Identifying Entrepreneurial Opportunities

This document discusses the sources of innovative and entrepreneurial ideas, the rationale and market gap for a new entrepreneurial idea, and the gap analysis in evaluating the idea. It also includes an interpretation of data to provide evidence of market potential. The case study focuses on launching a new hotel in London.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION.......................................................................................................................................3
P1. Sources of innovative and entrepreneurial ideas...............................................................................3
P2. Rationale and market gap for entrepreneurial idea by using relevant tools and techniques...............5
P3. Gap analysis in the evaluation of entrepreneurial idea.......................................................................6
P4. Interpretation of data to provide evidence of market potential........................................................10
P5. SWOT Analysis to assess the entrepreneurial idea..........................................................................12
P6. Evaluation of competitive and market environment to assess potential viabilities..........................12
CONCLUSION.........................................................................................................................................13
REFERENCES..........................................................................................................................................14

INTRODUCTION
Entrepreneurship refers a person who is willing to do something in new market and existing
market in order to earn income or profit is known as entrepreneurship. Entrepreneur is a person
who innovate new ideas and produce new goods and services for running a business. It may u
small, medium and large size of entrepreneur who add value for existing and new products.
Entrepreneurial opportunities are the link between individual’s thoughts and economic activities
who perform new business activities in order to attract the customer (Audretsch, 2012). The main
objects is to innovate new product which help to influence the customer and emphasis to
purchase new products and services. The current report is depend on the new idea of launching a
new hotel whose name is NEROZET in London which will provide new facility to users such as
booking one month prior as they want best customisation associated with new accommodation.
The present report will consider new entrepreneurial idea and how it arranges capital to run such
new business. Along with, competitive and gap analysis which is formed to assure the new
business is feasible and viable. Additionally, report will state the market analysis to evaluate
strength and weakness to define the risk of competition and potential outcomes which help in
growth and development of business organisation (Grégoire and Shepherd, 2012).
.
TASK 1
P1. Sources of innovative and entrepreneurial ideas
Formation of new and innovative business is important for country’s economical growth and
development. Such as new business assists new employment, development and also increases the
living standard of people. Additional, innovation help to raise the gross domestic product which
leads to growing country. As per given scenario, UK government is encouraging younger and
skilled people to be new entrepreneur and create employment opportunities for other people. It
also help to reduce the market dominance by existing business and promote fair trade practices
(London living standards the best in the UK. 2018).
As creative ideas assist entrepreneurs to establish new venture in feasible manner. This
facilities will help to make strategic planning in order to beat the competition in business
industry. The idea of establishing NEROZET is taken from seven sources of Peter Drucker
who inspired to innovate new business by using new ideas and technology. The seven sources is
defined as-
Incongruities: This states the difference between the actual and estimated position of business
which is used to bring something new in competitive market. Hence, this is advisable for the
new innovators to do relevant and accurate market analysis before launching a new product.
Business idea fails when it lacks sufficient information about the whole idea. This is most
optimum opportunity which help NEROZET Hotel in London to collect information about needs

