This document discusses the importance of identifying entrepreneurial opportunities and innovation. It covers topics such as justification of sources, market gap analysis, data needs, interpretation of data, and SWOT framework. The document is relevant for students studying entrepreneurship or business management.
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Identifying Entrepreneurial Opportunities
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Table of Contents INTRODUCTION...........................................................................................................................3 TASK 1............................................................................................................................................3 P1. Justification of several sources in context of entrepreneurial ideas and innovation........3 TASK 2............................................................................................................................................5 P2. Rationale and Market gap analysis for the particular entrepreneurial idea with the help of relevant techniques and tools as per the entrepreneurial choice.............................................5 TASK 3............................................................................................................................................6 P3. Data needs with the support of gap analysis in order to evaluate the entrepreneurial idea..6 P4. Interpretation of data in order to provide evidence of market potential...........................9 TASK 4..........................................................................................................................................13 P5. SWOT framework in order to assess entrepreneurial ideas...........................................13 P6. Justification of competitive and market environment to measure the potential viabilities.14 CONCLUSION..............................................................................................................................16 REFERENCES..............................................................................................................................17
INTRODUCTION Entrepreneur is an individual who always develop the new business venture and always bearing most of the risk factors but also enjoying lot of rewards or benefits efficiently. Entrepreneur can be seen as the innovator, sources of goods, services and several procedures of business. Therefore, entrepreneur play a very effective role in the economy. In order to become a successful entrepreneur, it is very important to identify the opportunities from the competitive market and also set the targeted goals in an effective manner. In this present report Restro Cafe is going to be launch. This cafe is planning to have attractive design and environment in order to accomplish the customer demand effectively. Along with this it will offer Robusta coffee with innovative themes like colourful lights and decoration in the cafe efficiently. Apart from this, project will identify the gap analysis with the SWOT analysis which included in this new set up of business in a higher way(Audretsch, 2012). TASK 1 P1. Justification of several sources in context of entrepreneurial ideas and innovation. According to the present report, government of UK always take initiate in which they generally aid young graduates wherein entrepreneur began their new business effectively. With the help of government approval entrepreneur able to take fund help from the youngsters and also allow to submit proposal of business. With the help of this entrepreneur can take lot of several ideas from various sources, which are given below: Trade fairs and exhibitions: This is the very famous and very well known source in order to create innovative idea in an appropriate manner. As per this an entrepreneur can easily attend these exhibitions and fairs through this idea an entrepreneur can advertise their cafe in so many forms like newspaper, TV., internet and so on. By this source entrepreneur able to meet different types of manufacturers, renowned and distributors regarding their Restro cafe needs so that all these people can resolve their issues easily in order to achieve their goals. Mass media: Generally, it involves in the radio, magazines, internet etc. these are the useful sources in order to grab opportunities in an accurate way. For this an individual has to focus on their commercial and advertisement needs in order to search unique innovative thoughts efficiently.
