Compilation of Entrepreneurship Research Papers

This assignment is a compilation of research papers on entrepreneurship, covering topics such as entrepreneurial orientation, business model innovation, entrepreneurial social capital, and more. The papers are from reputable sources and provide insights into the world of entrepreneurship, making it a valuable resource for students and researchers.

IDENTIFYING
ENTERPRENEUL
OPPORTUNITIES

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1. Sources that inspire the new business idea and motivated for set up a new business.............1
2. Introduction of business idea, finding potential and targeted audience for the product.........2
3. Competitor analysis which looks at competitive marketplace along with failure & success
in industry....................................................................................................................................3
4. Gap analysis, current and future situations & objectives of business ideas............................5
5 Market research to analyse viability of businesses and identification of market potential......6
6 Analyze if business idea is viable and feasible or not along with the strength & weaknesses
...................................................................................................................................................10
7. Ways to overcome risk of competition and potential opportunities for growth and
development..............................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERECNES..............................................................................................................................13

INTRODUCTION
An entrepreneur is a person which prefer to run a small business rather than working as a
worker in some other organisation. All the rewards and risks of the venture are managed by an
entrepreneur (Breslin and Jones, 2012). A successful entrepreneur is a source of new concepts,
ideas and an innovator. These entrepreneur plays an essential role in sustaining a robust
economy. Entrepreneurial opportunities can be termed as a situation in which new services, raw
material and goods can be sold at higher cost in marketplace than their cost of production. This
assignment is based on the idea of launching a restaurant “Eat Rejoice” which will be
headquartered in Thame, England. Company is going to offer oil free and healthy food to its
customers as now a days people are more concerned about their health. This report involves
various sources associated with innovation and entrepreneurial ideas along with rationale &
market gap for that particular idea by using required techniques. Also, data and interpretation of
data is carried out to evaluate entrepreneurial idea. At last, SWOT analysis along with market
and competitive environment in which idea is going to be introduces is mentioned.
MAIN BODY
1. Sources that inspire the new business idea and motivated for set up a new business
As government in UK has decided to support those individuals which wants to start their
own businesses, young graduates are coming with new innovative ideas. These ideas are related
with changing market trends. This is the reason there is higher chance for the success of new
business. There are different sources form which an entrepreneur can get business ideas such as
brain stormi9ng or online research. A new restaurant is going to launch in Thame, Emgland
named “Eat Rejoice” which will offer healthy and oil free food to its customers (Fatoki,2016).
Drucker define different sources form which owner of Eat Rejoice can gain entrepreneurial
innovation and idea. These are mentioned below:
 The unexpected: As per Drucker, innovations takes place unexpectedly. This means that
an individual can stumble upon new concept or idea by chance. Most of the important
innovations happens unexpectedly. It is important for the manager of an organisation to
study market continuously so that unexpected ideas can be generated which will assists in
business growth.
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 Incongruity: When the requirements of customers are in-congruent with the available
products, there are chances for innovation. These innovative ideas will be an attempt to
solve the existing incongruities. Launching of Eat Rejoice can be linked with this as
people are getting more concerned about their health, they are substituting fast food with
nutritious foods (Guo, Su and Ahlstrom, 2016). To solve these incongruities, manager of
restaurant have decided to introduced oil free and healthy food.
 Market structure: An existing or changed market structure can also results in new
innovative ideas and concepts. Market trends associated with food and beverages changes
at fast pace due to which it is important for business owners to change their strategies as
per changing market trends and structure.
 Necessity: This aspect is considered as the mother of innovation. There are some
situations in which it became necessary for individuals to innovate some new products &
services into market so that demands of customers can be satisfied. As preference of
people is shifting from fast food to nutritious food, manager of Eat Rejoice is focusing on
providing oil free food to customers without compromising with taste. This source has
personally motivated the owner of restaurant for introducing oil free food.
 Demographics: Lifestyle and living standard can also acts as a source of innovation.
