Identifying Entrepreneurial Opportunities - Croscett
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Added on 2020-10-22
Identifying Entrepreneurial Opportunities - Croscett
Added on 2020-10-22
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IdentifyingEntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Sources of innovative entrepreneurial ideas.....................................................................1P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques.3P3. Gap analysis in the evaluation of entrepreneurial idea....................................................5P4. Interpretation of data to provide evidence of market potential......................................10P5. SWOT Analysis to assess the entrepreneurial idea........................................................14P6. Evaluation of competitive and market environment to assess potential viabilities........15CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................18
INTRODUCTIONAn entrepreneur is an individual who is willing to take risk and start up new businesswith their innovative ideas or add value to existing products, services or processes.Entrepreneurial opportunities is the link between individual's own ideas and economic conditionswhich prevails them to work effectively and work on their new ideas. An individual has variousideas but they should analyse the ways to convert ideas into action (Audretsch, 2012). Thepresent report is based upon the idea of launching a new hotel named Croscett within Londonthat provides users who book the hotel one month prior, the option of possible customisationassociated with accommodation. The report will focus on new entrepreneurial ideas and how itcan be funded. Along with that, competitive and gap analysis is conducted to ascertain the extentto which the business idea is viable and feasible. At last, market analysis is done to evaluatestrengths and weaknesses to determine the risk of competition and potential opportunities forgrowth and development.TASK 1P1. Sources of innovative entrepreneurial ideasEstablishing business is important for country's economic growth. It assist in creatingemployment, development of infrastructure, increasing GDP and many more. In the givenscenario, UK government has encouraged young graduates to take entrepreneurship and increaseemployment levels. It will also help in reducing the market dominance by existing business andpromote fair trade practices. Creative as well as unique business ideas encourage entrepreneursto launch a new venture in a feasible manner. In addition to this, it is significant thatentrepreneurs keep looking forward to the emerging opportunities within marketplace in order totake 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 theindustry. Seven sources of Peter Drucker that inspired entrepreneur for the idea of Croscett Hotelare as follows:-Incongruities: It is the difference between the actual and desired position or state of anidea. Therefore it is advisable for the entrepreneurs to do relevant and appropriate marketresearch 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 forincongruities is evaluations of needs and wants of customers within hotel industry so as to fulfilthem to gain an edge while opening Croscett Hotel in London.The Unexpected: This aspect is associated with discovering theunexpected andunexplored business idea so as to ensure that the venture project gains significant support fromcustomers within the marketplace. The needs and wants of consumers keeps on changing as perthe existing market scenario, thus, it is essential that entrepreneur gains knowledge of suchdemands and develop business ideas accordingly (Grégoire and Shepherd, 2012). This will helpthe entrepreneur in gaining ideas related to opening of hotel with providence of customisedaccommodation so that Croscett can be effectively launched in London. Process need: This aspect is associated with ascertaining the weaknesses of the businessidea. This becomes essential so as to bring modifications or rectification of the identifiedentrepreneurial idea to meet the needs and requirements of customers and market scenario. Thisreflects that solutions emerge from within the capabilities of business idea and ways ofconducting business. This will assist the entrepreneur in gaining knowledge about theshortcomings of the business idea related to launch of Croscett Hotel so that it can be optimallylaunched 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 thisprocess.Changes in Market and Industry Structures: When changes take place within thebusiness sector or market, it facilitates entrepreneur to ascertain and launch such venture projectsthat are aligned with the latest trends in the industry. This strives to create opportunities forentrepreneur to gain an advantage in market by gaining suitable and adequate knowledge of theprocesses and structures prevailing in the industry.This provides an opportunity for theentrepreneur to gain knowledge about the advancements taking placing in hotel industry toeffectively launch Croscett Hotel within London along with the facility of customisedaccommodations Demographics: It is largely concerned with changes that take place within thepopulation, human capital, age groups and income levels of individuals. A successfulentrepreneur 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 thatcan substantially gain success in market because this will provides an opportunity to ascertain theviability of their idea. As due to presence of high per capita income in UK, possible to attainsuccess in short period of time. Changes in Perception: With passage of time, there are constant changes in perceptionsand ideologies of people which tend to create opportunities for entrepreneurs to identify the gapin 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 inmarket while launching Croscett Hotel. This will provides an opportunity to ascertain thesustainability of their project is future period of time by properly completing the aspect of gapanalysis. New Knowledge: In today's modern and competitive world, technological changes aswell as large scale advancements take place increasingly. This tends to create opportunities forentrepreneurs to tap the advantage of market gap and introduce such products, services orprocesses i.e. providence of customised accommodations in Croscett Hotel that can fulfil theneeds and demands of customers within London.P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniquesThe business idea ascertained and being formulated by entrepreneur is the launch of anew hotel. This organisation provides guests the facility of bringing possible customisation incase the booking of room is made one month prior to the actual date of accommodation. Thealterations can be brought only in those components related to accommodation and surroundingswhere hotel management can feasibly bring about changes. Such areas are alterations withinrooms like linen, bedding, scenic beauty, flooring, ventilation or changes related to services likegymnasium, club, adventure activities, room service, entertainment, bedding etc. It is essentialthat entrepreneurs consider the consumer behaviour as well as the market to gain a competitiveedge in London. Market gap refers to the process of providing such products and services whichare not yet available within marketplace (Siegel and Renko, 2012). The idea of a hotel withpossible customisation is unique and suit the needs and demands of people in an effectivemanner. Market gap a concept related to every business idea and is determined through thefollowing:-
Technological advancements: In modern world, technical changes and advancementsoccur at regular intervals. It is imperative that entrepreneurs are up-to-date about the latest toolsand techniques being used by competitors. This will help them to launch the new venture projectin market feasibly. With this, market gap can be filled effectively so as to fulfil the needs andaspirations of customers. Identification of opportunities: It is significant that entrepreneur ascertains and analysesthe opportunities available in market so as to gain an advantage of these to enhance its overallprofitability. Such opportunities assist entrepreneurs in analysing and filling the market gap so asto stay ahead of its competitors. Also, these largely help in successfully formulating the businessidea of launching Croscett Hotel in London with the option of possible customisation.COMPETITIVE ANALYSISBasisCroscett HotelMarriott HotelFour Seasons LondonProducts andServicesProvides high qualityrooms and services withan option of possiblecustomisation so as tosuit the needs ofcustomers.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.OrganizationstructureIt follows functionalstructure where work isdivided on the basis offunction to whichsubordinate belongs.Follow departmentalstructure wheresubordinates of a particulardepartment takes ordersand commands frommanager of that respectivedepartment only.They follow matrixstructure where roles andduties are allotted toemployees on the basis offunctions as well asproduct.MajorAttractionsCustomer centricapproach and friendlystaff to welcome andtreat guests in order toHigh quality rooms,multilingual workforce soas to communicate in apleasant manner withService excellence,entertainment facilitiesand multi-cuisine foodprovided within its
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