Identifying Entrepreneurial Opportunities

This presentation provides insights on identifying entrepreneurial opportunities and setting up a business. It covers topics such as background information, business idea, potential customers, competitive analysis, market research, and more.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

INTRODUCTION
Entrepreneurs in order to be profitable are required to identify various
opportunities which will helps in setting up their own business.
This assignment is based on the business plan of clothing store which
will provide cloths for men, women and kids.
 This study will include background information about the sources
which motivated to set up an own business.

Background information of sources which inspired and motivates to set up a new
business
 Business generate more income than job
 Interest and hobbies
 Demands of people
 Personal growth
 Motivated through advertising agency

Introduction to business idea, what it is and potential and
target customers
 The business idea is about opening of Apparel store as the
fashion industry is growing tremendously. The name of the
business will be “Fashion Drivers”.
 The store will provide clothing for women, men and kids. The
uniqueness of this clothing store will be that it will also provide
customized clothing to its customers on their demand.
 The business will be located in the central area of London, UK.

What it is
 It is a clothing store that will focus more on quality to retain the
customers for long term in business.
 The size of the business will be small as it is the initial stage and due
to risk possibility for business.
 this clothing store will be that it will also provide customized
clothing to its customers on their demand

Potential customer and target audience
 Fashion Drivers will focus on providing its products to medium
to high income group people as it will provide high quality
products.
 The target group of Fashion Driver will be young women due to
high demand and changing fashion trends of females.
 The adult female from middle income group because the
individuals have potential to buy customized clothing.

Competitive analysis of setting up new business
 The Fashion industry is growing at the fastest rate and in order to
identify the market it is required to make a competitive analysis.
 The porter five forces model consist of five factors which are
required to be identified to have knowledge about the industry
and competition.

Porter five forces model

CONTINUE…
 Bargaining power of suppliers: High
 Bargaining power of buyers: HIGH
 Threat of new entrant: High
 Threat of substitute products: Low
 Competitive Rivalry: HIGH

Evaluation of Gap analysis to look at the close gaps for
present and future
 Gap analysis is related to examination of current performance in
order to identify difference between current status with reference
to future.
 It helps in improving business efficiency.

Gap analysis

Objectives of FashionDriver
The Objectives of Fashion Driver are as follows:
 To increase sales by 10% within 2 quarter.
 To increase profitability by 10 % within 2 months.
 To increase its customer base through use of social media.

Evaluation of market research which support
Viability and identification of market potential
 Market research assist in providing information about consumer
behaviour, their demand, buying criteria etc.
 The business in order to get understanding about the market will
undertake a market research which will consist of primary and
secondary.
 Fashion Drivers in order to conduct primary research will use
survey for people to understand their demand and taste and
preferences regarding the products offered by the business

Types of Market Research
Primary market research:
 Telephone Survey
 Face-to-face interviews
Secondary market research:
 Books & journals
 Internet sources

A questionnaire sample is as follows-

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Particular Respondents ( 20)
Every week 2
Every two week 3
Every three weeks 2
Every Month 11

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Particular Respondents (20)
Quality 10
Price 3
Style 3
Discount 3
Service 1

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Particular Respondents (20)
Agree 8
Disagree 5
Neutral 7

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Particular Respondents (20)
£0 1
£0 - £50 2
£50- £100 3
£100- £250 4
£250- £500 5
£500 or more 4

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Particular Respondents (20)
Spring 4
Summer 6
Autumn 4
Winter 5
I don't know 1

. Explanation of viability and feasibility of business
idea with its strength and weakness
 Viability of business idea:
 The business idea is Viable as fashion industry is growing at a
rapid rate which will be beneficial for firm as more customers
will be attracted towards organisation
 Moreover, The market research can be more effective by using
other methods of survey such as face to face interviews etc.

Feasibility of business idea

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 Strength:
 The business will be providing high quality products with customised clothing
option to customers.
 The strength of business is that it will provide the best customer service.
 The business will be profitable as shown in feasibility statement where there
is increase in cash inflow in every month.
Weaknesses:
 The feasibility statement shows that there is high cost involved in providing
the product which as weakness for fashion Driver.
 Lack of more advanced technology.
 Lack of social media presence

Measures to overcome with risk of competitions and
recommendation to achieve business growth
 Focus on High quality products.
 To reduce threat the organisation can use effective marketing
techniques.
 The business will focus on providing the best customer service
which will assist in gaining competitive advantages against
competitors

Recommendations
 It is required to provide high quality product as customers
demand only those products which are of high quality.
 The use marketing techniques reduces threat of competitors
which includes use of social media marketing such as Instagram,
Facebook etc.
 Using various marketing techniques will help FashionDriver in
increasing their sales.

CONCLUSION
 The above study concluded about business idea that is Fashion
Drivers opening up a clothing store which has located in London.
 The target audience will be people of all age group and will
provide clothing for men, women and kids.
 Moreover, it outlined competitors’ analysis to identify about
various factors which will lead to success and failure of Fashion
Drivers through use of Porter fiver forces model.

REFERENCES
 Books and Journals
 Chepurenko, A., 2017. Innovation Enterpreneurship in Transition Economies: Problems and
Outlook. Форсайт. 11(3 (eng)).
 Fink, M., Lang, R. and Richter, R., 2017. Social entrepreneurship in marginalised rural Europe:
towards evidence-based policy for enhanced social innovation. Regions Magazine. 306(1). pp.6-
10.
 Grabowska, A. and et.al., 2015. SP4CE–strategic partnership for creativity and enterpreneurship
successor openinn. Zeszyty Naukowe Wydziału Elektrotechniki i Automatyki Politechniki
Gdańskiej.
 Komljenovic, N., Rancic, N. and Pilipovic, O., 2018. HOBBY CULTURE AS A SOURCE OF
ENTERPRENEURSHIP–INNOVATION AND RISK MANAGEMENT. In Economic and Social
Development (Book of Proceedings), 36th International Scientific Conference on Economic and
Social Development–(p. 273).