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In modern market, identifying an entrepreneur opportunities is considered as important sector through which company can develop new ideas and creation. This sector is growing day by day because more of persons are much interested in starting their own start-ups in which they can apply their own ideas and plans in external market so that they can earn more profits. Change in the market are fastly adopted by company so that they can adopted new technology which is introduced by young entrepreneur who focused on results by understanding of demand of customer's (Block and Wagner, 2010). Under this case company Natural essence is consider which deals in skin care products and established its business in 1998 as a exporter and manufacture of massage cream. This company is also famous for start ups which is liked by customers due to which they earn high profits from their products. This report is discussed about through which new ideas can be examine so that they take rational decision on the basis of external market scanning. In this SWOT analysis also discuss which help the company to know their strength and weaknesses.
P1 Identification and assessment of various sources of entrepreneurial ideas & innovation
Entrepreneur are those person who can develop their own ideas and implement them in innovative ideas in order to apply different business plan which help in generating profits for organisation. These individuals are always try to apply their own new and innovative ideas in order to increase increase economic growth of nation. With the help of applying STEEP factors it develop lot of employment opportunities for people of nation. Entrepreneur take use of various approaches of experts which help them in developing more structure in organisation. By applying new innovative idea Peter 7's sources of innovation play a important role in establishing organisation (Dimov, 2011). These sources are discussed below:
This factor is important in determining that people are able to understand the value of technology or not. It is necessary to observed while starting a business that financial condition of entrepreneur should be strong.
There are some condition in which entrepreneur can invest huge amount of capital through which they can earn more profits. It includes inflation rates, per capita income, interest rates and GDP rates which show better economic condition of nation. It is correct time for individuals to develop industries of cosmetic products.
Due to implementation of new technology in market it creates lot of assignment writing opportunities for people. In order to cope up with this new technology it is very important for entrepreneur to hire such type of people who are experts. Due to this change company able to produce more cosmetics product which help in increasing productivity of cosmetic products. So entrepreneur can apply new and innovative technology in order to achieve different activities in production of cosmetic products (Ekpe, Mat and Razak, 2010).
While developing an organisation entrepreneur should take proper knowledge of political condition of nation. They should maintain good relationship with political government which help them in supporting new cosmetic plant in different countries. They also get the proper knowledge of various taxes which they implement while establishing of plant.
Entrepreneur should able to follow environmental factors if they want to established plant in different place. For this corrective measures should be taken in advance in order to cope up with problems while performing different function of organisation so that they take proper care in order to not to give negative effects on nature.
Peter F. Drucker give 7 innovative ideas which are stated below in order to manufacture cosmetic products like Natural essence.
It is outside event that take place independent of what the enterprise is working on . The market place is better are which help in find out opportunities. A good manager should constantly study the market.
It is a disconnect between what is and what should be. Foe eg. The steel mills and the creation of mini mills.The demand for steel increased but the economic performance from traditional large steel mills did not. It can be done between reality and assumptions (Foo, 2011).
Organisation always try to implement new and innovative methods in order to perform various function of business. The source of innovation for a process need is an imperfect task or step in an existing process.
Industry and Market Structures:-
Changes in industry and market are the good time to innovate new ideas .For eg. It include cell phones, tablets and even shift from product based business models to service based show a change in structure that offered platforms for innovation.
Sometimes innovation can be based on these factors which is related with age distribution. This help in increasing level of income for company through which innovative changes in organisation can occurred.
Changes in Perception, Meaning and Mood:-
It occurs when one focus on perception not reality of a group which can be in form of society and factors. For example Americans have perception that they were unhealthy and needed to change and this opened up an opportunities in health food, education, exercise facilities etc.
If the knowledge based innovation is used by any entrepreneur it is useful for them to achieve more growth (Heinonen, Hytti and Stenholm, 2011). This help in develop long term knowledge. It is seeing that companies are adopted new and innovative technologies in order to achieve more results. Natural Essence should analysis the condition of market in order to compete with competitors.
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Type of innovation:-
Innovation plays a important role in growth and development of company. Organisation is interested in considering innovative ideas and tools which help in developing organisational performance and productivity. There are many types of innovation which are discussed below:-
This is important element of company which help in increasing growth and success of firm. This involve different effective products which make a product different from various product line.
This plays a major role in introducing new product and service in the market. Innovative process help in accomplishing organisation goals and objective in proper manner.
This involves launching a right product at the right place as to gain attention of more customers.
Schumpeter's source of innovation:-
This is useful theory which which perform various role in increasing spending of business in their operations and functions (Quan, 2012). Applying of innovative ideas and tools is related with financial condition of firm, So it is easy for firm to launch new and innovative product in the market. Innovation in business cycle is related with Schumpeter's source of i