Every individual posses some lifestyle needs. This source of innovation has motivated the
owner of Eat Rejoice to launch a restaurant which will preferably offer healthy and oil
free food.
 Changing perception: Change in perception of people regarding services and products
can also be a reason for innovation. Before some time, people were crazy after spicy and
fast food. But now, everyone is in favour of adopting healthy life style. This change in
perception of people can also give birth to new and innovative concepts.
 New knowledge: This can also be a source of innovation. Appropriate knowledge will
assists in introducing new concepts in desired manner (Helms and et. al., 2014). Products
innovative form these sources can be life changing and strongly favour the welfare of
employees.
2. Introduction of business idea, finding potential and targeted audience for the product
To sustain a healthy and prosperous life, it is essential for the individuals of a nation to
adopt healthy food habits. From past some time, people have started preferring nutritious
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eatables which includes required amount of vitamins and healthy substitutes. By considering the
preference of customers, different restaurants and hotels have decided to change their menu with
healthy dishes. In this respect, business owner of Eat Rejoice is also planning to introduce oil
free food by eliminating harmful and spicy ingredients. To enhance the taste of customers, owner
of company have decided to add different species and vegetables in their dishes. Government of
UK is highly supporting those people which are trying to introduce new and feasible ideas in
market. But to get support from government, business owners have to prepare a presentation
which will include all the important aspects related with business (Lee and Jones, 2015).
Government is planning to offer £90,000 at low interest loan which is payable in ten year and
other £50,000 in the form of grants. Remaining £10,000 will be the amount invested by
entrepreneur itself.
Owner of Eat Rejoice is going to target teenager and young people aged from 15 to 35
years. People of this age group prefer to eat tasty and different dishes while maintaining a
healthy & balanced lifestyle. Due to this, dishes which Eat Rejoice is going to offer probably
gain wide success. To target these people, owner of restaurant have decided to offer open their
restaurants at prime location. This prime location is centre of city, where students, job personnels
or other young people prefer to visits on daily basis to refresh themselves or for work related
purposes. Customers who prefer to maintain a healthy life style but likes to eat tasty and different
food items are going to love the services offered by Eat Rejoice.
3. Competitor analysis which looks at competitive marketplace along with failure & success in
industry
Competitive analysis is a critical aspect while introducing a new business within market.
This evaluation helps the business owner in assessing those aspects which makers the introduced
services or products unique. Due to this, it become easy for company to gain attention of targeted
market. This analysis will benefit Eat Rejoice in preparing appropriate strategies so that
competitive advantage over rival companies can be achieved desirably. This analysis will assists
the owner of restaurant in acknowledging organisational and cost structure, growth pattern, profit
margins, strength and weaknesses of business in an appropriate manner. The best way by which
Eat Rejoice can analyse its competitors appropriately is through Porter's five forces which are
mentioned below:
Porter's five forces modal
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It is a tool which helps in analysing the competitiveness within a business. These forces
helps in determining the intensity of competition within market. According to porter these are
micro-environment forces. A business is said to be unattractive if profit margins of company get
impacted due to competition. Aspects related with business are defined below:
 Supplier power: It is related with the easiness of suppliers in enhancing the price for
their material and resources (Lee, 2012). To perform business operations in desired
manner, it is important for business owner of restaurant to have contact with different
suppliers. If Eat Rejoice will order material from single supplier that can impact them in a
negative way. In that case supplier can increase rates of material anytime or stop
delivering material in timely basis.
 Competitive rivalry: This specifies the strength and number of competitors within
marketplace. It will helps the Eat Rejoice to acknowledge the number of companies
which can be potential rivals for them. To gain advantage over these rival companies,
owner of Eat Rejoice needs to formulate effective strategies like advertising campaigns
and price cuttings so that customer base of company can enhance which leads to business
success.
 Consumer power: It is concerned with the manner in which customers influences the
pricing of products. If the food offered by Eat Rejoice will be healthy, unique and tasty
then buyers will be willing to pay for them. In this case, restaurant will enjoy immense
popularity. If rivals are offering same product in less pricing, then result will be business
loss. In that situation, business owner have to reduce prices that will results in loss of
revenues.
