Entrepreneurial Opportunity Identification and Analysis

This assignment requires students to analyze the entrepreneurial opportunities in the fast food industry in London, using a SWOT analysis framework to identify strengths, weaknesses, opportunities, and threats. The study also discusses the importance of entrepreneurial cognition, orientation, and capability in the creative industries. It is expected that students will critically evaluate existing research on entrepreneurship and apply it to a real-world case study.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITY

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P.1. Determine and evaluate different source of entrepreneurial ideas and innovation .............3
TASK 2............................................................................................................................................4
P.2.Explain the rational and the market gap for specific entrepreneurial idea using relevant
tools and techniques to support your choice...............................................................................4
TASK 3............................................................................................................................................5
P.3. Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea..............................................................................................................................................5
P.4.Interpret data appropriately to provide evidence of market potential...................................6
TASK 4............................................................................................................................................7
P.5. Apply a SWOT framework to collate evidence to support an objectives' assessment of a
specific entrepreneurial idea.......................................................................................................7
P.6. Evaluate competitive and market environments in which the idea be launched to assess
potential viability........................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Numbers of entrepreneurs are increasing in today's world and generating high level of
competition in marketplace. Moreover, the report will be discussed about determine and evaluate
different source of entrepreneurial ideas and innovation by which new business ideas can be
generated effectively. In addition to it, the report will be discussed about explain the rational and
the market gap for specific fast food entrepreneurial idea using relevant tools and techniques to
support the business environment. The report also interpret relevant data needed to support gap
analysis in the evaluation of a specific fast food entrepreneurial idea or interpret data
appropriately to provide evidence of market potential. Beside from it, the report also will be
discussed about SWOT analysis frameworks of the business to identifying business positioning
and evaluate competitive and market environments in which the idea be launched to assess
potential viability.
TASK 1
P.1. Determine and evaluate different source of entrepreneurial ideas and innovation
In today's world, verity of business are running on the basis of creative and innovative
ideas which being out better outcomes for each business. Entrepreneurial ventures are being
utilised innovative approaches to find out new segments of marketplace, where they can gain
desired success in industry (Audretsch, 2012). New business come upon entrepreneur mind in a
form of creative ideas which generate from problems issues that might quickly converted into
fresh business ideas. Different sources of entrepreneurial idea and innovations as following:
Entrepreneur: This is the best approach to figure out better idea to start up a new
venture. An entrepreneur can discover several new business plans through searching about their
preferred sector on the basis of interest, category or professional which they like most.
According to gained skilled and experienced about business sector, an entrepreneur can identify
that, which sector can bring out better outcomes for their business ideas. The skills and talent
which possess by entrepreneur may help them to carry out their expected business exercises in
relevant manner. Hobbies and passionate personality trait can assist them to look out the issues
which is facing by peoples in market and, then convert into new business ideas effectively.
Business opportunities and ideas: An entrepreneur identifies relevant opportunities
which generates from market on group of various types of modern demand increasing by peoples
in marketplace (Bolton and Thompson, 2013). So entrepreneur require finding out a relevant

filed in which they can gain well success and implement creative things which bring them
expected occurrence in business sector. Therefore, they can explore the market properly and on
basis of relevant information, they can figure out opportunities which have potential to fulfil
growth in an appropriate form.
Invent a new product or services: An entrepreneur must possess a creative mind by
which they can invent new products and services according to customer's demand, which has
potential to satisfy their expected customer's need and demand perfectly. With creative mind,
they can invent new products as per consumer's demand and needs, so they will be able to invent
innovative commodities which can fulfilling customer's expectation in industry in relevant
manner (Chaston and Sadler‐Smith, 2012).
Listen to customers complaints: It can be proved as an effective habit for entrepreneurs.
to customer's issues and complaints can assist them to bring out something new and creative by
which they can develop significant products and services which can address their customer's
issues and complaints in a better manner.
Trade shows and exhibitions: An entrepreneur must participate and conduct a trade
show at the initial stage of their business venture, in order to get effective ideas and opportunities
for new that might give better outcomes for.
7 Sources of innovative opportunities
1. The unexpected: A marketer needs to be prepared for unexpected circumstances as
market place is apex area to look for opportunities. Manager must diligently research the
market.
2. The incongruity: Without prior research, marketers fails to analyse their target customers
needs. . The customer reviews, feedback, and complaints are often the best way to
determine incongruity.
3. The process need: Marketers in this stage needs to identify the weak spots and methods in
order to improve them.
4. The industry and market need: The marketers needs to keep an eye on dynamic changes
which affects the organisational productivity and profitability.
5. Demographics: The demographic changes in age, education, employment, affect the
direction that the business takes and can open new horizons to the company if it manages
to appropriately identify the opportunity.

