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Y/508/0540 Identifying Entrepreneurial Opportunities - Natural Essence

University: Regent College London

  • Unit No: 27
  • Level: Undergraduate/College
  • Pages: 16 / Words 3904
  • Paper Type: Assignment
  • Course Code: Y/508/0540
  • Downloads: 50

INTRODUCTION

To carry out a successful business project, an entrepreneur needs to constantly innovate and seek unique and better growth as well as development opportunities which makes the business out of the line. The opportunity term complies with a better condition and favourable chance to coordinate numerous activities in distinct circumstances. In the contemporary market, capitalising and identifying the opportunities of entrepreneurial venture is considered prominent segments by which organisation can creatively and innovative ideas. Alternation in the impulsive market can be derived at rapid speed cause of the advanced technologies framed through young entrepreneurs who understand the opportunities through considering the niche consumer demands (Dees, 2017). This project is developed over Natural Essence that offers skin and beauty care products found in 1998. the company consider a consumer startup through understanding consumers and creating huge revenues from their services. It can lead to innovative idea analyse along with numerous rational decisions on grounds of external market scanning.

TASK 1

P1 Determine and evaluate different sources of entrepreneurial ideas and innovation

An entrepreneur can be termed as the individual who take liability to execute their innovative and new ideas in regard of executing distinct plans of business that can assist in generating their organisational revenues. These people often tend to imply innovative and new plans of business to enlarge their nation's growth. Through executing of STEEP determinants, these assist in carrying out numerous opportunities of employment among individual of specific country. An entrepreneur optimise numerous approaches that can aid in coordinating distinct structure in company. While implementing numerous innovation in ideas, Peter's 7 sources has indispensable role in the formation and introduction of company. Here are elaborated those sources in brief:

  • Social Factor: the components is concerned on setting which individual shall be able to consider the technological value (Davidsson, 2015). It is set that before initiating financial condition of business of entrepreneur must be better. Entrepreneur should be aware about the trends and numerous awareness of legislation implied after legislation should be there.
  • Economical Factor: Compromising and arranging economical sources are essential to carry out the operations. UK has good and stable economical condition able to invest capital . This is associated with GDP rate that presents the nation's better condition. This is appropriate time to execute cosmetic in industry.
  • Technological Factor: Nowadays, distinct technologies execution tend to build more opportunities of business to people globally (Johnson, 2016). Innovative and new ideas associated with technologies are significant for people who are expertise in technological segment.
  • Political Factor: Entrepreneur of company should acquire in-depth information in regard of nation's political condition. UK government is supporting new ventures and cosmetic plants in other countries as well. This is fundamental to acquire taxes that are impose while forming plant.
  • Economical Factor: Entrepreneur must be inculcate with components of environment at certain destination in regard of plan information. Entire corrective measure must be taken in the consideration while performing the organisational functions. This should outlines accurate care to people.

These idea of Peter F. Ducker present 7 creative and better ideas that are managed here in regard of producing cosmetic commodities such as Natural Essence:

  • Incongruity: This is associated with the production gap for appropriate service according to the determined consumer. Hence, production of manufacturing of distinct products production demands incongruity.
  • Process Requirement: Company should execute innovative techniques in regard of coordinating distinct operations of business (Karimi and et. al., 2016).
  • Industry & Market Structure Requirement: Company need to execute numerous changes in the cost and structure of service according to the industry and market demands executing suitable costing strategies.
  • Demographics: Nowadays, in regard of accomplishing the income and financial level, organisation should create some modifications while targetting consumer.
  • Changes in Perception, Significance & Mood: Administration of Natural Essence can be managed through accumulating consumer feedback in regard of considering the consumer benefits level, perception and response.
  • New Knowledge: New knowledge and information in context of business as the organisation need to compete those management of Natural Essence by offering new and unique to disrupt system and deliver better (Karimi and et. al., 2016).
  • Unexpected: This is require to execute some distinct ideas with the business plan while launching enterprise to provide new services to consumer by their innovation.

