Identifying Entrepreneurial Opportunities

This assignment explores the process of identifying entrepreneurial opportunities and evaluating sources of ideas and innovation. It discusses the use of Drucker's 7 source model and Porter's five forces model. The assignment also covers gap analysis, PESTLE analysis, and SWOT analysis for a new business idea. The focus is on Tree Café and its innovative product, Roosted Nuts Coffee. The assignment provides insights into the competitive and market environment, as well as the potential viability of the idea.

Identifying
Entrepreneurial
Opportunities

Contents
INTRODUCTION.......................................................................................................................................2
TASK 1.......................................................................................................................................................3
P1 Evaluate several sources of entrepreneurial ideas and innovation......................................................3
TASK 2.......................................................................................................................................................5
P2 Rational and market gap for specific entrepreneurial idea using several tools and techniques...........5
TASK 3.......................................................................................................................................................6
Covered in PPT.......................................................................................................................................6
TASK 4.......................................................................................................................................................6
P5 SWOT framework..............................................................................................................................6
P6 Competitive and market environment in which idea will be form to assess potential viability...........7
CONCLUSION.........................................................................................................................................10
REFERENCES..........................................................................................................................................10

INTRODUCTION
Entrepreneur considered as an individual who generally thinks innovative and formulates
new ideas in order to run business successfully and bear risk most of the time towards
achievement of business. Thus, an entrepreneur plays crucial role within every economy system
and influence others positively (Dai and Liao, 2019). On the other side, an entrepreneur is
responsible to give huge job opportunities to people in order to increase their knowledgeable
skills properly. Along with this budding entrepreneur plays same role as entrepreneur but they
have power to borrow money from Virgin money organization in order to fulfill their
requirements within short time of span. With the help of this they can run their business
effectively. This assignment is based on Tree Café business with the purpose of having
innovative item such as Roosted Nuts Coffee for satisfying customer’s needs. Apart from this
report includes several kind of entrepreneurial sources and ideas by using Drucker’s 7 source
model and Porter’s five forces model. Lastly, data interpretation and gap analysis along with
PESTLE & SWOT will get covered in this assignment.
TASK 1
P1 Evaluate several sources of entrepreneurial ideas and innovation
Within the UK economy businesses are rapidly increasing in which different types of
entrepreneurs applying innovative ideas in order to increase their business growth and attainment
of specified goals. With the help of this businesses can get huge profit and able to sustain at
marketplace. Additionally, if talk about respective business in which an entrepreneur establish
new business Tree Café with the aim of applying innovative plans that helps business to develop
unique decision towards gaining benefits and profits. There are several sources by which
entrepreneur takes ideas, those are mentioned in beneath:
Mass media: It includes different types of sources such as internet, radio, magazine and
many more (Patel, 2019). With the help of sort of sources an entrepreneur of respective café able
to gain ample number of opportunities from these media sources towards developing best ideas
of running business successfully. Thus, it is considered as advantageous for this new business.

Interest and hobbies: According to this source an entrepreneur is able to think
innovative and manage their ventures effectively. In regards with Tree Café, an entrepreneur is
interested to create innovative products and a hobby is to satisfying needs and wants of
customers.
Exhibitions and trade fairs: It is one of the best sources which is used to create so many
ideas of business for entrepreneurs. In relation with respective café an entrepreneur attend so
many trade fairs and exhibitions in order to put innovative ideas do that they can achieve better
results along with able to overcome issues from business (Goel, Jones and Karri, 2019).
On the other side, there is Peter Durcker’s model has been used in order to understand
several kinds of sources for running business successfully, those are mentioned below:
The unexpected: Within the every business changes are increasing rapidly day to day as
entrepreneur generally applying innovative ideas through considering huge sources. As per the
respective café an entrepreneur required to concentrates on different changes by which they can
grow up easily.
Incongruities: As per this source of model industries are mainly going to form their new
goods and services without doing particular research. It helps respective business to launch their
new business with innovative products effectively.
Process need: According to this, an entrepreneur required to determine their objectives
so that they can overcome issues from business and attain targeted goals.
Market and industry structure change: In this, business needs to concentrates on their
technological advancement by which they can bring alternatives changes and make business
attractive for their customers (Poblete, Sena and Fernandez de Arroyabe, 2019).
Demographics: These assorted changes analyses overall needs and wants of business
towards their goods at marketplace. In the context of respective business they need to divide their
goods as per age and income level of people.

