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Unit 5 Identifying Entrepreneurial Opportunities Level 4

Answer :

Introduction

Entrepreneurs used to grab an idea through his virtue and talent which gives many opportunities to open a new business. Before implementation of ideas they are required to firstly identify such opportunities using tools like marketing gap and competition analysis which is a most complex procedure (Kohlbacher, Herstatt and Levsen, 2015). Along with this, they use Porter's Five forces model, SWOT and PESTEL techniques as prominent tool for analysing competition at marketplace. With this assistance, following report is based upon a new start-up business by turning a new idea into it and named by Let's Chat. This new enterprise is a start-up of retail business of mobile phones which offers different plans for customers who are buying electronic products. Therefore, this file reveals from where entrepreneurs gets idea and they turn it into business.   

Task 1

P1 Evaluate various types of entrepreneurial ideas and innovations

A graduate person is going to start a new business outlet for which he has grabbed several ideas like if a customer has bought new phone then he will get 6 months talk time free along with 3 months internet services. Along with this, if consumers want to purchase its products on EMIs then they will get the same service but for 2 months validation only. These ideas can help in acquiring customer's mind in a profitable way (Mathias and Williams, 2017). Along with this, for getting success in such manner they are required to check feasibility of each idea. This can be done by conducting macro analysis like PEST factors and Peter F. Drucker's 7 factor of innovation. Furthermore, there are various sources which inspire entrepreneurs to develop business idea. Therefore, to open an outlet named by Let's Chat, business planners need to analyse sources and factors which impact on their ideas. It includes some external environmental factors as stated below:

            Social Factor: It reveals financial conditions of society like how uch they can pay for particular commodities. In today's global world people become Eco-friendly also which shows that feasibility of android application is much good. Reason behind this is that android makes them aware about there changes in laws and legislations as well as provides various information.

            Economical Factor: Economy of UK currently looks quite good and stable. This shows that per capita income as well as GDP growth rate are also good (Mueller and Shepherd,  2016). Therefore, for turning an idea into business, entrepreneurs get finance easily and on easy terms or conditions.

            Technological Factors: Due to technological advancement, changes in mobile applications are running at fast rate. This would provide several opportunities for technical sectors to launch their business in a profitable manner. In mobile world of technology, daily new applications and features are invented by various mobile companies through which they assist customers to buy their products on any cost. This factor gives innovative ideas to open a new retail business of mobile phones.

            Political Factor: In telecom section, due to rapid changes in technologies people used to switch their mobile phones by new ones in order to get something better. Life of people is surrounded by Wi-Fi and internet, therefore, they always wish to acknowledge this feature as their basic rights from government (Ramoglou and Tsang, 2016). These features are required on day-to-day operations in all field like in education sector, career development, official work and more. But due to political impact of regulatory bodies many changes are occurred in prices of such services like tax policies and legal rules. This process impacts on prices of commodities of telecom services, therefore, it is good for generating an idea into business of service provider. 

Therefore, from this macro analysis, it is clear that idea of retailing mobile phones is a feasible plan. Furthermore, another analysis which is based on Peter F. Drucker's innovation factors are stated as below which consists 7 sources of ideas:-

            Incongruity: Since every organisation wants to deal products in an ideal manner therefore, incongruity shows gap between before turning an opportunity into business idea to after its implementation. Thus, business planner can analyse effectiveness of idea in a proper manner.

            Process Need: It helps in identification of innovation's need in business model  for accomplishment of goals and objectives. Like in context of retailing mobile phones, if sales performance is running down then it suggests company to hire more persons in marketing department so that this process becomes faster (Suddaby, Bruton and Si, 2015).

            Industry & Market Structure Needs: Market structure impact on every business in such a manner like it creates many opportunities as well as threats to them. Therefore, before launching business needs to analyse market structure which shows the interconnected characteristics. It includes strengths of buyers and sellers along with forms of competition, product differentiation and the way of easy of entry as well as exit from market.

            Demographics: In order to start-up a new business, a person needs to consider demographic changes also which includes alteration in population, level of income, capital etc.  Like if economy of a nation is growing at fast rate then income level of citizens also grow which  impacts on purchasing power of them (Renko and et. al., 2015.). In context with mobile phones, people having good income can avail such products easily.&n

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