(Solution) Identifying Entrepreneurial Opportunities Assignment

Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation..............1
TASK 2............................................................................................................................................4
P2 The rationale and the market gap for a specific entrepreneurial............................................4
TASK 3............................................................................................................................................6
P3 Gap analysis in the evaluation of a specific entrepreneurial idea..........................................6
P4 Interpretation of data to provide evidence of market potential..............................................7
TASK 4............................................................................................................................................9
P5 SWOT analysis to assess the entrepreneur idea.....................................................................9
P6 Competitive and market environments in which the idea will be launched........................11
CONCLUSION..............................................................................................................................12
REFRENCES.................................................................................................................................14

INTRODUCTION
Entrepreneur is someone who starts their own business venture by identifying
opportunity to make a profit. A person operates a company alone and makes money through start
up by considering risks, uncertainties and other factors. They come up with new ideas,
innovation for producing goods or services to satisfy customers desired expectation.
Entrepreneurs always look for various opportunities to grow business and achieve competitive
advantage with the help of bringing changes, creativity, curiosity, innovation and inventions
within organisation (Abu-Saifan, 2012). This report is based on Food & Fun restaurant which
recently opened up in London, UK. This assignment will different sources of entrepreneurial
innovation and explain market gap for specific entrepreneurial ideas with tools or techniques. It
will present data and interpret those for proper gap analysis. There will apply SWOT frameworks
regarding entrepreneurial ideas as well as evaluate competitive market environment to assess the
potential viability.
TASK 1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation
There are number of entrepreneurs who started their own businesses and become
successful. They bring new innovative thoughts or ideas while starting a venture so that better
outcomes can be get in an effective manner. Many of individuals generally find big opportunities
for showing their talents and knowledge through developing business and apply skills for
running in smooth manner. The Food & Fun is new restaurant that established in London as an
entrepreneur who decided to starts a business venture for generating higher number of revenues
or profits and satisfy customers needs or wants (Audet, 2010). There is required a proper study
for running business operations in which environmental factors considered. They can affects on
the organisation functions or activities so management make decisions to create effective
strategies and action plans to survive in the competitive environment. Here described some
external environmental factors to understand in better manner such as:
 Political: There are several political factors that have direct impacts on the business firm
as it includes rules, regulations, taxation, restrictions, policies and procedure that can
affects on the organisational functions or its operations. Therefore, company have to
follow such rules that formulated by the government of UK. Food & Fun restaurant can
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be grow by serving variety of foods to the customers due to getting relaxation from
taxations as well. The political situation which is present in UK strong and many benefist
are provided to new start-up's. This will enables the new restaurant is to use such
condition as beneficial factor to earn large number of income because less rate of tax is
applied on new business activities.
 Economical: This is another important factor that can change according to environment
and it is beyond the control of management. In this included growth rates, GDP,
fluctuation and exchange rates that affects on the profitability of firm (Costanzo, 2010). It
is necessary to make better pricing strategies and consider economic crises while running
operations. The economy of UK is very strong which provides the opportunity to the
small organisation is to fulfil their needs through attaining funds from various investors.
This will have huge importance in getting large number of opportunities of expansion in
future.
 Social: Many of organisations are facing some social issues due to improper knowledge
of customer's needs or wants. There are required an appropriate study to identify the
potential consumers and their choices, tastes and preferences so that effective goods or
services can bes provided to the right people. This can be beneficial in building healthy
relationship among targeted audiences.
 Technological: in the modern era, everything is going to be digitalised and every firm is
focusing on adopting best advanced technologies to make their work easy or effective as
well. It can be seen that every individuals are addicted with technologies or other devices
for managing their works and these have become their part of life. Therefore, Food &
Fun restaurant also should undertake advanced technologies to perform various activities
in an adequate way. There are many changes are happen in technology on regular basis
which are required to implement by small business (Vurro, 2010). Establishment of
mobile technology and digital plat form helps in survival and provides the opportunity to
improve their sales and profitability in future period of time.
Drucker's 7 sources of innovation: Unexpected: Entrepreneurs try to adopt best strategies and effective technologies for the
purpose of producing better quality of products or services which will help in achieving
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competitive advantages in well manner. There should be unique and featured products
that differentiates from other competitors. Incongruity: There is necessary to introduce find better opportunities for introducing new
product or services so that higher income can be generated. The Food & Fun restaurant
focus on capturing target market through providing different flavour of foods to the
customers. Innovation based on process need: in this defined that innovation is one of the best way
to bring several changes and effectiveness in business firms which are needed to achieve
competitive advantages (Perrini, 2010). Company can get higher returns through
implementation of plans and procedures as well. Changes in industry and market: It can bes analysed that innovation generally
considered for modification and alteration of existing products so that effective items can
be produced. The Food & Fun is trying to capturing market through bring changes in
flavours or tastes. Demographics: This is helpful component that helps in classified business according to
segmentation so that potential customers can be targeted. Change in perception: It is required to identify customers perception regarding goods or
services that helps in growing business.
