Identifying Entrepreneurial Opportunities and Innovation: Doc

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation..............3
TASK 2 ...........................................................................................................................................5
P2 Explain the rationale and the market gap for a specific entrepreneurial idea using relevant
tools and techniques....................................................................................................................5
TASK 3............................................................................................................................................6
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea..............................................................................................................................................6
P4 Interpret data appropriately to provide evidence of market potential....................................8
TASK 4 .........................................................................................................................................13
P5 Apply a SWOT framework to collate evidence to support an objective of specific
entrepreneurial idea...................................................................................................................13
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability............................................................................................................13
CONLUSION ...............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship is a process of designing and launching a new business venture into the
potential market. The individual who create this business are called as entrepreneurs. However, it
is responsibility of entrepreneur to manage as well as organise the business venture in such a way
that maximum amount of profit is attained (Davidsson, 2015). For business analysis is has been
critically identified that in today's competitive business environment there are variety
opportunities which are potentially available in market through which maximum returns to
entrepreneurial efforts are gained. This report is based on The Robotic Restaurant which coming
up with new business venture in UK market. The interior of restaurant would be 5D and the
restaurant would make use of robot as waitress. The outcome this report aims to cover several
aspects through which new opportunities available in potential market can be effectively
identified. Determination as well as evaluation of different sources of entrepreneurial ideas and
innovation shall be made. Reason behind market gap should be identified using relevant
techniques and tools. Proper SWOT analysis shall be considered in order to identify strengths as
well as weakness of respective business organisation. Lastly evaluation shall be made in order to
identify competitive market wherein this innovation shall be launched to asses potential viability.
TASK 1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.
There are variety of different sources of entrepreneurial ideas and innovation which are
potentially available through which monetary benefit can be gained in long run. However, in
order to capture a reasonable market share in potential market entrepreneurs are coming up with
unique business venture so that competitive advantage shall be gained. Through adoption of such
unique ideas and innovation entrepreneurs occupy a consistent position in the economy. This is
eventually because huge amount of revenue is generated through entrepreneurial activities
(Green, 2015). In order to significantly identify business opportunities with respect to The

Robotic Restaurant entrepreneur have adopted Drucker's sources model. This model consist of
seven different sources of innovation.
 The Unexpected: This is basically when innovation within an organisation takes
unexpectedly. However, a keen study shall be conducted by marketers in order identify
the needs as well as demand of targeted customers. The unexpected situation is extremely
powerful through which leaders are highly motivated.
 Incongruities: This is a source of innovation wherein entrepreneur aims to think out of
the box and invent something which is never can launched in potential market (Hang,
Garnsey and Ruan, 2015). Many individuals failures to under the exact needs as well as
demand of potential customer. Therefore, proper strategies might be invented in order
gain success. Further, customers feedback and reviews helps to determine incongruities.
 Process Need: This source of innovation is task focused rather than situation focused.
Herein the prime source of opportunity basically comes by analysing the process adopted
by respective company. Weak spots and ways to improve these areas are essentially
adopted. Through this the most effective innovation within an organisation shall be
witnessed.
 Industry and Market Structure Change: Change in market structure as well as
industry is one of the most important source of innovation. However, entrepreneurs shall
keenly identify the changes and treat these factors as opportunities rather then
considering changes as threats.
 Demographics: Ideas and innovation invented by an entrepreneur are highly impacted by
demographics. Changes in demographics impact the market demand of goods and
services. Demographic factors basically includes age, education, income level and several
other similar aspects. Herein identification is made to identify buying pattern of targetted
customers in order to effectively meet the demand.
 Changes in Perception: An entrepreneur shall successfully aim at coming up with such
innovation that it creates a unique perception in the mind of company's potential
customers (Hansen, Monllor and Shrader, 2016). Through such innovation business is
able to attain sustainability and overall market share shall be enhanced.
 New Knowledge: Under this source of innovation complete new knowledge is required.
Proper market analysis is conducted in order to exactly identify needs as well as demand

