Identifying Entrepreneurial Opportunities Sample Assignment - Doc

Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
P1) Measure and examine distinguish sources of entrepreneurial ideas and innovation............1
P2) Discuss rationale and market gap for mango Lassi by using appropriate tools and
techniques....................................................................................................................................3
P3) Present data needed to support gap analysis in evaluation to specific entrepreneurial idea.
.....................................................................................................................................................5
P4) Interpretate data gathered ...................................................................................................6
P5) SWOT analysis...................................................................................................................11
P6) Examine competitive and market environment in that idea will be launched to assess
potential viability......................................................................................................................12
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
An entrepreneur is one who weigh up personal capacity, threats and opportunities
prevailing in the open market place and mould them into business idea. In the intense
competitive world they are liable for their new business risk and rewards (AHMADI and
MOKHTARI, 2018). They grow continuously because they focus more on innovation either in
new product or services or try to add something additional in it. This report is based on based on
the idea of launching a Sugar free mango Lassi by John and Mark which is a juice company in
Westminster, London. It is successfully growing across the nation because it in selling high
standard food and beverages products. This assignment covers Druckers's 7 sources of
systematic innovation. Rationale and market gap is discussed so that best results can be attained
in open market place. SWOT analysis is deeply studied in order to better understand strengths,
weakness, opportunities and threat prevailing in the market. Competitive market environment is
studied so as to capture targeted market and customers for the drink.
P1) Measure and examine distinguish sources of entrepreneurial ideas and innovation.
Creative idea can be emerged at any place at any time. There is no specified location and
time frame to discover innovative idea. The business idea is to launch a sugar free mango lassi
for health conscious people who wants but prohibit to consume drink due to having sugar. It will
be additional taste to Lassi with taking consideration of health of customers so as to attract large
health and diet conscious customers for the drink. Their targeted customers are people who are
trying to remain fit in hectic life schedule. The concept of introducing this business venture is
developed by Drucker’s which are mentioned below:
The Unexpected: It is related with identifying and undiscovered business idea so that it
can ensure that venture project gains significant support from customers within the marketplace.
John and Mark is coming up with sugar free mango Lassi so it is essential for entrepreneur to
increase understanding regarding Lassi taste and other preferences (Clark and Ramachandran,
2019).
Process needs: This high-lightening more on the weak points of the creative business
idea. Process need is very important to make rectifications in the entrepreneurial ideas in order to
achieve the emerging taste and demand of the customers in cut throat competitive market place.
market.
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Incongruities: Unique and innovative idea is the only way to grow the business in global
market over the years. The success and failure rate totally depends on type of distinguish product
is served to the potential clients as compare to other competitors. So as to measure incongruities
it is very important to evaluate consumer’s reviews and feedbacks on regular basis.
Demographic: This is uncontrollable in nature and it creates direct impact on business
day to day function in both positive and negative manner. The demographic change in illiteracy
level, age group and so on influence business and provides new opportunity.
Changes in perception: To bind customers for longer time duration it is essential to
study customer’s changes in perception level (Ezeahurukwe and Ameh, 2018). Fluctuation in
perception are changes in ideologies of person which leads in generating numerous business
opportunities for entrepreneurs in neck to neck competitive world.
New Knowledge: In the era of technology it generates possibility of businesses for
entrepreneurs to capture the benefits of market opening and present goods and services. John
and Mark can meet the preferences of consumers who are more conscious about maintain their
healthy lifestyle within United Kingdom.
Industry and market structure change: Technology is the success ladder as well as
shows exit gate to the business if they are managed properly. Up gradation in technology helps
John and Mark to capture opportunities prevailing in the market as well as changing threats into
new business opportunity.
STEEP factor: It is used to study external factors in open market place. The points are
explained below:
Social factor: Society traditions, customs are examples of social factor all this affect the
sugar free Lassi drink introduced by John and mark in positive and negative way. To overcome
this management frame tactic to grow the business successfully.
Technological factor: Using of 3D technology helps Lassi drink to attract large number
of customers for the mango Lassi which will raise their productivity and profitability ratio
(Fritsch and Wyrwich, 2018).
Economical factor: Wages act, government policies etc. are mentioned in this factor.
John and mark Lassi drink follow all the necessary economical factor so that potential employees
can be retained back.