 New knowledge, both scientific and non-scientific: There is necessary to execute and
implement particular ideas, innovation and knowledge for running business firm in an
effective manner.
Types of innovation:
Products and process innovation: In the business organisation, innovation play vital role
in bringing changes, some alteration in existing products or services so that customers can be
attracted towards firm (Silva, 2011). This is essential in increasing maximum level of satisfaction
of customers by considering modification and qualities that result higher profits or growth.
Difference between invention and innovation and the role of creativity:
Innovation Invention
It play an important role in bringing several
effective changes in goods or services so that
better quality of products can be produced with
This is associated with new product
development with the help of modification and
alteration. Company considered the inventions
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innovative ideas and creativity. of new items for getting attention of targeted
customers.
Difference between a product or service idea and a business idea:
Product idea Business idea
In this, company have to find customers needs
or desired expectation towards goods or
services so that they can produce better quality
of products with additional features and
valuable materials as well.
In this considered an appropriate business plan
and create strategies to run operations or
functions of organisation. The Food & Fun
requires to adopt best ideas for producing
variety of food items with better quality so that
competitive advantages can be gained.
TASK 2
P2 The rationale and the market gap for a specific entrepreneurial
In the present scenario, many of companies are trying to compete with tough competitors
and making effective strategies for surviving in the marketplace. It is necessary to formulate
appropriate plans or strategies for implementing innovative ideas and creativity so that future
goals or outcomes can be achieved (Ghobril, 2011). There are required to analyse gaps between
different market and targeted audiences that must be measured as much as possible. The Food &
Fun restaurant has to undertake some effective tools or techniques for the purpose of fulfil
marketing gap such as:
Identification of customers: It is necessary to identify target customers and their desired
needs, wants, choices,demands and preferences regarding particular goods or services.
Entrepreneur also analyse consumer tastes for providing effective food items to them as Food &
Fun restaurant conducted survey and gathered informations to produce variety of products for
satisfying customers desired needs (Nassif, 2011). It support to them in finding resources and
factors that will help in producing drinks and dishes as well.
Marketing segmentation Demographic: In this process, company classified its targeted audiences on the basis of
age, gender, income, nationality and regions etc. these have major impacts on enhancing
sales and generate higher revenues in well manner.
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 Behavioural: In this, entrepreneur undertake some major components for finding
appropriate customers and target audience. It included lifestyles, culture, values,
behaviours, beliefs and attitude of customers so that business can be run in an effective
manner.
Product or services: Tangible: The Food & Fun provides tangible products as well as food material to the
targeted audiences so that they can be satisfied in more efficient way (Henning, 2012).
They also focus on capturing market through organic food stuff to the people.
 Intangible: In this included several services that cannot be seen or touched but customers
can feel it. Entrepreneur try to satisfy its customers by providing better quality of services
so that they will be loyal towards firm. The Food & Fun provide quick services and better
infrastructure to customers for attracting them.
Industry environment Industry competitors: In this considered various organisations that have occupied good
position in the particular marketplace and give tough competition to the new small
businesses. The owner of Food & Fun is also required to analyse strong competitors
because restaurants businesses are common and many of competitors are available in the
markets so they are biggest threats of firm. Proper planning and strategies required to
overcome such threats and grow business in competitive environment. Bargaining power of suppliers: Company focus on bargaining power of suppliers that
have major impacts on profitability and productivity. The Food & Fun considered various
suppliers which provide better quality of material so that good drinks or dishes can be
prepared (Kauranen, 2012). They can bargain with suppliers regarding pricing of raw
materials or stuffs which is effective due to availability of number of alternatives as well. Bargaining power of customers: It is required to consider customers choices and
purchasing behaviours because they are key people for getting success in the future.
There is necessary to attracts more customers by adopting strategies such as setting lower
price on goods or services. it will help in building healthy relationship among customers
in adequate manner. Threats of substitute: It can be analysed that restaurant business is very common in the
marketplace so there are many of substitutes available of The Food & Fun Restaurant.
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 Threats of new entries: There is necessary to create better ideas and adopt strategies for
generating higher profits or revenues.