and wants of customers. This research will help to fulfill needs of customers by applying
incongruities (Top 10 Sources of Business ideas & Opportunities. 2018).
The Unexpected: This source is associated with discover the unexpected and unexplored
business innovation that assures the project of setting new venture will gain more profit with the
customer support within market place. This idea will help NEROZET’s entrepreneur to gain new
ideas in order to opening a new Hotel with customized accommodation.
Process need: This aspect is related with weakness or difficulties of business idea while
manufacturing new product. This is essential that help to bring rectification and modification in
business idea in context to meet with needs and desire of customers. This will suggest
entrepreneur in gaining knowledge regarding shortcoming of business thoughts which is link to
launch Hotel NEROZET. By using this aspect new business can be launch in London optimally.
Hence, this is important which help to overcome the difficulties which may be arise while
opening a NEROZET Hotel (Kohlbacher, Herstatt Levsen, 2015).
Changes in market and business structure: Changes and new innovation is good for
business organization that facilitates entrepreneur to launch new venture projects with the help of
latest trend. It creates a great opportunities for new ventures to gain advance knowledge which is
suitable for organization. By applying this, the entrepreneur of Hotel NEROZET can enhance
knowledge which will be helpful to launch new business enterprise with proper accommodation.
Demographical changes: This is connected with changes that take places within business
organization. It focused on population, age, taste of people, income level and culture of business.
A Successful entrepreneur who make efforts and pays attention to fill the demands of customer
according to their income level. This aspect will facilitate to establish NEROZET Hotel by
focusing on people needs, moreover, it can create an opportunity for London to increase the
economical standard by providing the best accommodation services at large area.
Changes in perception: This aspect is associated with new perception and ideology of
entrepreneur. It help to create opportunities and identify the market gap for launching new
business. The manager of NEROZET can use this aspect which will help to fulfill market gap by
getting support from public. It will also help to be sustain for long period of time and achieve
organization goals by launching NEROZET.
New knowledge: At present, technological changes and new innovation are taking places
speedily. This tends help to create opportunity for entrepreneur to the fill market gap by
launching hotel NEROZET. Such as the manager of NEROZET have advanced knowledge
which will help to create good opportunity (Siegel and Renko, 2012).

P2. Rationale and market gap for entrepreneurial idea by using relevant tools and
techniques
The business idea and new technology is associated with launching new Hotel
NEROZET. This organization will provide guest facility o bringing possible customization in
case of advance booking of room that will be one month prior from the actual date of
accommodation. The marketing manager of NEROZET has analyzed the market and find that
people wanted to book advance with best decoration and interior to celebrate some function. So
this idea has clicked which will help to book in advance and as they want good interior and best
quality of food. Moreover, they can cancel or carry forward for next date. In NEROZET various
services will be accommodate such as good interior, changes according to customer, bedding,
flooring, ventilation, gymnasium, night club, bar, lounge, room service, adventure activities etc.
Market gap refers to the process of providing such product and services which are not yet
provided by the any business enterprises (Suddaby, Bruton and Si, 2015). So this innovative idea
will the needs and wants of customers. Market gap is related with business idea that is defined
as-
Technological Advancement: This contains the new technology with new business idea
which help to attract the customer. This will surely help NEROZET to launch a business in
London feasibly. With, this technology market gap can be fill and customer will show their
interest to obtain services from this Hotel NEROZET.
Identification of opportunities: It is stated that marketing manager of NEROZET
analysis the market and get the needs and wants of customer and then produce that kind of
goods and services. By introducing NEROZET entrepreneur can create the opportunity which
will help to gain the advantages and increase the profitability.
COMPETITIVE ANALYSIS
Basis NEROZET Marriot Hotel Four season London
Product and
services
It will provide high
quality room service with
best accommodation
which suits to customer
needs.
It provides unmatchable
services to customers,
24*7 hours services and
well infrastructure.
This provides good
quality of services ,
bring new innovation
and provide training
to deal with foreign
customers.
Organizational
structure
It will follow functional
and divisional structure
that will help to delegate
work on the basis of
function and employee’s
specification in order to
attract the customers.
It follow the matrix
organizational structure
where roles and
responsibilities are
allocated on the basis of
function as well as product
base (Tang, Kacmar and
Busenitz, 2012).
It follows the
departmental
organizational
structure where
employees of
particular department
take order and
perform it
respectively.

Highly
attraction
It will adopt customer
centric approach that will
help to attract customer
such as employees will
behave friendly and
customer can call at any
time to place the order.
This concentrates on room
quality and good
workforce that help to
attract customer in order to
obtain services.
Excellent services,
various types of food
services and
entertainment facility
to make feel them
good.
Promotional
strategy
It will use newspaper,
websites, own booking
app, radio, social media
and by promotional
channel.
It promotes products and
services through mobile
application, radio,
television etc.
It uses television,
newspaper, magazine,
flyers to attract the
customers.
This marketing strategy will help to fill market gap and to adopt new technology in order
to attract customers. By adopting this manager can survive in competitive market and be able to
run a business effectively. The manager of NEROZET can create an opportunity still no one
come in market who is providing such kind of services. so it can be popular and multinational by
launching NEROZET Hotel. As entrepreneur has high skills and innovative idea can be sustain
in market and can increase employment opportunity.
P3. Gap analysis in the evaluation of entrepreneurial idea
Gap analysis is mostly carried out by entrepreneurs when they are going to launch new
product and services which is not come yet in market. it help to define the variance between the
current performance of venture project and get expected future performance. For launching
NEROZET in London number of factors are associated with market scenario that need to be
complete. Following marketing scenario is stated as-
QUESTIONNAIRE
NAME:
ADDRESS:
AGE:
GENDER:
MAIL ID:
CONTACT NO:
Q1) Do you know the unique and innovative services being rendered by NEROZET Hotel?
 Yes
 No
Q2) What facility do you want usually look the most Due to chossing a hotel for
accommodation?

