Identifying Entrepreneurial Opportunities Assignment - Restro Cafe
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Added on 2020-10-23
Identifying Entrepreneurial Opportunities Assignment - Restro Cafe
Added on 2020-10-23
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Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Justification of several sources in context of entrepreneurial ideas and innovation........3TASK 2............................................................................................................................................5P2. Rationale and Market gap analysis for the particular entrepreneurial idea with the help ofrelevant techniques and tools as per the entrepreneurial choice.............................................5TASK 3............................................................................................................................................6P3. Data needs with the support of gap analysis in order to evaluate the entrepreneurial idea..6P4. Interpretation of data in order to provide evidence of market potential...........................9TASK 4..........................................................................................................................................13P5. SWOT framework in order to assess entrepreneurial ideas...........................................13P6. Justification of competitive and market environment to measure the potential viabilities.14CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
INTRODUCTIONEntrepreneur is an individual who always develop the new business venture and alwaysbearing most of the risk factors but also enjoying lot of rewards or benefits efficiently.Entrepreneur can be seen as the innovator, sources of goods, services and several procedures ofbusiness. Therefore, entrepreneur play a very effective role in the economy. In order to become asuccessful entrepreneur it is very important to identify the opportunities from the competitivemarket and also set the targeted goals in an effective manner. In this present report Restro Cafe isgoing to be launch. This cafe is planning to have attractive design and environment in order toaccomplish the customer demand effectively. Along with this it will offer Robusta coffee withinnovative themes like colourful lights and decoration in the cafe efficiently. Apart from this,project will identify the gap analysis with the SWOT analysis which included in this new set upof business in a higher way(Audretsch, 2012).TASK 1P1. Justification of several sources in context of entrepreneurial ideas and innovation.According to the present report, government of UK always take initiate in which theygenerally aid young graduates wherein entrepreneur began their new business effectively. Withthe help of government approval entrepreneur able to take fund help from the youngsters and
also allow to submit proposal of business. With the help of this entrepreneur can take lot ofseveral ideas from various sources, which are given below:Trade fairs and exhibitions:This is the very famous and very well known source in order to create innovative idea inan appropriate manner. As per this an entrepreneur can easily attend these exhibitions and fairsthrough this idea an entrepreneur can advertise their cafe in so many forms like newspaper, TV.,internet and so on. By this source entrepreneur able to meet different types of manufacturers,renowned and distributors regarding their Restro cafe needs so that all these people can resolvetheir issues easily in order to achieve their goals. Mass media:Generally it involves in the radio, magazines, internet etc. these are the useful sources inorder to grab opportunities in a accurate way. For this an individual has to focus on theircommercial and advertisement needs in order to search unique innovative thoughts efficiently.These all are helpful sources which will help in Restro cafe in order to achieve successeffectively.Interest and hobbies:These are those source by which an entrepreneur can think positively regarding theirbusiness set up. Interest and hobbies mainly develop for the innovative business. For example: ifany candidate has hobby to cook so that he can easily cook without any issues. Other side ifperson has interest in travelling then he can go anywhere because of their interest. Now anentrepreneur also has interest in order to take innovative ideas from different people to launchtheir Restro cafe in order to satisfied customers.Customer surveys:It is the first source and priority of an individual in order to start new business effectively.This because customers are the only one who shows their interest instantly. By the survey ofcustomers an entrepreneur can easily fin out the people taste and their desire so that anentrepreneur can make and innovative ideas accordingly. In context of the Resto cafe lot ofquestionnaire will be conducted by the entrepreneur in order to bring effective ideas in their cafeon the basis of customer satisfaction (Grégoire and Shepherd, 2012). Therefore, all these sources and innovative ideas in reference to entrepreneur are verymuch essential in order to launch new business in the marketplace. Here, government of UK also
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