Brief
You are a budding entrepreneur working for developing the products and services but get limited outcome because of lack of resources. An organisation venture Virgin money is opened a branch in Oldham and looking to help the budding entrepreneurs in starting their ventures. You have grab the opportunity which lead you to obtain a funding.
Activity 1
The step is to attend the training session conducted by the Virgin Money which provides better understanding of pitching and negotiation procedure. The report demonstrates:
- Explain and determining the various sources of entrepreneurial ideas and innovation. This should be supported by a reasoned judgement on the benefits and drawbacks of approaches that lead to the identification of entrepreneurial ideas. Drucker’s seven sources of systematic innovation should be used to support your argument and specific examples provided.
- Implementing a critical stance and offering a reasoned judgement on a specific entrepreneurial idea (your own product/service) based on investigation of the competitive marketplace. The report provides a reasoned rationale for a specific entrepreneurial idea of how it fills the market gap by using tools and techniques to support your choice.
Activity 2
You are required to make presentation supported by speaker notes. This needs to provide the evaluation of the data by using particular sources and methods in order to provide business objectives and generate market potential. Further this pitch will explain the potential market and generate viability of the entrepreneurial idea.
Activity 3
You are asked to generate a report that will evaluate the same specific entrepreneurial idea in the context of the marketplace and competition. This will lead to you offering a valid conclusion supported by recommendations on managing and sustaining a specific entrepreneurial idea. You will conduct a SWOT analysis and demonstrate your understanding by evaluating the relevant competitive marketplace.
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Pass |
Merit |
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LO1 Explain sources for a new and innovative business idea |
D1 Explain the benefits and drawbacks of different approaches and sources that can lead to the identification of entrepreneurial ideas. |
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P1 Generate different sources of entrepreneurial ideas and innovation providing specific examples. |
M1 Give a detailed evaluation of Drucker’s 7 sources of systematic innovation providing specific examples. |
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LO2 Evaluate the choice of a specific entrepreneurial idea for investigation and the market gap that it addresses |
D2 Explain specific entrepreneurial ideas based on appropriate interpretation and investigation of the competitive marketplace. |
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P2 Discuss the rationale and the market gap for a specific entrepreneurial idea by using tools and techniques to support your choice. |
M2 Provide justification of how a specific entrepreneurial idea fills a market gap using different techniques for gap and competitive analysis. |
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LO3 Implement primary and secondary data to identify market potential |
D3 Analyse specific sources and methods of data to provide justified business objectives and identify market potential. |
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P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial idea. P4Interpret data to provide evidence of market potential. |
M3 Explain the specific sources and methods of data collection chosen and how data relates to identifying market potential. |
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LO4 Explain the entrepreneurial idea in the context of the market and competitors and make an assessment of potential viability. |
D4 Generate conclusions and justified recommendations on how an entrepreneurial idea can be developed, managed and sustained within the competitive marketplace. |
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P5 implement a SWOT framework to collate evidence to support an objective assessment of a specific entrepreneurial idea. P6 Explain the competitive and market environments in which the idea will be launched to assess potential viability. |
M4 Evaluate a specific entrepreneurial idea in the context of the marketplace and competition. |
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Pass |
Merit |
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LO1 Evaluate appropriate research methodologies and approaches as part of the research process |
LO1 & 2 D1 Explainresearch methodologies and processes in application to a business research project to justify chosen research methods and analysis. |
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P1 Generate a research proposal that clearly defines a research question or hypothesis supported by a literature review. P2 Explain relevant research methods and approaches to primary and secondary research. |
M1 Evaluate various research approaches and methodologies and make justifications for the choice of methods selected based on philosophical/ theoretical frameworks. |
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LO2 Conduct research appropriate for a business research project. |
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P3 Conduct primary and secondary research using relevant methods for a business research project that consider costs, access and ethical issues. P4 Implement analytical tools and evaluate research findings and data. |
M2 Evaluate merits, limitations and pitfalls of approaches to data collection and analysis. |
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LO3 Communicate the results of a research project to identified stakeholders. |
D2 Communicate critically analysis of the outcomes and make valid, justified recommendations. |
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P5 Communicate research outcomes in an appropriate manner for the intended audience. |
M3 Coherently and logically communicate outcomes to the intended audience demonstrating how outcomes meet set research objectives. |
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LO4 Provide Reflection on the application of research methodologies and concepts. |
D3 Present the reflection and engagement in the resource process leading to recommended actions for future improvement. |
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P6 Reflect on the effectiveness of research methods applied for meeting the objectives of the business research project. P7 Provide alternative research methodologies and lessons learnt in view of the outcomes. |
M4 Generate a reflection and insight that results in recommended actions for improvements and future research considerations. |
INTRODUCTION
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.
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Task 1
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
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