Identifying Entrepreneurial Opportunities

This document discusses the different sources of entrepreneurial ideas and innovation, and explores the rationale and market gap for a specific entrepreneurial idea using various tools and techniques. It also includes a gap analysis of the online burger hub business idea and presents primary data to support the analysis. The document provides valuable insights for individuals interested in identifying entrepreneurial opportunities.

Identifying Entrepreneurial Opportunities
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Contents
INTRODUCTION...........................................................................................................................3
Activity-1.........................................................................................................................................3
Discuss about the different sources of entrepreneurial idea and innovation...............................3
Explain the rationale and market gap for specific entrepreneurial idea using different tools and
techniques....................................................................................................................................5
Activity-2.........................................................................................................................................9
Present data needed to support gap analysis within evaluation of “Online Burger Hub”...........9
Activity-3.......................................................................................................................................12
Discuss SWOT analysis framework to collate evidence and support an objective assessment of
entrepreneurial idea...................................................................................................................12
Evaluate the competitive and market environment in which utilize “The Online Burger Hub”
innovative idea launch to assess potential viability...................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16
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INTRODUCTION
Entrepreneurs plays important role in global marketplace which means that introduce as new
business idea, contribute to the development of economy of UK. Basically, an entrepreneur
continuously search a new business idea in order to make some changes in business
development. Sometimes, existing economy is also helping to entrepreneur to develop new idea
itself. In this report, business idea for “The online Burger Hub”, analysed by considering
different kind of theories.
The report will discuss about the different source of entrepreneurial idea in related to
provide the online burger hub facilities. It will describe the rationale, market gap by using
suitable tool or technique. Furthermore, it will consider as SWOT analysis framework which
help for collecting or gathering evidence to support of business idea. However, it also evaluates
the competitive and market environment in order to launch “Online Burger hub” business and
assess its potential viability.
Activity-1
Discuss about the different sources of entrepreneurial idea and innovation
A great Entrepreneur is continuously search for new business idea from different sources.
There are various kind of open sources from where entrepreneur get a new idea of “Online
Burger Hub”. It is helping to understand the brief ideas and insight about different industries. As
per analysis, it has been identified the possible source from “The Online Burger Hub” can get
idea.
 Websites and Blogs- it is one of the important source of media in which identify the new
idea of business opportunities by using websites, blogs. It provide the various business
idea specific time to time (Baeta and Andreassi, 2021). Basically, budding entrepreneur
can get the insight about the “online burger hub” innovative idea, which insight a positive
experience and they also share the blogs within social networking sites. Some of common
websites such as entreprnure.com. It provide the financial support to push potential
entrepreneurs.
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 Mass Media- it is also another source in which get the idea from newspaper, magazines
publish for industry specific news. This will give brief idea for entrepreneur to represent
as insight view about a new business. Nowadays, a great successful entrepreneurs are
appeared on television and share their experience about how they took initiative.
 Exhibitions- different kind of exhibitions are helping to find out new innovative in
regards of business establishment. Generally, an entrepreneur is attending the exhibitions
and observing their products, policies (Bao, Wei and Di Benedetto, 2020). Therefore, it
provides the brief idea in which help to get current status of entrepreneur as initiative and
promote new product as well as service in marketplace.
 Survey- it is also important source of getting a new business idea in which entrepreneur
interact or communicate with different people, identify their queries. In this way, it is
helping to generate relevant information or data in regards of innovative idea. Therefore,
survey will give insight overview about condition of potential consumers and also gain
competitive information.
Drucker’s 7 sources of systematic innovation
It is based on the model in which identified the different sources and getting an
innovative idea. It is simply describe as change which bring a business gar long lasting, impact
on the entire business performance (Bao, Wei and Di Benedetto, 2020). Usually, Drucker’s 7
Sources of systematic innovation can be categorised into different ways:-
The unexpected- initially, the entrepreneur can take place an innovations which is
becoming consider as unexpectedly. Mainly, it can happen by chance, something just implement
innovative idea. For example- The entrepreneur should include innovative idea in regards of
“Online Burger hub” which provide online delivery service and include healthy burger item.
Incongruities- this type of innovation might have a born. In attempt to resolve any kind of
existence of people those who want to launch an innovation in business establishment. In this
way, it plays important role as source of innovation, identifies the nature, behaviour of human
towards healthy burger items during Covid-19.