Distinct Types of Innovation: This is remarkable for organisation to assume innovative ideas and implement those as a business or entrepreneurial opportunities. It is simplistic and polarising perspective which are categorised as the distinct types of innovation that can be persuaded. Here are mentioned basic innovation types:

  • Incremental Innovation: Among other kinds, this is most common as its utilisation is done in existing technologies to increase consumer value within the market. Nearby each business adopt this methods of innovation in direct or indirect form.
  • Disruptive Innovation: This include implementation of new processes and technologies to current business market. It is often more expensive and lead to new technology, feature of planning of enterprise.
  • Architectural Innovation: In simple term, it refer to the overall skills and technologies and their execution in numerous market. It is an amazing innovation that tend to growth new consumer as far as new trade is receptive.
  • Radical Innovation: Often the market is considered as the innovation which include modification as the technological evolution. This provide a new and unique form of the basic process to derive the transformation of market (Kohlbacher, Herstatt and Levsen, 2015).

Hence, there are numerous methods and distinct techniques or technologies which lead to the innovation. Natural Essence is adopting incremental innovation as the cosmetic products include the touch and essence of Ayurveda, an Indian medical form to resolve and cure the issues. This rely over the type of ideas and business design whether the company is transforming idea in market and creating new innovation opportunities. But, innovation misconception is associated with the concept of invention for which here are mentioned the major distinction between them:

Comparison among Innovation and Invention:

Innovation

Invention

It is considered as new thought, idea, process and concept discovery, introduced for the very first time within the market. This derive evolution and development of humans or industry in to better disrupting new concept which was uncounted.

Innovation can be defined as the concept, process, idea or product which is modified and managed according to the market demands and requirements of companies. This assist in creating existing commodities value for the organisation supporting them in their sustainability.

TASK 2

P2 Explain the rationale and the market gap for a specific entrepreneurial idea

Business companies are transforming their business which is evident nowadays to numerous changes taking places in the business environment. After Brexit, various modification take place in nation cause of acts and laws, Natural Essence is operating business to deliver new skin item that is entirely natural or organic through producing in Ayurveda methods (Kirzner, 2015). This uniqueness of products can assist in attracting consumer and help in obtaining market share. Service is agreeable through every individual due to its application in the skin type etc.

Numerous item features is determined, individual age group will utilise due to their addition of natural, organic and Ayurveda. Here are discussed some of the claimed ideas mentioned as below:

  • Example for Whole: New commodity will gain clients attention easily along with competitor which needed to be distinctive, creative and unique from present substitute or goods. In regard of products and profit improvisation, enterprise manufacture innovative commodities that can be produced through executing natural ingredients.'
  • Creative Profit for Whole: This should be able to deliver benefits to lead individual advantages like generating maximum employment. Along with it, this can help in contributing whole nation's GDP (Koryak and et. al., 2015).

Here is discussed the basic benefits and features of tangible and intangible commodity:

Tangible

Intangible

These refer to visibly available products which can be presented through clients and purchase. This significance of this products is, this provide clients opportunity to opt or consumer its services.

These can be termed as invisible features that can not be touched or seen by provide convenience to the services. It include product services only.

Porters five model on Natural Essence

Industry competitors:Competitors will be high when, there are various organisation of same nature that are specifically present in the market place and also providing type effective goods or services to their customers. For taking advantages to their competitors, it is required for company manager is to use promotional methods, current items, pricing strategies and some others (Mueller and Shepherd, 2016). The natural essence are facing various types of issues and problems that includes high investment, exit risk factors, product differentiations, etc. Currently, the major challenger of company is “Lavender industry group”.

Threat of Substitute products: There are various rivals of organisation in the market, therefore the substitute goods can be easily available in proper manner. Along with this, if the customer does not satisfied with sufficient funds then this will try to determine modification of expensive products in proper manner.

Bargaining power of suppliers: They will cater mainly impact on production procedure of firm. They can supply crude material and there are certain required products relates to fire, they will making high standards goods and services for their desired customers.

Bargaining power of buyers:Along with this, they will mainly concentrate on down value and demand for quality based goods and they will reducing profits of association. There are large number of customers which providing directly impact on value of products or services in direct manner (Mathias and Williams, 2017).

