Identifying Entrepreneurial Opportunities

This presentation discusses the process of identifying entrepreneurial opportunities and evaluating market potentials. It covers topics such as gap analysis, data interpretation, and data collection methods. The presentation also highlights the importance of market research for entrepreneurs. References are provided for further reading.

TASK 3
Identifying Entrepreneurial
Opportunities

Table of content
 Introduction
 Presentation of data for supporting gap analysis in evaluating particular
entrepreneurial idea.
 Interpretation of data in appropriate manner for providing evidence of market
potentials
 Conclusion
 References.

Introduction
Entrepreneurs are the people who have wide potentials
for launching and managing an enterprise for
making profits. In present era, wide opportunities
are available with entrepreneurs in which they
properly analyses pertaining situations so to offer
some unique and distinct thing in market.

Presentation of data which is required for supporting
gap analysis for evaluation of specific
entrepreneurial idea.
Market gap analysis: It is an effective tool that involves process for comparing
existing performances with that of desired performances. Using this method, all
the variation in performances are analysed and various aspects are analysed
regarding the requirements of business are achieved or not. After analysing
market gap, entrepreneurs identify opportunities that can help them to fulfil the
gap through introducing something new.

Presentation of data which is required for supporting
gap analysis for evaluation of specific
entrepreneurial idea.
Market gap analysis: It is an effective tool that involves process for comparing
existing performances with that of desired performances. Using this method, all
the variation in performances are analysed and various aspects are analysed
regarding the requirements of business are achieved or not. After analysing
market gap, entrepreneurs identify opportunities that can help them to fulfil the
gap through introducing something new.

Interpretation of data for providing evidence of
market potentials.
Blended Drinks is new entrepreneurial idea which provides variants of organic an
healthy drinks that are prepared by using detox ingredients. The major objective of
the idea is to satisfy preferences of population by offering suitable beverage product
that improves immune system, kills pain, loose weight and boost stamina.

Continue...
Theme 1: Purchase of juices and drinks from Blended Drinks.
Q1. How often do you purchase juices
and drinks from Blended Drinks?
Frequency
a) Everyday 4
b) Once in a week 2
c) Once in a month 1
d) Rarely 3

Continue...
Theme 2: Awareness about products offered by Blended Drinks.
Q2. Are you aware about products
offered by Blended Drinks?
Frequen
cy
a) Yes 6
b) No 4

Continue...
Theme 3: Favour products of Blended Drinks.
Q3. Do you favor products offered by
Blended Drinks?
Frequen
cy
a) Yes 9
b) No 1

Continue...
Theme 4: Unique characteristic of Blended Drinks which motivate consumers
to buy its products.
Q4. What unique characteristic of
Blended Drinks motivate you to buy its
products?
Frequency
a) Quality 5
b) Price 3
c) Serves customer needs 2

Continue...
Theme 5: Kind of blended beverage drinks they prefers.
Q5. What kind of blended beverage
drinks you like?
Frequency
a) Frozen drinks 3
b) Painkiller Slushie 2
c) Organic juices 3
d) Detox products 2

Continue...
Theme 6: Mode prefer to purchase products of Blended Drinks.
Q6. Which mode do you mostly prefer
to purchase products of Blended
Drinks?
Frequency
a) Internet 1
b) Over the phone 5
c) At the store 4

Continue...
Theme 7: Ease of transaction procedures with Blended Drinks.
Q7. Are transaction procedures easy with
Blended Drinks?
Frequen
cy
a) Yes 8
b) No 2

Continue...
Theme 8: Extent do Blended Drinks meet needs of customers.
Q8. To what extent do Blended Drinks
meet your needs?
Frequency
a) Completely 5
b) Somewhat 3
c) Very little 2

Continue...
Theme 9: Availability of customer representatives of company when you needs
them.
Q9. Were customer representatives of
Blended Drinks available to you at the
time you need them?
Frequen
cy
a) Yes 7
b) No 3

Continue...
Theme 10: Success of Blended Drinks in Hackney.
Q10. Do you think that Blended Drinks
will be successful in Hackney?
Frequen
cy
a) Yes 7
b) No 3

Justification for specific sources and methods to
collect data for identifying market potentials.
Data collection is done through two sources that are primary and secondary. In
order to identify market potentials for the new idea that is Blended Drinks, the
budding entrepreneur used primary source as it provides accurate results and also
assist to collect information that is not collected till yet. Questionnaire method is
majorly preferred by the entrepreneur as it is more easy to analyse, simple to
administer and information can be collected from wider population.

Analysis of appropriate sources and methods for
providing justified business objectives along with
identifying market potentials.
The main data collection sources are primary sand secondary that helps in
identifying market potentials along with achievement of business objectives.
Primary source is the effective source that budding entrepreneur used to collect
data as information gained from it is more reliable and accurate for working
towards business objectives. Moreover, questionnaire method is used as it covers
rapid market, easier method and repetitive information is gathered for
determining market potentials.

Conclusion
From the presentation it has been concluded that entrepreneurs works very hard to
identify opportunities and convert them into a venture. They conduct researches
through using primary and secondary sources for the purpose of identifying
market potentials. At same time, data are interpreted as per the collected
information which provide evidence about potential of market.

References
 Crawford, G .C., 2018. Skewed Opportunities: How the Distribution of
Entrepreneurial Inputs and Outcomes Reconceptualizes a Research Domain.
Proceedings-Academy of Management.
 Renko, M., 2017. Entrepreneurial leadership. Forthcoming in" Nature of
Leadership", 3rd edition. Edited by David V. Day and John Antonakis. SAGE
Publications.

Thank You