Identifying Entrepreneurial Opportunity.doc - Identifying Entrepreneurial Opportunity Table of Contents INTRODUCTION.1 TASK 1.1 P1 Determine and

Identifying Entrepreneurial Opportunity.doc - Identifying...

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Identifying Entrepreneurial Opportunity
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Table of Contents INTRODUCTION ........................................................................................................................... 1 TASK 1 ........................................................................................................................................... 1 P1 Determine and evaluate different sources of entrepreneurial ideas and innovation ............. 1 TASK 2 ............................................................................................................................................ 4 P2 Explain the rationale and the market gap for a specific entrepreneurial idea ........................ 4 TASK 3 ............................................................................................................................................ 8 P3 Presenting data to support gap analysis and evaluation ......................................................... 8 P4 Interpretation of data availed ................................................................................................. 9 TASK 4 ............................................................................................................................................ 9 P5. SWOT analysis to assess the entrepreneurial idea ............................................................... 9 P6 Evaluating competitiveness and market environments ........................................................ 10 CONCLUSION .............................................................................................................................. 11 REFERENCES ............................................................................................................................. 13
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INTRODUCTION In contemporary market, identifying and capitalising on entrepreneur opportunities is considered as of the prominent sector through which company can innovative ideas and creativity. This industry is growing day by day because of individuals are interested in starting their own venture in which they can implement their ideas and tactics in external market in order to earn huge profits (Block and Wagner, 2010). Change in the dynamic market are carried out at a very fast speed due to upcoming technology introduced by young entrepreneur who grab opportunity by understanding the niche demand of customers. Under this assignment company which is preferred I.e. Natural essence which deals in beauty and skin care products and found in 1998 as a exporter, manufacturer of massage cream. This organisation consider as start up which liked by customer very well and earn huge profits from their products. This project discuss about source from which innovative ideas can be evaluated and take rational decision on the basis of external market scanning. Further SWOT analysis discuss which help organisation to know their strength and weaknesses in their ideas. TASK 1 P1 Determine and evaluate different sources of entrepreneurial ideas and innovation. Entrepreneur are those person who takes opportunities to implement its new and innovative ideas in order to implement different business plan it help to generate revenues for organisation (Dimov, 2011). These individuals always tend to implement new and innovative idea in order to enhance the economic growth of any nation. By the implementation of STEEP factor it creates lots of employment opportunities of people of certain nation. Entrepreneur use to take help of various approaches of renowned writer which help them to organise the different structure of organisation. In implementing innovating new idea Peter 7' s sources of innovation play a significant role in establishing organisation. The seven sources of innovation are mentioned below: Social factor: this factor is concerned on to determine that people should be able to understand the values of technology. It is determined that before starting the business the financial condition of entrepreneur should be in good. Brexit there are various changes I laws and regulations from which population that are not aware and leads to be aware about different legislation.
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