Threat of new entrance:There are certain issues and barriers which are related to such are as follows:

  • Firm need adequate funds, therefore it will capable for managing their production as well as business activities in better manner.
  • Differentiation of goods, loyalty of customers and their satisfaction level.
  • The economic scale will push some people for start same type of business.
  • Different rules, regulations and norms of authorities will became obstacles for new entry
  • If an individual open an enterprise then they have to usage various promotional methods or techniques in market place.
  • TASK 3

P3 Presenting data to support gap analysis and evaluation

Business operate in the society and entrepreneur are responsible for undertaking numerous social elements. There are various factors which influence the individual's perception and their actual demands (Renko and et. al., 2015). This is fundamental which entrepreneur has to evaluate those components and need to try to avoid negative influences. There are various rivals organisation of Natural essence that should be outlines and developed terms and policies accordingly. As the cosmetic industry scope is wide, organisation are entering into the market. Here are presented the data of Natural Essence mentioned beneath:

Basis

Company

Competitive firm

Competition in market

The organisation has lower prices of product relative to other competitor firms that proves more advantageous for growth of company. Cost of this products is $600.

Competitive company are delivering prominent substitutes of this service in 5% more cost relatively. Hence, consumer will prefer t more quality and less cost product despite of higher priced services.

New entrances in industry

Organisation trade services at affordable rates as this has numerous outlets for consumer ease. They determine approximate 2% discount for loyal consumer of organisation.

According to the new market entrants, the prices are $1000 which is more in comparison of Natural essence.

Power of supplier

Supplier cost to deliver service properly are less costly in comparison to other firm's.

Competitive companies supplier are charging higher commission cost i.e. $2500 which is higher relatively leading to loss in revenues.

Power of customer

Company are aiming to consumer and focusing over their satisfaction hence it can lead to more satiate buyer for enterprise (Ramoglou and Tsang, 2016).

Other organisations are focusing over maximising revenues in comparison to consumer satisfaction which can lead to lack of services and products.

Threat of substitute

Substitutes are providing less quality products in more rates in comparison to the company which include the essence of Ayurveda, famous healing and relaxing techniques globally.

Competitive enterprises are charging more cots of the product with more chemical and different treatment methods i.e. less natural.

A proper questionnaire is prepared in regard of accumulating response of distinct respondents in relation to provide consumer proper satisfaction after opting new services or products:


Questionnaire

Name:

Email:

Contact No.:

No. of Respondents: 60

Q.1 Is Natural Essence producing more effective cosmetic Ayurveda products?

Yes 45

No 15

Q.2 Are you satiate with the standard outcome of products of Natural Essence?

Yes 35

No 20

Can’t say 5

Q3 What are the key attracting Natural Essence features?

Outcomes 15

Prices 25

Suitability 20

Q.4 Dose cost charged for commodities of Natural Essence are unaffordable or high?

(a) High

25

(b) Low

20

(c) Moderate

15

Graphical Presentation

1.

2.

3.

4.

P4 Interpretation of data availed

Here are discussed the analysis and interpretation of availed data by the enterprise:

  • Due to extensive competition in market, the organisation need to understand the demands of buyer or targetted consumer to provide competitive position. The deliver service at $800 i.e. less in relation to other firms.
  • Natural Essence is offering their consumer discount and consumer loyalty. Company can provide more offer such as buy one get one, 20% off for initial consumer etc. that can lead to growth and development.
  • Customer is fundamental for business which can develop their organisation through delivering suitable services which can assist firm to build better recognition within the market. Firm should be able to provide innovative and creative thoughts, schemes and methods of trading to form their business in UK market.
  • Switching from modern technologies to adoption of natural and Indian methods in cosmetic creams production can lead to numerous issues. This is fundamental for organisation to make certain proper analysis and proper evolution of companies as well.

Hence, this can be interpreted that organisation are delivered numerous data and distinct information which are directing the company in new and unique direction. Forming new concept and introducing new venture is complex procedure which have to face failure and resistance as well. But by opting proper marketing data and other tactics, company can meet their standard outcomes efficiently. Here is presented interpretation of accumulated data which is presented opting numerous distinct central tendency:

Interpretation of the above collected data is given below using different central tendency:

1.

Total

60

Mean

30

Median

30

Mode

0

Interpretation: According to the presented data, this can be portrayed that an median consumer consider the new commodity better for cosmetic industry that presents that higher growth and increment chances are there. On the other hand, 30 shows that partially responders are in product's favour.

