Identify a business opportunity in UK - 1500 REPORT

Individually identify a business opportunity would be suitable for a new start up business.  Identify the business opportunity  Identify why it would be a good opportunity for an entrepreneur starting a new business  Explain the market which would be addressed  Conduct secondary research to investigate the validity of the proposal and any competitors  Consider the problems which could arise in developing the concept  Reflect on the process you went through finding and developing an idea – consider the creative process involved 1. To identify a new opportunity the first stage is to analyse the various markets you are familiar with. The majority of innovative business ideas are based on existing ideas, products or services with some improvements to add value to customers You have to do some research on current markets You should look for areas of growth in the economy Look for businesses that are successful and find out if you can offer an improved product or service You may identify a product which has limited online provision You can also look into changes taking place in customer tastes and preferences 2. Discuss why you consider the idea to be good for an entrepreneur. What will be the benefits, Growth potentials, long term benefits etc. 3. Describe the market your project intends to target. Discuss the size, age groups, social backgrounds, cultural and religious backgrounds, size of the market, growth potentials, 4. Assess the validity of your project in terms of resources, market demand, competitive advantage, industry life cycle, Porters five forces, PESTLE, the skills and competences that an entrepreneur requires. 5. Identify the problems that are likely to occur and how you will tackle them 6. Provide a reflection on the process you went through to identify the innovative idea and the development of the report