Entrepreneurial Venture Creativity and Innovation PDF

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION ..........................................................................................................................4
MAIN BODY ..................................................................................................................................4
1. Background information about those sources that inspired your idea and what motivated
you personally in wishing to set up your own business.........................................................4
2. An introduction to your business idea and what it is, and who and where your potential
customers and target audience are .........................................................................................6
3. A competitor analysis that looks at the competitive marketplace. Look at failures and
successes. What you can do differently? Is this a growth area with low and medium risk?..7
4. Gap analysis and how you are looking to close the gaps. What is the situation now and
what is the future? What are the objectives of this business idea and how do you wish to
achieve them?.........................................................................................................................8
..............................................................................................................................................10
5. Market research to support viability for your business idea and identify market potential
using a range of sources that could be both primary and secondary....................................10
6. Why your business idea is viable and workable and how you qualify this belief. What are
the strengths and weaknesses? How will you overcome the risks and the potential
opportunities for growth and development in the future? .................................................11
........................................................................................................................................................12
CONCLUSION .............................................................................................................................12
REFERENCES .............................................................................................................................13
.......................................................................................................................................................14

INTRODUCTION
Entrepreneur is an individual who seeks for an opportunity to grow and develop by
adapting innovative or creative ideas in order to accomplish high productivity and profitability
ratio. Moreover, they takes an initiative to examine current and emerging trend of market
scenario which leads them to enlarge volume of sales. There are two main components of
entrepreneurial venture i.e. risk taking and innovation which help them to gain competitive
advantage. (Alvarez and Barney, 2010). This report is based upon establishing a new coffee
venture and whose targets population is mainly young and adults as it providing chocolate
flavours which keeps them healthy and fit. Apart from this, this study covers creating a business
idea, application of Drucker's 7 model to determine business opportunities sources. Finally,
implication of competitor analysis to analyse current competitive industry, usage of primary and
secondary sources to identify market potential.
MAIN BODY
1. Background information about those sources that inspired your idea and what motivated you
personally in wishing to set up your own business.
In order to sustain in competitive marketplace, an entrepreneurial always seeks for a
platform and in which they acquire novel or latest technologies or ideas for accomplishing
organizational goal in an effective and efficient manner. However, entrepreneurial opportunity
signifies as a creative and critical thinker in which entrepreneur explores their ideas and
examines all possible opportunities and threat in order to obtain high profit maximization with
optimum utilization of available resources (Ananth, Ramesh and Prabaharan, 2010). In regard of
new entrepreneurial venture i. e. Beans Coffee Cafe whose focal point of establishment is to
provide best and high quality of products and services with an affordable price in order to attain
high level of customer satisfaction. As per the current marketing condition, efficiency and
effectiveness must go hand in hand as they help an organization to adapt correct resources and
applying those in a appropriate place so that they can enhance their market growth without any
hindrances. Furthermore, today's world is full of stress or tensions which has direct influence or
impact on an individual's personal or professional career. This existing scenario of UK
population, Beans Coffee Cafe got encouragement or motivation to started their venture among
UK competitive industry. Hence, creativity and innovation is considered as an integral

component for entrepreneurial opportunities as it enable entrepreneur venture to survive among
competitive industry for longer time period of time. However, Peter Drucker who is known as
Father of Management outlines that essence of economic activity is the commitment of present
resources to future expectation, and that means to uncertainty and risk. Thus, appropriate
modification or alteration is required for Beans Coffee Cafe success and development and it
implies Peter Drucker 7's model in their business function which are as follows:
The Unexpected:In this competitive world, marketplace is the area which provides
enormous opportunities to grow and develop. Yet, it is platform for enhancement but still there is
possibility of unexpected failures and gain which business cannot denied or ignored in their
functional unit. Therefore, this element will be useful constituent for Beans Coffee Cafe as it
enable them to recognize changing patterns of market and based on that they can build a new
market position in order to overcome challenges (Calhoun and et. al., 2010).
Industry and Market Disparities:These two element are dynamic in nature as it keeps on
changes according to customer taste and preference, technology development etc. Although, its
is not static, but it offers exceptional opportunities, for which Beans Coffee Cafe cannot
perceived as a threat. However, food and beverage industry is one of fastest growing sector
which provide encouragement to Beans Coffee Cafe to introduce their venture into marketplace.
Therefore, Beans Coffee Cafe should always be alert or updated regarding changes and consider
those alteration as an growth indicator (like customer demand, new trend of digital technology
etc.) in order to foster the sales growth and render high level of satisfaction over demand.
Incongruities:This factor is a discrepancy between what it is and what ought to be.
Hence, there are two factor i. e. demand , price of product which effect directly on the
company's business operation or function for companies in food and beverage industry. Due to
this scenario, it encourage Beans Coffee Cafe to analysis the market condition by conducting
effective market research in order to get the accurate scenario of marketplace as well as
customer's demand or need. At the same time, if it get fails then it leads to huge failure for an
organization. Thus, Beans Coffee Cafe leader should take an initiative to determine market trend
as well as they can collect feedback, reviews or complaints for their enlargement of proficiency.
Process Vulnerabilities:One of the main source for company's survive in an innovation is
that they should be more task oriented than situation destined (Eckhardt, 2013). However, there
is high level of competition among several companies within coffee sector and that is the main