TASK 3
P3 Gap analysis in the evaluation of a specific entrepreneurial idea
Entrepreneur always try to develop business by adopting best tools or techniques as well
as effective strategies so that targets can be attained (Kraus, 2012). Gap analysis play an
important role in analysing major differences between company's current position or conditions
with set standard for future. It is required to examine several changes and environmental aspects
that support in meeting customers desired expectations. For The Food & Fun Restaurant, there
must be required to identify various gaps that occurred while achieving set targets or future
goals. This will be support in adopting best strategies and tools or techniques for creating
positive image among competitors. In this consider an appropriate strategy for data analysis such
as:
Questionnaire
Name-
Email ID-
Contact No.-
Q1. Does the quality of the food products provided by Food & Fun Restaurant is optimum?
 Yes
 No
Q2. Which mode of training is more suitable for for the purpose of maximisation of
performance and productivity of organisation?
 Off the job
 On the job
Q3. Does application of digital technology helps to acquire large market share?
 Agree
 Disagree
 Cant say
Q4. Does implementation of digital technology helps to attain competitiveness in business
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operations in future period of time?
P4 Interpretation of data to provide evidence of market potential
Theme 1:
Q1. Does the quality of the food products
provided by Food & Fun Restaurant is
optimum?
Frequency
A. Yes 18
B. No 12
Particulars No. of respondents
A. Yes 18
B. No 12
Total 30
Mean 15
Median 15
Mode 6
Findings: From the above data, it can be analysed that there are 18 respondent out of 30 agreed
about the quality of goods or services which are provided by The Food and Fun restaurant
7
A. Yes B. No
0
2
4
6
8
10
12
14
16
18
18
12
Column C

(George, and Kotha, 2013). Rest of persons do not agree because of poor image in the market
place.
Q2. Which mode of training is more suitable
for for the purpose of maximisation of
performance and productivity of organisation?
Frequency
A. On the Job 16
B. Off the Job 14
Particulars No. of respondents
A. On the Job 16
B. Off the Job 14
Total 30
Mean 15
Median 15
Mode 2
Findings: form the graphical representation, it has founded that company required proper
training and development programs for enhancing employees skills or knowledge so that
productivity and productivity can be increased in adequate manner (Korsgaard, 2012). 16 out of
30 suggests on the job method for better training and learnings to workers.
8
A. On the Job B. Off the Job
13
13.5
14
14.5
15
15.5
16
16
14 Column C

Q3. Does application of digital technology
helps to acquire large market share?
Frequency
A. Agree 17
B. Disagree 8
C. Can’t say 5
Particulars No. of respondents
A. Agree 17
B. Disagree 8
C. Can’t say 5
Total 30
Mean 10
Median 8
Mode 2
Findings: The Food & Fun Restaurant can use several advanced technologies for improving
business performance and run its operations in smooth manner (Shepherd and Grégoire, 2010).
17 out of 30 agreed to adopt technology for bringing changes and effectiveness in the firm. 8 out
of 30 think that it would be expensive and increase costs for organisation.
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Agree Disagree Can’t say
0
2
4
6
8
10
12
14
16
18 17
8
5
Column C

TASK 4
P5 SWOT analysis to assess the entrepreneur idea
Every organisation focus on achieving competitive advantages through identifying
various opportunities so that business can be grow in the future. Entrepreneur considered an
appropriate plan for running business operations in which they undertakes some major factors
that can affects on the organisation including internal and external (Fuentes, 2011). These
support in making favourable decisions regarding adoption of new techniques and effective
strategy to attains predetermined goals or objectives in an adequate manner. The Food & Fun
focus on analysing different factors by using SWOT analysis as it is best method for getting
relevant data and information regarding company's strengths, weaknesses and opportunities and
threats so that better strategies can bes formulated for growing business. Here are SWOT
analysis of The Food & Fun restaurant such as:
Strengths:
This is best method in which entrepreneur analyse its strengths and positive aspects of
company. It is beneficial in identifying major plus points for improving business level and
performances in an efficient way. This is is essential in earnings higher revenues or profits
through better implementation of plans and strategies. The Food & Fun is giving number of
items ins food such as Fast foods, continental foods, Chinese, Italian and many more with
different varieties or flavour so that maximum customers are to be targeted. They also deals in
other foods and beverages such as Shakes, drinks etc. Company focus on customers needs or
wants and their pricing factors that must be affordable for targeted customers (Kung, 2011).
Entrepreneur adopt pricing strategy that moderates according to situations which helps in
attracting number of customers towards firm due to reasonable price.
The Food & Fun is providing high quality of foods and services to loyal customers. They
also considered the attractive infrastructures and unique designs which captured customers eyes
as well as get attention towards firm.
Weaknesses:
This is beneficial in identifying important areas and weak points for developing company
in an effective manner. It is necessary to analyse those areas which can create barriers in
attaining business goals so manager consider weaknesses of firms and try find out major
requirements for overcoming such negative points in order to get success. They have analysed
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that there is poor services as waiters are taking more time to provide foods or services to the
customers. People are disappointed from these services because of lengthy time or process.
