Factors Influencing Entrepreneurial Opportunity Recognition

The provided assignment delves into the complexities surrounding entrepreneurial opportunity recognition, highlighting a range of factors that impact the success or failure of new business ventures. It draws on scholarly research and practical applications to illustrate the intricacies involved in identifying and capitalizing on entrepreneurial opportunities. The discussion encompasses various aspects, including market knowledge, demographic changes, technological affordances, and the role of social media in shaping entrepreneurial prospects.

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. 3
P3. Gap analysis in the evaluation of entrepreneurial idea....................................................5
P4. Interpretation of data to provide evidence of market potential......................................10
P5. SWOT Analysis to assess the entrepreneurial idea........................................................14
P6. Evaluation of competitive and market environment to assess potential viabilities........15
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
An entrepreneur is an individual who is willing to take risk and start up new business
with their innovative ideas or add value to existing products, services or processes.
Entrepreneurial opportunities is the link between individual's own ideas and economic conditions
which prevails them to work effectively and work on their new ideas. An individual has various
ideas but they should analyse the ways to convert ideas into action (Audretsch, 2012). The
present report is based upon the idea of launching a new hotel named Croscett within London
that provides users who book the hotel one month prior, the option of possible customisation
associated with accommodation. The report will focus on new entrepreneurial ideas and how it
can be funded. Along with that, competitive and gap analysis is conducted to ascertain the extent
to which the business idea is viable and feasible. At last, market analysis is done to evaluate
strengths and weaknesses to determine the risk of competition and potential opportunities for
growth and development.
TASK 1
P1. Sources of innovative entrepreneurial ideas
Establishing business is important for country's economic growth. It assist in creating
employment, development of infrastructure, increasing GDP and many more. In the given
scenario, UK government has encouraged young graduates to take entrepreneurship and increase
employment levels. It will also help in reducing the market dominance by existing business and
promote fair trade practices. Creative as well as unique business ideas encourage entrepreneurs
to launch a new venture in a feasible manner. In addition to this, it is significant that
entrepreneurs keep looking forward to the emerging opportunities within marketplace in order to
take advantage of the entrepreneurial idea (Top 10 Sources of Business ideas & Opportunities,
2018). This facilitates the business idea in gaining a strategic edge over its competitors in the
industry. Seven sources of Peter Drucker that inspired entrepreneur for the idea of Croscett Hotel
are as follows:-
Incongruities: It is the difference between the actual and desired position or state of an
idea. Therefore it is advisable for the entrepreneurs to do relevant and appropriate market
research before introducing a new product or service. Business idea fails when it lacks sufficient

information about the whole idea. The most optimum opportunity to gather information for
incongruities is evaluations of needs and wants of customers within hotel industry so as to fulfil
them to gain an edge while opening Croscett Hotel in London.
The Unexpected: This aspect is associated with discovering the unexpected and
unexplored business idea so as to ensure that the venture project gains significant support from
customers within the marketplace. The needs and wants of consumers keeps on changing as per
the existing market scenario, thus, it is essential that entrepreneur gains knowledge of such
demands and develop business ideas accordingly (Grégoire and Shepherd, 2012). This will help
the entrepreneur in gaining ideas related to opening of hotel with providence of customised
accommodation so that Croscett can be effectively launched in London.
Process need: This aspect is associated with ascertaining the weaknesses of the business
idea. This becomes essential so as to bring modifications or rectification of the identified
entrepreneurial idea to meet the needs and requirements of customers and market scenario. This
reflects that solutions emerge from within the capabilities of business idea and ways of
conducting business. This will assist the entrepreneur in gaining knowledge about the
shortcomings of the business idea related to launch of Croscett Hotel so that it can be optimally
launched in London. After analysing all the conditions and trends identified by the entrepreneur,
it is quite possible to achieve success in least period of time with the help of application of this
process.
Changes in Market and Industry Structures: When changes take place within the
business sector or market, it facilitates entrepreneur to ascertain and launch such venture projects
that are aligned with the latest trends in the industry. This strives to create opportunities for
entrepreneur to gain an advantage in market by gaining suitable and adequate knowledge of the
processes and structures prevailing in the industry. This provides an opportunity for the
entrepreneur to gain knowledge about the advancements taking placing in hotel industry to
effectively launch Croscett Hotel within London along with the facility of customised
accommodations
Demographics: It is largely concerned with changes that take place within the
population, human capital, age groups and income levels of individuals. A successful
entrepreneur pays significant attention to all these aspects so as to ascertain the needs and