of potential customers. Furthermore, innovation through this source highly helps business
organisations to gain competitive advantage.
These are several sources through which innovation within an organisation can be
accomplished in order to attain sustainability. Through adoption of this model of innovation, an
entrepreneur is effectively able to know the impact of innovation on business venture. With
regard The Robotic Restaurant the respect organisation have adopted the source of change in
perception wherein a completely new idea is adopted in order to new good market share in
potential market of UK. By using Druckers model it become easy for entrepreneur to implement
innovation within their working because it is one of the beneficial approach which involve each
and every step which help in implementing innovation within more effective manner. There are
seven sources within respective model out of which change in industry and market structure is
one of the best entrepreneurial idea because in this entrepreneur identify important source of
innovation.
TASK 2
P2 Explain the rationale and the market gap for a specific entrepreneurial idea using relevant
tools and techniques.
With regard to this report the entrepreneur is coming up with an innovation wherein the
restaurant is planning to serve its consumers through robotic technology instead of human beings
and the interior of the respective restaurant will be based on 5D walls.
Rationale of implementing this idea into UK market is to capture reasonable market
share. However, in the era of highly advanced technology this innovation would become
successful (Jarvis, 2016). The basic concept regarding this innovation is to reduce number of
human waiters at workforce in order to significantly manage business operation effectively. It is
a time consuming technology. Potential customer's time would be saved because the robots will
serve the order as soon as it is prepared. This concept will highly help the respective
entrepreneur to gain competitive business advantage and attain sustainability. As implementation
of robotic technology which will more effective as it help in attracting large number of
customers. Such practices result in decreasing cost because there will be no more requirement of
staff member for serving food within restaurant. This idea of robotic will work because
customer get excited when they getting their food through machinery and no more there will be

requirement of manpower or self services. This restaurant is located in market of United
Kingdom and offering Italian as well as Chinese food.
Market gap is a process under which analysis is made in order effectively compare actual
business performance with expected and desired results. However, with respect to The Robotic
Restaurant market gap can be potentially witnessed (Karimi and et.al., 2016). This is essentially
because there several other big business organisation which have implemented that same
innovation. Furthermore, invention of such technology usually requires high amount of funds
and it is not easy for start up business ventures to effectively arrange these funds. By looking at
the statistics, it can be identified that the idea which The Robotic Restaurant is coming up would
become successful because people living under UK market are technically advanced and this
invention would be encouraged. Such restaurant would considered one stop destination for
teenagers living and UK market where they can hangout with their friends and families.
Therefore, this restaurant can effectively create a good reputation in potential market and
reasonable amount of profits can be attained. Implementation of market gap analysis will be
beneficial for company as it help in analysing gap in performance and fulfilling this in proper
manner. As it assist in analysing gap within standard and actual performance of staff members.
Specific Customer type and Target customers: Before initiation for a particulate
innovation in potential market proper research might be conducted in order to effectively identify
current demand as well as expectation of customers (Kohlbacher, Herstatt and Levsen, 2015).
Entrepreneur shall significantly identity the customers who would be targetted in order to
accomplish desired business objectives. The prices of the services offered shall be nominal so
that middle class people can easily afford it. In nut shell, people who fall under the age of 18-40
will the target customers. However, restaurant shall implement social media marketing strategy
through which reasonable market share can be captured. Under UK market there are few such
restaurants which are offering similar services but prices adopted by them are high enough so
therefore this would be a major advantage.

TASK 3
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea.
Gap Analysis is generally conducted by entrepreneur while introducing new business
venture in potential market. This analysis critically helps in ascertaining current situation of
market and identify whether the innovation would become successful or not. In short gap
analysis is done to compare present performance of business with expected or desire results
(Kraus and et.al., 2015). Therefore, respective organisation shall potentially conduct a proper
research to exactly identify market gap. This will potentially help respective organisation to set
the most effective strategies through desired business objective can be accomplished.
This gap shall be analysed by making use of primary as well as secondary data analysis
through which several business related aspects shall be made. Gap analysis will assist in filling
gap which find by conducting research. Because customers review is the best source by which it
become easy to analyse what changes are required and these will implement in effective manner.
 Primary Research: Primary research is a kind of research which is conducted by the
research himself for the very first time. With respect to current situation the respective
organisation as conducted a survey wherein a questionnaire is prepared in order to
identify the desire as well as wants of customers. Through the entrepreneur will be
identify the reason behind market gap and implement several strategies through the
witnessed gap shall be overcome.
 Secondary Research: Secondary Research is method which is concerned with using
already existing data. These documents may include pubic libraries, websites and several
others. It is more cost-effective in nature as compared to primary research because it
makes use of already collected information. However, the entrepreneur of Robotic
restaurant shall make use of this research in order to significantly understand each and
every aspect of business accurately.
Questionnaire
Name:
Email ID:
Contact No.