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Environmental factor: Ozone-friendly bottles are used for mango Lassi drink so that
environment will be less degraded.
Political factor: UK political condition is stable so it is easy for John and mark Lassi
drink to grow the business of mango Lassi successfully.
Difference between innovation and invention are as follows:
Basis Innovation Invention
Meaning It refers to as implementation
of idea for goods for the very
first time.
This is explained as
occurrence of product which
has never been discovered
earlier.
Scope in relation to small
firms
Small firm come up with
innovation in existing product
either by adding additional
features or characteristics.
Large multinational form focus
on invention of goods and
services (Hansen, D. J.,
Monllor and Shrader, 2016)
P2) Discuss rationale and market gap for mango Lassi by using appropriate tools and techniques.
New business idea is initiated by entrepreneurs which is sugar free mango Lassi that will
be beneficial to the customers who are diet and health conscious. Company decided to launch
sugar free Mango Lassi in UK market as people life schedule is very hectic and concerning more
on their health. It is very healthy and full of vitamins and minerals without using any sugar as it
has flavour of mango in it that will make customers feel energetic throughout the day. This is
very essential for entrepreneur to acknowledge customer behaviour and market requirements in
order to draw tough bench mark for rivals. However, market gap is discussed as procedure which
aid in identifying services or good that are accessible in market place. It is a concept which is
associated with every business idea and is explained by following points:
Identification of opportunities: By understanding the opportunities available in the
market management can calculate the estimated profit and market gap easily (Hu and Bin, 2018).
Market gap can be overcome by identifying gap with help of opportunities lying in global
market. Additionally, this guide business associates to design business idea so that John and
mark Lassi drink can capture huge market ratio.
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Technological advancements: In today's world with the help of digital platform and
internet it is very easy to figure out which type of product and services are consumed by
customers and are available for them at their door step. Also, it become easy to estimate which
type of goods are able to stand up with their expectations level. By doing entrepreneurs will able
to better understand market gap and discover numerous ways to cover it.
Competitive analysis
Basis John and Mark Refresco Beverages UK Ltd.
Product and services It provides high quality fruits
flavoured Lassi with zero
percentage of sugar to their
customers in UK market.
Company serves apple, grape,
passion, organic juice drink.
Promotional Strategy It promotes their drink to a
wider range of customers
through television, print media
as well as on banners.
This company commercialize
their drink on social media
platform (Ilonen and
Stenholm, 2018).
Structure John and Mark execute
organizational structure in
their working premises to
achieve set standards.
Refresco Beverages UK Ltd. Is
following departmental
structure. Here, leader of
specific department follow the
commands of their respective
departmental mangers.
Targeted customers For sugar free mango Lassi the
targeted customers are people
who are conscious for their
healthy and focus on healthy
drink.
The targeted customers for this
drink is young generation.
There are numerous opportunities which assist entrepreneur in accomplishing wide success. Out
of which is using of technology in appropriate manner so that customers can be acknowledged
with the Lassi drink of John and mark. As Lassi drink with mango flavour plus zero percentage
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of sugar business is completely new in UK market. Along with this assembling monetary amount
is difficult for entrepreneur in cut throat competitive world. John and Mark business of Lassi can
follow continuous adaptation approach because in that entrepreneur will adopt new and fresh
approaches so as to satisfy customers taste as per their expectation level.
Explore Porter's five force model
This model is used to better understand how competitive environment can erode
profitability of administration in open market place (Korte, 2018). This steps are discussed as
under:
Suppliers Power: This highlights the extent to which supplier can be influenced for the
price. Less number of suppliers has more bargaining power then large number of suppliers.
Consumers power: When number of customers of a good is low then they have more
power to affect pricing and quality. More power in the hands of customer can force suppliers to
lower down the prices of the goods.
Threat of new entry: Businesses which requires large investments and has strong
competition faces difficult to make new entry. Financially stable firm can sustain a favourable
position and gain competitive advantages against competitors.
Threat of Substitutes: The availability of substitutes goods is more than buyers in the
business ascertain cost of the goods. Availability of substitute products raises switching capacity
of buyers.
Competitive rivalry: In highly competitive industry no single organisation can control
prices of the product or service. On the other hand, monopolist possess all power to control price
of the product.