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Incongruities:Some times many firms fail to develop their goods and services without conducting research analysis in order to determine customers target and needs. Therefore, it is great source of inspiration for innovation foe those firms who are managing their work at marketplace. Process Need:According to this source firms should be focused on their overall situations of business in order to gain future opportunities for identifying overall needs and wants of them. Industry and market structure change:Both situation can be stable for a particular year or a month but firms are required to develop new techniques and strategies in order to achieve targeted goals. Demographics:It directly influence overall change within the business environment as well as firms. These type of changes always identifies needs and demand for products like who is buying and what quantity of product are bought. Changes in Perception:In the current period of time there are so many changes which are perceived by people within the entire world. These type of changes way of thinking of people so that people can change their perception about different goods and services towards firms. New knowledge:It is mainly shows the actual meaning of innovation. Herein, scientific and technological aspects are the main source of innovation which is carried by so many businesses firms and industries. On the basis of above respective analysis, it has been concluded that Restro Cafe will use process needs in order to make their future opportunities in a better ways. Along with this they can achieve their targeted goals and vision within the marketplace. Therefore, this model will be very helpful for them reach at higher level of business. TASK 2 P2. Rationale and Market gap analysis for the particular entrepreneurial idea with the help of relevant techniques and tools as per the entrepreneurial choice. In order to launch new cafe business ideas always created by the entrepreneur. In regards with Restro cafe they will not only provide Robusta coffee but also offer effective and good environment like different themes and lights in order to make customers happy. The menu of this
Restro cafe will includes in different variety of food like pizza, pastries etc. to accomplish customer requirements effectively. Restro cafe is going to take care of people as this cafe provide modern furniture at roof top with the colourful chairs and tables effectively. Along with this cafe will also give private room to the specific family so that a family can enjoy without any issues and distraction. Apart from this Cafe also involves in the several kinds of educational or music environment which boost the energy level of customer in order to select their food accordingly. That's why an entrepreneur has to examine the consumer needs and wants in order to meet goals in the competitive environment of UK. The Restro cafe generally target the teenagers and young people in order to spend their time as a good customer effectively.Whereas,market gap analysisthe opportunities which is not offered by any kind of person infect offer the same facilities. Therefore, an entrepreneur provides very good and innovative ideas in their cafe in order to satisfying customers in a perfect manner. Marketing concept of gap analysis is given below: Identification of opportunities: In order to gain lot of achievements in the market than it is necessary for an entrepreneur to identify the availability of opportunities efficiently. By this an individual can get benefit in order to expand their business as compare to the other competitors. It will also analyse the opportunities of an individual in order to apply innovative thoughts in their business to achieve higher growth perfectly(Kohlbacher, Herstatt and Levsen, 2015). Technological advancements: At present technological world this can be said that it is taking lot of necessary place in the all humans hearts. It is essential for an entrepreneur in order to keep them up-to-date with the lot of several and effective techniques effectively. By this concept they can easily calculate the growth of the firm instantly. This is the good advantage to them wherein marketing gap can be accomplish by the customers demand and requirements efficiently. In order to make unique strategies and approaches STP model will be very helpful for Restro Cafe in order to meet their desired goals and objectives in a perfect manner. STP model is discussed below in detail: Segmentation: It is the process of observing overall segmentation of market into the smaller groups with products needs and identifying characteristics in order to target