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Market Structure- it is all about the existing market structure which give rise to chance of
implementation of innovation. The entrepreneur has been gathered information from market
analysis, identifying the specific demand of market structure. That’s why, it has been identified
the “world wide web” rises, so as creating an online presence of enterprise and try to promote
health burger items in marketplace. Therefore, it helps to expand the business of Online Burger
Hub in global world.
Necessity- it is another kind of invention which was born out of the specific need of entire
world. It is based on thinking of individual people. Generally, innovation can occurs on the basis
of bright idea. The entrepreneur has already find the idea of online burger hub in which provide
online delivery service of healthy burger during Covid-19. Therefore, it gained more popularity
in London areas.
Demographics- it is based on the lifestyle of people which may consider as source of
innovation. Through this way, it is identified the preferences, demand and habits of young people
(Bürger and Vecco, 2020). so as launching an online burger hub business in which fulfil all
demand of young, children’s.
Changing perception- it is becoming consider as important thing that can give as source of
innovation. It means that people find out healthier burger item through online medium. In this
way, it has been continuously changing the demand of potential consumers in marketplace.
Explain the rationale and market gap for specific entrepreneurial idea using different tools and
techniques.
Innovative business idea- The entrepreneur is able to establish a new business named
“The online Burger Hub” will be opened in UK, in order to provide the online delivery service
for potential consumer at their location. It will be introduced the different kind of burger so that
it can easily fulfil demand of client.
During Covid-19, many people conscious about their health & safety so that company
will launch a new healthy burger which include different kind of ingredients. This will help for
improving the immune system of people and also protect from viruses. In this way, the potential
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consumer will purchase burger through online smart phone applications. Within specific time
intervals, demand of healthy burger will be continuously increasingly and also fulfil demand of
people. Through this way, entrepreneur will expand their business in different London areas
while increasing the production and sales in marketplace.
The rationale of new business establishment- The entrepreneur will be motivating with
service of other competitors, those are already running their business in marketplace. Sometimes,
entrepreneur can learn a lot of things through personal experience (Burger-Helmchen, 2020).
Some people will also able to earn money. This can possible when implementing innovative idea
in business and gain competitive advantage in marketplace.
Market gap analysis- The entrepreneur will find a proper market gap analysis, added more
value by implementing a new idea. In case, if it is not properly identified gap so that it is very
difficult to run business. Generally, it should consider the different tool or technique which help
for identifying market gap of the “Online burger hub”.
McKinsey 7s Model-
It is based on the strategic tool or framework that help for entrepreneur and a new business
venture assess their performance. This type of model is basically identified 7 key element which
help to focus on the aligned with success of change management process (Cohen, Hsu and
Shinnar, 2020). Therefore, it help for “online burger Hub” business expansion in marketplace.
Additionally, it is also supports for maintain a regular performance.
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Figure 1 McKinsey 7s Model
Source: McKinsey 7s Model, 2018
 Strategy- “online Burger hub” can pursues business strategy in term of cost leadership,
aggressive international market expansion. Generally, the entrepreneur is able to operate
their business with low operational price or cost. This is because of economies scale. The
company is always trying to capitalise on high level of brand awareness through
franchising.
 Structure- “online Burger hub” has been established a division structure in which assign
the particular tasks to staff members on the basis of their capability (Mao SuWang and
Jarvenpaa, 2020). In this way, the entrepreneur should easily handle the different
segmentation such as high growth level etc.
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 Staff- Online burger hub has a su-fficient number of staff member in which handle
different operations and functions. Employees for different job or position are usually
maintained by HR team. It depends on the urgency and skill level which required for
business expansion (Xu, 2020). The entrepreneur is focused on providing the better
training to their staff members so that they can achieve organisational goal or objective.
 System- because of size, scope of new online burger hub business which means that
manage or control various operations such as marketing, recruitment, selection, IT
handling. These are essential tasks handled by manager, who is always engaged with
workforce on time to time.
 Style – In “Online Burger Hub”, the entrepreneur should be used as participative
leadership style. It is helping to engage and involve different staff members in term of
decision-making processes. It allows the leadership to handle regular interaction with
staff members. In order to resolve any kind of conflict among workforce during task
executions.
 Skills- The entrepreneur of “online burger hub” has established the commendable
workforce, with high skills or capabilities. All staff members are recruited on the basis of
skills, qualification and ability so that it can handle complex business tasks through
unique skills (Burger-Helmchen, 2020). Usually, owner of company is pay attention to
enhance the skills of employee so that they provide training opportunity for people where
they can improve their ability. The entrepreneur focus on the professional as well as
personal growth for its staff members and handle work accordingly.
