Identifying Entrepreneurial Opportunities

This project examines the process of identifying and evaluating entrepreneurial opportunities using a case study of a Fast Food Restaurant. It analyzes the various sources of entrepreneurial ideas, justifies the rationale and market gap for the specific idea, and interprets data to provide evidence of market potential. The project also includes a SWOT analysis, competitive and market environment assessment, and a detailed explanation of GAP analysis.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Evaluate the various sources of entrepreneurial ideas and innovation.................................1
TASK 2............................................................................................................................................2
P2. Justification of the rationale and market gap for the specific entrepreneurial idea using
relevant tools and techniques to support entrepreneurial choice................................................2
TASK 3............................................................................................................................................3
P3. Current data required to support gap analysis in order to evaluate a particular
entrepreneurial idea.....................................................................................................................3
TASK 4..........................................................................................................................................11
P5. SWOT framework to collect evidence to support an objective assessment of a particular
entrepreneurial idea...................................................................................................................11
P6. Competitive and market environment in which idea will be launched to assess potential
viability.....................................................................................................................................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneur is an individual who always develop the different kind of business and also
focus on the various risk factors in order to overcome issues from the business. Entrepreneur also
known as innovator because entrepreneurs have lot of ideas, goods, services and so on. An
individual mainly plays a vital role in the economy environment. On the other side, this can be
said that these are the people who have the very effective skills in order to fulfil the current and
future needs of their business easily. That's why entrepreneur is the very effective part of
business who always makes opportunities for other people in a proper way. In this present case a
Fast Food Restaurant will going to be establish. This restaurant is planning to have attractive
designs with colourful lights which customer always want. With the help of this, Fast food
restaurant have effective lighting themes and well decorated place. This present report will
determine the SWOT analysis and GAP analysis with lot of factors those will help the
entrepreneur in order to launch new business setup effectively.
TASK 1
P1. Evaluate the various sources of entrepreneurial ideas and innovation.
As per the present scenario, UK government always helps people in order to achieve their
goals. Whether the entrepreneur or people but they mainly aid young graduates in which an
individual can begins their start-up efficiently. By this government support an entrepreneur can
easily take good decision towards their business programmes. For this entrepreneur needs to
develop innovative ideas and the sources for those ideas in regards with STEEP model are listed
below:
Interest and hobbies: (Social source)- This is the main source in order to develop
innovative idea in the entrepreneurial mind by this an individual can easily think and execute
their thought on their business. For example: If one person has hobby to play cricket than he can
think about their future opportunities effectively. On the other hand if person has interest in
travelling then he can think about their travel plan and also make effective strategy in order to
enjoy their holidays accordingly (Audretsch, 2012). This can be said that from this example if
entrepreneur has interest in order to begins their start up then he can make innovative ideas for
their Fast food restaurant to satisfy customers effectively.
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Trade fairs and exhibitions: (Environmental)- With the help of this source an
entrepreneur can easily execute their idea on business. When entrepreneur attend these fairs and
exhibition than he is able to learn so many new things so that he can think new ideas for Food
restaurant cafe. By this he can also able to advertise their restaurant via newspapers, TV., social
sites etc. now customers can get knowledge about fast food restaurant so that entrepreneur meets
several manufactures, suppliers in regards with restaurant business to achieve business objectives
in an effective manner.
Customer surveys: (Economical)- With the help of this source an entrepreneur can start
survey the consumer in order to check their viability effectively. According to customer survey
an entrepreneur can find out the customer's taste and preference in order to increase their
restaurant business. In reference to the Food restaurant cafe there are lot questionnaire are their
which is accomplished by the people and than entrepreneur collect the feedback so that he can
bring more innovative ideas to achieve consumer satisfaction.
Mass media: (Technological)- As per this source person and an entrepreneur uses lot of
mass media sources such as internet, magazines, radio etc. because these are very much helpful
sources in order to receive opportunities for future. Now an entrepreneur need to more focus on
the advertisement and commercial needs in a proper way. These sources can easily increase the
popularity of Fast Food Restaurant.
Therefore, these sources of entrepreneurial ideas and innovative things are very much
helpful for launching a new venture within the marketplace. Government of UK is also good that
always help people or an entrepreneur in order to fulfil their aspect in a proper way. With the
help of these sources an entrepreneur can think innovative and bring new ideas to their business
to achieve goals and objectives in an appropriate way. Therefore, young people and family
members’ involvements can enhance the value of Fast food restaurant in a better way.