 Threat of new entry: Business of Eat Rejoice can get considerably impacted by the
entry of rival companies in marketplace. To overcome this issue, owner of Eat Rejoice
differentiate its products form its competitor companies by offering more healthy
ingredients. This will benefit company in gaining competitive advantage. If rival
companies will perform well, this can disrupt business of Eat Rejoice.
 Threat of substitutes: This situation takes place when customers find an alternative and
substitute for any product. For example, if owner of Eat Rejoice offers healthy food but
another restaurant is offering same dish in less price. Then customers will like to buy
substituted dish. If can leads to loss of revenue and profitability (Mathias, Williams and
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Smith, 2015). To overcome this, owner of restaurant needs to use unique ingredients and
spices so that value of food will enhance and business will face success.
Chances of Eat Rejoice restaurant in gaining a wide success is less. This is because
marketplace is facing high competition from rival companies. Other restaurants are also coming
up with new ideas so that their profitability and market shares will reach a new height. Oil free
food is already offered by many hotel and restaurants but dishes full of nutritional ingredients is
a new concept. Launching of restaurant in niche market will supports in acknowledging customer
reaction desirably. Businesses in food and beverages is always at high risk, as preference of
customers changes at daily basis but this high risk will results in more profitability to company.
4. Gap analysis, current and future situations & objectives of business ideas
Gap analysis is defined as the procedure of comparing the actual performance of a
business with expected performance. If a company is not capable to optimally use available
resources or faces shortage of funds & finance, then this will degrade the performance of
company. In this situation, Eat Rejoice will not be able to earn desired revenues and profit
margins. Identifying this gap will benefits the restaurant in satisfying the needs of customers
properly. To fill this gap, manager of restaurant needs to conduct proper market analysis. This
will helps the employees in understanding what is already available in market and what is
desired by customers. In current situation, it is analysed that demand in food sector changes at
fast pace. People have now eliminated unhealthy and fast food from their eating routines and
prefer to eat oil free food without compromising with the flavours and species. As Eat Rejoice
will prepare menu in accordance with present demands, restaurant will face less competition.
Future situation can be highly competitive as other restaurants and hotel are also diverting their
attention form fast food to oil free & healthy ingredients.
Objectives of the business are mentioned below:
 Profitability: Major objective of owner in launching Eat Rejoice restaurant is to earn
high profitability. Biggest expense for a restaurant are labour and food cost. Labour
means entire workforce. To enjoy high profit margins, owner of Eat Rejoice restaurant
needs to lower these expenses (Miles, 2014). By offering quality food, their customer
base will increase which will also results in enhanced profitability.
 Longevity: To be a successful restaurant, sustaining a strong reputation and wide
customer base is required. Another objective of Eat Rejoice is to enjoy longevity in
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market. This means business owner of company needs to plan unique dishes which can
not be copied by rival firms. Due to this, customer base will be maintained and restaurant
will enjoy huge popularity within market for a longer timespan.
5 Market research to analyse viability of businesses and identification of market potential
Before introducing a business into market, it is essential for the business owner to
conduct a proper market research. This will helps them in identifying potential opportunities and
loopholes within market place. In general there are two methods to conduct a research. These are
primary and secondary research method. In primary research, raw data is collected which have
not been published or used anywhere before (Rasmussen and Wright, 2015). This kind of data is
collected with the help of face-to-face interviews, online and offline surveys, questionnaires etc.
In secondary research method, information and data is collected with the help of books, journals,
magazines and other published sources. This kind of data is easily available through internet and
online websites.
Owner of Eat Rejoice is going to use primary method to collect the opinion of targeted
customers. Manager of restaurant has randomly selected 30 respondents to fill up a questionnaire
which is mentioned below:
QUESTIONNAIRE
Name:
Age:
Address:
Contact Number:
Q1. Are you aware about restaurant “Eat Rejoice” ?
A. Yes
B. No
Q2. Do you prefer to eat healthy and oil free food ?
