IEO (1).docx - Identifying Entrepreneurship Opportunities | Table of Contents Introduction.2 LO1 Evaluate possible sources for a new innovation business

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| Identifying Entrepreneurship Opportunities
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Table of ContentsIntroduction......................................................................................................................................2LO1 Evaluate possible sources for a new & innovation business idea...........................................3P1 Determine and evaluate different sources of entrepreneurial ideas and innovation...............3LO2 Explain the choice of a specific entrepreneurial idea for investigation and market gap that itaddresses..........................................................................................................................................5P2 Explain the rationale and the market gap for a specific entrepreneurial idea using relevanttools and techniques to support your choice................................................................................5LO3 Use primary and secondary data to identify market potential.................................................7P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurialidea...............................................................................................................................................7P4 Interpret data appropriately to provide evidence of market potential...................................11LO4 evaluate the entrepreneurial idea in the context of the market and competitors and make anassessment of potential viability....................................................................................................16P5 Apply a SWOT framework to collate evidence to support an objective assessment of aspecific entrepreneurial idea......................................................................................................16P6 Evaluate the competitive and market environments in which the idea will be launched toassess potential viability.............................................................................................................17Conclusion.....................................................................................................................................19References......................................................................................................................................201
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IntroductionThis research has determined and analyzed various business ideas and concepts which areassociated with the entrepreneurship. There has identified different sources from where thebusinesses can be able to gather new ideas. These ideas can be used for the purpose of startingnew business whereas it also requires the proper evaluation of the sources to gather suitableideas. In this research, there also includes the rationale related to the market gap and the toolswhich could have understood and applied for the business like shawarma corner. Shawarmacorner will operate their business operations in UK. This research also provides different ways incollecting the information as well as measuring ideas. It also counts the way to interpret thoseinformation properly. The analysis of SWOT can determine the market and business conditionstowards grabbing higher customer value. Shawarma corner has to consider these elements interms of reaching their goals and objectives. 2
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LO1 Evaluate possible sources for a new & innovation business ideaP1 Determine and evaluate different sources of entrepreneurial ideas andinnovationIn case of starting business, there has analyze the sources so that they can be able to gathereffective ideas. There are various sources from which the entrepreneurs can obtain idea and theseare given below: Figure 1 Sources of ideas (Casson and Buckley, 2010).-Spotting trends:The entrepreneur requires to gather information about the current trends in themarket and society (Casson and Buckley, 2010). He should respond very quickly towardsmaking the changes in the society through using new concepts. Through identifying the currenttrends, the entrepreneurs can be able to spot the gap in providing the products and services. Itwill enable the person to work on the business concepts that a society has desired at present.
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  • Fall '08
  • MahmoodKarim

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