TASK 2
P2. Justification of the rationale and market gap for the specific entrepreneurial idea using
relevant tools and techniques to support entrepreneurial choice.
For launching a new business, this idea can come in the entrepreneurial mind or persons
who want to start their business effectively. In context to the Fast Food Restaurant, an
entrepreneur generally offers lots of food items with different varieties like Thai, Chinese, Indian
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and so on. With the help of this Fast food restaurant can easily make their customers in a huge
manner properly. Through this process new business venture developed by an entrepreneur can
easily expand their business in a proper way. (Grégoire and Shepherd, 2012).
Fast food restaurant is going to fulfil the customer needs and offered them discount on
food with attractive interior designs. This restaurant also provides proper hall for birthday parties
and kitty parties so that people can enjoy in their groups. Furthermore, this restaurant also
indulged in different themes and background like its provide magazines, novels which make
customers happy and they enjoy a lot. Therefore, entrepreneurial mind thinks very innovative in
order to target young people or families and children also. In the case of GAP analysis this is not
provide any kind of facility to the entrepreneur because it shows the ratio between the business
and market. For making better situation entrepreneur formulate high innovative ideas in the Fast
food restaurant to make customers happy. To identifying the marketing concept of GAP analysis
which is explained below:
Identification of opportunities: The term opportunities covers the project and product in
order to identifying the future growth. That's why it is important for an entrepreneur to check the
availability of better resources. With the help of this an entrepreneur can get lots of benefits so
that he can beat other competitors in the market. As entrepreneur apply innovative thoughts and
ideas to run their business effectively so that Fast food restaurant can get higher sales in future in
an effective way (Kohlbacher, Herstatt and Levsen, 2015).
Technological advancements: With the advancement of technology people are using
high technical skilled in order to make themselves effective. Same it is important for an
entrepreneur in order to keep manage their restaurant with higher technological environment so
that this strategy can attract people in an effective manner. With the technology advancement an
entrepreneur can apply lot of innovative function to their business for accomplish the
requirement of people in a great way
STP Model: STP refers to the segmentation, targeting and position of the market. On the
basis of this model few points are listed below:
Segmentation: According to this, an entrepreneur segment the target market in a
different ways such as demographic in which people are segmented by the marital status, age,
sexuality, occupation or education etc. On the geographical basis people are segmented in the
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different things like country, city, state. In the behavioural aspect people are segmented through
the how people use the food product and honest they are.
Target: On the basis of this term an entrepreneur target customer according to their
potentiality effectively. So that Fast food restaurant can be easily able to accomplish the
customer's demand in a effective way.
Positioning: In this an entrepreneur of Fast food restaurant focus on their food items and
their restaurant position within the market. With the help of this an individual can easily make
their goals and objectives in an effective manner.
TASK 3
P3. Current data required to support gap analysis in order to evaluate a particular entrepreneurial
idea.
Competitive Analysis (Secondary Research)
BASIS Fast Food Restaurant The Urban Bite Masala Trails
Products and
Services
This restaurant will offer
convenient meals to their
customers so that they can
easily afford food items in
a systematic way. In order
to make effective
attractions between
restaurant and people they
can provide discounts offer
on curly fries with one
burger effectively (Siegel
and Renko, 2012).
This restaurant offers
different kind of food
like pizzalicious, past
and Chinese at higher
prices but tasty. It also
provides very good
environment or culture
as per the consumer
demand effectively.
This restaurant
offers lot of food
item for the large
number of
customers and
satisfying their
needs and demand
perfectly.
Organisation
Structure
Fast food restaurant
reflects on the corporate
culture in order to make
As per organizational
structure, this hotel
follows the
Masala trains apply
matrix structure in
which manager of
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good strategy for company
in an effective manner.
With the help of this
manager of this restaurant
can allotted the work to
employees to satisfying the
customers like clean crew,
drive-thru and so on.
departmental structure
in order to make better
environment within
the workplace.
this restaurant is
responsible to
guide their team
members
efficiently.
Major
Attractions
For the attraction this
restaurant follows the
several kind of approach
such as centric approach
by this they can get
customer satisfaction
easily.