 Free Wi-Fi
 Hygienic and multi-cuisine food
 Gaming zone
 Adventure activities
Q3) Are the prices charged by NEROZET Hotel affordable according to the facilities being
provided within the industry?
 Yes
 No
Q4) Have you satisfied with the customer services rendered by NEROZET Hotel?
 Yes
 No
Q5). State some suggestions for improving services of NEROZET Hotel.

Theme 1: NEROZET Hotel will provide effective services
Do you aware of the unique and innovative services being rendered by
NEROZET Hotel?
Frequency
a) Yes 42
b) No 8
Frequency
a) Yes
b) No

Theme 2: Facilitates
What facility do you want usually look the most Due to choosing a
NEROZET hotel for accommodation?
Frequency
a) Free Wi-Fi 10
b) Hygienic and multi-cuisine food 14
c) Gaming Zone 16

Theme 3: NEROZET Hotel provides services at reasonable price rates
Q3) Is the prices charged by NEROZET Hotel effective according to the
facilities being provided within the premises?
Frequency
a) Yes 40
b) No 10
P4. Interpretation of data to provide evidence of market potential
An entrepreneur collects information and data which relates to launch a new business
idea in London by adopting number of resources. Presented data will assist NEROZET
entrepreneur should this idea will work or not. As entrepreneur collected information by paying
attention and communication from public. As entrepreneur of NEROZET has collect data from
primary and secondary resources which help to gain information launching NEROZET Hotel:
The New Hotel launched by entrepreneur will provide new facility and best possible
accommodation. Moreover, it can booking a month ago which is innovate with good interior
work. This facility is not introduced till now by any company. Therefore, NEROZET can create
an opportunity to blush the market by filling the needs of customers.

The main aim of NEROZET is to meet with customer demand by providing high quality services
which will help to grow business and increase the economic growth by creating opportunities.
Theme 1: It has been interpreted that people are so much aware from NEROZET’s
services which it will going to provide. So the entrepreneur should use mobile application,
advertisement and social to promote the business and give more information.
Theme 2: According to statistical data, customers get attracted more towards Hotel
NEROZET which will provide hygiene and multi cuisine food.
Theme 3: As per data, NEROZET Hotel will offer its services at reasonable and
affordable prices which will enhance the business activities (Welter and Alvarez, 2015).
Theme 4: According to data, customers are happy with this way, entrepreneur will serve
by employee in NEROZET. But still its managers need to think about providing best services.
GAP ANALYSIS
Basis Current condition Desired condition Action plan
Product and
services
Planning to provide rooms
with best infrastructure
facilities customers feel
that check in and check out
take time so planning to
innovate a new business
The customers can do
automatically check in
and check out by use
of internet moreover,
customer can booking
one month ago that
will be comfortable for
them.
It will help customer
to get advance
booking which make
feel them good and
comfort.
Cost Rooms in NEROZET are
available at low prices.
The NEROZET will
set the prices according
to their income level
by applying Peter
Ducker theory.
A well setting pricing
strategy keeping the
rivals which can be
used.
Innovation The business idea of
NEROZET provides
possible services by
creating opportunity
By bringing new
innovation it will
employment create
opportunity and for
employee and make
feel good to customers.
By adopting customer
centric approach and
getting feedback from
customers it can make
improvements in
existing services
On the basis of gap analysis, it has assures that there is a demand for booking advance or check
in and out confirmation before one month ago that help to make accordingly. Customer, can
payment in advance and after rendering services through online and can get information.
Moreover, NEROZET can charge extra amount if any one wants advanced services such idea
will also help to gain maximum profit within business industry. additionally, it has been

