Identifying Entrepreneurial Opportunities

Identifying Entrepreneurial
Opportunities

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.

These all are helpful sources which will help in Restro cafe in order to achieve success
effectively.
Interest and hobbies:
These are those source by which an entrepreneur can think positively regarding their
business set up. Interest and hobbies mainly develop for the innovative business. For example: if
any candidate has hobby to cook so that he can easily cook without any issues. Other side if
person has interest in travelling then he can go anywhere because of their interest. Now an
entrepreneur also has interest in order to take innovative ideas from different people to launch
their Restro cafe in order to satisfied customers.
Customer surveys:
It is the first source and priority of an individual in order to start new business effectively.
This because customers are the only one who shows their interest instantly. By the survey of
customers an entrepreneur can easily find out the people taste and their desire so that an
entrepreneur can make and innovative ideas accordingly. In context of the Resto cafe lot of
questionnaire will be conducted by the entrepreneur in order to bring effective ideas in their cafe
on the basis of customer satisfaction (Grégoire and Shepherd, 2012).
Therefore, all these sources and innovative ideas in reference to entrepreneur are very
much essential in order to launch new business in the marketplace. Here, government of UK also
played very well effective role in a particular way. On the basis of these sorts of government
aspects firms can analyse overall needs and wants of people in a proper way. With the aid of
these beneficial aspect an entrepreneur can easily apply innovative idea in their set up. That's
why involvement of young people is necessary in order to attract them and they can also increase
the productivity of business venture effectively.
Peter Durcker's model:
Peter Drucker has unique personality as he always known as the inventor of modern
management with valuable leadership management skills appropriately. For this there are seven
sources of innovation opportunities, those are following as under:
The unexpected: According to this business industries can get unexpected success, that's
why it is the big factor of inspiration for innovation. With the help of unexpected situations
companies can make their business effective and attractive in a proper manner.

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