Identifying Entrepreneurial Opportunities

Identifying entrepreneurial
opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Various sources of entrepreneurial ideas and innovation..................................................1
P2 Market gap for entrepreneurial idea..................................................................................3
P3 Questionnaire....................................................................................................................5
P4 Graphs and charts to present questionnaire response........................................................9
P5 SWOT analysis................................................................................................................13
P6 PESTLE analysis.............................................................................................................15
CONCLUSION..............................................................................................................................16
References......................................................................................................................................18
Appendix........................................................................................................................................19
Curriculum Vitae..................................................................................................................19

INTRODUCTION
Entrepreneurs considered as an individual who develop a new business and bearing most
of the risks along with enjoy their rewards and benefits every time. Entrepreneurs plays
significant role within the economy through using different types of skills and bring new ideas to
the marketplace. Therefore, entrepreneurship considered as an important driver of economic
innovation and growth. As entrepreneurs have lots of ideas to run business so that they can
become more important for people by providing them large number of job opportunities. On the
other side budding entrepreneur is going to establish fresh business which is Coffee Break Cafe.
This cafe is planning to have Organic Black Coffee with innovative music themes at cafe.
Furthermore, there will be different types of entrepreneurial ideas which follows Drucker's 7
sources model. Along with Porters 5 forces model will support business ideas of entrepreneur.
Questionnaire will conduct in order to evaluate market gap. Lastly, SWOT & PESTLE analysis
will get covered in context of overall business ideas.
P1 Various sources of entrepreneurial ideas and innovation
There are different types of start ups and business ventures which all are manage and
controlled by an entrepreneurs. All these ventures highly contributes among development of
country's economy. Within the UK there are ample number of business and lots of entrepreneurs
who are applying their new ideas to form unique business in a better way. Herein, virgin money
is very helpful for those entrepreneurs who are facing some financial issues (Baruch, and Vardi,
2016). Virgin money helps budding entrepreneurs by giving them financial services on time so
that they can continue their business without facing any issue at marketplace. Moreover, for
developing new business, entrepreneurs required to have innovative ideas by which they can get
huge achievement of their goals on time. By taking help from financial services (virgin money)
entrepreneurs able to run business successfully and achieve targeted objectives within a short
period of time. Some of the entrepreneurial idea sources are mentioned below:
Customer surveys:
It is considered as one of the most important source of entrepreneur idea that helps
entrepreneur to formulate new business by having purpose of giving effective quality of product
and services to end customers. Through conducting this types of survey an entrepreneur can get
have idea about people choice so that they can easily add few items accordingly. It will directly
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increase their sales and profit as well. In the case of Coffee Break Cafe to satisfying consumers
they are needed to conduct this survey so that they can understand entire preferences and tastes
of people at market.
Trade fairs and exhibitions:
According to this source entrepreneurs are able to develop and create unique idea towards
any kind of business. If entrepreneurs attend such kind of exhibitions and trade fairs they can
learn so many things and use different tools like newspapers, TV etc. for launching business
successfully. Herein, Coffee Break Cafe needs to review on these type of sources so that they can
get some idea to apply innovative ideas on business to achieve success.
Interest and hobbies:
In this source of entrepreneurial ideas can exist easily as it helps entrepreneur towards
managing business perfectly. It also represents particular hobby and interest of an entrepreneur
among their business. For example: budding entrepreneur going to launch Coffee Break Cafe so
that it shows his interest (Cascio, 2015). After this an individual will produce unique product
with innovative idea like Organic black coffee for giving satisfaction to consumers justified his
hobby.
Mass media:
This source of entrepreneurial ideas includes radio, magazine, internet and many more
such kind of factors. These type of sources helps an entrepreneur to learn about new concept for
making business effective. In regards with Coffee Break Cafe, they generally use this source to
achieve competitive advantages effectively.
In order to support above information Drucker's seven forces model of systematic innovation gas
been mentioned in beneath:
This model helps entrepreneur in order to develop several practical foundations that helps
to create effective ideas of running business successfully. This model consist different types of
sources, that are:
The Unexpected: According to the business scenario there are so many changes every
time in order to implements on several kind of innovative thoughts. Thus, unexpected failures
and success should not reviewed as an opportunities for a little change. Therefore, entrepreneur
who is establishing new business needs to observe entire marketing factors so that they can
sustain in market for long time.