6. Changes in perception: Customers needs and expectations are dynamic and their
perception about brand, product and industry can be transformed overnight. Management
needs to develop and formulate strategies in order to deal with changes.
7. New knowledge: Technological and scientific breakthroughs are the source of innovation
that can’t be overlooked by businesses.
Types of Innovation
1. Process Innovation: It is the implementation of latest strategy or method of production
and delivery method.
2. Product Innovation: It is the introduction of goods and services which are significantly
improved with respect of its characteristics and uses.
3. Incremental Innovation: a series of small improvements or upgrades made to a company's
existing products, services, processes or methods.
TASK 2
P.2.Explain the rational and the market gap for specific entrepreneurial idea using relevant tools
and techniques to support your choice
Rational and market gap for specific entrepreneurial idea: Being entrepreneur is one
of the best vocations in the world because it encourages them to view everything as an
opportunity for innovation. They must figure out the best possible effective gap of the market
which can get appropriate success in the marketplace (Chell, 2013). It might be something new
and which is existing in market. Therefore, business owner can make improvement within them
by implementing innovative ideas that finds new market gap. In order to start a new business in
fast food an entrepreneur requires to proper analysis of industrial scope me the country
effectively. So in case of establishment of a new shop at a major location in city need to proper
analyse the market scope for business in cityFor establishment of new business owner need to
examine some critical areas.
Company: Entrepreneur need to identify those foods products and services which is
different from its competitors products. They have to produce something unique products and
services that might assist them to building a popular brand in the market. Entrepreneur must
ensure that, they are maintaining quality of products and services in industry.

Customers: In order to starting a new fast food outlet in London city, an entrepreneur
venture must require targeting their desired audience which will use their foods products most.
The location has chosen for opening fast food outlet in front of London university, where
students of institute will be customers of business. So they will be targeted customers of the
business which can increase the sales rate of food services (Dimov, 2011).
Competitors: In order to starting up a fast food outlet, entrepreneur require recognising
their major player of competitors of the market which is already existing in industry and serving
high range of fast food services. From the analysis, it has identified that, nearby university very
few fast food outlets are operating in current time and where fast food start-up can get better
response as expected from it. Different types of flavoured and delicious foods would be offered
by their new outlet so they get effective customer's response from its unique products and
services. Entrepreneur also require identifying key competitors and their market strategy as well
as to compete them in industry.
Market segmentation
Behavioural: Analysing the behaviour of customers regarding how they utilise the particular
products and services or what is their behaviour regarding particular product.
Demographic: This can be assess by personal attributes such as age, martial status, sexuality, etc.
Geographic: By country, region, state, city, or neighbourhood.
TASK 3
P.3. Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea.
Primary research
Questionnaire
Q1. What are the factors that influence your purchase decision?
Price
Quality
Quantity
Service
Q2. How do you get information about the particular products launched by organisation?