Q1. would you go to restaurant where food is served by robotics?
 Yes
 No
Q2. Does innovation adopted by The Robotic Restaurant would satisfy needs as well as
desire of targetted customers ?
 Yes
 No
Q3. Will the innovation of serving done by Robot help respective restaurant to gain
competitive advantage in potential market over their rivals?
 Yes
 No
Q4. Does the innovation in ambience of The Robotic Restaurant can attract maximum
customers?
 Yes
 No
Q5. Would you recommand new suggestions to respective restaurant in order enhance their
business services?
 Yes
 No
P4 Interpret data appropriately to provide evidence of market potential.
A survey was conducted in order to effectively understand the expectation of customers
from the respective restaurant. The conducted survey involved 30 customers who stated their
views regarding the innovation which will be adopted by The Robotic Restaurant. This analysis
will be helpful in identification the reaction of targetted customers.
Theme 1: would you go to restaurant where food is served by robotics
would you go to restaurant where food is
served by robotics?
Frequency
 Yes 21
 No 9

Central Tendency Data
Mean 15
Median 15
Mode 3
Interpretation: From the above pie chart it can be concluded that 21 out of the 30 respondents
will go to the restaurant which serving food by robotic whereas the remaining 9 are not interested
in it. Thus, it has been identified that most of people like to go in restaurant where food is
serving by Roberts.
Theme 2: Satisfaction of customers needs
Does innovation adopted by The Robotic
Restaurant would satisfy needs as well as
desire of targetted customers?
Frequency
 Yes 25
 No 5
Central Tendency Data
21
9

Mean 15
Median 15
Mode 0
Interpretation: From the above chart it can be interpreted that according survey 25 out of 30
customers thinks that the innovation adopted by The Robotic Restaurant would satisfy the needs
as well as demand of customers. As per the graphical presentation and response of respondents it
has been analysed that robotic restaurant will satisfy need of customer.
Theme 3: Gain Competitive advantage
Will the innovation of serving done by
Robot help respective restaurant to gain
competitive advantage in potential market
over their rivals?
Frequency
 Yes 24
 No 6
25
5

Central Tendency Data
Mean 15
Median 15
Mode 0
Interpretation: From the above chart it can be identified that out of 30 respondents 24 of the
customers thinks that The Robotic Restaurant would be able to gain competitive business
advantage over its rivals whereas the remaining 6 does agree with the same. By analysing
response of people it has been identified that Robotic restaurant will gain competitive advantages
and out of 30 respondents 24 are in the favour of it.
Theme 4: Attract maximum customers
Does the innovation in ambience of The
Robotic Restaurant can attract maximum
customers?
Frequency
 Yes 27
Yes No
0
5
10
15
20
25
1
1.5
2

 No 3
Central Tendency Data
Mean 15
Median 15
Mode 0
Interpretation: From the above data analysis it can be observed that out of 30 respondents 27 of
them thinks that the innovation in ambience of The Robotic Restaurant can attract maximum
customers whereas the remaining 3 are not in favour of same. From respondents viewpoint it has
been concluded that innovation in ambience of Robotic restaurant result in attracting large
number of people.
Theme 5: Suggestions for improvements
Would you recommand new suggestions to
respective restaurant in order enhance their
Frequency
Yes No
0
5
10
15
20
25
30

business services?
 Yes 20
 No 10
Central Tendency Data
Mean
Median
Mode
Interpretation: From the above analysis it can be seen that out of 30 respondents 20 of the total
thinks that The Robotic Restaurant would require future improvement in order to capture
reasonable market share under UK . Whereas the remaining 10 states that no future improvement
are required to be implemented by The Robotic Restaurant.
Yes
No
0 2 4 6 8 10 12 14 16 18 20
Column B

