Question :
This unit state that as a graduate you are seeking to startup your own business you have several ideas but only one can be presented to a financial investor for getting required funding.
- Determine different sources of a new idea and innovative business ideas
- Provide an explanation on choosing a specific business idea that is addressing a particular market gap.
- Analyse the market potential of Dekike and Medison by using primary and secondary data.
- Investigate the business idea of Dekike and Medison by considering its competitors in the market and assess its potential viability.
Answer :
INTRODUCTION
In a business environment there are vast number of opportunities get reflected. Thus, for an innovator it is really essential to determine all related aspects and translate or convert such idea into opportunity better. An entrepreneur is such individual whom convert their business idea properly and gain all related opportunities of define market world properly. This project is based on translating an opportunity into business idea properly so that supportive sustainability could be promoted. This project will going to include about different sources of entrepreneurial ideas and innovation with appropriate determination of market gap. This aspect will get supported by through appropriate data interpretation so that market potential get describe in define manner. It will also going to organise SWOT framework so that appropriate assessment of objective idea could get done in better and define manner so that idea get implemented with potential viability. Thus, the selected idea for this project will be a restaurant as food industry determining as one of a most profit generating industry in the world.
TASK 1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation
There are different sources which can gives an entrepreneurial thoughts in light of the fact that there is dependably a need that expected to roll out a few improvements. In scholarly dialect, these thoughts that has just begun a business requires some development and that advancement can be uncovered by the client's overview and meetings. While in genuine the thoughts is of a business is produced determine through perception and the possibility that can has some efficient incentive to the general population and business visionary. These wellsprings of thoughts can be as depicted as take after -
Users– As in each business the client is a prime individual who ought to be fulfilled from the item because if the end client is fulfilled than then they will likewise raise the deals. That is the reason they are most productive wellspring of thoughts with regards to open Dekike and Medison the clients are the need for this. Since there was many individuals who are looking for some changed sort of flavours that is the reason the bistro is putting forth sustenance from past the limits (Dimov, 2011)..
Rivalries– Competition is additionally a factor which expands deals on the grounds that there are such a significant number of existing eateries which are putting forth the comparative kinds of restaurant however Dekike and Medison will dispatch with some stifle things that can drastically drive the deals.
Looking upon on each and every attribute properly – While one is going to open an eatery they ought to watch others what they have done before in light of the fact that the slip-ups they had made, that can be maintain a strategic distance from to happen and put a business in entanglements. Display prerequisites and future desires help to grow a business (Ekpe, Mat and Razak, 2010). Dekike and Medison have to look upon on each and every attribute of present, past and future properly so that they could compete at define world better as well as strategies could become possible to craft in determined source of consideration.
Macro environment factors:
Following are certain number of macro aspects which made vast impact on business and its working which need to assess and determine in a definite frame of course.-
Legal framework – Legal factor is the most vital criteria to be taken after. Since getting a permit for Gourmand and Globetrotter is pivotal before beginning the administration if permit isn't affirmed by the UK Government then the business will be illicit and the business visionary is additionally at risk to pay the punishment. So it is basic to take after the lawful structure for the business.
You can aslo read: Strategic Development by Virgin Group
Social elements – Social components are those which establishes a connection on the general public and business both. Since individuals are lives in a general public so there a few religions and they has a few decides that they must be taken after. Along these lines, business ought to have a few morals that does not damage client feeling. For instance, in eatery the items crude material ought to accord to their conviction and there must not be any sort of item which can hurt anybody. Another parts of social factor is informal, if a business has a decent picture then that will pull in more customers (Foo, 2011).
Technological component – Technology is some assistance for business because it makes such huge numbers of things open inside a touch. Putting a business on web brings various clients and furthermore makes a generosity.
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