It attracts people at
higher level as urban
restaurant gives
different varieties of
food with the lot of
flexibility.
It provides good
offer like discount
of food product
and free policy. By
this customer can
get good food
items and can get
satisfied.
Promotional
Strategy
With the help of
promotional strategy, this
restaurant can promotes
their management
functions through T.V.,
radio, newspapers,
magazine etc.
Urban restaurant
promotes their
business strategy by
the using of different
websites in a good
way. That is social
media.
This restaurant
promote their
strategy with the
help of different
websites
effectively.
According to the above comparison analysis it has been analysed that every restaurant
has different kind of strategies and also takes various risk efficiently. In regards to the Fast food
restaurant centric approach in order to make consumers happy and also fulfils their demand
effectively. With the help of these restaurant can maintain their business development
effectively. Along with this restaurant also offer lot of discount and buy 1 get 1 fee scheme also.
Therefore, all these things attract customers a lot so that an entrepreneur can enhance their
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business or grab future opportunities easily. There are few factors which implemented by the
Fast food restaurant, which are given below:
Primary research: It is related with research methodology in which data is gathered and
collected by the direct way. It is mainly depends upon the data collection which is done on the
previous research. Primary research smoothly carried out the research in which it addresses the
all problem which needed in deep analysis. In reference to Fast food restaurant they properly use
this approach in order to collect effective data and them implement on them (Suddaby, Bruton
and 2015).
Technology: It is essential part of the business in order to attract customers towards their
business. This concept enhances the overall growth of the company in a proper way. As per the
entrepreneurial concept it is a good approach in order to gain future effectiveness with profit
within the marketplace.
Market analysis: In the market of London, government offers lot of opportunities to any
kind of business in an effective way. Running business always can take good place in front of the
customers. With the help of government an entrepreneur can get lot of opportunities for future
and develop their business effectively. In reference to the Fast food restaurant develop various
unique strategies in order to fulfil the consumer needs and demand effectively.
QUESTIONNAIRE
NAME:
AGE:
ADD:
GENDER:
MAIL ID:
Q1) How will do you visit Fast food restaurant ?
 Once in a month
 Several times in a month
 Daily
 Never
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Q2) Is income will effect the chosen fast food from Fast food restaurants?
 Strongly agree
 Agree
 Neutral
 Disagree
 Strongly disagree
Q3) Will you satisfied with the food quality which can be offered by Fast food restaurant?
 Yes
 No
Q4) What will you order at Fast food restaurant?
 Burger
 Pizza
 Fries
 Sandwich
P4. Interpret data particularly to provide evidence of market potential.
Theme 1: Visit in Fast food restaurant
Q1) How will do you visit Fast food restaurant ? Frequency
Once in a month 2
Several times in a month 3
Daily 2
Never 1
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mean 2
median 2
mode 2
Interpretation:
According to above respective graph it has been interpreted that there are 2 respondent
out of 8 who will go to Fast food restaurant once in a month. Along with this 3 respondents can
go to this restaurant once in a month because they think outside food is not healthy for every day.
2 respondents will go daily in this restaurant whereas, 1 respondent will never prefer this
restaurant because he/she thinks that it is not good.
Theme 2: Income influencing the chosen fast food
Q2) Is income will effect the chosen fast food from Fast food restaurants? Frequency
Strongly agree 2
Agree 1
Neural 2
Disagree 2
Strongly disagree 1
8
2
3
2
1
Once in a month
Several times in a
month
Daily
Never

mean 1.6
median 2
mode 2
Interpretation:
As per the above representative graph it has been concluded that 2 respondents are
strongly agree with the influence of income from this Fast food restaurant because they think that
for everyday it is not worthy. 1 respondent is agree with this because he/she can be able to
expand money easily. 2 respondents are neutral for income affecting on the selected item, 2
respondents are not agree with this condition. Wherein 1 individual is totally disagree with this
concept.
Theme 3: Satisfaction from the food quality
Q3) Will you satisfied with the food quality which can be offered by Fast food
restaurant?
Frequency
Yes 6
No 2
9
2
1
2
2
1
Strongly agree
Agree
Neural
Disagree
Strongly disagree

mean 4
median 4
mode 0
Interpretation:
According to the above representative graph it has been analysed that 6 respondents will
totally satisfied and happy with the food quality which will be delivered by the Fast food
restaurant. In which 2 respondents will not agree and satisfied with food quality of Fast food
restaurant. This is because they can think that food is not good and not safe for health.
