EVRE5017 Identifying Entrepreneurial Opportunity

Task 1

P1 Determine and evaluate different sources of entrepreneurial ideas and innovation

Entrepreneur is the person who is responsible for making right of path and frame plans to capture the necessary opportunities prevailing within the environment. A person who set up a business or business a taking on the financial risk in the purpose of profit. Entrepreneurship is process of the designing, running and launching of a new business and innovation. Entrepreneurship has been described of the capacity and willingness to develop of the business along with any risk and make of profit, due to high risk in launching of a new start up. So it means in a new start up there is high risk involve. Like lack of funding bad decision of the business lack of market demand- or a combination of all these.

Social Factor: Basically, this factor would mean to have a clear understanding of the social structure of the surrounding in which want to start a business a venture. Social factor can go a long way in encouraging entrepreneurship. In fact it was the highly helpful of the society. Strongly affect the entrepreneurial behaviour and contribute of the entrepreneur growth and social setting among the people grow; shapes there basic believe and value.

Economical Factor: Economic environment is the most direct and immediate influence on entrepreneurship. The economic factors that affect the growth of entrepreneurship are the following- Capital, labour, raw material, market and infrastructure (Krabel, Siegel and Slavtchev, 2012). An entrepreneurship various ideas can be drawn from the economical factors that are available within a country, for example an increase in taxation would be beneficial for some companies and negative for other.

Technological Factor: Technological factors are one of many external factors that can be affect business of the outside and there is integral part of pestle analysis. Technological implementation can lead to creation of lot of opportunities for the people as well as companies. For the purpose of managing these innovative factors of technology. Buymywardrobe is leading fashion resale site. Buymywardrobe is a company which is involved in the online business and the growth of online business is directly related with the implementation of technologies and technological environment that prevails.

Political Factor: Fashion itself is a reflection of political changes and others, it expresses modernity and symbolising the spirit of the times and last sometimes ago luxury industry has been completely focused on profitability and quality. It is quite important that right kind of analysis of political conditions is done, so that it can be estimated that how policies will be turn out in future and thus frame strategies according to the relevant conditions. Buy my wardrobe is a site which is engaged in the business of buying and selling through its websites (Valliere, 2013).

Environment Factor: Environmental properties of a successful business in the fashion industry impact on the entrepreneurship and management performance. Entrepreneurship was significantly related to financial performance risk taking and innovativeness of entrepreneurship. It’s likely the first time in London political history a leader’s outfit choice has inspired delight in popular boutique. They want to build deeper connections, by matching human with similar testes and styles, regardless of their life styles. Buymywardrobe for expanding its market reach over period of time. These are discussed as follows:

Incongruity: It is basically means selling goods and services based on the needs as well as desires of the customers in an effectively and efficiently.

Process Needs: Focus on improving its processes and there product so that the needs as well as demands of individuals can be met in a effective as well as efficient way.

Industry and Market Structure Needs: The fashion industry is one of the most dynamic and thriving industries in the world it combines a most variety of activities, the proper production of products like clothing, shoes and accessories, among others (Tumasjan and Braun, 2012).