Identifying Entrepreneurial Opportunity - Assignment
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Added on 2020-12-28
Identifying Entrepreneurial Opportunity - Assignment
Added on 2020-12-28
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Identifying entrepreneurialopportunities
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Main Body.......................................................................................................................................11.Determining and evaluating different sources of entrepreneurial ideas and innovation..........12. An introduction of business idea ...........................................................................................33. A Competitor analysis ............................................................................................................34. Gap analysis and strategies for filling those gaps ..................................................................55. Market research for supporting the viability of business idea and identifying marketpotential ......................................................................................................................................76. Viability and feasibility of business idea and the reasons for believing in proposal.Strengths and weaknesses ..........................................................................................................87. Strategies for overcoming risk of competition, for grabbing potential opportunities andgrowth in the future ..................................................................................................................11CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONEntrepreneurship can be defined as the activity of process of setting up of a new businessby undertaking financial risk for the purpose of earning of profits (What is Entrepreneurship,2019). The present project report will focus on a proposal of opening a restaurant called KrispyChicken in UK. The report will revolve around the sources that inspired this idea and motivationfor opening this restaurant. Information about the proposed restaurant, an analysis ofcompetitors, gap analysis will be covered here. Also, a market research will be conducted forsupporting the viability of the proposed idea. The report will show that why the idea is viable,what are its strengths and weaknesses and what will be the strategies for overcoming the risk ofcompetition. Main Body1.Determining and evaluating different sources of entrepreneurial ideas and innovationThere are different sources of generating entrepreneurial ideas. The sources behind thethought of opening of a restaurant called Krispy Chicken in UK are as follows: Person's interest and hobbies plays great role in determining and generating ideas forits proposed venture. The interest or hobby is a set of activities that provides happinesswhile doing it. The strength of this source is enjoying what a person is doing helps in delivering its best.Drawback is that not every hobby could be materialised or can be pursued. Conducting customer surveys could be the another source why opening up of KrispyChicken restaurant idea developed. For examples, Food blogs showed the demand andrequirements of customers regarding chicken dishes. Customer surveys tells what are customers requirements and demand of product inmarket. However, Surveys are mostly unrealistic and do not provide a reliable picture.Brainstorming is a technique of solving problem. It considers developing many ideasand course of action and selecting the best one for the proposed project of starting therestaurant.The technique is useful as different possible alternative are formed by taking suggestionsfrom people etc., it leads to realistic formation of ideas. However, forming such alternativesconsumes lot of time as huge information has to be gathered (Acs, Szerb and Lloyd, 2017). 1
Mass media such as television, internet, magazines etc., is the signifiant source ofdeveloping ideas, opportunities and information. Generating ideas through mass media is a viable source as this features ideas of youngentrepreneurs sharing their experiences. However, stories of people sharing their ideas are just apublicity stunt of some companies for advertising its brand name (Golovina, Merkulov andPolyanin, 2017). All these sources motivated graduate entrepreneur in developing idea of starting up abusiness in food industry. Peter Drucker's model for determining the sources of systematic innovation could beutilised by the entrepreneur. An evaluation is done below: Unexpected success or failure : Taking lessons from previous success and failure canhelp entrepreneur in bringing innovation in its proposed plan. For example, McDonald's used itsprevious failure in south-east countries where it served its standard products with less spices. Itmade them to come up with more customized products that met the requirements of its targetmarket (Peter Drucker on the Seven Sources of Systematic Innovation, 2019). The inconsistencies between what should happen and what actually happened : Thisfactor develops ideas in enterprisers' mind when things do not go as planned. It tries to fill thosegaps by innovative thinking and methods. For example, when organisations plans to have costefficiencies in its operations but it incurs huge expenses in carrying its activities of production.This calls for innovation and this could be done by bringing the latest technology and trainedprofessionals in company which could improve productivity and reduce cost of operations.Enterpriser could use this source for innovating its products and operations for making KrispyChicken a successful venture.Deficiencies in process : The deficiencies which were are ignored and are taken forgranted provides the room for innovation. For example, production process in restaurant mayhave shortcomings such as excess wastage while making dishes, it could be overcome bythinking creatively by making chefs and other staff more competent through trainings.Changes in market structure or industry which catch unawares of everyone: Intensecompetition, ever changing preferences of customers asks for innovation. For instance,Competition from rival firms forces entrepreneurs to continuously work on innovation.2
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