P3) Present data needed to support gap analysis in evaluation to specific entrepreneurial idea.
Primary method of data collection is used so that fresh and accurate information can be
gathered from the respondents. It provides reader with more authentic data which bind them for
longer time duration. Here, more time and money is needed to conduct primary research
activities. This is more useful in providing quality data to the readers in order to gain competitive
advantages against rivalry (Kusumawardhany and Trisnawati, 2019). Also, secondary data
collection method is used by John and Mark drink in order to assemble information from
external environment. It this case gathered information is not accurate in nature as they are
widely used by other researchers in their findings.
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John and Mark drink adopts primary data collection method as it provides quality
information which assist them to come up with productive outcomes. As well as helps
organization to gain set goals and objectives in cut throat competitive world. 50 sample size is
taken for the questionnaire.
QUESTIONNAIRE
Q1) Did you know the unique mango Lassi being prepared by John and Mark drink firm?
 Yes
 No
Q2) Which type of Lassi did you prefer more?
1. Masala Lassi
2. Fruit flavoured Lassi
Q3) Did you think prices charged for sugar free mango Lassi by John and Mark drink firm is
more as compared to other?
 Yes
 No
Q4) Are you happy with the type of flavoured Lassi drink rendered by John and mark drink
company ?
 Yes
 No
Q5) Recommendations and suggestions for improving mango Lassi taste in the up-coming
years?
P4) Interprete data gathered
Theme 1: Mango Lassi being prepared by John and Mark drink firm.
Q1) Did you know about mango Lassi being prepared by John and Mark
drink firm?
Frequency
 Yes 25
 No 25
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Yes No
0
5
10
15
20
25
25 25 Frequency
Interpretation: From the above data it can be summarized that from the sample of 50
people 25 respondents are well aware about innovative drink that is mango Lassi. While left over
25 communicator replied that they do not known about mango Lassi.
Theme 2: Type of Lassi did you prefer more
Q2) Which type of Lassi did you prefer more? Frequency
3. Masala Lassi 30
4. Fruit flavoured Lassi 20
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Masala Lassi Fruit flavoured Lassi
0
5
10
15
20
25
30
30
20
Column B
Interpretation: The above pie chart provide conclusion that from 50 respondents 30
person prefer Salas Lassi while renaming 20 communicator said that fruit flavoured Lassi is
more demanded or preferred by customers in intense competitive world.
Theme 3: Prices charged for mango Lassi by John and Mark drink firm is more as compared
to other
Q3) Did you think prices charged for sugar free mango Lassi by John
and Mark drink firm is more as compared to other?
Frequency
 Yes 28
 No 22
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Yes No
0
5
10
15
20
25
30
28
22
Frequency
Interpretation: The above mentioned diagram provide the conclusion that from the
sample size of 50 communicator 28 person agreed that John and Mark drink firm charges more
prices as compare to other while 22 disagreed to the statement that firm charges more prices for
mango Lassi (Wood and McKelvie, 2015).
Theme 4: Happy with the type of flavoured Lassi drink rendered by John and mark drink
company
Q4) Are you happy with the type of flavoured Lassi drink rendered by
John and mark drink company ?
Frequency
 Yes 32
 No 8
9

Yes No
0
5
10
15
20
25
30
35
32
8
Frequency
Interpretation: From the data collected it can be concluded that from the sample size of
50 respondents. Only 32 communicator replied that they are happy with the mango Lassi served
to them by John and Mark drink firm. While, 8 answerer said that they are unhappy with Lassi
taste offered to them.
Study Gap analysis in examining of entrepreneurial ideas.
Gap analysis is explained as method that is adopted by business associates to determine
the differences and gap among present and desired condition of business of the company
(Nikraftar and Hosseini, 2016). It is used by John and Mark Lassi so as to monitor gap between
present situation and future position.
Basis Present position Desired position Action plan
Product and services Firm is providing
various types of Lassi
such as, masala lassi,
apple flavoured lassi,
jalgira lassi and
chocolate lassi.
To manufacture Lassi
in distinguish fruits
flavour and also,
produce healthy drinks
such as, protein shake
lassi, mix fruit lassi
To full-fill the lassi
idea John and Mark is
introducing modern
tools and techniques
so that production of
this lassi can be done
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and so on. easily.
