Unit 27: Identifying Entrepreneurial Opportunities Assignment Sample-BTEC-HND-Level 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

The unit provides students with an understanding of the steps involved in creating a business, why businesses are often founded by entrepreneurs, and what that means for the entrepreneur. It also helps students understand the personal capacity of a founder, as well as how new business ideas come to be.

The purpose of this program is to explore creativity and innovation through the lens of business. We will learn about concepts like innovation, creativity, and how to make decisions during a venture experience. This will be a great opportunity for students to develop their creative abilities while also exploring the potential for success.

Assignment Solutions Of Unit 27: Identifying Entrepreneurial Opportunities-BTEC-HND-Level 5

Entrepreneurs believe that uncertain, challenging times are essential for future growth and development. The leader of an entrepreneurial group is someone who seeks out these difficult opportunities – he is a natural-born visionary, unmuddied by the maze of political work behind their success.

Exploring the ideas behind the business and how people become entrepreneurs offers students an invaluable window into the interesting world of today’s business environment. Entrepreneurs are our greatest innovators and change-makers, offering opportunities for collaboration, competition, and advancement for their company and its employees.

Learning Outcomes:

By the end of this unit, a student will be able to:

LO1: Evaluate possible sources for a new and innovative business idea

There are many sources of inspiration for new and innovative business ideas. Some people get their ideas from solving problems they encounter in their daily lives, while others find inspiration in their hobbies or interests. Still, others get their ideas from watching trends and observing what is happening in the world around them.

If you are struggling to come up with a new and innovative business idea, it may help to brainstorm with others, read business magazines or books, or search the internet for inspiration. Once you have a few ideas, it is important to evaluate them carefully to see if they are feasible and likely to be successful. This evaluation process should include conducting market research, assessing your competition, and creating a detailed business plan. With a well-thought-out plan and a bit of hard work, your new and innovative business idea can become a reality.

LO2: Explain the choice of a specific entrepreneurial idea for investigation and the market gap that it addresses.

Foremost, the entrepreneur should identify the market gap and address it with an ideal idea. Next, he or she should conduct a feasibility analysis to understand whether or not there is enough market need for their product at this time. Finally, they must create a business plan outlining what their costs are and how much revenue they expect to make in order to determine whether or not it would be profitable.

If an entrepreneur’s return on investment does not exceed his/her initial cost of starting up (or out-of-pocket expenses) then he/she should consider other opportunities before continuing with their current project – these are good indicators that there are better opportunities elsewhere and that this market gap was just too wide. Better to put the idea into writing and allow others to benefit from the business plan or use that same idea for a different market.

The biggest barrier to entrepreneurial success is not having enough capital. Entrepreneurs need to be able to get past these barriers (even if it means taking out loans) – it’s good practice.

LO3: Use primary and secondary data to identify market potential

Primary data is the information gathered directly from people about their experience with a product. In this case, it would be coming from the company that designed and created the product. The secondary data would come from third-party sources such as government websites or scholarly journals that track trends in consumer behavior, demographic shifts, and economic changes to get an idea of how much demand is likely to grow in a certain region or season.

The information below should not be considered conclusive evidence for market potential but provides some basic support for strong growth rates:

1. Nationally, sales more than tripled between 2002 and 2007 on the strength of Oprah Winfrey’s endorsement.
2. A study done by Labdoor indicated that “1% of 10,000 respondents between the ages of 18 and 25 reported drinking energy shots daily”.
3. A study by Global Industry Analysts indicates that “energy shot sales grew at a rate of 234% in 2008.”

LO4: Evaluate the entrepreneurial idea in the context of the market and competitors and make an assessment of potential viability.

The idea is creative, though it may have some difficulties in the marketplace. The assessment of potential viability needs to take into account the following points:

• There are no current competitors that offer this product.
• A retail outlet would have trouble selling a product without comparable scores among various review sites.
• Other products exist for sale that is similar to this one, but with oversized prices and higher shipping costs than this enterprising produce.
• Finally, reviews also generally condemn inconsistency in their products (less than 12 ounces) while praising consistency from other providers (more than 12 ounces).

From what we can see thus far, the viability of producing and selling an organic health drink is questionable at best due to these obstacles inherent in the free market.

However, despite these challenges plaguing this possible venture, we do see past success stories among other products like it such as Odwalla and Ginsana that have been introduced into today’s market.

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