demands related to demographics. This facilitates the entrepreneur to launch Croscett hotel that
can substantially gain success in market because this will provides an opportunity to ascertain the
viability of their idea. As due to presence of high per capita income in UK, possible to attain
success in short period of time.
Changes in Perception: With passage of time, there are constant changes in perceptions
and ideologies of people which tend to create opportunities for entrepreneurs to identify the gap
in market and introduce a business idea that can fill this gap (Kohlbacher, Herstatt and Levsen,
2015). This assists the entrepreneur in gaining support from general public and getting success in
market while launching Croscett Hotel. This will provides an opportunity to ascertain the
sustainability of their project is future period of time by properly completing the aspect of gap
analysis.
New Knowledge: In today's modern and competitive world, technological changes as
well as large scale advancements take place increasingly. This tends to create opportunities for
entrepreneurs to tap the advantage of market gap and introduce such products, services or
processes i.e. providence of customised accommodations in Croscett Hotel that can fulfil the
needs and demands of customers within London.
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques
The business idea ascertained and being formulated by entrepreneur is the launch of a
new hotel. This organisation provides guests the facility of bringing possible customisation in
case the booking of room is made one month prior to the actual date of accommodation. The
alterations can be brought only in those components related to accommodation and surroundings
where hotel management can feasibly bring about changes. Such areas are alterations within
rooms like linen, bedding, scenic beauty, flooring, ventilation or changes related to services like
gymnasium, club, adventure activities, room service, entertainment, bedding etc. It is essential
that entrepreneurs consider the consumer behaviour as well as the market to gain a competitive
edge in London. Market gap refers to the process of providing such products and services which
are not yet available within marketplace (Siegel and Renko, 2012). The idea of a hotel with
possible customisation is unique and suit the needs and demands of people in an effective
manner. Market gap a concept related to every business idea and is determined through the
following:-

Technological advancements: In modern world, technical changes and advancements
occur at regular intervals. It is imperative that entrepreneurs are up-to-date about the latest tools
and techniques being used by competitors. This will help them to launch the new venture project
in market feasibly. With this, market gap can be filled effectively so as to fulfil the needs and
aspirations of customers.
Identification of opportunities: It is significant that entrepreneur ascertains and analyses
the opportunities available in market so as to gain an advantage of these to enhance its overall
profitability. Such opportunities assist entrepreneurs in analysing and filling the market gap so as
to stay ahead of its competitors. Also, these largely help in successfully formulating the business
idea of launching Croscett Hotel in London with the option of possible customisation.
COMPETITIVE ANALYSIS
Basis Croscett Hotel Marriott Hotel Four Seasons London
Products and
Services
Provides high quality
rooms and services with
an option of possible
customisation so as to
suit the needs of
customers.
This hotel provides
unmatchable experience to
customers by way of their
high quality rooms, 24*7
customer services and
excellent infrastructure.
The rooms and services
provided within this hotel
possess immeasurable
quality, constant
innovation, service
excellence and effective
staff.
Organization
structure
It follows functional
structure where work is
divided on the basis of
function to which
subordinate belongs.
Follow departmental
structure where
subordinates of a particular
department takes orders
and commands from
manager of that respective
department only.
They follow matrix
structure where roles and
duties are allotted to
employees on the basis of
functions as well as
product.
Major
Attractions
Customer centric
approach and friendly
staff to welcome and
High quality rooms,
multilingual workforce so
as to communicate in a
Service excellence,
entertainment facilities
and multi-cuisine food

treat guests in order to
retain them for long.
pleasant manner with
clients.
provided within its
restaurant.
Promotional
strategy
They make use of
inserts within local
newspapers, pamphlets,
radio and television as
their promotion and
marketing channels.
Their marketing strategy
comprises of extensive
advertising, website,
mobile application and
their M Live social media
platform.
They deliver high quality
service to gain success by
word of mouth
marketing. Also, they use
flyers and advertising by
social media to promote
their services.
In terms of success there are many opportunities are available in this industry that allows
an entrepreneur to enter and sustain in market. As, technology is the factor which has positive
impact upon the industry which provides an opportunity to the new entrepreneurs to provide
trendy and more luxurious services to customers as per their specifications. Along with that there
are many chances of failures are associated with the concept of technological innovation that
leads in the discontinuation of any kind of business. As, technology aspects are change very
rapidly according to the changes in the behaviour of consumers that automatically leads
obsolescence of the technology which is used by an organisation. Also, it is tough for new
entrepreneur to arrange large amount of fund arrangements in short period of time.
The aspect which they can do differently in this respect is to adopt continuous adaptation
approach which enables them to analyse new and innovative aspects in short period of time as to
sustain for longer time period. Application of this type of approach creates path of growth with
medium amount of risk.
P3. Gap analysis in the evaluation of entrepreneurial idea
Gap analysis is usually carried out by entrepreneurs when they are launching a new idea
within market. This assists them in determining the variances between the current performance
of venture project and the desirable future performance. With regards to launch of Croscett Hotel
in London, there are various factors associated with market scenario that need to be taken into
account by the entrepreneur, these are as follows:-