Theme 4: Order at Fast food restaurant
Q4) What will you order at Fast food restaurant? Frequency
Burger 3
Pizza 3
Fries 1
Sandwich 1
10
6
2
Yes
No

mean 2
median 2
mode 1
Interpretation:
As per the above representative graph it has been interpreted that, 3 respondents will
order burger because they can loved it. 3 respondents can be go with prefer Pizza. 1 respondents
will go for fries according to the survey because he will like it. Wherein, only 1 respondents will
prefer sandwich in an effective manner.
TASK 4
P5. SWOT framework to collect evidence to support an objective assessment of a particular
entrepreneurial idea.
This framework is very much essential for each entrepreneur in order to define the main
aim of the business in an appropriate manner. In order to define SWOT which is always
accomplish by the individual. It is a good process in a dynamic manner which stands for
Strength, Weakness, Opportunities and Threats. This concept will very much effective or helpful
in order to enhance growth of an organisation. In this report SWOT will define the negative or
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3
3
1
1
Burger
Pizza
Fries
Sandwich

positive aspect of business start up in a proper way. There are few basic ideas which is based on
the SWOT and implemented by the company, listed below:
Strengths: It is very essential aspect in order to identifying the business strength
perfectly. In regards with establishing the new Fast food restaurant that offers lot of food items to
people for keep them happy. Strength always based on the consumer taste where they can feel
free and pay accordingly. Apart from this, Fast food restaurant has lot of sources in order to
make customers potentiality. With the good afford this business can increase their sales growth
and income effectively. That's why this business venture has lot of opportunities in order to gain
competitive advantage efficiently (Tang, Kacmar and Busenitz, 2012).
Weaknesses: In the time of launching a new venture it is tough to gain opportunities in
the competitive environment. This is the problem that all companies are not able to survive for
long period of time. In London, there are lot of cafes and restaurants so it can be difficult for Fast
food restaurant because these conditions can affect the assets of business venture. Main
weakness is that some time company can get loss of few profit so it is tough.
Opportunities: This is the very good thing for every business as per this an entrepreneur
can easily find out scope in the marketplace for the future expansion. This process will help this
fast food restaurant in order to make their aim and motive effectively. In context to Fast food
restaurant, it is necessary for entrepreneur to analyse the proper work on research to overseeing
the future opportunities and expansion are in UK. That's why opportunities are the beneficial part
of every entrepreneur's venture effectively.
Threats: Threats are challenging elements which mainly includes in the various business
operations and functions like external or internal. In reference to the Fast food restaurant they are
required to adopt different technologies in order to beat their competitors easily. In this venture
has to face lot of challenges for making good market reputation in front of the customer.
P6. Competitive and market environment in which idea will be launched to assess potential
viability.
During the time of establishing a new business start-up it is required to an entrepreneur
that he should have all knowledge in order to evaluate the current and measure factors of the
economy. An individual should apply innovative ideas on their business.
Competitive Market:
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It is the approach which is helpful for evaluating the competitive environment within the
market place. In this manager of Fast food restaurant is responsible to evaluate and measure the
current and future trends effectively. In this business venture mainly focuses on their
sustainability in the market for long time. With the help of Porter's five forces model Fast food
restaurant make their strategies accordingly which are given below:
Competitive rivalry: Competition is very high on the level of industry because there are
lot of competitors in the marketplace. In regards with Fast food restaurant there are 2 competitors
for this that is Masala trails and The Urban bite who always try to serve better food to their
customers. So that it is necessary for Fast food restaurant in order to generate innovative strategy
to gain competitive advantages.
Threat of New Entrants: For an entrepreneur in order to come in the market with the
new business and invest more so that it can create difficulties. But in this condition there is huge
competitors in the market so if entrepreneur will invest in their business effectively so that they
can compete with other in the market. Threat of new entrants is high due to low barriers to entry
(Welter and Alvarez, 2015).
Bargaining Power of Buyers: This is the only one aspect in which purchasers can easily
bargaining. For this Fast food restaurant has to follow low money strategy in a better way. So
that they can achieve their goals easily. Bargaining power is also high because in this customers
playing a vital roles in an effective manner.
