Entrepreneurial Opportunities: Tesco and Drucker's Innovation Sources

This assignment explores entrepreneurial opportunities, focusing on how businesses like Tesco can identify and implement innovative ideas using Peter Drucker's 7 sources of innovation. It examines each source, including incongruity, market structure, necessity, demographics, changing perceptions, and new knowledge, providing examples of how Tesco can apply these concepts to develop new products and processes. The paper also discusses product and process innovation, emphasizing the importance of market analysis and customer demand in creating unique offerings. Furthermore, it highlights the use of customer surveys and market studies as key methods for identifying entrepreneurial ideas. The analysis includes an evaluation of Drucker's sources and their impact on market growth and reputation, supported by references to relevant academic research.

Identifying Entrepreneurial
Opportunities

P1- Appropriate sources of Entrepreneurial
idea and innovation
 There are many sources which can help TESCO company to bring innovation and
identify the Entrepreneurial idea.
 Drucker's 7 and Product and process innovation are one of them.
 This tools will help them to develop new ideas for their company and help them to
achieve high growth in the market.

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Drucker's 7 sources of innovation
 Peter F. Drucker , known as the inventor of the modern management, Drucker has
explained valuable resources on the management business and innovation and
entrepreneurship.
 Here are 7 sources of innovation explained by the Drucker-
The Incongruity
 When the needs are in congruently with the supply , innovation might be born in an
attempt top resolve the existing incongruities people might innovate.
 TESCO leaders should find the problem faced by the customers and need of their
customers which can help them to get innovative idea.

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Market structure
 Industry and market structure of the Retail industry can be stable for long time .
Necessity,
 still new technologies change in any time so it is important for the TESCO superiors
keep and eyes on those changes.
Necessity
 Necessity is known as mother of the innovation and new Entrepreneurial idea.
 TESCO should bring new product which should be different than other and fulfill the
purpose of the people.

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Demographic
 TESCO should find the alternative of the product which can satisfy the customers, and
they can use without any problem.
 For example cigarettes are dangerous for humans but most of the people like to do
smoke so companies find the alternative and invent e-cigarette.
Changing perception
 Changing the perception regarding the things can also help TESCO to develop
innovation.
 For example people like to be fit and healthy, but they like to eat organic food as well.
New knowledge
 New knowledge can be a source of innovation for the TESCO.
 They can bring new technology in the company which can help them to increase their
productivity.
 For example – They can search and study about the technologies which is used by the
retailers of the other counties.

Product and process innovation
In the product and process sources, company focus on the innovation of the product and
increase the effectiveness of their process.
Product
 TESCO can bring innovation in their product by analysis the market and demand of
the customers.
 It is important for them to find what changes they can bring which can create their
product unique.
Process
 Change in the company’s process can bring innovation in the company.
 For example company can bring new technology in their workplace which increase their
productivity and efficiency.

M1- detailed evaluation of Drucker's 7
sources
 Peter F. Drucker , known as the inventor of the modern management,
 Drucker has explained valuable resources on the management business and innovation
and entrepreneurship.
 Those 7 sources of innovation can help TESCO to bring new ideas and innovation in
their workplace to increase their growth in the market,
 and they can also increase their reputation in the Retail market.

D1- sources and approaches to identify
Entrepreneurial ideas
 There are many ways and sources to identify Entrepreneurial ideas which can lead
business to achieve high and success in the market.
 One of them is customer survey, in this method's entrepreneur ask question to the
customers and identify their needs and expectations from the sellers.
 It can be beneficial to search something new and unique business idea.
 Two main sources of innovation which are used by the Entrepreneurs 'marketing study
and new knowledge.

References
Abdel-Basset, M., Mohamed, M. and Smarandache, F., 2018. An
extension of neutrosophic AHP–SWOT analysis for strategic planning
and decision-making. Symmetry.10(4). p.116.
Blas, N., 2018. Industry Research Using Porter’s 5 Forces.
Bull, J. W. And et.al., 2016. Strengths, Weaknesses, Opportunities and
Threats: A SWOT analysis of the ecosystem services framework.
Ecosystem services.17. pp.99-111.

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