QUESTIONNAIRE
NAME:
AGE:
ADD:
GENDER:
MAIL ID:
Q1) Are you aware of the unique and innovative services being rendered by Croscett Hotel?
 Yes
 No
Q2) Which is the facility that you generally look upon the most while selecting a hotel for
accommodation?
 Free Wi-Fi
 Hygienic and multi-cuisine food
 Gaming zone
Q3) Are the prices charged by Croscett Hotel effective according to the facilities being provided
within the premises?
 Yes
 No
Q4) Are you satisfied with the customer services rendered by Croscett Hotel?
 Yes
 No
Q5). Recommend some suggestions for improving services of Croscett Hotel.

Theme 1: Croscett Hotel provide effective services
Are you aware of the unique and innovative services being rendered by
Croscett Hotel?
Frequency
a) Yes 32
b) No 18
Yes No
0
5
10
15
20
25
30
35
Column B

Theme 2: Facilitates
Q 2) Which is the facility that you generally look upon the most while
selecting a hotel for accommodation?
Frequency
a) Free Wi-Fi 10
b) Hygienic and multi-cuisine food 14
c) Gaming Zone 16
a) Free Wi-Fi
b) Hygienic and multi-cuisine food
c) Gaming Zone
0
2
4
6
8
10
12
14
16
Column B

Theme 3: Croscett Hotel offer services at effective price rates
Q3) Are the prices charged by Croscett Hotel effective according to the
facilities being provided within the premises?
Frequency
a) Yes 40
b) No 10
Yes No
0
5
10
15
20
25
30
35
40
Column I

Theme 4: Customers are satisfied by Croscett Hotel
Q4) Are you satisfied with the customer services rendered by Croscett
Hotel?
Frequency
a) Yes 32
b) No 18
P4. Interpretation of data to provide evidence of market potential
An entrepreneur gathers information related to launch of a business idea from a number
of sources. This data assists the entrepreneur in gaining data associated with the probable time of
launching the new hotel in London in order to gain attention from people (Park, Sung and Im,
2017). The major sources of collection of data are primary as well as secondary. In this regard,
following information is gained in relation to Croscett Hotel:-
 The new hotel launched by the entrepreneur provides users the facility of bringing about
possible customisation in case of prior booking by one month. This is an innovative
Yes No
0
5
10
15
20
25
30
35
Column E

concept not yet launched by any organisation till now. Thus, this provides Croscett hotel
with an opportunity to flourish in market and fulfil the demands of customers.
 The main focus of this hotel is on meeting the needs and demands of customers by
providing high quality services so as to gain a high stake in market.
Interpretation of above data:
Theme 1:
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation 1: It has interpreted from this statistical data, that people are much aware of
services offered by Croscett Hotel. In order to promote business in other market era, this
company needs to use social media.
Theme 2:
Central Tendency Data
Mean 13.34
Median 13
Mode 10
Standard Deviation 3.05
Interpretation 2: As per this statistical data, customers are attracted more towards those hotels
which offer hygienic and multi-cuisine food.

Theme 3:
Central Tendency Data
Mean 25
Median 25
Mode 0
Standard Deviation 21.22
Interpretation 3: According to this data, Croscett Hotel has offered its services on much
affordable price rates. This would help in enhancing its customer base.
Theme 4:
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation 4: As per this data, customers are happy with the way, they are served by staff of
this hotel. But still its management need to be concerned about providing best services.
GAP ANALYSIS
Basis Current condition Desired condition Action plan

Products and
Services
Providing rooms with
basic infrastructure
facility. The check-ins
and check-outs take
time.
Their market has a
demand for automatic
check-in and check-
outs by making use of
automation.
Provision of automatic
check-in and check-
outs in order to ensure
comfort of guests.
Cost Their rooms are
available at low prices
currently.
This hotel would want
to keep prices as per
their competitors or
they will not be earn
high profits.
A well devised pricing
strategy keeping the
rivals and their pricing
could be used.
Innovation Their business idea of
possible customisation
is unique and creative
ensuring a customer
driven approach.
Yet, there is a scope
for business to bring in
more such innovations
so as to ensure their
sustainability for a
long period of time.
Adopting a more
customer centric
approach and taking
feedbacks from
customers to bring in
more such
innovations.
Business objectives of Croscett Hotel
Objectives Strategies
Ensuring high customer satisfaction
and developing a sense of loyalty in
them
 By rendering rooms and services of high
quality.
 By providing customised rooms and services.
 By adopting a customer centric approach and
delivering performance so as to enhance their
experience.
Sustainability of business  Consistency in service excellence as well as
financial performance