Bargaining Power of Suppliers: According to this supplier has the power to delivering
the goods to any organisation. Therefore, in the case of Fast food restaurant should always
develop good relation with the suppliers in an effective manner. Bargaining power of suppliers is
always high because Fast food restaurant is based on their suppliers in a better manner.
Threat of Substitutes: Accordingly, this is low because Fast food restaurant has unique
food meals so any other restaurant can copy them. That's why this restaurant can easily achieve
their goals effectively.
Market Environment:
For launching a new venture any entrepreneur of businesses needs to follow two factor internal
or external, which are listed below:
Macro environment: It considered the external factors, given below:
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Political: In this factor Fast food restaurant follow UK government roles and legislations
in order to gain competitive advantage and customer satisfaction effectively. If new business
venture, an entrepreneur will apply this factor their business than he can get ideas about
government rules and regulations in an effective manner.
Economical: In this Fast food restaurant set their pricing policy according to the UK
market. If an entrepreneur will apply this factor than he will be able know about government
pricing policy in order to launch their business.
Social: In this business measures their value in regards with market and future trends. So
it is important to know in order to make effective food items easily. It is essential factor for this
new business venture to specially know the current trend of this buasiness.
Technological: As per this Fast food restaurant need to apply many more effective
innovative technologies in order to make potential customers easily. With the help of this
technological factor an entrepreneur will be ablt to know several information in regards with
their business as well as increase that.
Micro environment: According to this environment there are few elements which includes in
such factors like vision, value, mission in an effective manner (Hansen, Monllor and Shrader,
2016).
GAP Analysis:
Meaning:
It is the technique which is used by any business in order to identifying the few steps like
what steps need to be taken to move from current state to its desired and future state. On the
other side Gap mainly consist different types of factors such as listing of characteristics like
competencies, attributes and level of performance of the current situation in order to achieve
future goals and objectives in a proper way. This is also highlighting Gap in between the market
and future developments.
Consequences of the Gap:
As gap analysis provides lots of things in order to measure the investing time and human
resources which are needed to achieve a better results in an effective manner. Gap is made for
getting result positively so that it is suitable for every business in a proper way. On the other
side, gap analysis can also be determined as the gaps within the market in order to survive and
development. With the help of this any firm and organisation can get idea about their marketing
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gaps and than able to implement them in their business operations effectively. Therefore, it is
necessary and effective in order to gain better result and outcomes in a particular manner.
Timing of Gap analysis and responsibilities:
In order to evaluate the Gap analysis it will take 2-3 months for showing the gaps in
between markets and businesses. This is the good process which always gives better outcomes so
that an entrepreneur can easily use this process in order to make their business effective in a
particular manner. Therefore it is very well known factor of business in a efficient way. On the
the other side, small business and new business venture are responsible to make gap analysis in
order to evaluate their company work and operations in an appropriate manner.
Options of Gap analysis:
There are different options in which small business industries and can manage their work
so that can easily apply new and different techniques in order to make their potential customers
effectively. In the case of Gap analysis small industries have various options in order to achieve
their goals and objectives in an effective manner. If they will use different type of technologies
than they can attract lots of customers this situation will increase the higher demand of small
industries in the UK economy.
Costs of Gap analysis:
As the Gap analysis is the comparison of current performance with the desired
performance of desired future. That's why this is not much expansive and not much costly within
the marketplace. This is because it is very helpful for every business of market in an appropriate
manner. With the help of this every business industries can take proper decision and also able to
decide their firm's amount effectively. Cost of Gap analysis shows the different kind of sales and
financial methods. Therefore, cost of Gap analysis is not much and it is very effective and
essential tool of the business in order to gain competitive advantages within the marketplace.
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CONCLUSION
According to the above representative report it has been concluded that entrepreneur is an
individual who always develop innovative ideas and thoughts in order to launch new business or
any start-up in an effective manner. In this report Fast food restaurant has been launched by the
entrepreneur which is very good restaurant and offer different kind of food to their people
effectively. In order to achieve higher level within the market place of UK this business has used
lot of factors as well as conducted people survey in order to satisfy them. Apart from this, report
covered the rationale and marketing gap analysis and SWOT framework. An entrepreneur for
their business also followed various sources of entrepreneurial ideas and innovation. At last
competitive and market environment has been discussed effectively.
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