several sources
through which ideas are generated and innovation is done (Foss and Klein, 2018). The difference
between action required and current actions of company to enhance performance in target market
as new method or process are invented and applied.
For a start-up business e tailoring is a business idea in which tailoring services are provided
online to people. They will get home delivery of all tailoring facilities and it will save their time
as well. Hence, their social life will be enhanced. The strength of business in the inclusion of
light interfaces along with speed of construction as per the recent level of trend and market status
The business idea should have the development of right structed and retailing of all product in
more perfect manner. This solution is known as custom apparel design software that enables
buyers to co-create their clothes on the tailor’s website. This development of knowledge leads
the entrepreneur to implement innovative practices in organization.
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REFERENCES
Books and journals
Duignan, M.B., Down, S. and O'Brien, D., 2020. Entrepreneurial leveraging in liminoidal
olympic transit zones. Annals of Tourism Research, 80, p.102774.
Gazel, M. and Schwienbacher, A., 2020. Entrepreneurial fintech clusters. Small Business
Economics, pp.1-21.
Xu, X., 2020. Identify Entrepreneurial Opportunities. In Introduction to Entrepreneurship (pp.
95-118). Springer, Singapore.
Reuber, A.R. and et.al., 2018. International entrepreneurship: The pursuit of entrepreneurial
opportunities across national borders.
Foss, N. and Klein, P., 2018. Entrepreneurial opportunities: who needs them?. Academy of
Management Perspectives, (ja).
Mrożewski, M. and Kratzer, J., 2017. Entrepreneurship and country-level innovation:
Investigating the role of entrepreneurial opportunities. The Journal of Technology
Transfer, 42(5), pp.1125-1142.
Holloway, S.L. and Pimlott‐Wilson, H., 2019. Marketising private tuition: Representations of
tutors’ competence, entrepreneurial opportunities and service legitimation in home
tutoring business manuals. British Educational Research Journal.
Jarvis, L.C., 2016. Identification, intentions and entrepreneurial opportunities: an integrative
process model. international Journal of entrepreneurial Behavior & Research.
Gümüsay, A.A., 2018. Unpacking entrepreneurial opportunities: an institutional logics
perspective. Innovation, 20(3), pp.209-222.
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