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marketplace. In relation with Restro Cafe, they always do this first in order to make their functions effective and for the motive of gaining profits. Targeting:After segmenting the overall market respective firm will focus on their targeted customers in order to achieve good image as well as huge sales and revenue by satisfying customers needs and demand. Positioning:It refers to the key perception which generally determined overall benefits, features and competitive goods and services. By doing all these things Restro Cafe will give better position to their products to achieve desirable goals. TASK 3 P3. Data needs with the support of gap analysis in order to evaluate the entrepreneurial idea. Competitive Analysis BASISThe Restro CafeLeila'sThe Bridge Productsand Services It provides Robusta coffee with the lot of food items effectively. In regard with this making good culture it willalsogivesseveral themesinaneffective manner. This cafe provide high class arrangementsto itscustomersalong withtheinvolvement of good and attractive infrastructure accordingtothe customer requirements. Itprovidehuge rangeoffoodand beveragesinorder tokeepmodifying their food menu to satisfying consumer needs. Organisation Structure Restro cafe always follow functionalstructurein ordertocheckthe employees functions which have been allotted to them (Siegel and Renko, 2012). For better structure of organisationthiscafe adopteddepartmental structureinwhich theirsuperiorshave permissiontotake Thisfollows implemented matrix structureinwhich managersare responsibleto accomplishthe
decisions.customer needs. Major Attractions In this Restro cafe adopt differentapproachlike centricapproachbythis theycanmakecustomer loyaltyinaneffective manner. Leila'sprovide different kind of food togiveflexible environmentto customers. Itofferslotof excitementoffers whereincustomer cangethigher quality of foods. Promotional Strategy Thiscafepromotetheir business with the making differentstrategieslike T.V.,radio,newspapers etc. Thispromotetheir venturewiththe publicity from several websites and platforms of social media. This promotes their businessbysocial mediaandlotof other websites. Above competitive analysis shoes the development area having the medium and low risk efficiently. In reference to the Restro cafe they adopts centric approach for consumer which will be beneficial for them in order to manage their growth and development of their business effectively. As per this Restro cafe also offer hug range of food products and coffee with the good theme environment that will also help the consumers in order to get attracted towards the product for the Resatro cafe(Suddaby, Bruton and Si, 2015). There are lot of factors which all are taken by the Restro cafe and their explanation is given as under: Primary research: It is a type of methodology in which data collected and gathered in the direct way rather than the collecting information from the secondary sources effectively. As per this research there are several surveys, questionnaire, interviews in order to accomplish the objectives effectively. In context of primary research entrepreneur of the Restro cafe mainly allocate new data and implement in their new unique thought and idea.With the help of this type of research, respective firm is able to achieve their goals by applying new tools and technologies like social
media, big data etc. on the basis of this firm is able to gain huge information about entire situation of market. When firm applied new and innovative technologies on all over the work they can make their every function of business in the attractive form and able to meet desired goals in a particular manner. In order to conduct overall marketing research this is very helpful tool to manage entire function of an organisation effectively. Therefore, this can be said that if firm will apply sorts of new techniques so that they can get its targeted goals and achieve huge success in an effective manner. Technology: It is very much important for an individual in order to use proper technology to increase the venture growth and development in an effective manner. Now it is also essential for an entrepreneur to promote their technology for business venture on the social media in order to gain more profitability with in the marketplace. Market analysis: Being a heart of the world London, generally provides different kind of opportunities in order to make more and more innovative ideas effectively. As a rising entrepreneur that can take lot of opportunities through offering good services to the customers. With the help of this an entrepreneur can get get lot of achievements in the competitive world and able to ensures that suitability of certain assets in the business. In context of Restro cafe entrepreneurial family develop lot of unique strategies as per the good needs of consumers in order to satisfy them effectively. GAP ANALYSIS BASISCurrent conditionDesired conditionAction plan Productsand services Itofferssomuch innovative infrastructure with several facilities in ordertoattract customers easily. Theconditionof marketisbasedon modification of market accordingtothe customers. Itdependsonthe modificationof menunorderto satisfyconsumer needs. CostTheRestroCafeis providingaffordable foodtoitscustomers ThisCafeaimsto managethepricing strategyinorderto In this Cafe follows thesystematic pricingstrategyin
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(Tang,Kacmarand Busenitz, 2012.). gainmorebenefit from the business. maintain the range of theirbusiness balance. QUESTIONNAIRE NAME: AGE: ADD: GENDER: MAIL ID: Q1) How often do you visit Restro Cafe? ï‚·Daily ï‚·Once a month ï‚·Several times a month ï‚·Never Q2) What is your private interest which you want to have in Cafe? ï‚·Gaming Zone ï‚·Free Wi-Fi Zone ï‚·Separate Smoking and Bar Zone Q3) Are you satisfied with the food quality which is offered by The Restro Cafe? ï‚·Yes ï‚·No P4. Interpretation of data in order to provide evidence of market potential.