Therefore, management required proper staff members and employees so that quick services can
be given to the targeted customers (Farmer, 2011). They should recruit adequate staff and
suitable candidates which will support in treating every customers fairly and satisfy their desired
needs within limited time period.
On the other side, the another weakness is lack of resources and funds as company is
facing such problems due to shortage. Employees also are limited within the organisation
because of high demands of salary. Therefore, they can overcome this weakness through hiring
more staff and chef who are able to prepare better quality of foods as well as contacts with other
suppliers to fulfil gaps of demand and supply within firm.
Threats:
The Food & Fun Restaurant is small business venture which deals in providing variety of
products and food stuffs to the customers in the marketplace but it is common business as many
of firms are available who are giving such facilities in existing markets so many of competitors
can be seen. Therefore, it is necessary to identify particular markets by conducting research or
survey which helps in gathering informations about current situations and strong competitors
within market (Duru, 2012). They have make better decisions regarding setting prices of good or
services so that effective position can be occupied. This will support in attracting huge audience
towards firms that result achieve competitive advantage.
Opportunities:
There are various opportunities for organisation in attaining goal and achieve growth or
sustainability as entrepreneur focus on getting higher returns by developing business in an
efficient manner. They can expand their business at other places because they are earning more
and generating higher profits so it is biggest opportunity to grow in the competitive environment.
This is essential for The Food & Fun Restaurant as they can increase their markets shares and
profitability through developing business performances.
P6 Competitive and market environments in which the idea will be launched
For a new business venture, entrepreneur perform several task or work that must be
required before starting a small firm. They undertake as mini research and study for analysing
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current market situations such as trends, fashions, customers choices, tastes and preferences,
competitors and various factors that can affects on the business. It helps in gathering relevant
data or information regarding market conditions that beneficial in formulating strategies and
action plans for achieving predetermined goals or objectives in an adequate way (Burg, 2012).
Company use these informations for making better path or tracks that easily get success within
time frame. Entrepreneur should consider an effective survey before starting new venture so that
they can set directions as well as gives instructions to the employees towards attaining goals or
targets in an appropriate manner. It will help in surviving in competitive environment and get
better outcomes.
Competitive market: This is another major component that beneficial for running
business as it support analysing competition within marketplace with the help of proper research
or survey as well. There are many of restaurants available ins the market so it is difficult to
survive in tough competition so it is necessary to make a smart plan for starting new venture.
There are some major elements which can be undertaken for particular research such as: Substitute products: It can be analysed that many of restaurants are available in the
market so it is necessary to have unique selling point regarding goods or services which
differentiate company's products from another competitors. The Food & Fun is providing
number of items in restaurant such as fast food, continental food, Chinese and Italian so
that more customers can be attracted towards firm.
 Target Audience: Entrepreneur targeted their customers with the help of analysing
customers choices, tastes and preferences who can be helpful in increasing profitability
for organisation. They have decided to sell their products to the potential customers as
per segmentation such as children, teenagers, youngsters, adults, as well as old age
people who prefer these foods to satisfy their needs or wants.
Market environment: research play crucial role in identifying target customers and
competition in the marketplace. Entrepreneurs always focus on analysing situations and find
opportunities to build business so that higher revenues can be generated. It included two major
elements such as: Macro environment: Entrepreneur should required to analyse external macro
environmental factors that can affects on the business firm (Burg, 2012). They can use
PESTEL model for examining the external forces which comprised with various aspects
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such as social, technological, legal, environmental, economical, and political etc. they
can formulate appropriate strategy to face such kinds of uncertainties and circumstances
to achieve growth.
 Micro environment: In this consider various internal factors that are associated with
organisation such as culture, attitudes, behaviour, relationship among staff members and
financial resources etc. they have major impacts on the business organisation. Therefore,
entrepreneur has to undertakes these internal factors and make better strategy to manage
environment for accomplishing set targets or goals in an effective manner.
CONCLUSION
From the above report, it has been concluded that entrepreneurs starts their own business
with coming up several resources, innovative ideas, land, capital and many others. Entrepreneurs
have capabilities and qualities to manage entire business process with considering risks or
uncertainties. They also undertake some environmental factors such as internal and external
which can affects on the business as well as its operations. This report defined about the Food &
Fun Restaurant which newly opened in the marketplace. It started for providing variety of foods
and beverages to the targeted audiences for satisfying their desired needs or wants. In this
considered several tools or techniques for building good position and achieving competitive
advantages in an effective way.
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REFRENCES
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