Through digital technologies
Social media
Mobile marketing
Television commercial
Q3. Do you love to purchase upgraded and modified products?
Yes
No
Q4. Do you tend to buy more when there are sales and special offers on?
Yes
No
Not Sure
Theme 1: Factors influencing purchase of product
Price 2
Quantity 1
Quality 1
Service 3
Total 8
Interpretation:
It could be analysed that service and price are the most important factors which will
attract most of the customers.
Theme 2: Information being launched by company in market
Through digital technologies 3
Social media 1
Mobile marketing 1
Television commercial 2

Total 8
Interpretation:
Most of the customer want that company should be communicating with them through
digital technology and television commercial only.
Theme 3: Purchase upgraded and modified products
Yes 5
No 3
Total 8
Interpretation:
Most of the customers want that company should be selling some upgraded and modified
products for them.
Theme 4: Tend to buy more when there are sales and special offers on
Yes 6
No 1
Not sure 1
Total 8
Interpretation:
Many customers also included that they could be purchasing products which are on sales
and special offer.
From the above questionnaire which is collected for the purpose of identification of gap into
market it could be analysed that there is very much require for new fast food venture. As they
customers said that they would love to purchase modified and upgraded products into market
which is been launched. They could also be purchasing products through sales and special offer
which are for attracting them.
Gap analysis is needed for each business in order to determining the differences between
the performance of the firm from current to actual in order to examining performance of the firm.

In information technology, gap analysis reports are often utilised by project manager and process
improvement of business. In case of starting a new fast food outlet in London city, it is needed to
analysis of proper market by which gap analysis approach, so I will be able to know about to
succession scope of my new business ideas in market which can get potential impact of
profitability of business. In order to improvement in performance of the business, I need to use of
McKinsey approach to assess the performance of the business and also find out the scope of the
fast food services in London city (Gartner, Carter and Reynolds, 2010). It is divided into two
factors which is hard and soft. In order to analysis of relevant data of the firm, I need to
formation of appropriate strategy for planning if devised to maintain and build competitive
advantage over the competitors. It implies that, how it will be able to accomplish to achieve
objectives of the business in industry. In context of sufficient running of fast food services,
business strategy has potential to development of planning of the business by which I can deal
with competitive pressure of food services market. The structure of strategy can assist me to
identify the team which is divided into them. It has been seen that, there are numbers of issues
that can be used in such a manner where something new activities that can be used in such a
manner where something. What is the hierarchy of my business structure might encourage me to
provision of relevant ideas by which I could make modification within structure of the company.
Our various department of fast food business must be coordinated at workplace in order to
completion of each task in effective manner. Apart from the system approach of strategy defines
that, how I can control and monitor of execution of various planning of business activities
(Gonzalez-Alvarez and Solis-Rodriguez, 2011). I need to hire appropriate staffs for completion
of various business functionalities within outlet. For various posts of the business, essential skills
are needed to be possess by each employees in respect with performing well at workplace.
According to data analysis of market of London, I need to set up proper posting of our staffs and
making sure that, they possess relevant experience or skills which help them to completion of
various tasks of the business activities in sufficient form. So market analysis of data will provide
me appropriate knowledge to how I can modify in my existing food and beverage products and
services by which desired aims can be gained by me.
P.4.Interpret data appropriately to provide evidence of market potential
From the above questionnaire it is easily analysed that opening up of new fast food
venture would be very much helpful for company and their sales will be increased as well. This