Theme 1: Services provided by The Restro Cafe Q1)How often do you visit Restro Cafe?Frequency a)Daily10 b)Once a month15 c)Several times a month10 d)Never5 Mean10 Median10 Mode10 Interpretation:According to the above respective graph it has been concluded that, there are 10 people who likes to go every day in Restro cafe because they love their culture and food. 15 respondents goes only once in a month. 10 people goes few times in a month because of their working schedule. At last remaining 5 respondent who does not prefer the cafe because of lack of knowledge and funding issues etc. a) Daily b) Once a month c) Several times a month d) Never 0 2 4 6 8 10 12 14 16 10 15 10 5Column D
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Theme 2: Facilities offered by The Restro Cafe Q 2) What is your private interest which you want to have in Cafe?Frequency a) Gaming Zone10 b) Free Wi-Fi Zone15 c) Separate Smoking and Bar Zone15 Mean 13.3333333 333 Median15 Mode15 Interpretation:According to the above graph it has been concluded that 10 respondents wants gaming zone because of their children and their family members. Wherein 15 respondents happy with WI-FI facility in order to enjoy net connection. Lastly 15 respondent wants separate smoking and bar zone in order to spend their time according to them. a) Gaming Zone b) Free Wi-Fi Zone c) Separate Smoking and Bar Zone 0 2 4 6 8 10 12 14 16 Frequency
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Theme 3: Price Range offered by The Family Bean Cafe Q3)Are you satisfied with the food quality which is offered by The Restro Cafe? Frequency a) Yes35 b) No5 Mean20 Median20 Mode0 Interpretation:According to the above representative graph it has been concluded that there are 35 respondents out of 40 who are satisfied with the food quality of The Restro cafe this is because this cafe fulfil consumer needs effectively. On the other side 5 respondents do not satisfied with the Restro food services because they think they do not feel good with the restaurant or cafe food so that is why they do not believe in the fast food appropriately. a) Yesb) No 0 5 10 15 20 25 30 35 40
TASK 4 P5. SWOT framework in order to assess entrepreneurial ideas. It is essential for an individual in order to identify the purpose of business thoughts are effective or not. So that in order to explain SWOT analysis it is accomplish by the individual. It is a processes of dynamic with the help few ascertainment views like strength, weakness, opportunities and threats can be explained. This concept will helps the entrepreneur in order to increase their future growth effectively(Welter and Alvarez, 2015). Now this SWOT analysis will aid in defining negative or positive aspects of business venture in the effective way. There are business ideas which is based on SWOT, given below: Strengths: It is very important aspect in order to analyse the business strength effectively. In reference to the launching of The Restro cafe's main strength is that they provide lot of comfort to their customer in order to make customer happy every time. It will be based on the customer base effectively. Along with this, Restro cafe has the lot of work force in order to satisfy consumer needs effectively. With the help of this Restro cafe can get lot of opportunities in order to expand their business more. Therefore, Restro cafe can run their business efficiently with their good strength. Weaknesses: In regards to launch new business idea within the marketplace it is necessary for an entrepreneur in order to examine overall possibilities of the business. As to establish The Restro cafe has been selected in the London. This is because it is very much beautiful and involve in the lot of transportation channel. All of these pricing policy can be difficult to afford so that it can be the weakness of this venture. Opportunities: These are the important aspects in which an entrepreneur find out the several kind of scope in the market with the future development. It will helps a lot to individual in order to evaluate the main purpose and activities of business in an effective manner. In regards with The Restro cafe it is essential for the entrepreneur to conduct research of market as to find the
opportunities such creation for new outlet and so on. So that these opportunities will be benefited for entrepreneur in a effective manner(Autio and et. al., 2018). Threats: These are includes in the few elements by which they influence the business functions at internal or external level effectively. In context of Restro cafe they need to find our good ways in which they can face any challenges by their competitor in order to operate cost of their venture appropriately. P6. Justification of competitive and market environment to measure the potential viabilities. In the case of launching new venture of business it is necessary for an entrepreneur to measure the current and future analysis in order to accomplish the goals effectively. There are few techniques are given below by which an individual can make innovate their business. Competitive Market: It is necessary aspect for every business in order to evaluate the competitors within the market effectively. In this case manager of company is responsible to find out the future and current trends in order to gain competitive advantages accordingly. As per this business can check their growth and sustainability with in the market in order to staying long term. With the help of this market structure follows Porter's five forces model which are given below: Competitive within industry: It is very high in the industry level due to the higher rate of product in the market. In reference to the Restro cafe there are lot of cafes such as bridge and leila's who offers several kind of services to their customers. That's why it is essential for entrepreneur of Restro's cafe in order to develop their strategy in order to gain goals and objectives effectively. Threat of New Entrants: In order to enter in the market with the new venture company has to invest more to formed easily. But there is threat because in the market there are lot of competitors by which Restro cafe can get affected negatively. For this an entrepreneur has to develop good innovative ideas(Barazandeh and et. al., 2015). Bargaining Power of Buyers:
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In this model buyers have the power in order to have lot of options and they can switch one brand to another easily. So that Restro cafe has to follow good idea in order to make potentiality of customers. Bargaining Power of Suppliers: In this supplier has the power in order to supply items to the firm. Therefore, for Restro it is needed that they focus on few strategies in order to stay in long term in the market. Threat of Substitutes: In this model Restro cafe has the threat from more cafes so according to this Restro cafe has to follow affordable price strategy in order to satisfy the customers. Market Environment:In order to establish new business company has to face two type of environment that internal or external which are given below: Macro environment:It includes in the all external factors which are define below: Political:It is necessary for Restro cafe in order to perform their overall activities by following the UK government rules and regulations effectively. Economical:As per this Restro cafe can easily increase their pricing policy according to the country economy of UK appropriately. Social:In this an entrepreneur can easily evaluate the overall culture and trends of the market. By observing all these factors the Restro cafe can easily make their product according to the customers. Technological:In this company follow various kind of technologies with the unique or innovative ideas in order to satisfied the customer needs and wants. Micro environment:It involves in such elements that influences the internal factors like business function and operations as well. Several kind of micro factors includes in values, vision and culture of the Restro cafe. Therefore, all benefits of internal or external market in regards with an entrepreneur measures the viability in which they are going to launch their venture effectively(International Journal of Entrepreneurship and Innovation). Industrial Life Cycle: It generally identifies different types of stages in which business can progress, operates, prospects and slumps within the industry. On the other side industrial life cycle always consist 5
stages in order to evaluate time, months and years as well. Those stages are given below in context with Restro Cafe: Start-up stage:According to this stage customers have limited demand as per the reason of unfamiliarity about new products and their features within the marketplace. In context with Restro Cafe, they are using various promotional channels in order to create awareness about their product within the consumers mind. With the help of this they can develop low revenue and gain low profits. Growth stage:Sometimes product slowly attracts the consumers at marketplace due to the segmentation, so that mostly industry moves from this stage and start to gain huge profit in a proper way. In relation with Restro Cafe they generally makes attractive items that directly impact on consumers mind in a positive manner. Along with this, by giving better taste and so many choices they can increase overall value of customers in an appropriate manner. Shakeout stage:It is generally used to explained the consolidation of an industry at business place. As per the current scenario some businesses are naturally ignores because they do not have any growth into the market. In case of Restro Cafe, they are needed to follow appropriate policies and rules in order to ignore negative cash flow. Along with this they can make better cash flow in this stage and able to start gaining profit in an effective manner. Maturity stage:According to this stage firms can easily establish their overall goods and services at marketplace to reach organisational goals. In context with Restro Cafe they always make unique food items to its customers so that they achieve their overall success by facing competition at marketplace. During this they can establish their product in a proper way. Decline stage:It is the last stage of this model, in this Restro Cafe depends upon various factors like level of fixed costs, height of exit barriers, sped of decline and so on. On the basis of this they deal with any type of situation ion business and able to gain their goals in an effective manner. CONCLUSION With the help of above mentioned report, it is being concluded that an entrepreneur while starting up a business, require to analyse both external and internal business environment. With the help of this, maximum benefits in a short span can easily be gained. On the other hand, it is also being summarised that porter's five forces model may aid a start up in taking right decisions
regarding business. Along side this, it can be said that in order to become a successful entrepreneur, it is vital to gain lot of achievements in the market than it is also required for an entrepreneur to identify the availability of opportunities efficiently.
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