 Corporate Culture- Online burger hub is mainly encouraging the inclusive culture or
environment that usually celebrates as diversity. The entrepreneur of enterprise ensure
that establish a supportive culture and eliminate any kind of internal discrimination.
Corporate culture is one of the important aspect in term of innovation which allows them
for people to establish a good coordination with staff member at workplace.
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Activity-2
Present data needed to support gap analysis within evaluation of “Online Burger Hub”
Using primary data to support gap analysis- it is one of the strongest source for getting
relevant information or data as it is collected from potential consumers. While it is conducting
the primary data collection, researcher participants are identified the response of “consumer”
directly. If the actual result or outcome of primary data collection, which seems positive. An
entrepreneur will take some further steps. As a part of conducting the brief report and analysis,
collect relevant information in regards of “The Online Burger Hub”.
Do you think that Burger as fast food item?
Responses generated Number of people survey
Yes 13
No 7
Total 20
Table: 1
Figure: 1
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Data Interpretation:-
From above table, it has been identified that how many people think burger as fast food.
On the basis investigation, it has been collecting or gathering response of consumers. 13
respondent said yes, 7 respondent said No. in this way, it has been summarized that maximum
people agree with this statement that burger exist under fast food. As per data interpretation, it is
becoming useful for identifying the response of every consumers. Generally, people can share
their opinion or view point on the basis of personal experience. It means that provide brief idea
about the statement.
Do you think that demand of “Online burger Hub” increased during Covid-19?
Responses generated Number of people survey
Yes 11
No 9
Total 20
Table: 2
Figure: 2
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Data Interpretation: -
In above chart, From above table, it has been determined that many show a positive
approach towards online Burger service. Therefore, identifying positive response of individual
people. On the basis investigation, it has been collecting or gathering response of consumers. 11
respondent said yes, 9 respondent said No. in this way, it has been summarized that maximum
people agree with this statement that increases the demand of online burger service demand in
marketplace. As per data interpretation, it is becoming useful for identifying the response of
every consumers. Generally, people can share their opinion or view point on the basis of
personal experience. It means that provide brief idea about the statement.
Do you think that service provided by Online Burger services are sufficient during covid-
19?
Responses generated Number of people survey
Yes 13
No 8
Total 20
Table: 3
Figure: 3
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Data Interpretation: -
From above table, it has been maximum people agree with statement that “Online Burger
services” are sufficient at the time of COVID-19. In this way, collecting or gathering response of
consumers. 13 respondent said yes, 8 respondent said No. in this way, it has been summarized
that maximum people agree with this statement when increasing the demand of online burger
service in UK because many people are generally avoid to travel from one place to another way.
This type of facility is increasing opportunity of people to place healthy burger through online
medium. it is becoming useful for identifying the response of every consumers. Generally,
people can share their opinion or view point on the basis of personal experience. It means that
provide brief idea about the statement.
Activity-3
Discuss SWOT analysis framework to collate evidence and support an objective assessment of
entrepreneurial idea.
SWOT analysis is based on the framework for analyzing the strength, weakness, threat and
opportunities of a new business idea for “online Burger hub”. This type of tool is help the
entrepreneur to build on what they do well, to address what they are lacking, and minimize threat
or risks. It is the great possible benefit or advantage to achieve desirable success of business
through entrepreneurial innovative idea.
Strength-
The strength of “online burger hub” entrepreneurial innovative idea which means that
influences staff members to do more hardworking, some of people have experience as they can
handle the business operations and functions. The employee of “online burger hub” is to server
the best service at their location (Burger-Helmchen, 2020). In order to meet all expectation needs
and gain competitive advantage in marketplace. During Covid-19, it has been increasingly
demand of online product or service. That’s why, this type of innovative idea will give
competitive edge over other competitors.
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Another strength of business idea is that it will make best quality of burger and always
give preference of taste, demand of client. Healthy burger will gain more popularity while
enterprise with establish a communicate with consumer through smartphone application,
Weakness-
There are different weakness that needs to be consider before making any kind of
implementation. If entrepreneur is proper way to recognize the weakness in different areas but
needed to implement suitable actions to remove barriers as quickly.
