This sample will let you know about:
- Determination and evaluation of different sources that relates to entrepreneurial ideas
- The rationale and market gap for specific entrepreneurial ideas by using relevant tools
- SWOT framework that is used to collate evidence for supporting objective assessment
Entrepreneurship means to innovate new ideas and thoughts in order to run an enterprise effectively. In business environment, it is important to develop different thoughts and implement them within organisation for the purpose of increasing profitability as well as productivity. If an organisation is running commercial enterprise then it needs to bring different thought and technology which can help to improve enterprises effectively (Al Mamun and Ekpe, 2016). The present report is based upon the identification of entrepreneurial opportunities and for this purpose, the idea of Bibby Arrow is developed. It is a financial services company that is going to provide new financial services that is disruptive services like instant payment by Apple pay that helps customer to get fast and easy payment in less time duration. It is a new company which is having a goal of establishing the business successfully. It is currently operating business in United Kingdom for the purpose of providing financial services at less time. This report covers possible resources for new business idea, specific entrepreneurial idea uses in investigation and market gap, primary and secondary resources to identifying entrepreneurial idea. Moreover, potential viability in context to market gap and competitors is also covered in this report that help to run a business effectively.
Determination and evaluation of different sources that relates to entrepreneurial ideas
In business environment there are many resources which are used to introduce new product and services effectively. Formation of new enterprise help to increase economic growth of country as well as organisation. For instance, Bibby Arrow has decided to use innovative service in their organisation by understanding people's demand that is instant payment will help customers to get funds or loan faster than another organisation. (Devece, Peris-Ortiz and Rueda-Armengot, 2016). The idea of making instant payment will be beneficial for customers as well as organisation as customer will get money in less time and increases organisational performance. This organisation is using “Drucker’s 7 Sources which inspired to innovate new products or services by using new ideas and technology. The seven sources which are as discussed:
Incongruities: This is first step which is used by an entrepreneur by using its skills and ideas to establish a business. Incongruities means to think differently from its competitors and society which can help to improve the organisational productivity. For example, Steve Jobs who thought differently and has created I phone by using new idea and skill set. In context to Bibby Arrow, budding entrepreneur helps organisation by giving ideas of instant payment which will help to improve organisation productivity through adding new customers (About Drucker's 7 sources, 2019).
The Unexpected: This means what a person expect or need to get ready for challenging and successful firm. Unexpected covers failure, success, like, surprised and ECT which need to face by corporation. In this a person which expects to introduce something new then at mean it must be ready for anything (González, Husted and Aigner, 2017). For example, the Bibby Arrow has decided to provide faster payment to required person as they want which will help to increase customer base. There is need to get ready for accepting challenging situation that can help in success and failure of business.
Process need: This sources of Ducker states an idea which is called as process need. This is similar to incongruities where a person needs to think differently than others. This sources helps to find and glitch something in firm and society that entrepreneurs need to innovative way which can help to fix it. For instance, Bibby Arrow noticed that people are not able to get loan and funds in less time due to server down and many formalities that creates disturbance in operations. Therefore, budding entrepreneur suggested this new idea that will help to run an organisation effectively in competitive environment (Guerrero, Urbano and Fayolle, 2016).
Changes in market and business structure: This is forth sources which is related to unexpected that states an owner should expect the unexpected in business industry. Businesses can be out from competitive market in case of not accepting the changes which is related to market and industry. For example, Bibby Arrow needs to think about its competitors and changing market that states organisation should bring changes that can attracts customers. As Bibby Arrow provides training sessions to employees that helps to improve the understanding about pitching and negotiation process. This can help to set a new branch by using new technology effectively by getting support from such organisation.
Demographical changes: This refers as changes in population which affects the productivity and profitability. This involves changes in age, taste, ideas, perspective, income level and business culture which affect business organisation. This sources helps to bring new ideas according to needs of people and assist them to get satisfaction. For instance, Bibby Arrow has analysed that employees are having lack of assistance and financial support which can affect the organisation. Therefore, Bibby Arrow understand the problem of community and provide them training sessions which help to make fast payments.
Changes in perception: This sources are related with a way where people perceive different from others. In competitive environment, there is different thinking of people that can be good and bad. For instance, the manager of Bibby Arrow identifies the market gap by understanding thoughts or perception of community and suggest them effectively which helps to change their negative perception.
New knowledge: This refers as new knowledge in the form of scientific and non-scientific. In business world, there are many new discoveries which is adopted by business concern in order establish and run its innovative business. For example, the Bibby Arrow provide training and evaluation programme to customers which helps to bring new knowledge and technology in order to run and increase business performance. This process helps customers to get instant payment at the time of requirement and fill their needs ef