HND Business: Translating Opportunity into Business Idea Project

This project focuses on the process of translating an opportunity into a viable business idea, specifically within the context of an HND Business program. The assignment begins by evaluating various sources of entrepreneurial ideas and innovation, including consumers, existing companies, distribution channels, government regulations, research and development, competitors, market surveys, internal departments, and individual strengths. The solution highlights the importance of understanding market needs and leveraging these sources to generate new product and service concepts. The second part of the project explains the rationale and market gap for a specific entrepreneurial idea, 'Green Herbs,' a startup focused on herbal products for children aged 5 to 15 in the UK. The analysis emphasizes the unmet need for such products and the potential for success given favorable market conditions and a lack of existing management addressing children's environmental and health concerns. The project underscores the importance of conducting thorough research and feasibility studies to identify and capitalize on market gaps.

Translating an
Opportunity into
Business Idea

P1.Determine and evaluate different sources of entrepreneurial
ideas and innovation
• Ideas of business are thoughts that when implemented can
pave way to income generation.
• Entrepreneurs with innovation from different sources lead to a
well planned business.
• It can be from a variety of places and companies who leaves
sources out of their processes are reducing innovative
capabilities.

CONTD..
Consumers-
The main point of concentration should be the potential customers for
the entrepreneurs. Attention to inputs from these clients can take the
form of informal monitoring of needs or formal arrangement for them
to have an opportunity to express their concerns. To support the new
venture particular care needs to be taken to ensure new idea and needs
represents large market.
Existing companies-
Entrepreneurs can evaluate competitive products and services on the
market with the help of establishing formal methods which may result
in new and more market appealing goods and services.

CONTD..
Distribution channels-
The excellent source of idea can be members of the distribution channels as
they are familiar with the needs of the market. They not only assist in finding
the unmet demands leading to new products and services, but also helps in
marketing the developed offerings.
Government-
Response to regulations of state can come in the form of new product ideas.
Another point is that they can assist entrepreneurs in obtaining specific
information regarding product as the patent files contain several product
possibilities.
Research and development-
Entrepreneur's own R&D is a largest source of new idea. To develop
successful new product ideas having a formal and well equipped research and
development department is necessary.

CONTD..
Competitors-
Other underutilized sources of innovation are the leaders of firm and competing organizations. To
be aware of competition attending industry conferences, exhibitions and trade shows is a better
way. Businesses often use these ideas and modifies them to develop new products on their own.
Surveys-
Market surveys indicating or showing viability of sectors and products helps businesses generate
ideas. People can check the market to come up with proper conclusions on industries which are
occupied.
Internal departments-
Internal employees with sales and marketing together make up one of the biggest sources of ideas.
These departments usually experiences greatest balances between customer relations and internal
communication.
Individual strength-
The strengths of an individual can serve a point of idea which can be tuned into carry out business.
Like, a particular capability of assisting clients through consultation that could form a base to start
an enterprise.

P2 Explain the rationale and the market gap for a specific
entrepreneurial idea using relevant tools and techniques.
• A gap is an opportunity in the market where there is a potential to
start something different and create value.
• This can serve the customers in a better way they are already being
served through a product or service which offers consumers benefit
in terms of satisfaction of human needs than the existing ones.
• Green Herbs is a start up business focusing on herbal products for
children of age 5 to 15 years and is planning to launch their products
and services in UK.

CONTD..
• Eliminating the gap of herbal products industry can be
achieved by the introduction of Green Herbs.
• After conducting the researches and feasibility studies on the
industry, rise in need of such products, economic and
environmental condition of the country this business idea
offers a great success.
• It will be a promising innovative thought as there is a lack of
fresh perspectives and no much existing management deals
with the environmental concern and health of children.

REFERENCES
• Al-Debei, M.M. and Avison, D., 2010. Developing a unified
framework of the business model concept. European Journal
of Information Systems, 19(3), pp.359-376.
• Arogundade, B.B., 2011. Entrepreneurship education: An
imperative for sustainable development in Nigeria. Journal of
emerging trends in educational research and policy studies
(JETERAPS), 2(1), pp.26-29.
• Brem, A., 2011. Linking innovation and entrepreneurship–
literature overview and introduction of a process-oriented
framework. International Journal of Entrepreneurship and
Innovation Management, 14(1), pp.6-35.