Identifying Entrepreneurial Opportunities

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).