Main weakness of “online burger hub” is not sufficient way to manage the large amount
of capital investment. Sometimes, it is very difficult to maintain quality of materials and remain
gain competitive advantage. A business should be required to install a proper technologies so
that it can easily run enterprise with innovative idea. Another weakness is that when selling a
burger depend upon the demand in marketplace. Therefore, it is not able to compensate a major
loss.
Threat-
In general term, a threat can come from various external as well as internal environment,
which means that other competitors give a tough competition to new innovative business. In this
way, it has been examined that “Online Burger Hub” face a certain kind of issues such as
regulation, community guideline and government approval etc. these are consider a major threat
of enterprise in which require to manage or control within specific time intervals otherwise it
will directly affecting the overall business performance in marketplace. In this way, it has been
identified that high competition level affect on the business condition.
Opportunities-
The entrepreneur is always trying to search a new opportunities so that they will implement
in their innovative business idea. In this way, it will continuously increasingly the return on
capital employed. “The Online Burger Hub” will be creating a great opportunity for increasing
their brand recognition in local marketplace. Company will introduce a new healthy burger item
in which attract more consumers towards brand.
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Evaluate the competitive and market environment in which utilize “The Online Burger Hub”
innovative idea launch to assess potential viability.
Competitive analysis – it is based on the technique or method that help for identifies the
competitors, evaluate appropriate strategies to determine strengths, weakness of new business
idea for “Online Burger Hub”. As per analysis, it has been identified the main competitors of
new entrepreneurial idea such as McDonald’s, Five Fields etc. A competitive analysis is helping
the entrepreneur to take important decision in regards of business development (Bao, Wei and Di
Benedetto, 2020). Therefore, it will be generating a positive result or outcome.
As per given Figure, it has been identified the intense competition level among different
competitors. It is becoming consider as larger when different participants enter into marketplace.
In most of cases, entrepreneur is trying to increase the level of market share which means that
satisfying the potential consumers demand.
From above graph, it has been observed that Whataburger is one of largest market share in
which selling their product in UK marketplace. In this way, it has found that 50% of market
share which is almost completely half of its total share. Therefore, it is very tough for “online
Burger Hub” business to establish a strong position in marketplace.
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Another way, it has been analysed that second largest burger business In-N-out, which hold
approximately 30% of market share. There are other small enterprise who also maintain a
specific position in marketplace.
CONCLUSION
From above discussion, it has been identified the importance of entrepreneur idea which
help for establishing a new venture in global marketplace. Generally, it is mainly used in the
contribution of economy development of UK. In this report, it has been chosen the business idea
such as “The online Burger Hub”. Moreover, it has been identified the different source of
entrepreneurial idea in related to provide the online burger hub facilities. it can be identified the
rationale, or market gap by using suitable tool or technique. Furthermore, analysis internal
environment through SWOT analysis framework in which help for identifying the strength,
weakness, threat and opportunities for business idea in marketplace. However, it has been
evaluating the competitive and market environment.
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REFERENCES
Book and Journals
Baeta, F. and Andreassi, T., 2021. The Role of Prior Knowledge in the Process of Recognizing
Entrepreneurial Opportunities. In Entrepreneurship-Contemporary Issues. IntechOpen.
Bao, Y., Wei, Z. and Di Benedetto, A., 2020. Identifying the tacit entrepreneurial opportunity of
latent customer needs in an emerging economy: The effects of experiential market
learning versus vicarious market learning. Strategic Entrepreneurship Journal. 14(3).
pp.444-469.
Bürger, T. and Vecco, M., 2020. 11 Cultural entrepreneurship incubators as collaborative
spaces. Collaborative Spaces at Work: Innovation, Creativity and Relations.
Burger-Helmchen, T., 2020. Unusual entrepreneurs for unusual entrepreneurship. International
Journal of Social Entrepreneurship and Innovation. 5(3). pp.241-257.
Cohen, D., Hsu, D.K. and Shinnar, R.S., 2020. Identifying innovative opportunities in the
entrepreneurship classroom: a new approach and empirical test. Small Business
Economics, pp.1-25.
Mao, J.Y., Su, F., Wang, B. and Jarvenpaa, S.L., 2020. Responding in kind: How do incumbent
firms swiftly deal with disruptive business model innovation?. Journal of Engineering
and Technology Management. 57. p.101591.
Xu, X., 2020. Identify Entrepreneurial Opportunities. In Introduction to Entrepreneurship (pp.
95-118). Springer, Singapore.
Online
Source: McKinsey 7s Model, 2018[online] Available through:< https://casereads.com/mckinsey-
7s-framework-with-examples/>
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