Change in perception: In this, respective business required to emerge with several social
points by which they can bring few changes that makes strong relations between firm or
customers.
New knowledge: It depends upon technological and scientific changes within
representative business in this they needed to change their supply chain system for maximization
of workforce so that they can achieve their goals within short period of time (Neumeyer and
et.al., 2019).
TASK 2
P2 Rational and market gap for specific entrepreneurial idea using several tools and techniques
In order to establish new business at market area kind of idea always comes from the
entrepreneurial mind for achievement of targeted goals and objectives in a proper manner. In this
particular assignment Tree Café is going to establish new innovative product named as Roosted
Nuts Coffee with the combination of several coffee ingredients. Moreover, this café also having
different types themes at their own place along dealing with different types of food items that
likes the consumer most. On the behalf of this an entrepreneur is able to fulfill their customer’s
needs and wants and able to sustain at market place for long time.
In regards with Tree Café, it is going to launch new item for satisfying customers at high
level within the competitive scenario. For this, respective café is offering different types of food
items to satisfying them and achieve organization goals on time. Apart from this, respective café
is having several kind of theme with different types of music style and lights that influence
customer’s frequently in a positive manner. Apart from this gap analysis considered as one of the
main issues which is accomplished by business venture in order to fulfill gap from the buyers
and firm (Dias, Rodrigues and Ferreira, 2019). Thus, they have developed so many changes
within the café such as designers table, unique sofa set and many more thus, the main reason to
launch this kind of café which will like by people. Furthermore, they always accomplished gap
analysis through applying several ways, those are mentioned below:
Identify opportunities: In order to attain targeted goals an entrepreneur needs to analyses
their changes so that they can easily achieve their goals through adopting so many changes and

satisfy needs and wants of consumers in a perfect way. Thus they accomplish gap and overcome
issues from business.
Technological advancement: According to the technological advancement technology
play crucial role within every business. In regards with respective café needs to focus on so
many technological changes in order to achieve targeted goals. With the help of focusing on
these sorts of changes they can sustain at marketplace for long time.
TASK 3
Covered in PPT
TASK 4
P5 SWOT framework
It is necessary for an entrepreneur to identify their strength, weakness opportunities and
threats among their business so that they can easily aware about current situations of
environment so that they can achieve their targeted goals and objectives in an appropriate
manner. SWOT analysis is mentioned below:
Strength Weakness
An entrepreneur has large number of options
by which they can manage their overall
financial services or fund effectively through
borrowing fund from Virgin money firm.
Apart from this, in relation with Tree café, an
entrepreneur has been selected best location, so
that people can easily find out their products
and take their services accordingly
(Khoshmaram, Shiri and Savari, 2019). It is the
great strength of this café so that they can
achieve targeted goals.
In order to establish new business with
innovative product it is important for an
entrepreneur to think about best location. In
regards with respective café the main weakness
of this business is transportation cost as it is
high so that it can be create issues between
buyer and seller. Thus, they can face issues
effectively.
Opportunities Threat

Budding entrepreneurs generally able to get
ample opportunities as they have expansion
power towards it financial services so that they
can attain their targeted goals. In relation with
respective business, they are required to
conduct market research so that they can grab
ample opportunities which influence their
business and make them attractive.
Most of the businesses are thinking to establish
new goods and services in order to satisfy
several needs and wants of people at
marketplace. In relation with respective
business the main threat of this firm is there are
huge competition between food item as there
are so many food verities that attracts
consumers a lot.
P6 Competitive and market environment in which idea will be form to assess potential viability
An entrepreneur of Tree Café going to establish new business within the UK in order to
gain profit through satisfying customers effectively. To know competitive environment
respective business used PESTLE analysis, which is going too discussed below:
Political factor: UK considered is one of the most powerful countries across the globe.
Political stability is the best strength of this country which is beneficial for firm to achieve goals
and objectives. In regards with Tree Café, they are required to follow overall governmental
policies so that they can run their business successfully (Marx and Hsu, 2019).
Economic factor: UK has long popular destination for foreign direct investment as there
are numerous business who invested huge money within several industries in the UK. In relation
with respective business inflation rate is increasing rapidly in UK so that they need to focus on
their entire sales and revenue of business.
Social factor: In to the UK consumer market is very large so that there are people are
more educated and able to achieve their goals effectively. In regards with respective business
before launching business in UK they need to consider population so that they can bring services
accordingly.
Technological factor: In present scenario technology is one of the major components
that affect every people life in a positive manner. In relation with respective business they need
to bring more techniques within their café so that they can reach highest level of business and
able to sustain for long period of time.

