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Identifying Entrepreneurial Opportunities: Coffee Fusion

   

Added on  2021-01-02

16 Pages4172 Words391 Views
IDENTIFYINGENTREPRENEURIALOPPORTUNITIES

Table of ContentsINTRODUCTION...........................................................................................................................31. Background information about those sources that inspired your idea and what motivatedyou personally in wishing to set up your own business..............................................................32. An introduction to your business idea and what it is, and who and where your potentialcustomers and target audience are ..............................................................................................53. A competitor analysis that looks at the competitive marketplace...........................................54. Gap analysis, current and future situations and objects of business ideas..............................75. Market research to support viability for your business idea...................................................86. Why your business idea is viable, what are the strengths and weaknesses. How will youovercome the risks and the potential opportunities for growth and development in the future?...................................................................................................................................................15CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................17

INTRODUCTIONEntrepreneurship is defined as the capacity and the willingness to develop, start, organiseand manage a business venture assuming all the risk in the hope of earning more profit. Theseare normally the small business and individuals who develop these business are known asentrepreneurs. In order to start this venture various innovative ideas are required to get successand maintains their profitability level. This report is based on developing a business idea byidentifying the opportunities within UK, i.e to start a new venture of Coffee Fusion which will bemade using organic beans with brown sugar to grab the attention of health conscious people andthis innovate offering will led to capture larger market share (Baldacchino, 2013). Along withthis it also analysis competitive market place and conducts market research through collection ofprimary and secondary data to support viability of business idea. 1. Background information about those sources that inspired your idea and what motivated youpersonally in wishing to set up your own business.In order to select the most viable idea, entrepreneur needs to identify the availableopportunities in the market which assist in the growth and success of their business venture.Therefore the new idea developed is to start a business venture of Coffee Fusion which will memade using Organic beans with brown sugar to target health conscious customers and meet theirsatisfaction level. With the help of Peter Drcuker Model seven sources of innovation areexplained below-The Unexpected- Business situations are uncertain in nature which may leads tounpredictable success and failure of business idea. These serves as a great source of businessidea and inspires managers within Coffee Fusion to develop more ideas and take the advantageof the situation within the business.Incongruity- Proper information should be collected to determine their target customeras well information about customers tastes and preferences should be gather to provide theproducts according and determine the success of the company (Elenurm, 2012). Coffee Fusionshould collect information through customer surveys and feedback and provide organic coffeeaccording to their demand.Process Need- As by identifying weakness, it led to the analysis of available opportunities inmarket and assist entrepreneur to develop a new business idea. This act as a source of newbusiness idea and helps in the development of venture.

Industry and Market Structure Change- As because of the intense competitive in the marketand use of advanced technology led to the development of innovative products and services.Hence managers at Coffee Fusion should analyze these changes and develops new productsaccording to the existing trends. Demographics- This factor is a great source of business idea as demographics is related to theage, gender and education of the customer. Change in such factor leads to the development ofnew business idea. Coffee Fusion is developed by analyzing the demand of health consciouscustomer and also to target old age customers (Grégoire and Shepherd, 2012).Change in Perception- Perception of customers for the product varies differently because of thevarious competitors products available in market as well as technological change. This act as asource of new business idea to develop products differently according to the perception level ofcustomer. New Knowledge- In this competitive market place, it is necessary for the business to adoptrecent technology and new ways of performing their business activities. This led to theinnovation of a new product and meet the perspective of customers. From all the above sources new innovative ideas can be developed and allow CoffeeFusion to maintain their sustainability in this competitive market place. 2. An introduction to your business idea and what it is, and who and where your potentialcustomers and target audience are Entrepreneurial business helps in the growth of nations economy as well as providesinnovative offerings to gain competitive advantage and sustain in the market for long period oftime. Business ideas are collection of thoughts which are developed by conducting marketanalysis and grabbing the available opportunities towards starting a new business. Thereforebusiness idea should be impressive so as to target larger customer base and achieves their goalsin a significant manner. The business idea develop is to start a Coffee Fusion Venture in whichcoffee will me made using organic beans and brown sugar which keep the customers calorie andsugar level down and keep them away from the stress (Hang, Garnsey and Ruan, 2015). Thus itsa new and innovative concept which will allow entrepreneurs to enhance sales and improveprofit margins for the company. Characteristics of Coffee Fusion Business idea are promisingand will automatically helps in the growth of small business idea.

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