means that they should be doing their planning with proper market research only which is done
with help of above data collected. Price and quality will be the 2 most important factors which
will attract customers to buy them the company's product.
From the analysis, it has noticed that multiple numbers of fast foods services are running
in London city and In front of universities as well. So it generated difficulties for my fast food
outlets in market to compete competitors in industry. Running a fast food business and maintain
its standards is very hard job for its owner. As entrepreneur venture of fast food services,
numbers of issues or barriers are being faced by me in order t operating outlet in market. From
the data analysis of UK, from 2008 to 2016. After a decline in 2009, the numbers of restaurant
and fast food in the nation has been steadily increasing (Hansen, Shrader and Monllor, 2011). In
year 2016, there were approximately 83,634 restaurant and fast food business are operating in the
restaurant and mobile food services in industry. The business professionals have to examined
that, in UK hospitality industry, multiple numbers of fast food business are running sufficiently
and generating large amount of revenue by serving unique and different kinds of foods services.
In London city, wide range of demands are increasing in terms of having unique favour of foods
from my outlet. Most of the students would be user of my food products, it is expected that,
invention and innovation in fast food products which generate more interest within our products
and services which has potential for increasing market share of my business. Peoples of the city
is demanding more unique products and innovative things in fast foods outlets which is boosting
up their preferences towards utilisation of different kinds of delicious foods. In London city,
most of student is demanding for eating for Pizza, Burger, snacks, Sandwich etc. so all these
products must be added into menu list of my outlet which cover more customer base of my
targeted audiences (Kobia and Sikalieh, 2010).

More than half peoples of the city is demanding for having fast food meals at their fast
food outlets which can serve them at faster rate. Beside from it, from the analysis, it was
identified that, in London city, most of our targeted audiences would be youngster male and
female students which will be under 25 to 28 years. So these segmented target customer base
will be expected to be gained desired response from these age groups. Apart from it, more than
35 years peoples are preferring for eating non-veg foods which can be made in outlet at faster
rate. Variety of options are presented here which can be utilised within outlet to boosting up
customer base of the industry. Now consumptions of fast food has been increased because of
population of the city is also raising, so it becomes necessary for my business in order to serving
variety of fast food services which must be unique and different from its competitors in industry,
so it will attract targeted audiences in the business in order to increment in profitability and
productivity of the business.
TASK 4
P.5. Apply a SWOT framework to collate evidence to support an objectives' assessment of a
specific entrepreneurial idea
SWOT analysis framework is necessary approach to be adopted by fast food business
owner in case of getting required range of knowledge by which expected growth can be reached

out. An entrepreneur must require to having analysis of SWOT framework in industry in case of
identifying self-evaluation of the business within industry in relevant manner (Mitchelmore and
Rowley, 2010). It would help my business professionals to recognise strength, opportunities,
weaknesses and threats of fast food services in industry. It is essential to find out specific
knowledge about these frameworks in order to properly objectives assessment of fast foods
business.
SWOT framework:
Opportunities:
 I have opportunities to making enhancement in providing different types of foods and
beverage services in fast food business which contains demand most in marketplace.
 Fast food is emerging business sector in London, where I can expand our business
qualities by offering unique types of flavoured products which expected customer at high
rate in market.
 I can make improvement within existing food and beverage products which can attract its
customer's more in order to generating more revenue.
 With the assistance of effective customer's response towards out food product can enforce
the business to set up new branch of it (Neck and Greene, 2011).
Threats:
 Numbers of fast food restaurants are running in London city which is generating wide
range of competition level in industry, so it being difficult to sustain in the market.
 Other threats consist of the potential rising price of certain fast food products, which
might reduce profitability level of the firm.
 Inventory management is one of the crucial task for my fast food services which must be
maintain by manager in well manner in order to know about availability of foods in
outlet.
 Wasting of remaining foods in restaurant also could be one of the major threats which
can reduce the functionalities of the businesses.
Weaknesses:
 Lack skills and experiences of out chefs and waiter can make negative impact upon
productivity and performance of the business in industry.

