Identifying Entrepreneurial Opportunities -Assignment

Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
1. Background information about those sources that inspired your idea and what motivated
you personally in wishing to set up your own business..............................................................1
2. Introduction of business idea and the potential customers and targeted market.....................2
A competitor analysis that looks at the competitive marketplace. Look at failures and
successes in the industry. What you can do differently?............................................................3
4. Gap analysis, current and future situations and objects of business ideas..............................5
5. Market research to support viability for your business idea and identify market potential
using a range of sources that could be both primary and secondary...........................................6
.........................................................................................................................................................7
6. Why your business idea is viable and feasible and how you qualify this belief. What are the
strengths and weaknesses?........................................................................................................12
7. Ways to overcome the risks of competition and make valid conclusions with justification of
your recommendation in your report.........................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES ...........................................................................................................................15

INTRODUCTION
Entrepreneur is an individual who develops and run their own business by taking all the
risk in the hope of high generation of profits. Entrepreneurship greatly assist in the economic
development of the country by provide employment opportunities and raising standard of living
of individuals. This assignment throws light on developing a new business venture by grabbing
the available opportunities within UK and achieving long term sustainability in market. This
assignment is a based on Coffee For Everyone which will bring green coffee in the market and
serves the need of all segments of individuals. This will mainly target health conscious people
(Baldacchino, 2013). It also analyses various opportunities in the market by the collection of data
and evaluates different sources of entrepreneur ideas. It also evaluates risk and gap and analysis
so as to take effective decisions to gain larger market share.
1. Background information about those sources that inspired your idea and what motivated you
personally in wishing to set up your own business.
Entrepreneurs by analyzing opportunities in the market develops and manages their own
business, thereby earns lot of profit and increasing employment opportunities for the individuals.
As it is mentioned in the scenario that UK government has initiative to stimulate young
entrepreneurs to start their business and assist in the growth of the economy. Thus new business
developed by the entrepreneurs by evaluating all the opportunities are green coffee to target
health conscious people. Along with this consumer survey, brainstorming and mass media
enables the entrepreneur to develop their own idea. Here are the different sources of ideas and
innovation which is explained below with the help of Peters Druckers seven sources of
entrepreneurship ideas.
The unexpected- It refers to the extent that business idea developed will achieve success
or may lead to failure. This helps the youngsters to analyze the idea and develops an innovative
idea to start and develop their own business by analysing both the negative and positive aspects
of the idea (Elenurm, 2012).
The incongruity- Business idea is developed only after analysis the market situation,
otherwise it may lead to fail of the idea. Entrepreneur should start their business by provides
products and services according to customers demand. Customer feedback's, complaints is the
best idea for analysing the incongruity factor and leads to the development of the better idea.
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Process Need- This leads to the generation of more innovative ideas as by analysing the
weakness and developing idea according to them which leads to the resolve of the issue and
assist entrepreneur in gaining larger market share.
Industry and Market change- Increase in the globalization has led to the increase in the
customers demand. Such change should be carefully analyzed by the entrepreneurs and leads to
the development of the innovative ideas. As the new business developed Coffee For Everyone
should upgrade their products according to change in market and industrial stricture.
Demographic- Demographic factors includes age, income, lifestyles and attitude of
individuals towards the product. Change in demand of such factors leads to the development of
the new idea and allows entrepreneurs to start their own business. As there is a growing concern
for green coffee, it is the growing opportunity for the entrepreneurs to start their business
(Grégoire and Shepherd, 2012).
Changes in Perception- Different customers have different perception towards the
product. With the change in perception of the customers it leads to the development of new
entrepreneur idea and new successful business can be started.
New Knowledge- With the increase in technological advancements and new knowledge
of operating business leads to the development of new ideas. This has enabled entrepreneurs to
start business of producing green coffee in the market to satisfy customer demands.
2. Introduction of business idea and the potential customers and targeted market.
Business idea is concerned with the development of new products and services after
analysing all the market opportunities. This will help in the long sustainability of the business in
market, thereby earning huge profits. New business idea developed here is about green coffee
which will made with natural herb ingredients and would majorly concentrate on health
conscious people as well as on the young and old generations. It is very rich innovative idea
which allows the entrepreneurs to capture larger market share and also helps in the economic
development of the country (Hang, Garnsey and Ruan, 2015).
Potential Customers and the target Market-
By analysing all the available opportunities, Coffee For Everyone has developed the
green coffee which will be made with natural ingredients and target manly health conscious
people as well as young and old generations. It will provide maximum customer satisfaction and
moreover with the increasing demands and if the customers requires some change, business
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