Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Sources of innovative entrepreneurial ideas.....................................................................1
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques. 2
P3. Gap analysis in the evaluation of entrepreneurial idea....................................................3
P4. Interpretation of data to provide evidence of market potential........................................8
P5. SWOT Analysis to assess the entrepreneurial idea........................................................11
P6. Evaluation of competitive and market environment to assess potential viabilities........13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
An entrepreneur is defined as the person who possesses risk taking as well as innovative
nature, having the motive of coming up with solutions through which market gap can be filled.
Entrepreneurial opportunities are tapped by entrepreneurs to develop venture with the aim of
solving issues faced by the society at large (Audretsch, 2012). The following report takes into
account the procedure of emergence of an entrepreneurial idea and the initial analysis done
before setup of a venture. The idea that has been proposed to be converted into a venture is
acknowledged to be a hotel offering the feature of possible customisation in case the booking is
done by customers 10 days prior to the actual date of accommodation. This entity will be
launched under the name of Grandeur Inn within the confines of London, UK. The project
consists of source of entrepreneurial idea together with competitive analysis & gap identification.
Further, SWOT of the entrepreneurial idea is included. Lastly, the analysis of market is presented
to ascertain the viability of concerned entrepreneurial idea.
TASK 1
P1. Sources of innovative entrepreneurial ideas
Establishment of an entrepreneurial venture is a risky task that holds equal chances of
success as well as failure. In this relation, it has been identified that there are a number of sources
from which an entrepreneur derives the idea of setting up a venture. Such ideas are discussed in
light of Grandeur Inn with the help of Peter Drucker’ 7 sources of innovation, as beneath:-
Incongruities: This can be defined as the difference underlying between the desired and
actual position of an entrepreneurial idea (Kohlbacher, Herstatt and Levsen, 2015). Thus,
effective market researching needs to be done in order to ensure that the venture does not fail
after launch into the market place. In this relation, the entrepreneur of Grandeur Inn should strive
to analyse the customer needs in order to provide an edge to the venture.
The Unexpected: This is linked to the discovery of unexplored business ideas for gaining
support on the part of people prevailing in the market. The constantly changing needs and
demands of customers should be taken into account by the entrepreneur of Grandeur Inn so as to
launch more of features like possible customisation and appeal to them in an effective manner.

Process need: It is linked to ascertainment of weakness of an idea. This provides
assistance in modifying the entrepreneurial idea in order to meet the needs of market. With this,
the entrepreneur of Grandeur Inn will be able to recognise the shortcomings of this hotel venture
and thereby ensure its sustainability at market place for a long period of time.
Changes in Market and Industry Structure: Each and every corporate sector witnesses
changes over the course of time (Siegel and Renko, 2012). Such changes need to be taken into
account so as to appeal to public at large in an effective manner. Thus, it is essential for the
entrepreneur of Grandeur Inn to consider the progressions of hospitality sector so as to
implement the same within the venture and boost its profits.
Demographics: This source is linked to the alterations taking place within the domain of
demographics. These need to be taken into due consideration by the entrepreneur of Grandeur
Inn so as to select the target audience within London and ensure their needs are met by the
venture in an effective and efficient manner.
Changes in Perception: The efflux of time results in changes taking place within the
ideologies as well as perceptions of individuals prevailing in market place. Thus, the
entrepreneur of Grandeur Inn would be conducting constant market research in order to gain
knowledge of the ideologies possessed by people and thereby introduce services that can
significantly appeal to them.
New Knowledge: Technology is progressing with the constant evolution of time creating
opportunities for ventures as well as upcoming venture to take due advantage of it (Suddaby,
Bruton and 2015). Thus, with the execution of gap and competitive analysis, the entrepreneur of
Grandeur Inn would be able to identify the difference underlying between strategies of respective
hotel and its rivals. As a result of this, Grandeur Inn would also be able to fill the gap existing
within the market place.
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques
The business idea that is proposed to be launched by the entrepreneur within London is
the launch of a hotel venture having the option of possible customisation in case of booking in 10
days advance. Market gap can be defined as the procedure of provision of offerings that are not
yet presently offered in market. Competitive analysis is done beneath to identify the gap in
market place.