Innovation The idea of mango
Lassi is innovative in
nature and are able to
attract large health
conscious people for
the drink.
By adding various
fruit flavours in Lassi
there is wide scope for
business in intense
competitive world.
The scope is wider for
business growth by
making innovation in
it's present goods.
By analysing review,
complaints and
feedbacks from
customers future
improvements can be
done. Also, by
following customer
centric approach
company is able to
bring innovation in
drink (Pratono and
Arshad, 2018).
Objectives Strategies
 To build healthy relations with
potential customers
 By providing healthy Lassi drink
 Coming up with other fruit flavour
Lassi for customers.
P5) SWOT analysis
John and Mark drink is conducting SWOT (strength, weaknesses, opportunities and
Threat) analysis in order to better understand opportunities prevailing in the open market place.
Also, strategies are farmed to overcome threat which is uncontrollable in nature. The SWOT
analysis is explained is follows:
Strengths Weaknesses
 Business is focusing more on
innovative idea.
 Focus more in United Kingdom market.
 Invested funds in research and
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 Firm is having skilled employees who
are capable enough to meet the
emerging needs of the customer (Samo
and Hashim, 2016).
development activities due to which
John and Mark is facing high financial
deficiency for growth and development
in other nation.
Opportunities Threats
 Adding different flavour in Lassi and
expanding business in Asian countries
in the up coming opportunities for John
and Mark drink.
 Raising recession
 Existing business capturing huge
market ratio.
P6) Examine competitive and market environment in that idea will be launched to assess
potential viability.
To grow the business in across the boundaries it is essential to bear risk. More the level of
risk higher is the profit return in intense competitive world. For John and Mark drink it is very
essential to handle risk prevailing in open market place. For small and medium size business
administration more level of risk is threatening. To gain competitive advantages against rivalry it
mandatory to study risk level on continuous basis. By doing so management is able to formulate
effective strategies to overcome risk factor and can run the business smoothly. Company is
framing a team which will be focusing on entry and exit of business, dynamic environment and
so on. All this will turned out to be biggest tool which will assist in sustainability over the years.
John and Mark drink seek opportunity for growth and expansion by introducing Lassi business at
global level (Thompson and Ventresca, 2018) .
CONCLUSION
From the above the above report it can be summarized that innovation is the core element
that need to be adhered by an organization. There are numerous entrepreneurial ideas and
innovation which need to be examined by firm's management in order to create tough bench
mark for others. Rationale and market gap is studied by the business associates in order to make
necessary improvements. Data are demonstrated so as to examine gap analysis because it directly
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showcase current position of the business in the cut throat competitive world. Druckers's 7
sources of systematic innovation is analysed properly in order to come up with productive
results. SWOT analysis is studied as it highlight strengths and weaknesses of the company. The
opportunities and threat are highlighted so that strategies are framed accordingly. To grow on
continuous basis it is important to evaluate competitive environment so that idea will be
launched to assess potential viability.
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REFERENCES
Books and Journals
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ENTREPRENEURIAL OPPORTUNITIES IN SOCIAL SCIENCES AND
SOCIOLOGICAL EXPLANATION OF FACTORS AFFECTING THE
EXPLOITATION OF OPPORTUNITIES IN IRAN.
Clark, K. and Ramachandran, I., 2019. Subsidiary entrepreneurship and entrepreneurial
opportunity: An institutional perspective. Journal of International Management, 25(1),
pp.37-50.
Ezeahurukwe, N. L. and Ameh, A.O., 2018. ENTREPRENEURIAL OPPORTUNITIES
AVAILABLE IN THE OFFICE TECHNOLOGY AND MANAGEMENT
PROGRAMME. Nigerian Journal of Business Education (NIGJBED). 4(2). pp.357-
367.
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Pratono, A. H., Ratih, R. V. S. and Arshad, D., 2018. Does Entrepreneurial Autonomy Foster
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Wu, J., Li, Y. and Zhang, D., 2019. Identifying women’s entrepreneurial barriers and
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approach. International Entrepreneurship and Management Journal, pp.1-24.
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Wood, M. S. and McKelvie, A., 2015. Opportunity evaluation as future focused cognition:
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Management Reviews. 17(2). pp.256-277.
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