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Process Need: Accordingly, it can be said that budding entrepreneur should more focus
on each and every task to resolve every issues. Through observing problems they can achieve
targeted goals and achieve innovative goals.
Incongruities: In this factor of respective model, there are so many business ventures
who do not have any plan for further business improvement and they fall due to unsatisfied
customers (French, and Rees, eds., 2016). Therefore, an entrepreneur required to know about
consumer's choice before launching innovative products at marketplace.
Demographics: Now a days, large number of firms and business ventures are influenced
due to demographic change. These assorted changes identify entire value of goods and services.
In relation with Coffee Break Cafe, entrepreneur needs to target potential consumers first so that
they can buy their desired product from them. These changes mainly based upon age, education,
employment that could be influence task of business. For this entrepreneur needs to have few
tools and techniques so that can frequently apply them due to causes of changing environment.
Industry and Market structure change: In this stage, sources and structure of business
could be stable for some years. For maximisation of entire business value an entrepreneur needed
to have so many tools and techniques to attainment of targeted goals or objectives.
New Knowledge: It is considered as scientific technological source of innovation which
has been never reviewed by business. In regards with Coffee Break Cafe, an entrepreneur
required to change their supply chain to selecting or hiring best employees for their business. It
helps them a lot to gain successful growth of business.
Changes in perception: According to this factor, each and every individual behave
differently with each other. So that perception of people in regards with any goods and services
could be different (Kirton, and Greene, 2015). In context of Coffee Break Cafe and
entrepreneur, needs to involve socially so that this business will grow frequently. It will develop
good image of this cafe and also attract the large number of consumers.
P2 Market gap for entrepreneurial idea
For establishing or launching any new business into the market, this type idea commonly
comes from the entrepreneurial mind set by which they can achieve desired goals. In this report
Coffee Break Cafe is going to be establish by having large number of effective quality of food
and coffee items with innovative thoughts. Additionally, this cafe also have different types of
Pizza, cookies and many more items. Main purpose of an entrepreneur behind this launching
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business is to give huge satisfaction to people and earn profit effectively. It also increase entire
sales and growth of business so that an entrepreneur can easily achieve competitive advantages.
Now, Coffee Break Cafe is going to give huge satisfaction to the customers through
fulfilling their needs and wants by offering them huge discounts on different types of goods.
With the help of this respective business able to achieve their targeted goals and increase their
probability at marketplace. Doing all these things for customers always increase business value
so that they can achieve competitive advantages in an effective manner. Moreover, there are
large number of facilities which is offered by them such as effective lights, several types of chair
and table, decoration of the cafe and so many. All these things attracts the large number of
customers, therefore the main purpose of launching this cafe is to influence people through
giving them satisfaction and implements on innovative ideas that makes economy better. So that
this cafe will change consumer's mind and their taste as well among the coffee as this cafe will
provide Organic Black Coffee. Thus, they maintain their good image at marketplace. If review
on Gap analysis, than there are various types of sellers and buyers into the competitive market.
Herein, cafe is required to maintain their good image for fulfilling the gap between customers
and their products as well. Therefore, an entrepreneur always have innovative ideas and thoughts
in order to attract customers all the time. With the help of this process customers can build
confidence towards this cafe and their products. By fulfilling gap analysis respective cafe is able
to achieve their targeted goals and objectives (Kossek, Su, and Wu, 2017). There are few points
of gap analysis which developed by an entrepreneur of Coffee Break Cafe, mentioned below:
Technological advancements: According to the technological advancements, demand of
individual maximising every day towards particular product and services. But on on the other
side, it can be the cause of marketing gap between people and business. Therefore, an
entrepreneur needs to reduce this marketing gap through applying such kind of new tools and
techniques into their cafe. With the help of this they can satisfy people and it also increase
opportunities for business as well.
The entrepreneurial idea is that the respective cafe will offer organic black coffee to its
customers. This is because the cafe wants to expand its business and attract more customers.
Thus, it has decided to launch a new drink in its menu. The Unique Selling Proposition of the
coffee is that it will be completely organic with no harmful chemical being used. This will help
the cafe in attracting people who are conscious about their health and also, prefer coffee over any
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