Unit:27 Identifying Entrepreneurial Opportunities

Identifying Entrepreneurial
Opportunities
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Contents
INTRODUCTION...........................................................................................................................3
P1 Description on various sources of entrepreneur ideas and innovation...................................3
P2 Explain entrepreneur idea with use of USP and define why there is market gap for idea....5
P3 Conduct the questionnaire to show that there is requirement for Fast food item or services,
research similar fast food item to show that there is a gap for this idea......................................7
P4 Analyse the gap for fast food item and how it will be different from other, better than its
competitors................................................................................................................................12
P5 Describe the use of SWOT analysis Fast food item and explain the why it will be achieved
success.......................................................................................................................................14
P6 Use PESTLE analyse to critically evaluate the market in which product and services will
be operating in...........................................................................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
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INTRODUCTION
Entrepreneurial opportunities termed out as situation in which product and services can
be sold at price greater than cost of production. In this, entrepreneurs can take action to make
profitability (De Zubielqui, Lindsay and O’CONNOR, 2014). It is crucial task that must be
performed effectively to bring out number of innovative opportunities within market. Therefore,
entrepreneur needs to carefully monitoring the internal and external environment to investigate
potential and threats that have wide impact on enterprise present and future plans.
The present study is based on topic as to identifying entrepreneurial opportunities to
enhance profitability and productivity. Furthermore, report will cover ways that coming with an
entrepreneurial idea to evaluate Ducker's 7 source of systematic innovation. Also, Unique selling
position of entrepreneur idea will be defined to analyse market gap. Lastly, SWOT and PESTLE
analysis will be carried out to analyse the market in which product and service will be operating
in.
P1 Description on various sources of entrepreneur ideas and innovation.
Sources of business ideas- :
This is defined as term that supports to determine that how customer uses to heard about
hotel in terms to undertake further expansion of marketing and promotion efforts to maximise
profitability (Varis and Littunen, 2010). Thus, idea to business can be come from personal skills,
experience, mass, media and talents and many more.
Various sources of opportunities-:
Peter Drucker termed out as to be father of management. He is one of the effective
modern management investor that has effective knowledge of the innovation, leadership and
entrepreneurship. Henceforth, there are seven sources of innovative opportunities that taken by
Drucker are outlined as-:
The unannounced- In the present era, there are number of entities who are coming with
innovation. In addition to this, the enterprise world is inundated with unexpected success and
failures (Mazzarol and Reboud, 2020). This is inclusive of the both success and failure of the
enterprise. In order to invest the success, the organisation must bring some invention and
innovation.
Incongruities- This is crucial to understand the needs and wants of customers. Henceforth, the
differentiation must be taken as what is and what is is supposed to be as this can be greater
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source of inspiration of innovation. This aids to conduct the business practices in effective and
advanced manner.
Industry and market structure changes- In the enterprise, the leaders needs to keep eye on the
change within the enterprise and treat such change not as threat but considered them as an
opportunities to enhance profitability and productivity.
Changes in the perception- By the use of high technical advancement and social networks the
perception of individual can be changed about products. Henceforth, changes in perception leads
towards road of innovation of undertaking development in new product and services.
New knowledge- With use of knowledge and innovation the entity can come up with knowledge
and idea to bring innovation and invention in commodities. Fresh ideas aids to develop and
innovate product and services.
Demographics- Change in demographical condition impacts the working of enterprise in huge
context (Zanabazar and Jigjiddorj, 2020). Therefore, some changes affect demand, quantity of
the commodity and buying habits. Sociology changes in employment age, education highly
affects the business and this opens door for innovation.
Process needs- The chances of carried out invention ejaculate after looking over the process of
enterprise and to clearly distinguish the points that affects the business profitability.
Role of entrepreneur-:
Entrepreneur is defined as individual that seeks to spread between need of customers and
to deliver the services accordingly. They must be flexible and risk taker to adapt business
changes effectively and efficiently. He must have aura to grab the opportunities and to deal with
changes in techniques or demographical change in perception of consumers (Pérez-Hernández,
2019).
Types of innovation-:
Product innovation, invention, architectural innovation incremental innovation, radical
innovation, disruptive, big band are common 5 source of innovation.
Discrimination between product and business idea-
Business ideas revolves around for commodity for selling and making firm while product
idea means to develop and innovate innovative commodity.
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