Legal factor: It consist different types of laws and regulations which all are imposed by
government of UK. In relation with respective business, it is necessary for them to follow
different types of government rules and regulations by which they can achieve targeted goals and
achieve desired outcomes.
Environmental factor: It is based on different types of environmental situations so that
it has both negative and positive impact on several firms. If talk about respective business they
need to consider every environmental situation so that they can reduce negative influence and
able to keep their gods and services in a perfect manner (Mohammadi, Sajadi and Sakhdari,
2019).

CONCLUSION
According to the above mentioned assignment it has been concluded that identifying
entrepreneurial opportunities is the most essential part for every entrepreneur to achieve business
goals and objectives in a perfect manner. With the help of this, they can give better job
opportunities to people within the economy and make successful goals effectively. On the other
side, herein, budding entrepreneur has been launched new business with innovative product
through browning money from virgin money in order to satisfy consumer’s needs and wants in a
perfect manner. For this, there is SWOT and PESTLE analysis has been used to identify current
and environmental factor by which they can make their strategies accordingly. Along with
Durcker’s 7 model as well as porter’s model has been used to achieve targeted goals or
objectives in a perfect way. Thus, an entrepreneur is able to determine their opportunities.
REFERENCES
Books and Journals

Dai, W. and Liao, M., 2019. Entrepreneurial attention to deregulations and reinvestments by
private firms: Evidence from China. Asia Pacific Journal of Management, 36(4),
pp.1221-1250.
Patel, P.C., 2019. Opportunity related absorptive capacity and entrepreneurial
alertness. International Entrepreneurship and Management Journal, 15(1), pp.63-73.
Goel, S., Jones, R.J. and Karri, R., 2019. Conceptualizing and investigating entrepreneurial
action in family firms: A few promising directions. In The Palgrave handbook of
heterogeneity among family firms (pp. 873-907). Palgrave Macmillan, Cham.
Davari, A., Emami, A. and Seyedi, S., 2019. Investigating the Effect of Inbound and Outbound
Open Innovation on Discovery and Exploiting of Entrepreneurial Opportunities.
In Open Innovation and Entrepreneurship (pp. 51-66). Springer, Cham.
Poblete, C., Sena, V. and Fernandez de Arroyabe, J.C., 2019. How do motivational factors
influence entrepreneurs’ perception of business opportunities in different stages of
entrepreneurship?. European Journal of Work and Organizational Psychology, 28(2),
pp.179-190.
Neumeyer, X., Santos, S.C., Caetano, A. and Kalbfleisch, P., 2019. Entrepreneurship ecosystems
and women entrepreneurs: a social capital and network approach. Small Business
Economics, 53(2), pp.475-489.
Dias, C.S., Rodrigues, R.G. and Ferreira, J.J., 2019. What's new in the research on agricultural
entrepreneurship?. Journal of rural studies, 65, pp.99-115.
Leppänen, P.T., McKenny, A.F. and Short, J.C., 2019. Qualitative comparative analysis in
entrepreneurship: Exploring the approach and noting opportunities for the
future. Standing on the shoulders of giants: Traditions and innovations in research
methodology, pp.155-177.
Khoshmaram, M., Shiri, N. and Savari, M., 2019. Effect of Climate Change Dimensions on
Agricultural Entrepreneurial Opportunities Recognition. International Journal of
Agricultural Management and Development, 9(4), pp.307-318.
Marx, M. and Hsu, D.H., 2019. The Entrepreneurial Commercialization of Science: Evidence
From'Twin'Discoveries. Available at SSRN 3312499.
Mohammadi, G., Sajadi, S.M. and Sakhdari, K., 2019. An Entrepreneurial Decision-Making
Model: A Case Study of the Electronic Business of Tehran. Iranian Journal of
Management Studies, 12(1), pp.25-44.