concerned that NEROZET will come at market with number of attractive services which will
help to fill the market gap and customer expectation ( Autio and et. al., 2018).
This idea will support NEROZET Hotel business idea such as it will provide best
accommodation and advance booking services that will help to attract customers. The above
discussion will suggests the entrepreneur in gaining knowledge and growing business at larger
area that will leads continuous growth and economic development by filling market gap.
P5. SWOT Analysis to assess the entrepreneurial idea
It is important for entrepreneurs to get information that new business idea will be feasible
or not. So SWOT analysis will help entrepreneur to states the strength, weakness, opportunity
and threat of NEROZET Hotel business. The SWOT analysis of NEROZET Hotel is given as-:
Strength: NEROGET Hotel has major strength to launch this business such as it will provide
uniqueness and attractive services which will influenced customers, moreover, by giving offer
and adventure activities people will get more attract will obtain services from this organisation. It
can beat the competition by increasing number of customer and new innovation. Along with this,
it will be sustain in competitive market because it follows customer centric approach which help
to meet with customer needs (Barazandeh and et. al., 2015).
Weakness: While launching NEROZET Hotel it need to invest more and has to face the
competition. The opening place this hotel is very well known and excellent place where number
of Hotel are available so it may be drawback for NEROZET. To beat the competition
entrepreneur need to think more innovative and creative.
Opportunity: To launch NEROZET it will be opportunity such as it can create
employment and can enhance knowledge in order to develop feasible services. By providing
better services other customer will switch regular use hotel and will move towards Hotel
NEROZET. It will help to create the good advantage for business organization.
Threat: There may be highly competition so to crack this competition bring new
services. If NEROZET has to reduce the prices of services because there are number of hotels
available who provides hotel services at low cost (Hansen, Monllor Shrader, 2016).
P6. Evaluation of competitive and market environment to assess potential viabilities
To Launch a successful business it is important to innovate something new that will help to be
sustain in competitive market by analysing market demand and trend. Competitive market refers a deeply
study which help to accept the new technology and give advantage to enhance the business. The
entrepreneur need to macro and micro factor which help to strengthen the suitability and comparability.
The PESTLE analysis of NEROZET has been described as-
Political: The entrepreneur need to follow the UK's rules and regulations which is
governed by government. It relates with tax rate, employment, trade practice, environmental

tariffs which will act as supportive factor. It will help to grow the business by following
government policies and maintain the best quality of goods and services.
Economical: The entrepreneur of Hotel NEROZET will provide best accommodation
services by innovating new ideas which will help to contribute in economy development.
Moreover stable inflation rate will help to increase the profitability for company. Such as it will
help to support the new innovative ideas by bringing new innovation.
Social: Every person who is thinking about to bring or introduce from product it has to
consider latest trend and social culture which influenced people. This is a positive factor for
NEROZET Hotel such as it analyzed the market and innovate new venture accordingly People
culture which help to meet with customer demand (Park, Sung, Im, 2017).
Technological: The NEROZET will use new technology in order to launch new hotel
which will be attractive interior and advanced booking for check in and check out that influenced
positively and emphasis to get services from this company. So by using new technology it will
make feel good to customer as they can book online and can get information about company.
Above discussed competitive market and environmental factor it has can be considered
that the business idea will be feasible because it will establish at well known and more
population place which will help to attract customers as well as new employee that will leads to
create employment opportunity.
CONCLUSION
From the above report, it has been concluded that Competition creates a advantage as
well as difficulty for business. To sustain effectively in competition new innovation is needed
that help to maintain the business at stable position and increase the profitability. The above
report has considered different topics such as sources of entrepreneurial idea, rationale and
market gap for new ventures, gap analysis and SWOT analysis of new business which help to
give strengthen of business. Additional, report has discussed about environmental factor which
may affect business.

REFERENCES
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