Identify Entrepreneurial Opportunities

Identify Entrepreneurial
Opportunities
1

Table of Contents
Identify Entrepreneurial Opportunities............................................................................................2
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Explain and evaluate various sources of entrepreneurial ideas ans innovation providing
specific examples........................................................................................................................4
M1 Evaluate sources of systematic innovation by giving examples...........................................6
TASK 2............................................................................................................................................6
P2 Define the rationale and the market gap for a particular entrepreneurial idea using relevant
tools and techniques to support your choice...............................................................................6
M2 Justification towards market gap by using several tools and techniques for gap as well as
competitive analysis....................................................................................................................8
TASK 3............................................................................................................................................9
P3 Present data required to support gap analysis in the evaluation of a specific entrepreneurial
idea..............................................................................................................................................9
P4 Interpret data appropriately to provide evidence of market potential..................................11
M3 Examine the data collection and specific sources and their relation with market potential.
...................................................................................................................................................18
P5 Use SWOT analysis to examine the entrepreneurial idea....................................................18
M4 Analyse idea of entrepreneur in context of competitive & market environment ..............20
P6 Analyse the market & competitive environments of business ............................................20
CONCLUSION .............................................................................................................................22
REFERENCES..............................................................................................................................23
2

INTRODUCTION
Entrepreneurial opportunities is considered as a situation in which product as well as
services of the business firm sold at comparatively high value. In addition to this, New start-up
focuses on various opportunities so that they can operate their business thoughts in well defined
manner (Aghajani Afrouzi and Alizadeh, 2017). They emphasised on executing their idea into
reality. Therefore, the newly start company require finance for implementing their business idea
into realism. In context of Virgin Money, it is one of the well established company of London
which offer financial services to its newly start-up company. In assistance of this, Virgin Money
focuses on offering fund to small business in order to execute the business ideas into reality. In
current report, small businesses emphasised on producing the new idea related to biodegradable
packaging. Along with this, Porter's framework as well as SWOT analyses is determined for
analysing the internal an external factor which directly impact on activities and functions of
business firm. Beside from this, it shows various methods to overcome from the risk that occurs
with executing the innovative idea is producing of Biodegradable Packaging.
TASK 1
P1 Explain and evaluate various sources of entrepreneurial ideas ans innovation providing
specific examples.
The entrepreneur need various opportunities for executing as well as implementing the
new plan with the purpose of earning more and more revenue. Therefore, the UK government
assists youth persons to show their ability and talent to accomplish their goals in suitable manner.
In current context, it has been examined that unique and specific goods and services are offered
to its customer for retaining them for a longer time period. The newly start-up company want to
grab opportunities so that their new plans implemented for gaining more revenue. Beside from
this, the government of UK helps the number of person that helps them in providing specific
good and services to its user (Al Mamun and Ekpe, 2016).Therefore, it assists the small
businesses to achieve goal and objective within given period of time. It has been analysed that ,
legitimate authority also offer finance, resources as well as learning platform to help youth
person for launching superior quality products and services for its user. In addition to this, Virgin
money offer fund to those firm who implement their business ideas into realism. Also these firms
uses finance in appropriate manner for the future success and growth of business organisation.
3

For analysing the opportunities, the enterprises uses the STEEP model that is going to be
mentioned below:
Social: It is very important element which provide the opportunity to enterprises in make
high quality products and services to raise the standard of living of individual living in the
society. In context of Biodegradable packaging, the individual uses only those products in which
do not have a package of polythene. It includes different elements such as values, belief,
demographics, age, gender and so on (Rubleske and Berente, 2017). Through Biodegradable
packaging, the business firm attract the ample of customer in order to boost sales as well as
productivity level. The main purpose of business firm to provide product that helps them in
increasing standard of living of people living in the society. In addition to this, they do not prefer
plastic packaging for attracting large number of audience towards their products and services.
Technology: In present context, technology plays a very important role for success of
business organisation. In addition to this, the implementation of advanced technology imposes
direct impact on mindset of buyer. Due to execution of advanced technology, the entrepreneur
provide unique and specific products and services to its user. The production of Biodegradable
packaging by adopting latest technology that reduces the cost as well as boost future sales and
growth of company. The biodegradable packaging helps the company to protect their product at
affordable cost. In assistance of this, entrepreneur adopt different promotional tool in order to
maintain awareness of new product within market. Therefore, the execution of latest technology
helps entrepreneur to attract the ample of buyer within less time period. Along with this, the
entrepreneur use digital technology for promoting the new plan for enhancing its market share
that helps them in bringing stability of new idea within longer period of time (Ateljevic and Li,
2017). In addition to this,
the management team focuses on executive latest technology for offering unique as well as
innovative products and services to its buyer. It helps them in boosting future sales and growth of
company in effective manner.
Environmental: It is mandatory for company to manufacture product that does not harm
to its environment. In addition to this, for the success of business organisation it is necessary to
manufacture product which is eco- friendly in nature. Due to increase in the price of oil, there are
different companies change their preferences towards Biodegradable Packaging. It helps in
eliminating cost in comparison of some other packaging method. They provide opportunity to
4