A. Yes
B. No
Q3. Does nutritious food is better than fast food ?
A. Agree
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B. Disagree
C. Don't Know
Q4. Are you satisfied with the quality of dishes offered by restaurant ?
A. Yes
B. No
Q5. Recommend way so that restaurant can further improve their services...
Q1. Are you aware about restaurant “Eat Rejoice” ? Frequency
A. Yes 25
B. No 5
Total 30
Mean 15
Median 15
Mode 0
7
A. Yes B. No
0
5
10
15
20
25

Interpretation: From above described graph, it can be interpreted that out of 30 respondents, 25
people are familiar about Restaurant and its services whereas other 5 people have no idea about
restaurant. Mean of this data is 15, median of this data is 15, mode of this data is 0.
Q2. Do you prefer to eat healthy and oil free food ? Frequency
A. Yes 22
B. No 8
Total 30
Mean 15
Median 15
Mode 22
Interpretation: From above shown picture, it has been interpreted that out of 30 respondents, 22
people prefer to eat healthy and oil free food as it helps them free form diseases like high
cholesterol, blood pressure etc. whereas other 8 people prefer to eat fast food even if it harms
their body.
8
A. Yes B. No
0
5
10
15
20
25

Q3. Does nutritious food is better than fast food ? Frequency
A. Agree 20
B. Disagree 5
C. Don't Know 5
Total 30
Mean 10
Median 5
Mode 0
Interpretation: From above mentioned report, it has been comprehended that out of 30
respondents, 20 people believe with the fact that nutritious food is better than fast food. Other
five respondents do not agree with the fact and insists on saying that fast food is better to eat
whereas remaining five people have no opinion about this.
Q4. Are you satisfied with the quality of dishes offered by restaurant ? Frequency
A. Yes 23
9
A. Agree B. Disagree C. Don't Know
0
2
4
6
8
10
12
14
16
18
20

B. No 7
Total 30
Mean 15
Median 15
Mode 2
Interpretation: As per above mentioned picture, it can be interpreted that out of 30 respondents,
23 people are highly satisfied with the dishes and menu which Eat Rejoice is going to offer due
to their unique and new dishes. Remaining seven people are not satisfied with the offerings of
restaurant.
6 Analyze if business idea is viable and feasible or not along with the strength & weaknesses
Before introducing a business, it is very important for the business owner to acknowledge
if the introducing idea is feasible and viable or not. In case if business idea is not feasible, it will
results in business failure. In that condition, company will face a high revenue loss and reduction
in business reputation within market(Van Doorn and et. al., 2013). To check if idea of launching
the restaurant which will serve healthy and oil free food is viable and feasible or not, business
owner of company can adopt these methods:
 Research the market in an appropriate manner so that opinion of customers regarding the
introduced product can be acknowledged in an efficient manner. This will specify the
viability of business within marketplace.
10
A. Yes B. No
0
5
10
15
20
25

 Proper evaluation of services and products so that purchasing habits of customers can be
understand desirably. If results is in favor of business owner this means business is
feasible (Wilson and Martin, 2015).
To analyse strengths and weaknesses of Eat Rejoice, SWOT analysis is carried out:
Strength Weakness
 Business is based on healthy and
nutritious food which will satisfy the
requirements of customers which will
results in increased
profitability(Sullivan and Meek, 2012).
 Due to healthy ingredients people of all
age group can enjoy dishes offered by
restaurant.
 Taste and preference of people change
on a fast pace.
 To open a large outlet, large amount of
fund is required which is not available
at present as company is new in market.
Opportunities Threats
 By adding new flavours and vegetable,
taste of dishes can be enhanced. This
will helps in increasing customer base.
 Other restaurants are also planning to
introduce unique and healthy food
which can be a potential threat for Eat
Rejoice.
Analyzing these aspects will benefit the business owner to formulate and implement
efficient strategies so that competitive advantage can be gained.
