Identifying Entrepreneurial Opportunities

This presentation focuses on identifying entrepreneurial opportunities and conducting gap analysis in the evaluation of entrepreneurial ideas. It includes a questionnaire and provides guidance on interpreting data to provide evidence of market potential. The presentation also discusses the business objectives of West Inn Hotel. References are provided for further reading.

Identifying
entrepreneurial
opportunities
(LO3)

Content
 Introduction
 Gap analysis in the evaluation of entrepreneurial idea
 Questionnaire
 Interpret data appropriately to provide evidence of market potential.
 GAP Analysis
 Business objectives of West Inn Hotel
 Conclusion
 References

Introduction
An individual who seeks to take the necessary risks and perform certain
types of business activities inclusive of products and services that
are totally desirable by the market. The opportunities of
entrepreneurship are the determined ideologies and innovations that
creates a connecting bond between the individual and commercial
market

Gap analysis in the evaluation of
entrepreneurial idea
Gap analysis can be defined as an important procedure which is
undergone by entrepreneurs while launching a new idea into
marketplace (Audretsch, D., 2012). This provides assistance to them
in making determination of the variance underlying between present
and desired performance of a venture.

Questionnaire
QUESTIONNAIRE
Q1) Do you have knowledge about the innovative facilities being provided within the confines of West Inn Hotel?
 Yes
 No
Q2) As per your opinion, which service is the one that you most take into consideration while doing the selection of a hotel
for the purpose of accommodation?
 Free Wi-Fi
 Hygienic and multi-cuisine food
 Gaming zone
Q3) Do you the think the price offered by West Inn for services provided by them is suitable?
 Yes
 No
Q4) Do you derive satisfaction from the services provided by West Inn Hotel?
 Yes
 No
Q5). Give some recommendations for service improvement within the confines of West Inn.

Theme 1: Innovative facilities being provided
within the confines of West Inn Hotel
a) Yes b) No
0
5
10
15
20
25
30
35
32
18
Frequency

Theme 2: Service taken the most into
consideration while selecting hotel
a) Yes b) No
0
5
10
15
20
25
30
35 32
18
Frequency

Theme 3: Suitable Price charged by West Inn
for services provided by them
a) Yes b) No
0
5
10
15
20
25
30
35
32
18
Frequency

Theme 4: Satisfaction from the services
provided by West Inn Hotel
a) Yes b) No
0
5
10
15
20
25
30
35
32
18
Frequency

Interpret data appropriately to provide evidence
of market potential.
Interpretation 1: It can be interpret that the statistical data above is
efficient for the West Inn hotel to consider more on its social media
techniques.
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Theme 1:

Continue…
Interpretation 2: In this data the customers are more concerned about
the hygiene and sanitary of the hotel.
Central Tendency Data
Mean 13.34
Median 13
Mode 10
Standard Deviation 3.05
Theme 2:

Continue…
Interpretation 3: The planning of hotel west in is more emphasised on
its price structure and the efficient use of pricing tools in its services
would increases its potential customer share.
Central Tendency Data
Mean 25
Median 25
Mode 0
Standard Deviation 21.22
Theme 3:

Continue…
Interpretation 4: The consumers are satisfied with the staff interaction
and more happy with the internal environment of the hotel.
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Theme 4:

GAP Analysis
Basis Current condition Desired condition Action plan
Products and Services There are rooms with
the basic facilities and
hotel interior has al
common infrastructure.
The high desire is to apply
the auto check in and check
out.
The tools for the auto check in
and check out for the visitors.
Cost Accommodation price
is quite low.
The emerging competition
enforces the hotel to
increases its prices to attain
the desired profit.
A new pricing strategy will be
applied for the stability of
business.
Innovation The business practices
of hotel are unique and
quite innovative
The following work pattens
and systems within the
organisation is needed to be
more innovative.
The emphasise on customer
interactive approach and
following the optimum
customisation will build this.

Business objectives of West Inn Hotel
Objectives Strategies
The major objective is to develop a
sense of loyalty in the customers.
 By giving them rooms as per their desires of location.
 By offering them complimentary services along with
the bookings.
 By enhancing the positive customer interaction with
the hotel and its staff.
Sustainable business.  The excellence and financial stability of operations
will be consistent.
 Taking reviews and feed back of the existing
consumers and perform all those measures to convert
negative feedback into positive one.

Conclusion
On the basis of above discussion, it can be said that gap analysis
provides assistance in analysing the strategies through which market
gap can be filled by the upcoming venture. Apart from this,
Feasibility test needs to be conducted of the proposed business idea
in order to make sure that the idea is capable of fulfilling the needs
and demands of people in market.

References
Autio and et. al., 2018. Digital affordances, spatial affordances, and the
genesis of entrepreneurial ecosystems. Strategic Entrepreneurship
Journal. 12(1). pp.72-95.
Barazandeh and et. al., 2015. Investigating the effect of entrepreneurial
competencies on business performance among early stage
entrepreneurs Global Entrepreneurship Monitor (GEM 2010 survey
data). Journal of Global Entrepreneurship Research. 5(1). p.18.

Thank You