 Taking regular feedbacks from customers and
giving significant consideration to them.
 Dealing with competition by way of adopting
latest technology
On the basis of above gap analysis, it has been ascertained that there is a demand in
marketplace for automatic check-in and check-outs. Also, the organisation can enhance the
prices of rooms to stay in hyper competitive hospitality environment and earn huge profits.
Further, it has been ascertained that Croscett hotel can come up with a number of innovations
within the hotel premises so as to fill the gap in market. The above findings support the gap in
market as these provide three folded views, namely, where the business is, where the business
desires to be and what can be done to bridge the gap. Thus, with the help of above gap analysis,
entrepreneur can ensure that there is no gap between the needs and demands of consumers in
market and the services offered by this hotel.
People desire the services provided by Croscett hotel as every person tends to have their
own choices and preferences in relation to accommodation and thus, the concept launched by
this entrepreneurial venture of bringing possible modifications in case of one month prior
bookings gain acceptance from public. People want these type of services as they can effectively
bring about changes in rooms in terms of linen, flooring, bedding, ventilation, scenic beauty and
within services in terms of club, adventure activities, entertainment, room service etc.
The ideas that do not support this business idea are hotels with low priced rooms, hotels
having automated check in and check out for convenience of customers etc. The above findings
will assist the entrepreneur in gaining knowledge about the ways in which the new hotel can gain
rapid growth and success in market. Through this Croscett hotel will be equipped with the
services that create gap in market and tend to look forward towards being developed in a luxury
hotel. Also, through gap analysis, it has been ascertained that this hotel provides luxury services
on prior booking of atleast one month.

P5. SWOT Analysis to assess the entrepreneurial idea
It is essential for entrepreneurs to determine whether the new business idea proposed by
them in relation to starting a venture is feasible or not. For this, SWOT Analysis can be used by
entrepreneur. It is a strategic tool that assist in assessing and evaluating the probable strengths
and opportunities to feasibly launch the new business idea while carefully taking into
consideration the weaknesses and threats to tackle them to ensure success of idea. Launching
Croscett hotel within the market of London which provides guests the option of possible
customisation is a unique idea (Welter and Alvarez, 2015). Thus by conducting SWOT analysis,
entrepreneur can gain knowledge of the positive and negative aspects of business. The SWOT
analysis of proposed idea is below:-
Strengths: The strengths of every business enterprise helps it in gaining huge support
from public and gaining success within a short period of time. With respect to launch of Croscett
Hotel in London, the major strength of this business idea is its uniqueness and the element of
innovation hidden within it. With the option of possible customisation, customers can bring
modifications in the rooms as well as surroundings so as to meet their needs and aspirations
related to accommodation. Along with that, the strength of this hotel lies in the well-mannered
and multilingual staff of Croscett which strive to fulfil the demands of guests at all the times.
Besides this, London offer lucrative opportunities for businesses, thus, Croscett can develop in a
strategical manner by tapping the advantage of this excellent location (Hansen, Monllor and
Shrader, 2016).
Weaknesses: While launching a new business idea into market, the major objective of
entrepreneur is to identify and evaluate all the possible shortcomings so as to overcome them to
gain a high stake in market. The location selected for launching Croscett Hotel is London which
is an excellent place for business yet it has some drawbacks. The prices of material and activities
in London is very expensive and the location possess one of the most expensive transportation
system across the globe (London living standards the best in the UK, 2018).
Opportunities: It is essential for entrepreneurs to gain knowledge of the future scope of
business so as to develop the venture in a feasible manner. This assists in identification of
opportunities that may occur in future prospect. With respect to launch of Croscett hotel in
London which offers option of possible customisation in case of prior bookings, it is significant

