Identifying Entrepreneurial Opportunities

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different sources of entrepreneurial ideas and innovation................................................3
TASK 2............................................................................................................................................5
P2 Rationale and market gap for a specific entrepreneurial idea using tools and techniques5
TASK 3............................................................................................................................................7
P3 Present data needed to support gap analysis in the evaluation of entrepreneurial idea....7
P4 Interpret data appropriately to provide evidence of market potential...............................9
TASK 4 .........................................................................................................................................14
P5 Apply a SWOT for specific entrepreneurial idea............................................................14
P6 Competitive and market environments to assess potential viability...............................16
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19
.......................................................................................................................................................20

INTRODUCTION
Entrepreneurship is defined as procedure for launching, designing and running new
business that is often small concern (Davidsson, 2015). The person running or creating enterprise
is called entrepreneurs. The entrepreneurial opportunities are referred as situations where goods
and services are sold at high prices than cost of production. This is created when there is need
and in order to solve creative solutions is provided. It is very important for entrepreneur to
identify opportunities in market and develop accordingly for fulfilment of their requirements.
The given assignment is based on developing new ideas that is restaurant which is supported on
sport and gaming theme. The name of restaurant is “Ethnic Restro” for their consumers. This
report covers various sources available for new and innovative business idea and market gap
analysis is explained with help of theory. It also uses primary and secondary data for
identification of market potential and their market and competitors with help of Porter model and
SWOT analysis.
TASK 1
P1 Different sources of entrepreneurial ideas and innovation
It is essential for entrepreneur to identify various sources of entrepreneurial ideas and
innovation. This can help them to know about requirement of various sources and funds in
effective and efficient manner (George and et. Al., 2016). Ethnic Restro is theme based
restaurant where infrastructure is made on basis of sport and gaming. It is providing ethnic food
to user or consumer in order to fulfils need and requirement. The sources of entrepreneurial ideas
and innovation is described with help of theory that is Drucker's 7 source. They are as follows:
Peter F Drucker's Seven Sources of Innovative Opportunity
This theory was published in famous book known as “Innovation and Entrepreneurship”
in order to evaluate various sources of innovative opportunities. They are described below:
The Unexpected- The business is full of unexpectation which can provide success as
well as failure to organisation for inspiring innovation. This can help innovators and leaders to
take advantage of opportunities.
Incongruities- This means organisation produce new product without doing research for
their customers. This source of innovation concentrate on what should be presented in the market

instead of what is currently present. Ethnic Restro to do proper analysis of market in order to
know about their consumer's taste and preferences.
Process Need- This phase of innovation means to focus on task rather than situation.
Ethnic Restro can come up with such idea after looking into process and identifying weak point
of organisation and finds ways to improve it. After finding weak points, organisation can create
innovative solutions to problems.
Industry and Market Structure Change- The industry and market structure is changing
due to change in technology. Here, leaders should keep eyes on changes and grab these as
opportunities. This can help Ethnic Restro to know about market and industry for running their
business in hotel sector.
Demographic- This is important source for innovation as there are many factors which
are included such as age, qualification, gender of consumers (Grégoire and Shepherd, 2012). The
dynamic factors can affect business and their idea. Here, Ethnic Restro should adopt those
changes for their new business.
Change in Perception- There are various changes which took place in world. With rise
in technology, power of social network perception changes. This is great opportunity for Ethnic
Restro to grab market due to change in perception of people. The perception of people has
change for restaurant and they prefer unique and creative theme based restaurant in order to take
food.
New Knowledge- It is very essential for organisation to adopt changes in order to survive
in market (Guo, Su and Ahlstrom, 2016). This can help them for better achievement of results in
competitive market. The new knowledge and information can help before launching new product
at market place.
The idea of ''what people should get'' is the key factor behind this business idea.
Incongruities is the type of innovation which is used by Ethnic Restro for running their business
successfully. They are not satisfied with the current themes and this can be considered as the
main reason behind starting a Ethnic restaurant as it will motivate people to try something new
which is related to their customs.
Strengths and Weaknesses of Incongruities
The strengths of Incongruities is that as per need and demand of consumers products and
services are produces which is called customisation services. Similarly, weaknesses is that it