(PDF) Enterprise & Innovation Assignment

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different sources of entrepreneurial innovation...................................................................1
TASK 2............................................................................................................................................3
P2. Market gap for a specific entrepreneurial idea using relevant tools.....................................3
TASK 3............................................................................................................................................5
P3. Gap analysis in evaluation of a specific entrepreneurial idea...............................................5
P4. Interpret data appropriately to provide evidence of market potential.................................11
TASK 4..........................................................................................................................................14
P5. SWOT framework for specific entrepreneurial idea...........................................................14
P6. Competitive and market environments analysis of Blossom-well Hotel............................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
An entrepreneur is an individual which develops a new idea and sets up new business
organization to generate profit and bear financial risks in while making profit. This present report
based on Blossom-well Hotel new business idea which is offerings various innovative services
like giving offers like sporting activities, 2+1 staying scheme where staying two exotic nights in
hotels, guest will get one day free day and night stay, delicious food, live music concert and
relaxation facilities, free Wi-Fi to every customer. Along with this, Unique and innovative
product and services which is offered by Blossom-well Hotel will help customers in felling relax
by avoiding their high busy schedule for a time period. In this, present report, different some
sources of entrepreneurial innovation are described with their SWOT analysis (Amit and Zott,
2015). In addition to this, Market gap for a specific entrepreneurial idea are also listed in brief.
At last gap analysis as well as business objective of Blossom-well Hotel is considered to find
feasibility and usefulness of innovative business idea.
TASK 1
P1. Different sources of entrepreneurial innovation.
Entrepreneur refers to a individual, which focuses on taking benefits of new business
opportunities for making profit. Along with this, they identifies threats factor by analysing
market and individual ability to change all possible opportunities into a innovative business idea.
Each and every organization as well as start-ups will give their contribution in
development of country economy. Although, new business ventures make ample of employment
opportunities, along with this they help in GDP growth, infrastructure, per capita income etc. in
regards with present, government of UK encourages youngster towards thought of
entrepreneurship for introducing innovative business idea into business ventures for development
of UK country (Autio and et. al., 2018).
Here, seven sources of innovation is described which is introduced by Peter ducker. By this
Blossom-well Hotel is inspire to launch their new innovative services in London provinces. As it
offers relaxation facilities, music concerts, 2+1 staying scheme, delighted food, free Wi-Fi etc.
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to their every customers. With help of this, management of management of Blossom-well Hotel
can attract more customer and also satisfy customer in best effective way.
Unexpected: This element will help entrepreneur for developing an unexpected business
idea and opportunities that helps entrepreneur to earn profit and possible support form huge
population from competitive marketplace. In current changing market customer taste,
preferences, needs, nature, requirements are rapidly changing. Being an entrepreneur, its
important to analysis consumer taste, nature, demand and preference that will help Blossom-
well Hotel to develop profitable position for business by which Blossom-well Hotel can retain
for long timer period in competitive in market of London UK (Barazandeh and et. al., 2015).
Incongruities: While introducing new business its important to analysis present market
condition. Thus, it helps every entrepreneur to grab best opportunity by analysing needs of
customer form Hotel industries.
Market Structures: With help of this factor, entrepreneur of Blossom-well Hotel aligned
business activities in sequence according to changing needs and requirements of Hotel industry.
Although, it helps in grabbing possible advantage from effective opportunities. By gathering
sufficient and effective knowledge of industry, an entrepreneur of Blossom-well Hotel can
introduce their innovative business idea in London market.
Necessity: According to this factor its necessary for entrepreneur for analysing strength
as well as weakness related to their new business idea. For conducting effective operations an
entrepreneur of Blossom-well Hotel should adopt advance technology for modifying their
innovative idea for satisfying customers. With help of this factor, management of Blossom-well
Hotel can easily identify risks related to introducing new business idea and alos help in achieving
success in competitive market.
Demographics: Entrepreneur should examine changing demographic factor that is
connected to individual income level, age group, gender, tasted, nationality etc. For attaining
growth of business in UK market, it has been analysed that, per capita income of UK is almost
high that benefits to all hotels industry to maximizing profit in upcoming time frame (Block and
Van Praag, M., 2017).
Changes in Perception: In order to get support of public form specific location, its
essential to analyse gap of market and fill it with effective tools and techniques for effectively
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operating business operations according to public culture, ideologies. Thus, it helps entrepreneur
of Blossom-well Hotel for conducting their business functions and operations in proper manner.
New Knowledge: Environment is full of technology which is rapidly changing in fastest
mode. However, for an entrepreneur its important to analysis advance technology on regular
bases. Thus, it helps in enhancing potential of products & services and growth of business along
with this, updated technology will entrepreneur to provides best quality services and also helps in
satisfying customers (Bogers and et. al., 2017).
TASK 2
P2. Market gap for a specific entrepreneurial idea using relevant tools.
In current report, an entrepreneur is doing preparation for introducing a new business idea
for start-up in market of London UK. However this, entrepreneur is focusing on launching a new
hotel Blossom-well that will provide different attractive facilities to customers for retaining in
market of long time period. Such services are relaxation facilities, delicious food and beverages,
free Wi-Fi, music concerts, various entertainment programs, 2+1 staying scheme and many more
activities in order to attract large customer base.
Along with this, entrepreneur of Blossom-well Hotel should fill market gap and
focuses on their offerings, as they serve those necessary products and services that isn't available
in current market. With this, entrepreneur of Blossom-well Hotel can attract large customer base.
Here, market gap and competitive analysis is explained in brief in context to each and every
business idea:
Advance Technology: Nowadays, technology is upgrading rapidly that helps in
development of products and services in minimum time. Thus, it make services and product
outdated in short time (Dabestani and et. al., 2016). Overcoming form these situation,
entrepreneur keep business technologies updated and make profit form new innovative
technologies. Furthermore, entrepreneur should analyse current market situation before offering
their services and product.
Identifying Best Opportunities: Entrepreneur of Blossom-well Hotel should analysed
best market opportunities as well as competitors policies, strategies, ethics, culture, structure and
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also offerings. although, it help entrepreneur of Blossom-well Hotel to think above their
competitors thinking and also helps in reducing market gaps by adopting best techniques.
COMPETITIVE ANALYSIS
Basis Happy Republic Inn
Hotel
Marriott Hotel Four Seasons London
Hotel
Products and
Services
Hotel Inn is providing
accommodation, variety
in foods and beverages,
free Wi-Fi, swimming
pools with healthy
environment etc. in
order to larger customer
base to spend long time
in their Hotel.
Marriott Hotel offers
unique experience to
customers, that includes
rooms which is full
equipped with attractive
and excellent innovative
infrastructure with best
quality of services.
Four Seasons London
offers different services
to customers such as
accommodation, food
and beverages with high
quality of innovative
services (Deresiewicz,
2015)
Organization
structure
Hotel Inn has adopted
functional structure.
Departmental structure is
followed by Marriott hotel
is following departmental
structure.
Management of Four
Seasons London Hotel is
following Matrix
organizational structure.
Major
Attractions
Hotel Inn major
attraction is customer
approach. As hotel
offers variety of food,
free Wi-Fi facility in
charismatic ambience.
Thus it attracts and
influence them to spend
more time in hotel.
Marriott has numbers of
attraction in their offerings
like high quality rooms
services, delicious food and
their multitasking staff
which is very enthusiastic
towards work and friendly
with their each client. As it
helps in attracting more
clients.
Four Seasons London
major attractions is
fabulous services with
multi cuisine food with
entertaining environment
(Grayson and Hodges,
2017).
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