firms in order to execute innovative ideas for gaining success in the marketplace. Beside from
this, Biodegradable packaging imposes positive impact on the environment of the country which
provides benefits to entrepreneur.
Economic: There are various factor which includes exchange rate, inflation rate,
deflation rate and many more. In addition to this, these elements imposes direct impact on
activities and functions of business organisation in order to execute innovative idea within
marketplace. For example, the exchange rate raises the whole cost of importing products thus it
arise the price for entrepreneur which impact adversely on the profit of company (Buli, 2017).
Along with this, if entrepreneur offer their services at low cost it helps them in attracting firms in
order to boost sales and profit level. Due to increase in inflation, it imposes negative impact on
productivity as well as proficiency of company.
Political: The political stability is necessary for the success and growth of enterprise. It
involves different factor such as government structure, taxation policy, environmental law and
many more. It is important to stabilise political condition of UK which provide advantage to
entrepreneur in order to acquire leading position in UK market in appropriate manner. It build
positive brand image and reputation of company within marketplace thus it results future growth
and success of business organisation. In assistance of this, the company follow various taxation
policy as well as government structure that helps them in maintaining leading positing within
marketplace.
M1 Evaluate sources of systematic innovation by giving examples
Innovation is important in market because it introduces a change and which helps people
to be flexible and helps in adopting the change whenever there is requirement. An entrepreneur
should be always ready to accept the change. This results in continuity of business and exploring
new opportunities. So, to access more new opportunities STEEP analysis has been used in which
factors which affect the business are determined (Mrożewski and Kratzer, 2017). This
framework is also known as PESTEL both these frameworks helps in examining external factors.
TASK 2
P2 Define the rationale and the market gap for a particular entrepreneurial idea using relevant
tools and techniques to support your choice.
Rationale of the business idea
5

The introduction of innovative ideas can be efficaciously launched in order to assess the
need and wants of buyer. In addition to this, it is essential for the enterprise to assess the market
trends and fashion before executing the innovative plan within marketplace (Capello and Lenzi,
2016). There are various factors which need to assess by entrepreneur such as location, finance,
available resources and so on in order to produce Biodegradable packaging. The business idea
related to Biodegradable packaging helps them in eliminating cost as well as defend the
environment. In assistance of this, it is vital for entrepreneur to assess concepts of marketing as
well as analyse the gap. After analysing the gap, it is necessary to take corrective decision that is
beneficial for company in future period of time. There are different factor for implementing
innovative business plan which is going to be discussed below:
Determination of opportunities: It is important for entrepreneur to assess those
opportunities which helps them implementing the new ideas into reality. For operating the
activities and functions of innovative idea , it is important for an entrepreneur to assess the
competitor product in order to achieve competitive benefits over rival firms. For implementing
the innovative idea related to Biodegradable Packaging which helps company to eliminate cost
and gain more and more profit. In addition to this, an entrepreneur can boost its profitability and
productivity level. The execution of Biodegradable packaging helps the company to reduce cost
and achieve more and more revenue for longer period of time.
Technological Opportunities: In present context, technology plays a vary essential role
for implementation of innovative idea within marketplace. Therefore, the use of latest technology
alter the buying behaviour of buyer because currently the customer need unique and specific
products and services. In assistance of this, technology helps the entrepreneur to attract ample of
customer in short span of time (Capps, 2017). By executing latest technology in order to
manufacture Biodegradable packaging , it eliminate the cost for entrepreneur as well as gain
more profit. It assists them to maintain leading position in the market as well as attain growth in
short span of time. Along with this, it is important to implement advanced technology for
offering innovative products to its customer. It helps them in retaining and sustaining them for a
longer period of time.
STP Model:
STP model is adopted by an entrepreneur to describe segmentation, targeting as well as
positioning of specific product in the market. The model start with segmenting market into
6