 Lower availability of some important foods which customer's like most, which might
negatively influencing the business profitability in marketplace.
 Lower effectiveness of serving services of foods and beverage product can generate
negative perception towards brand name of company (Popp, A. and Holt, R., 2013).
Strengths:
 Strength of these issues is that, numbers of new variety of foods and beverage products
are offering by the business professionals in order to brand effectiveness upon customer's
mind.
 The fastest serving of foods products display positive attitude of customer's towards my
brand which can boost up customer base of outlet.
 For students, attractive discount rate and offers are being provided by outlet to its special
customer's which can increase the customer base.
P.6. Evaluate competitive and market environments in which the idea be launched to assess
potential viability
In order to development of competitive environment of the business, outlet professionals
need to development in such areas where something new activities can be utilised. From the
analysis, it has examined that, variety of restaurant business are running in London city and
increasing competition level of the business. Serving variety of food products in front of
university is effective task for business owner, so they need to identify the competitive
environment of the business in the industry and according to them make modification within
business functionalities in respect to meeting desired goals and objectives in the firm. Its
professionals require conducting a marketing research such as focusing upon its competitors and
their market strategies in order to attracting its customers in business. From the analysis, it was
identified that, ample of adverse situation may be faced by its professionals at initial stage of the
establishment of outlet (Patzelt and Shepherd, 2011). So appropriate market research enable its
manager to maintaining the information about its dozen of competitors. It will also furnish
important information about something new betterment and gathering information about its
forthcoming competitors in industry. From the analysis, its research to gather competitive
information concerning about recommended as the excellent starting point for developing a
competitive and industry assessment of the business. From the analysis, it was identified that,
London city is one of the major location for fast food outlet set up, because of numbers of

peoples are demanding for increasing in fast foods services in state to getting instant meal which
is needed most for them. Proper advertising of my new outlet should be executed within London
market with the help of digital marketing tools. Promotional activities must be in relevant form
in order to having advertising for publication, frequency, special offers, product features and
benefit highlighted etc. all these elements will customers will come to know about it. Apart from
it, its professionals require recognising that student of London university will more prefer to
buying its products and employees of various company also prefer to buying their unique fast
food products which would give potential impact upon profitability and productivity of the
business effectively (Renko 2013). Outlet professionals require identifying the competitive
environment of hospitality scope in London city and then make effort to launch it.
CONCLUSION
From the analysis, it is concluded that, numbers of entrepreneurial opportunities are being
arisen in the UK marketplace. Numbers of sources can find out by which innovative and new
idea can be generated. In addition to it, the report also concludes about explain the rational and
the market gap for specific entrepreneurial idea using relevant tools and techniques to support the
fast food services apart from it, the report is also concluded about present data needed to support
gap analysis in the evaluation of a specific fast food industry in London city and interpret data
appropriately to provide evidence of market potential. Beside from it, SWOT analysis framework
assist the business owner in order to identification of business positioning in industry. Evaluation
of competitive and market environments in which the idea be launched to assess potential
viability.

REFERENCES
Books and Journals
Audretsch, D., 2012. Entrepreneurship research. Management Decision, 50(5), pp.755-764.
Bolton, W. and Thompson, J., 2013. Entrepreneurs: Talent, temperament and opportunity.
Routledge.
Chaston, I. and Sadler‐Smith, E., 2012. Entrepreneurial cognition, entrepreneurial orientation and
firm capability in the creative industries. British Journal of Management, 23(3), pp.415-
432.
Chell, E., 2013. Review of skill and the entrepreneurial process. International Journal of
Entrepreneurial Behavior & Research, 19(1), pp.6-31.
Dimov, D., 2011. Grappling with the unbearable elusiveness of entrepreneurial opportunities.
Entrepreneurship Theory and Practice, 35(1), pp.57-81.
Gartner, W.B., Carter, N.M. and Reynolds, P.D., 2010. Entrepreneurial behavior: Firm organizing
processes. In Handbook of entrepreneurship research (pp. 99-127). Springer, New
York, NY.
Gonzalez-Alvarez, N. and Solis-Rodriguez, V., 2011. Discovery of entrepreneurial opportunities:
a gender perspective. Industrial Management & Data Systems, 111(5), pp.755-775.
Hansen, D.J., Shrader, R. and Monllor, J., 2011. Defragmenting definitions of entrepreneurial
opportunity. Journal of Small Business Management, 49(2), pp.283-304.
Kobia, M. and Sikalieh, D., 2010. Towards a search for the meaning of entrepreneurship. Journal
of European industrial training, 34(2), pp.110-127.