Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Table of Contents
Introduction:.....................................................................................................................................1
TASK 1:...........................................................................................................................................1
P1: source of entrepreneurial ideas and innovation:...............................................................1
TASK 2:...........................................................................................................................................2
P2: Rationale and Market gap for entrepreneurial ideas......................................................2
TASK 3............................................................................................................................................3
TASK4:............................................................................................................................................9
P5 Examine the SWOT analysis:...........................................................................................9
P6: Competitive environment in which ideas will be launched............................................9
Conclusion:....................................................................................................................................10
References:.....................................................................................................................................10

Introduction:
The entrepreneur is a person who are able to create new ideas and innovation about the
business while bearing the risks and gaining the rewards in terms of profits in the long run. In the
other words, the entrepreneur have a important role in creating job opportunities for its followers
as he helps in increasing the skills and knowledge among the people. The entrepreneur helps the
organisation to get success in the target market places. Under this report, the coffee tree cafe will
produce French vanilla coffee for its customer. Further there will be discussion on the various
entrepreneurial ideas and porter’s five forces. Marketing gap analysis with the SWOT and
PESTLE are discussed further in this report (Corbett, , 2007).
TASK 1:
P1. Determine and evaluate different sources of entrepreneurial ideas and innovation
In the current scenario of the UK market , the business are growing very fast day by day
which helps the organisation to set up their business at the target market and earn the profits in
the long run. There is huge number of the business which needs entrepreneurs to launch new
product and services in the target segment so that company can gain money by satisfying the
needs and wants of its audiences. Hence, the entrepreneurs are required to make good innovative
ideas to launch the product in the market so that organisation can achieve their goals and
objective in time. Some of the sources of the entrepreneurial ideas and innovation are stated as
below:
Exhibitions and trade fairs: under this type of sources, the entrepreneurs are able to get the
new ideas which they can apply in the organisation strategies to introduce the new product and
services in the market. (Ko and Butler, 2007)
Mass media: the entrepreneurs get huge ideas by the means of radio, magazine and various
another sources about the development of the organisation business in the target market places.
The coffee tree cafe can uses this mode to get new ideas about the goods and services.
Interest and hobbies: in the context of the coffee tree cafe, they are interested in achieving the
goals and have a hobbies to introduce new vanilla coffee which are demanded by the customer
in the market.
The coffee tree cafe uses Durcker’s uses model to bring the new innovation in their organisation
by the entrepreneurs. This model is discussed as follows:
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The unexpected: The business work in the environment that keeps on changing on regular
bases that gives the path form to launch new goods and services in the market by the
entrepreneurs. This situation can be used by the entrepreneur to come up with the new good
according to current demand of the customer in the market. (Krueger,., 2006)
Incongruities: under this condition, the organisation gets trap into situation where they tries to
established the product without doing enough research on such goods and services. here
entrepreneur are required to conduct research before launching the new product in the market.
Process needs : Here the entrepreneurs need to finds their goals and objectives so that they can
get alternatives approaches to decrease the errors and mistake in performing their task.
Industry structure changes: Nowadays the technology is keeps on changing in the market so
business needs to adopt to these technology so that they can attach more customer for they
products.
Demographics: under this condition, the entrepreneurs find out the needs of the product and
services in the target marketplaces. The organisation need to divide their goods according to the
education and employment of the target audience so that right product is introduced at right
places.
Changes in perception: here the entrepreneur tries to make strong relation with the audience so
that they can achieve their objectives in the most profitable ways.
New knowledge: under this situations, the organisation needs to have good skilled employees
as they will helps in completing the task in the productive ways.
TASK 2:
P2. The rationale and the market gap for a specific entrepreneurial idea
With the references of the Coffee tree cafe, this organisation are planning to launch new
French vanilla coffee by using good ingredients in its coffee to attract more customer towards
the cafe in the long run. This cafe also offers various different fast food such as pan cake,
cookies and pasta and various another cuisines to enhances its business in the market places.
The entrepreneurs try to satisfy the needs of the customer by giving them their product and
services.
The coffee tree cafe are introducing the product and services which are demanded by the
customer in the target market and they also trying to offers various schemes like giving discount
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