Unit 7 identifying entrepreneur opportunities is a significant element of the edge and the curriculum of the business according to Pearson set. This unit is designed to equip students with the recognition skills and potential of evaluation for the business ideas. This unit focuses on the character of the entrepreneur in opportunities assessment, personal potentials and challenges to transform the idea into a viable venture. The students will also get the introduction of the new venture ideas sources that make them able to identify the way through which creativity and innovation drive the success at the entrepreneurial level. By recognising all these concepts, the learner will generate the creative potential and acquire the ability to critically analyse regarding the business feasibility ideas in the competitive market.

This unit also emphasizes the practical methodology and the Framework for the assessment and development of venture ideas. The students acquired the definition of unique advantages of the service, identification of the competitors and industries and target customers from the new entrant perspective. This phenomenon includes the recognition of customer requirements, market dynamics and competitive position. By identifying all these tools, learners may automatically identify the new ideas and potentials by certifying that they are commercially innovative and viable. This approach is structured to minimise the gap between practical planning of business and creativity.

This unit also focuses on the significance of market research with validation of entrepreneurial opportunities. Students learn about the use of secondary and primary Techniques of research for greater collection regarding the proposed ventures. This research assists them to evaluate the success likelihood for the social and business enterprise idea. By combining theoretical knowledge with practical applications, students will increase the skills and confidence required to pursue, evaluate and identify the opportunities of entrepreneurship efficiently and prepare them for the challenges of real-world business.

Unit Aims

Get the idea of the unit 27 identifying entrepreneurial opportunities by reading the main objectives of it according to Pearson set in the Business HND.

• To equip individuals with the potential to identify, capitalise and recognise the opportunities of business with recognition of creativity, market dynamics and understanding.
• To provide the critical thinking and creativity for evaluating and generating the ideas with new ventures, utilising the structured methodologies and framework.
• To define the service or product benefits, evaluation of target customers and competitors identification, and the trends of the industry for the innovative entrants perspective.
• To utilise the secondary and primary research methods for entrepreneurial ideas validation and check out the commercial viability for social or business Enterprises.

Learning Outcomes

The main learning outcomes of unit 27, identifying entrepreneurial opportunities, are demonstrated with the core sims of business, such as:

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

• Business ideas sources:
• Macro or external environmental sources for adaptation, which generate the opportunity. (7 innovation sources by Drucker, STEEP factors)
• The character of the entrepreneur in increasing the opportunities, personal competence and Threads to translate the business ideas opportunity.
• Knowledge and factors of personal situation
• Categories of innovation
• The innovation scope, particularly in terms of the small organisations
• The versatile categories of innovation: process and product innovation; incremental vs Big Bang; innovation source by Schumpter.
• Variation between innovation and invention with the creativity role.
• Identify the variation between a service or product business idea and an idea.
• Location, innovation and cluster character in providing innovation among the small businesses.
• Identifying creativity:
• Practice and understand the creativity technique, optimisation to idea generation.

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

• Customer’s identification:
• Recognising the requirements to evaluate the particular categories of customers for targeting innovative ideas
• Demographic, behavioural, and geographic segmentation
• Intangible and tangible benefits and features of service or product
• Recognising the requirements of the industry environment
• The way in which the industry environment influences the success of a new person.
• Identify the 5 forces model by Porter to identify the industry at the new entrant perspective.
• Competitor analysis approach in terms of the small poems and entrepreneurs
• Life cycle of the industry

LO3: Use primary and secondary data to identify market potential.

• Research of the market:
• Secondary and primary techniques of research for new business ideas investigation.
• Undertaker, plan and identify the requirements of market research.
• The optimisation of innovative technology is for analysis and audience research: utilise the big data to identify the trends of the market, social media and the internet forums to check out the market evaluation and responses.
• Analysis of gap:
• Gap analysis to identify the in-market gap and the Groups of target customers.

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

• Evaluation methods:
• The idea of the valuation utilising the SWOT emphasizes the evidence from the market, the macro-environment and the analysis of the competitor.
• Objective assessment of the idea to judge whether it is a business with viability or a proposition of social enterprise.

Assessment Criteria

Here are the assessment criteria of unit 27 identifying entrepreneurial opportunities connected to the learning outcomes like:

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

• 1.1 Determine and evaluate different sources of entrepreneurial ideas and innovation providing specific examples.
• 1.2 Provide a detailed evaluation of Drucker’s 7 sources of systematic innovation providing specific examples.
• 1.3 Critically evaluate the benefits and drawbacks of different approaches and sources that can lead to the identification of entrepreneurial ideas.

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

• 2.1 Explain the rationale and the market gap for a specific entrepreneurial idea using relevant tools and techniques to support your choice.
• 2.2 Provide justification of how a specific entrepreneurial idea fills a market gap using different techniques for gap and competitive analysis.
• 2.3 Critically evaluate a specific entrepreneurial idea based on appropriate interpretation and investigation of the competitive marketplace.

LO3: Use primary and secondary data to identify market potential.

• 3.1 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial idea.
• 3.2 Interpret data appropriately to provide evidence of market potential.
• 3.3 Justify specific sources and methods of data collection chosen and how data relates to identifying market potential.
• 3.4 Analyse appropriate specific sources and methods of data to provide justified business objectives and identify market potential.

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

• 4.1 Apply a SWOT framework to collate evidence to support an objective assessment of a specific entrepreneurial idea.
• 4.2 Evaluate the competitive market place in which the idea will be launched to assess potential viability.
• 4.3 Critically evaluate a specific entrepreneurial idea in the context of the marketplace and competition.
• 4.4 Formulate valid conclusions and justified recommendations on how a specific entrepreneurial idea can be developed, managed and sustained within the competitive marketplace.

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