Identifying Entrepreneurial Opportunities Assignment : Hot & Fresh Coffee Cafe
Added on 2021-02-20
16 Pages4511 Words86 Views
Leadership ManagementHigher Education
|
|
|
IDENTIFYINGENTREPRENEURIALOPPORTUNITIES
INTRODUCTIONEntrepreneur refers to an individual who convert own new and innovative ideas into abusiness. An entrepreneur can be someone who starts their own business with the willingness oftaking benefits of an opportunity to earn profit and doing work for social welfare.Entrepreneurship can be a process of framing, launching and running a new business which isoften initially a small business (Davidsson, 2015). This assignment is related to idea of launchingCoffee products by “Hot & Fresh Coffee Cafe”. This report include of methods and frameworkwhich help in the improvement of business venture. This assignment will be discussed about thedifferent sources of entrepreneurial ideas, rational and market gap for this idea. Further willdefined about SWOT analysis to collect data and evaluation of competitive and marketenvironments in which this idea will be launched.1. Information about those sources that inspired business idea Innovative and new business ideas are inspired by current trends that are shortened onthe basis of determination of current market analysis. Entrepreneur takes business ideas fordifferent sources like future perspective and online research. A new venture that is inspired bycurrent trends is set up in Oxford street, Oxford, UK by “Hot & Fresh Coffee Cafe”. This is aCoffee shop which offers coffee and sneaks to those people who come there for businessmeeting, spending time and other purpose etc. The concept of launching this business venture isformulated by Ducker's 7 sources of systematic innovation which describes sources ofinnovation which are mentioned below:The unexpected- Market place is a great place to take opportunities and lookopportunities for the business launching and expansion. It is a place which provide variousinnovative and growth opportunities for a new venture of business. Unexpected situations can behighly powerful in business area as they encourage the innovators to look the other perception ofthe situation and take it as opportunity and advantage. In Hot & Fresh coffee cafe, it help inproviding various opportunities in form of various customer or clients. The incongruity- The growth and development of a business is totally depended on theneeds, demands, taste and preferences of the customers. It also consist that which kind ofproducts are produced by the company for its customers (Guerrero, Urbano and Fayolle, 2016).Before launching a new product, the management of the company should do proper market1
research and target its customer base, it is important to take feedbacks, customer's reviews andother activities that provide information about their needs. For hot & Fresh coffee cafe it isessential because help in manufacturing products according customers demands. This factorinfluence this business idea because before introducing business if they analyse the market andcustomers needs then they can easily provide products to their customers accordingly. .Process need- It consist identification of the weak spots of the organisation's process sothat they can be correct or redevelop (Hang, Garnsey and Ruan, 2015). This factor helps inproving more opportunities to a new business. For example, if in Hot & Fresh coffee cafe, it canbe find out that customers wait too long for their entries than it can take decisions to recruit moreemployees so that they can offer services in less time. Industry and market structure change- Sustainability and stability in a business mayremain same but change in customers needs and demands affect any business almost overnight.In restaurant sector, there are various change occurs related to customers tastes and preferencesso it is required to fulfil their needs. In Hot & Fresh Coffee cafe, by offering products andservices according to the customers needs, it can change threats in to opportunities. Demographics- Change in demographic factor affect the business of any company athigh rate. This factor considers various factors like age, profession, education, income, gender,lifestyle and others which are the main reason to affect the business. For example, now thesedays, people are highly focusing on managing their lifestyle so the organisation producesproducts accordingly. This factor helps in producing quality products to the customers likeorganic and herbal coffee because most of the people are working and they are highly consciousabout their health. Changes in perception- There are various change generated over the period of time incustomer needs. Now these days, people are highly focused on the quality of the products andthey are ready to pay for it. Because the perception of the people is changing towards the goodsand services and they think that those goods which have good quality, the price of them alsohigh. So with the help of it, Hot & Fresh Coffee Cafe can offer quality products to its customersand gain their loyalty (Hansen, Monllor and Shrader, 2016). Now, these days people are healthconscious so the perception of them change towards the drinks and they are focused on healthydrinks like herbal an d organic coffee which is favourable for Hot & Fresh Coffee Cafe. .2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Identifying Entrepreneurial Opportunities Assignment - “Healthy organic coffee shop”lg...
|17
|4520
|451
Identifying Entrepreneurial Opportunitieslg...
|16
|4233
|50
Identifying Entrepreneurial Opportunities Assignment - The Family Bean Cafelg...
|18
|4763
|395
Identifying Entrepreneurial Opportunities - Delicious Foodlg...
|17
|4397
|53
Identifying Entrepreneurial Opportunities Assignment Solvedlg...
|19
|5014
|406
PDF- Identifying Entrepreneurial Opportunitieslg...
|15
|4026
|388