Identifying Entrepreneurial Opportunities : Tools and Techniques
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Added on 2021-02-20
Identifying Entrepreneurial Opportunities : Tools and Techniques
Added on 2021-02-20
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IdentifyingEntrepreneurialOpportunities 1
INTRODUCTION...........................................................................................................................3P1. Sources of innovative entrepreneurial ideas..........................................................................3P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques......5P3. Gap analysis in the evaluation of entrepreneurial idea..........................................................7P4. Interpretation of data to provide evidence of market potential...........................................12P5. SWOT Analysis to assess the entrepreneurial idea.............................................................16P6. Evaluation of competitive and market environment to assess potential viabilities.............17CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................212
INTRODUCTIONAn entrepreneur is an individual who weigh up opportunities, evaluates threats, analysepersonal capacity and translates opportunity into a unique and defined business idea.Entrepreneur plays a key essential role in an economy (Audretsch, 2012). Thus, it becomesimportant for nation's worldwide to encourage entrepreneurial instinct as to spark success in theireconomic development. Present report has been conducted on introducing a new business idea bylaunching Happy Republic Inn Hotel in London provinces. This hotel offers a unique andappealing feature which is linked with healthy well being of individuals. Hotel offer its uniqueservice which is combined with wellness concept, in this they provide rooms with specialworkout zone in which they provide yoga mat, stability ball, cardio machines, a bench for seatedexercises and free workout videos as per according to customers demand. In this report,formative discussion has been made on concept of entrepreneurial ideas along with gap analysisto evaluate feasibility of viable business idea. Lastly, report includes SWOT analysis to findstrength and weakness for further growth. TASK 1P1. Sources of innovative entrepreneurial ideasStart-ups and entrepreneurial business acts as a one the major source that contributes in thecountry's economy. It not only helps in generating employment but also increase level ofcountry's infrastructure, GDP and more. In present case scenario, Government of UK encouragesyoung graduates to consider entrepreneurship. It helps in promoting fair trade practices whilereducing dominance of existing ventures. Thus, by continuous evolution of new businessopportunities help entrepreneur to develop effective entrepreneurial idea (Top 10 Sources ofBusiness ideas & Opportunities. 2018). Mentioned below, there is concept of Peter Druckerseven sources that acts as an inspiration of launching Happy Republic Inn Hotel idea:Incongruities: In order to understand actual state of an idea, it is essential for entrepreneur to effectivelyconduct market research before bringing any new service and product in a marketplace. Bestpossible source to evaluate related data of incongruities is to analyse actual prevailing demandson consumers in Hotel industry. This will help in gaining strong edge while launching HappyRepublic Inn Hotel.3
The Unexpected:This factor is linked with evaluating unexpected and unexplored ideas in order to makesure that business project will gain effective support from population in a marketplace. With theevolving need and demands of customers, it becomes essential for entrepreneur to have properknowledge of customer demands. It will help them to launch Happy Republic Inn Hoteleffectively in London Province. Process need:This factor is linked with evaluation of weakness associated to business ideas. For this,best effective solution is regular modification in entrepreneurial idea as to effectively fulfilmarker and customers demand. After proper evaluation, entrepreneur can able to identifyshortcomings related with launching of Happy Republic Inn Hotel and gain possible success. Changes in Market and Industry Structures:It is essential for entrepreneur to align their business launching with changes in marketand related industry structure. It will benefit them to gain more opportunities and advantages. Byanalysing knowledge related to structure prevailing in marketplace and industry, entrepreneurcan remarkably able to launch Happy Republic Inn Hotel in London along with fulfilling actualdemands and needs of customers. Demographics:It is important for an entrepreneur to effectively evaluate changing demographics needsrelated to income level of individuals, human capital and age group as to gain success in amarketplace and gain more developmental opportunities. Per capita income level in UK isrelatively high which benefits entrepreneur to launch Happy Republic Inn Hotel in London ineffective way.Changes in Perception:Perceptions keep on changing with the passage of time (Park, 2017). Thus, in order to fitbusiness idea with people ideologies, it is essential for entrepreneur to fill the gap with propermarket analysis. It benefits them to gain effective support of local public and conduct business inmore decent way. New Knowledge: In this modern dynamic world, technology keeps on regularly changing. For this, itbecomes essential for entrepreneur to have proper knowledge related to new technological4
advancements related to products and services. This will benefit entrepreneur to provide moreadvanced work out tools and equipments in Happy Republic Inn Hotel and satisfy consumer withbest. TASK 2P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniquesEntrepreneur plans to enter into the market place of London with the business idea oflaunching a new hotel (London living standards the best in the UK. 2018). This hotel will offerguests with the extensive facility of work out equipments that include, provide stability ball,cardio machines, yoga mat, free workout videos and bench for seated exercises. Currently in UKthere is no such hotel that emphasise on health and fitness. In order to run this idea effectivelyon track, it is essential for entrepreneur to analyse behaviour of customers along with marketfeasibility so as to gain more advancements in the competitive scenario. In addition with this, itbecome important for entrepreneur to evaluate market gap which is related to offering thoseproducts and services that are not provided yet. With the help of this unique idea, entrepreneurcan effectively able to fulfil health related demands of customers in best effective way.Mentioned below there is a market gap concept that are related to each and every business idea:Technological advancements:Technology is regularly evolving and changing that leads to some products getting thetag of 'outdated'. Thus, in order to be up-to-date, it is essential for entrepreneur to take advantageof numerous set of tools and techniques and adopt new advanced technology and to conductbusiness with actual market and customers demand without getting outdated. Technologybenefits in analysing market gap and lead towards accomplishing demands so customers can besatisfied in best effective manner. Identification of opportunities:In order to compete with rivals and fulfil dynamic needs of customers and market, it isessential for entrepreneur to keep on evaluating opportunities in order to gain moreadvancements and profitability. This will provide effective assistance of entrepreneurs to analysegap and fill those with gap in order to stay one step ahead from their competitors. COMPETITIVE ANALYSIS5
BasisHappy Republic InnHotelMarriott HotelFour Seasons LondonProducts andServicesHotel will offer roomswith well equippedservices along withworkout equipments inorder to effectivelysatisfy health relatedneeds of theirconsumers. This hotel providesunmatchable experience tocustomers by way of theirhigh quality rooms, 24*7customer services andexcellent infrastructure.The rooms and servicesprovided within this hotelpossess immeasurablequality, constantinnovation, serviceexcellence and effectivestaff.OrganizationstructureFunctional structurewill followed in Hotelwhere managementdivide work onformative basis offunctions from wherethe subordinatesactually belong (Siegel,and Renko, 2012).Follow departmentalstructurewheresubordinates of a particulardepartment take orders andcommands from managerof that respectivedepartment only.They follow matrixstructure where roles andduties are allotted toemployees on the basis offunctions as well asproduct.MajorAttractionsMajor attraction thatwill holds by hotel istheir consumer centricapproach along withfriendly gesture of theirstaff and they way theytreat their guest. High quality rooms,multilingual workforce soas to communicate in apleasant manner withclients.Service excellence,entertainment facilitiesand multi-cuisine foodprovided within itsrestaurant.PromotionalstrategyThey will make use ofinserts within localnewspapers, pamphlets,radio and television astheir promotion andTheir marketing strategycomprises of extensiveadvertising, website,mobile application andtheir M Live social mediaThey deliver high qualityservice to gain success byword of mouthmarketing. Also, they useflyers and advertising by6
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