2141 Identifying Business Opportunities Venture 1: Idea Generation Formal Report

ASSIGNMENT TASK:

As an individual entering into the business world, you are tasked with identifying a business opportunity in a market of your choice within the United Kingdom. You will provide context on the trends (past; present and future), the competitors within this market, and the target market for which you wish to offer a solution.

TASK GUIDANCE:

1). Introduction

This should clearly show how you intend to address the question in the assignment. You should try and put the subject in context, so the reader knows how you intend to tackle the topic. You want to try to interest the reader so try to outline the main areas you will focus on or set the scene so that they want to read on.  

2). Idea generation techniques available to entrepreneurs

An identification of the different types of idea-generation techniques that are available to entrepreneurs when identifying and developing a business opportunity, challenge, or gap. There should be a minimum of three techniques explored within this section. 

3). Identification of three potential business opportunities, challenges, or gaps.

An identification of three problems, opportunities, or gaps within the market. This should focus on a painful problem or a burning opportunity that individuals can relate to. This should focus on he same market to give an ample understanding of the different types of problems, opportunities, or gaps within this space. 

4). Analysis of one of the business opportunities

Choose one of the problems, opportunities, or gaps which has been identified in the previous section. This should be contextualized with an analysis of: - market trends (past; present; and future); the competitors; and the target market for which you want to offer the solution. 

5). Impact of entrepreneur on opportunity identification

An identification of the mindset and characteristics of an entrepreneur when identifying an opportunity, challenge, or gap in the market. There should also be an understanding of how this impacts an entrepreneur's opportunity recognition. 

6). Conclusion

This is a shorter version of the longer piece of writing. The conclusion captures all the most significant parts of the original text but expresses them in a shorter space. It is not enough to copy out specific parts of the original text, they should be formulated into your works to emphasize their importance. 

SKILLS OUTCOMES:

Vocabulary knowledge

• Can use vocabulary accurately and appropriately

• Can use some subject-specific language and terminology accurately 

Use of sources

• Can make some use of sources  

• Can use reading lists to find key materials for assignments 

• Can describe ideas from key texts in both written and spoken assignments  

• Can use sources, but tends towards using sources to make rather than support points – ideas not really integrated  

• Can quote effectively following UCB standards

can use some paraphrasing, but with mixed success 

LEARNING OUTCOMES:

1. To examine the concept of opportunity identification and recognition
2. To appraise the mindset and characteristics of the entrepreneur in opportunity recognition
3. To investigate the creativity techniques available to generate business ideas