that entrepreneur keeps carrying out market research so as to tap advantage of any market
opportunity which will help in taking the business to a higher position.
Threats: These are the hurdles that may pose risk to the new entrepreneurial idea and
have to be taken into account by entrepreneur while launching Croscett hotel in London. The
possible threats for this hotel can be reduction in prices of rival businesses, high operating cost
and the threat posed by new entrants within hotel industry (Autio and et. al., 2018).
P6. Evaluation of competitive and market environment to assess potential viabilities
As to launch business ideas in successful way it is essential for entrepreneur to examine
market and industry conditions. This will help them to have proper and effective knowledge of
current market trend and techniques. In order to execute functioning of business activities in
effective way business ideas must be of great acceptance and bring satisfaction in the mind of
people.
Competitive Market: It is necessary for an organisation to conduct proper and systematic
research of current trends prevailing in market. Managers need to evaluate all external and
factors of business as this will benefit them to gain more competitive advantage and strengthen
their sustainability. Organisation can measure strategies of their rival hotels and have effective
knowledge of advanced tools and techniques. This will help them to make required and suitable
modifications in their services. For this, Porter Five Force Model has been used:-
Competition within Industry: Rivalry within hotel industry is high as a number of hotels
are present within UK which offer exceptional services and accommodation facilities such as
Marriott, Hilton, Four Seasons etc. Thus, the entrepreneur has to be cautious of such firms and
develop strategies in accordance.
Threat of New Entrants: The initial investment required by firms for entering into this
industry is quite high which creates barriers for new entrants (Tang, Kacmar and Busenitz,
2012). Thus, the risk of competition is low and Croscett Hotel can gain an edge in market by
providing more customer centric services such as possible customisation.
Bargaining Power of Buyers: The power of buyers within hotel industry is high as the
switching cost for shifting to an alternative brand is low and humans are likely to take the
privilege of enjoying more services in lesser prices. For this, entrepreneur will develop a low
cost strategy so that large number of customers can be attracted.

Bargaining Power of Suppliers: The power of suppliers within hotel industry is quite
low. However, the only persons who enjoy power within this sector is labour and skilled staff.
Thus, entrepreneur have to take this into consideration so as to ensure sustainability of Croscett
Hotel in long run.
Threat of Substitutes: The threat of substitutes is moderate within hotel industry. Yet
people who are in requirement of cheap accommodation may consider the option of shifting to
alternative brands. The entrepreneur is required to keep an up-to-date knowledge of services
being rendered by competitors within same industry to develop strategies for Croscett Hotel
accordingly.
Market Environment: In relation to a business idea, there are two major environments
that influence its functioning of a business idea. These are described below:- Macro environment- These are the external factors outside the business that influence the
launch of a business idea in market. For this, PEST analysis is conducted below:-
Political: Entrepreneur should run the hotel in a way that it complies with all the laws
and regulations passed by UK government related to tax, employment, trade, environmental and
tariffs (Barazandeh and et. al., 2015). This will act as a supportive factor for the hotel to operate
and grow in a manner desirable by law. However, a political turmoil within UK will tend to
become unsupportive factor for this entrepreneurial idea.
Economic: The operations of Croscett hotel should be conducted in a way that it
complies with the economy of UK. The entrepreneur can grab this opportunity to decide the
pricing policy accordingly taking into account factors like interest rate, inflation rate, disposable
income of people etc. The economic factors support the idea of Croscett hotel as the economy of
UK is strong and support the ventures who come up with innovations.
Social: Entrepreneur needs to consider latest trends and techniques prevailing in hotel
industry to ensure that this hotel meet the needs and preferences of customers (Tang, Kacmar and
Busenitz, 2012). Social factors are unsupportive for the launch of this entrepreneurial idea as the
latest trends prevailing within the market or the entrepreneurial innovation brought by Croscett
Hotel can be undertaken by any other hotel also.
Technological: With time, there are advancements in technology which need to be
considered by entrepreneur while launching Croscett Hotel in London. Technological factors will

support the entrepreneur of Croscett to make use of online booking facility, mobile application to
provide a strategic edge to this upcoming hotel over its competitors within the industry.
 Micro environment- These are the internal factors within business which impact upon the
functioning of hotel. This include aspects like hotel staff, culture, values, practices etc..
The above mentioned competitive and market environment analysis helps an entrepreneur
in assessing the potential visibility of market in which the idea is going to be launched. The
overall analysis indicates that it is feasible for entrepreneur to turn the entrepreneurial idea of
launching a new hotel into reality as the macro and micro environmental factors favouring the
development of this idea are more impactful than the ones not supporting it.
CONCLUSION
From the above report, it can be concluded that in today's competitive and fast changing
world, entrepreneurs have access to a wide range of market opportunities that can be taken
advantage of to successfully launch a new entrepreneurial idea. Also, it has been analysed that it
is essential for entrepreneurs to analyse and evaluate the external environmental factors to make
sure that the business idea is successfully launched in market. In addition to this, with the usage
of SWOT analysis, it has been assessed that there are a range of positive and negative factors that
influence the launch of new entrepreneurial idea.

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