7. Ways to overcome risk of competition and potential opportunities for growth and development
Risk in businesses are associated with the more chances of getting success. More bigger
the risk, more chances of receiving high profits. It is vital for owner of Eat Rejoice to manage
risks and problems related to business in a desirable manner. The best way to avoid risks is to
manage them efficiently. For medium and small organizations, performing business operations in
high competition is most risky (Nijssen, 2017). Risk should be identified effectively so that their
impact can be reduced. Manager in Eat Rejoice needs to formulate a team which focuses on
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changing work environment and new entrants. This will helps the restaurant in achieving
sustainability. Opportunities for Eat Rejoice restaurant is that they can open their outlets in other
prime locations of UK and internationally also if their restaurant will achieve wide success.
CONCLUSION
From the discussed report, it can be comprehended that a innovative business idea needs
an opportunity and support to get introduced in market. There are different sources which offers
background information about setting up a successful business. It is important to introduce a
business idea so that support for government or other sources can be gained. Each business
possess competition which must be assessed to target right consumer for the product. Business
owner should perform gap analysis to acknowledge required demands of customers. Market
research offers information related to a particular issue and helps in analyzing if business idea is
feasible or not.
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REFERECNES
Books and Journals
Breslin, D. and Jones, C., 2012. The evolution of entrepreneurial learning. International Journal
of Organizational Analysis. 20(3). pp.294-308.
Fatoki, O., 2012. The impact of entrepreneurial orientation on access to debt finance and
performance of small and medium enterprises in South Africa. Journal of social
sciences. 32(2). pp.121-131.
Ganotakis, P. and Love, J. H., 2012. Export propensity, export intensity and firm performance:
The role of the entrepreneurial founding team. Journal of International Business
Studies. 43(8). pp.693-718.
Guerrero, M., Urbano, D. and Fayolle, A., 2016. Entrepreneurial activity and regional
competitiveness: evidence from European entrepreneurial universities. The Journal of
Technology Transfer. 41(1). pp.105-131.
Guo, H., Su, Z. and Ahlstrom, D., 2016. Business model innovation: The effects of exploratory
orientation, opportunity recognition, and entrepreneurial bricolage in an emerging
economy. Asia Pacific Journal of Management. 33(2). pp.533-549.
Helms, M. M. and et. al., 2014. A quest for global entrepreneurs: the importance of cultural
intelligence on commitment to entrepreneurial education. International Journal of
Entrepreneurship and Small Business. 23(3). pp.385-404.
Lee, R. and Jones, O., 2015. Entrepreneurial social capital research: resolving the structure and
agency dualism. International Journal of Entrepreneurial Behavior & Research. 21(3),
pp.338-363.
Lee, W. B., 2012. Creating Entrepreneurial Supply Chains: A Guide for Innovation and Growth.
J. Ross Publishing.
Mathias, B. D., Williams, D. W. and Smith, A. R., 2015. Entrepreneurial inception: The role of
imprinting in entrepreneurial action. Journal of Business Venturing. 30(1). pp.11-28.
Miles, D. A., 2014. Developing a taxonomy for identifying entrepreneurial risk: An empirical
study on entrepreneurial risk patterns of business enterprises. Journal of Developmental
Entrepreneurship. 19(01). p.1450002.
Nijssen, E. J., 2017. Entrepreneurial marketing: an effectual approach. Routledge.
Rasmussen, E. and Wright, M., 2015. How can universities facilitate academic spin-offs? An
entrepreneurial competency perspective. The Journal of Technology Transfer. 40(5).
pp.782-799.
Sullivan, D. M. and Meek, W. R., 2012. Gender and entrepreneurship: a review and process
model. Journal of Managerial Psychology. 27(5). pp.428-458.
Van Doorn, S., and et. al., 2013. Entrepreneurial orientation and firm performance: Drawing
attention to the senior team. Journal of Product Innovation Management. 30(5). pp.821-
836.
Wilson, N. and Martin, L., 2015. Entrepreneurial opportunities for all? Entrepreneurial capability
and the Capabilities Approach. The International Journal of Entrepreneurship and
Innovation. 16(3). pp.159-169.
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