Innovative ideas always brings success and growth in market thus an individual always tried to innovative his/her mind to attain an attention of financial investor. Here are some points that must be consider and address to identify and gain entrepreneurial opportunities:
- Examine various sources of new and innovative business ideas.
- Brief explanation about choosing specific business idea that fills the market gap.
- Evaluate the potentiality of Easybay by collecting primary and secondary data.
- Examine business idea of Easybay by identifying rivals in the market and also evaluate its potential viability.
There are plenty of opportunities that are lying down in the environment in which business operates, but on which opportunity to capitalise on is a task that can be well understood only from the mindset of an entrepreneur. An entrepreneur is a person who observes opportunity within a business environment and arranges necessary resources to capitalise on the same in an effective as well as efficient manner. An entrepreneur performs various duties and function and it is not possible for any individual to become an entrepreneur. The various skills as well as traits that entrepreneurs will posses are leadership skills, team work, co-ordination, Management skills etc. An entrepreneur can help an economy in various ways, like by opening up businesses, giving employment to individuals, contributing to the taxation of the country, raising the overall standard of living of people etc. Easybay is a new start up by an entrepreneur and the company ahead have distinct opportunities as well as difficulties, the current report will have a detailed discussion how it is dealing with the same in an effective manner.
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.
Entrepreneur is the person who is responsible for making right of path and frame plans to capture the necessary opportunities prevailing within the environment (Tumasjan and Braun, 2012). It is thus quite essential that right kind of environment is available for entrepreneurs to make sure that they don't face any problems in implementing those opportunities in an effective as well as efficient way. In order to determine where are opportunities is available, an analysis of STEEP factors can be done, For the purpose of implementing new and innovative ideas the role of peter Drucker's 7's Sources of innovation can be significant, these sources are discussed as follows:
Social Factor: Basically, this factor would mean to have a clear understanding of the social structure of the surroundings in which he or she wants to start a business or a venture. The social mindset of people and any changes within such mindset can have a categorical impact on the opportunities available and thus it is quite essential to execute the same (Messersmith and Wales, 2013).
- Economical Factor: Various ideas can be drawn from the economical factors that are available within a country, for example an increase in taxation would be beneficial for some companies and negative for other. This can lead to more opportunities to capitalise upon. Therefore Easybay do have the opportunity to capture online market in an effective as well as efficient way.
- Technological Factor: Technological implementation can lead to creation of lot of opportunities for the people as well as companies. For the purpose of managing these innovative factors of technology, it is quite important that capable individuals are hired by these entrepreneurs, who would have the knowledge to handle technology and work with it. Easybay is a company which is involved in the online business and the growth of online business is directly related with the implementation of technologies and technological environment that prevails.
- Political Factor: It is quite important that right kind of analysis of political conditions is done, so that it can be estimated that how policies will be turn out in future and thus frame strategies according to the relevant conditions. Easybay is a company which is engaged in the business of selling retail grocery online through its websites. It is thus quite important to know what political decision might affect growth as well as development of business in future.
Environment Factor: Under this, An entrepreneur will have to make sure that right kind of environmental practices are followed. The company shall make sure that its working do not harm environment in any way. It shall also take care that proper ethics related to environment are also followed while discharging their duties (Kim, Lee and Park, 2013).
Peter F. Drucker has laid down the 7 innovative ideas that can be used by Easybay for expanding its market reach over period of time. These are discussed as follows:
- Incongruity: It is basically means producing goods and services based on the needs as well as desires of the customers in an effective as well as efficient way.
- Process Needs: Enterprises shall focus on improving its processes so that the needs as well as demands of individuals can be met in a effective as well as efficient way.
- Industry and Market Structure Needs: The company shall implement effective pricing policies for its products. Company needs to innovate different kind of pricing strategies in order to retain its customers.
- Demographics: The area and region in which company operates also plays a crucial role in deciding the innovative ideas for business.
- Changes is perception, meaning as well as mood: The management of Easybay shall make sure that proper feed back and views from consumers are gained so that profit level of company can be maximised.
- New Knowledge: The company shall make sure that right kind of investment is done in and innovative knowledge, which would ensure that business growth can be achieved.
- Unexpected: Entrepreneur of Easybay shall be ready for any unexpected outcome and planning shall be made accordingly within the business.
Types of Innovation:
Innovation plays a very important role in overall growth as well as development of firm. The different types of innovation can be described as follows:
- Product: This would mean innovation within the product itself. A new feature added to the product or to make a differentiated product from competitors (Yousuf Danish and Lawton Smith, 2012).
- Process: This would mean a new and innovative way to produce a product. A process can be added in the current process structure to produce goods or make service effective.
- Place innovation: This component would mean innovating accurate production at precise point so as to increase aid of customers. The selection of this kind of method is known as place innovation (Sánchez, 2013).
- Incremental Vs. Big Bang Innovation: Easybay can decide on the size of innovation that it wants to make. The innovation can be incremental or big bang. Incremental would mean small innovation within products and big bang can mean a completely new and fresh product or processes.