2.

Total

60

Mean

12.5

Median

12.5

Mode

0

Interpretation: Mean is related 12.5 that presents that main responders are stiate with brand outcome and median are equalise.

3.

Total

60

Mean

22.5

Median

22.5

Mode

15

Interpretation: According to the observation, there has high value mean presenting distinct respondents who are satiate with numerous aspects mentioned presenting organisation can develop in the long business duration.

4.

Total

60

Mean

17.5

Median

17.5

Mode

10

Interpretation: Accumulated statics is 10 that presents that more responders are having numerous products perspective. Henceforth, mean value present that cost are agreed in trade to huge extent.

TASK 4

P5 SWOT analysis to assess the entrepreneurial idea

Organisation will use SWOT evaluation to review their weaknesses and strengths. With this, it can assist enterprise to review threats and opportunities to lead and evolve in market effectively (Suddaby, Bruton and Si, 2015).

Strengths

Weaknesses

Organisation is opting advanced methods and techniques that can help them in capturing numerous individual attention in relation to other firms. They can alter their products according to target demands. Also, quality and efficiency can be improved through the help of this.

Commodity cost are higher which can influence production and sales. Some commodities like soaps and creams etc. can make affordable through people, mainly of middle class.

Opportunities

Threats

To emphasise sales this is require to trade commodities online, This can enables them in consumer revenues and increment base along with managing rival benefits.

Various companies who are delivering entry into numerous segments that can impact their market shares and benefits.

P6 Evaluating competitiveness and market environments

It is fundamental for entrepreneur to review market to employ suitable strategies and carry out business operation. This assist in identifying demands of consumer, compete rivals in order to frame strategies and policies. In regard of Natural Essence, organic Ayurveda cosmetic launch by Natural Essence, hence, this is essential examine the market:

  • Competitive Market: This is fundamental for organisation to understand competitor in order to evolve client commodities accordingly. Numerous item types are accessible in market such as eternal skincare etc. To provide unique product and create better recognition, rival study is fundamental which is mentioned here:
  • Substitute Products: In competitive market, several usage will be accessible. Henceforth, company demand to create benefits, numerous promotional, pricing and other methods are adopted (Suddaby, Bruton and Si, 2015).
  • Target Audience: organisation is aiming over female and healthy skin conscious consumer.
  • Demand: Organic commodity need are more high due to less side effect. Hence, people will conveniently attracted in regard of this, as outcome product demand will be more high at market.
  • Market Environment: It will categorise into two key elements mentioned under:
  • Macro environment: It consist of PESTLE evaluation and its components of Natural Essence to evaluate the extrinsic environment of market. If cost are high, it ca deliver influence to individual in relation to their buying behaviour.
  • Micro Environment: This consist of internal components affecting attitude, staff, value, culture etc. It is essential to deliver proper training to gain development and other success in organisation efficiently.

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CONCLUSION

This can be affirmed from the discussed report that to carry out a successful business project, an entrepreneur needs to constantly innovate and seek unique and better growth as well as development opportunities which makes the business out of the line. While implementing numerous innovations in ideas, Peter's 7 sources have an indispensable role in the formation and introduction of the company. The idea of Peter F. Ducker presents 7 creative and better ideas. This uniqueness of products can assist in attracting consumers and help in obtaining market share. There are various rivals organisations of Natural essence that should be outlined and developed terms and policies accordingly. Organisations will use SWOT evaluation to review their weaknesses and strengths.

REFERENCES

  • Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-conceptualization. Journal of Business Venturing. 30(5). pp.674-695.
  • Johnson, G., 2016. Exploring strategy: text and cases. Pearson Education.
  • Karimi, S. and et. al., 2016. The Impact of entrepreneurship education: A study of Iranian students' entrepreneurial intentions and opportunity identification. Journal of Small Business Management. 54(1). pp.187-209.
  • Karimi, S. and et. al., 2016. Fostering students’ competence in identifying business opportunities in entrepreneurship education. Innovations in education and teaching international. 53(2). pp.215-229.

You may also like to read: Y/508/0487 Roles and Responsibilities of HR

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