Identifying Entrepreneurial Opportunities

This presentation explores the process of identifying entrepreneurial opportunities and conducting gap analysis in the beauty cosmetic industry. It includes a questionnaire, interpretation of data, and a conclusion.

Identifying Entrepreneurial Opportunities
TASK 3

 Introduction
 Evaluate gap analysis with specific entrepreneurial idea
 Questionnaire
 Interpretation of data
 Gap analysis
 Conclusion
 References
Table of content

 This PPT is prepared on Beauty Cosmetic which a company dealing in
cosmetic products such as highlighter, moisturisers, make up remover,
brows enhancer, foundations and many more. The major purpose of
formulating this report is to examine ideas for innovation within rationale
market gap along with required tools and techniques. Along with this data
is gathered with the help of gap analysis in potential markets and with
evidences.
INTRODUCTION

 In order to understand group of people marketing research is performed
which give syntactical view. Entrepreneurs get help with market research
and can identify market trend and competitors with this. Research is of two
type primary and secondary, so in the context of beauty cosmetics they
have conducted a research in order to test viability of their product in
marketplace
Evaluate gap analysis with specific
entrepreneurial idea

 Primary research: Primary research is defined as performing research via
direct survey and questionnaire. This is dependent on those data which has been
taken out without any fabrication and on raw basis. This helps the business in
getting new business ideas as direct interaction with customer is the major part
of primary research,
 Secondary research: This research is done for the purpose of getting in depth
knowledge about a particular topic. This research includes study from
publications and other article that means this does not include direct interaction
with customer and communication with them. Past data can be analysed and
then deep analysis can be performed in secondary research.
Continue…

Questionnaire
Name:
Age:
Address:
Q1 Is Beauty Cosmetic product is known to you?
Yes
No
Q2 Are you familiar about products of beauty cosmetic?
Yes
No
Q3 Are you satisfied with those products?
Yes
No
Q4 Did you face any sort of issue while using those products?
Yes
No
Q5 Are you interested in online marketing of these products?
Yes
No
Questionnaire

Q1 Is Beauty Cosmetic product known to
you?
Q1 Is Beauty Cosmetic product
known to you?
Yes No
0
1
2
3
4
5
6
Series1
Yes
No
5
5

Yes
No
8
2
Q2 Are you familiar about products of
beauty cosmetic?
Q2 Are you familiar about
products of beauty cosmetic?
Yes No
0
1
2
3
4
5
6
7
8
9
Series1

Yes
No
8
2
Q3 Are you satisfied with those
products?
Q3 Are you satisfied with those
products?
Yes No
0
1
2
3
4
5
6
7
8
9
Series1

Yes
No
6
4
Q4 Did you face any sort of issue while
using those products?
Q4 Did you face any sort of
issue while using those
products?
Yes No
0
1
2
3
4
5
6
7
Series1

Yes
No
7
3
Q5 Are you interested in online
marketing of these products?
Q5 Are you interested in online
marketing of these products?
Yes No
0
1
2
3
4
5
6
7
8
Series1

Q1 Is Beauty Cosmetic product is known to you?
Yes
No
5
5
Interpretation of data
Interpretation: From the above research it is shown that out of 10 respondents 5
know beauty cosmetic and rest 5 are unaware about the brand.

Q2 Are you familiar about products of beauty cosmetic?
Yes
No
8
2
Continue…
Interpretation: From the above research it can be concluded that out of 10
respondents 8 are familiar about the brand and rest 2 are not very much familiar.

Q3 Are you satisfied with those products?
Yes
No
8
2
Continue…
Interpretation: From the above research it can be concluded that out of 10
respondents majority of 8 people are satisfied with the product of beauty cosmetic
which is due to quality and product prices and on the other side 2 respondents are
not satisfies.

Q4 Did you face any sort of issue while using those products?
Yes
No
6
4
Continue…
Interpretation: From the above observation it can be concluded that out of 10
respondents 6 respondents did not face any kind of issue while using products of
beauty cosmetics while rest of 4 respondents faced issue in the same.

Q5 Are you interested in online marketing of these products?
Yes
No
7
3
Continue…
Interpretation: The abovementioned analysis clearly states that majority of 7
candidates out of 10 are having positive sight towards online marketing but rest
3 are not comfortable with the same.

 This is a strategic tool
which is used to determine
gap between planned and
actual results. This gap is
analysed in order to
determine variation from
standard and actual
performance.
Gap analysis

 From the above PPT it can be concluded that Beauty Cosmetics are leading
their way through behavioural segmentation which helps in observing and
foreseeing customer demands. This conclusion is with reference to SWOT
analysis suggesting that beauty cosmetics have opportunities and
capabilities to lead and grow in economy. Further analysis through
PESTEL approach suggests beauty cosmetics to be cautious and look after
legal aspects for their products and business.
CONCLUSION

 Uygur, U., 2019. An analogy explanation for the evaluation of
entrepreneurial opportunities. Journal of Small Business Management.
57(3). pp.757-779.
 Guo, H., Su, Z. and Ahlstrom, D., 2016. Business model innovation: The
effects of exploratory orientation, opportunity recognition, and
entrepreneurial bricolage in an emerging economy. Asia Pacific Journal of
Management. 33(2). pp.533-549.
REFERENCES

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