Identifying Entrepreneurial Opportunities Solution Assignment

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
1. Background information about those sources that inspired your idea and what motivated
you personally in wishing to set up your own business..............................................................1
2. An introduction to your business idea and what it is, and who and where your potential
customers and target audience are...............................................................................................3
3. A competitor analysis that looks at the competitive marketplace. Look at failures and
successes. What you can do differently? Is this a growth area with low and medium risk........4
4. Gap analysis and how you are looking to close the gaps. What is the situation now and
what is the future? What are the objectives of this business idea and how do you wish to
achieve them?..............................................................................................................................5
5. Market research to support viability for your business idea and identify market potential
using a range of sources that could be both primary and secondary...........................................6
6. Why your business idea is viable and workable and how you qualify this belief. What are
the strengths and weaknesses? How will you overcome the risks and the potential
opportunities for growth and development in the future...........................................................11
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
An Entrepreneur is referred as an individual who has the ability or willingness to
develop, organize and manage a business by bearing all the risk factors involved with it. They
are the one who adapt innovative and creative idea by analysing the need of customers in order
to attain productivity and profitability of business. Risk and Innovation are the main factors of an
entrepreneurial venture. The present study will describe establishment of a new venture in
caffeine sector i.e., coffee hub, which has targeted majorly the age group 15-40 years by
providing coffee flavour with nuts and almonds which will keep them healthy. This study will
also explain a business idea and Drucker's model to determine various business opportunities.
Significance of gap analysis to analyse the competitive industry and various sources to identify
market potential will also be determined under this study.
MAIN BODY
1.
In the present era, to sustain in the competitive world it is very for an entrepreneur to
develop an innovative business idea which can be analyzed by examining the market needs.
Customers today wants to try something new everyday for which an entrepreneur requires to
create something new because customers focuses on advancement offered by a product for which
they are even ready to pay more(Alvarez and Barney, 2010) . An Entrepreneurial opportunity
could be defined as a situation in which goods and services are sold at higher prices. For
entrepreneurial venture an entrepreneur examines all possible opportunities and threats by
optimal use of resources for attainment of high profits. In regard of the present venture i.e.,
Coffee Hub majorly focused to provide high quality of products and services in an affordable
price, in order to grab customers attention. Effectiveness and efficiency must work together, as
they help an organization in adapting optimum resources so that the market growth could be
enhance without and problem. As it can be seen, that the modern world is full of tension and
stress which is affecting an individuals professional and personal life. The idea of opening this
new venture i.e., Coffee Hub in United Kingdom got motivation and encouragement from the
population residing there ( Morris, and et. al., 2012). It was very difficult for the company to
enter the competitive industry as they launched this venture by creativity and innovation which
enabled this entrepreneurial venture to survive in the competitive market. Withal, Peter Drucker
1