TASK 4
P5 Apply a SWOT framework to collate evidence to support an objective of specific
entrepreneurial idea.
The innovation adopted by respective restaurant can potentially become successful under
UK market this is essentially because people living there are technically advance and they prefer
such innovations. However, SWOT Analysis will help to understand core areas of respective
business and also the areas where it shall improve (Lehto, 2015).
 Strengths: Strengths are core competency of business. It is a favourable condition for an
organisation which separates it from potential competitors. However, with respective to
the robotic restaurant there are several positive aspects which will potentially help in
creating competitive business advantage. Improved quality assurance shall be witnessed
to adoption of robotic services. There major strength is way of serving food as well as 5D
ambience which help them in gaining competitive advantages.
 Weakness: These are areas due which overall productivity of business is negativity
hampered (Newman and et.al., 2018). Whereas with regard to robotic restaurant the
major weakness is that huge amount of initial investment is required in order to
effectively adopt the advanced technology. Apart from this, one of the major weakness is
that manpower will reduce when robotic innovation will implement which result in
increasing production cost.
 Opportunities: These are basically the favourable condition wherein competitive
advantage can be gained. With respect to robotic restaurant there are several market
opportunities and further it can also expand its business operation in other parts of the
world. One major opportunity which Robotic restaurant have is that they can expand their
business at global level for gaining competitive advantages as well as growth.
 Threats: These are factors which potentially harms the overall business performance.
The major threat for robotic restaurant would the competitors which can hamper the
profitability of respective organisation. Furthermore, rising costs of technology under UK
market is other another major threat. As competition is increasing within hospitality
industry which is one of the major threat for Robotic restaurant.

Thus, through SWOT analysis necessary areas where a firm needs to improve shall be identified
effectively. Proper market research must be conducted so that strategies might be implemented in
order to capture reasonable market share.
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability.
Furthermore, in order to become successful entrepreneur proper market research need be
to conducted so as to exactly find out the latest trends which are essentially followed under
hospitality industry in order to capture reasonable market share (Nijssen, 2017). The most
effective business idea after market analysis is adopted.
Competitive Marketplace: Through adoption of proper market research an entrepreneur
is effectively able to identify its potential competition which can hamper the productivity. With
respect to robotic restaurant, proper research will effectively help to implement the business
strategy through which maximum number of customers are attracted.
 Target Audience: Before launching a particular innovation within UK, entrepreneur
shall significantly identify who would be the targeted customers through which growth
can be potentially witnessed.
 Substitute: A regular update shall be kept in order to know services which the
competitors are adopting and future strategies might be adopted in order to overcome
them.
Market Environment: PEST Analysis is conducted in order to effectively determine the
business environment wherein operations of The Robotic Restaurant shall be carried out.
 Political Factors: These factors essentially determines the rules as well as regulation
which are invented by government in order to effectively carry out business operations
(Sengupta and Sahay, 2017). With respect to robotic restaurant, entrepreneur needs to
properly analysis the political factors introduced by UK government which includes legal
framework, political framework and many others.
 Economic Factors: These factors basically includes aspects relating to interest rates,
inflation rate etc. Due the robotic restaurant the unemployment rate within the economy
shall be increased as it can give negative impact at some manner.

 Social Factors: Social factors basically aims to determine the buying pattern adopted by
people living in UK. Therefore, through proper marketing research robotic restaurant
eventually aims to identify needs as well as desire of customers.
 Technological Factors: These are factors which primarily states the kind of technology
which can organisation adopts in order to capture reasonable market share. However, for
the robotic restaurant adoption of most effective technology is must in order to carry out
business operation. As technology is increasing day by day will provide assistance to
robotic restaurant in implementing their innovation within more effective manner.
 Environment factor – Both external and internal environment of robotic restaurant have
to be consider. For keeping environment health and surrounding clean it is important for
respective restaurant to place some indoor plants as well as external plants which help in
keeping surrounding clean. Try to use recycled material and implement a proper food
waste management policy. Donate leftover to charity and needy people. Every
environmental impact is crucial for business expansion and a loyal customer base.
 Legal Factor – Legal and local bodies have their wide impact on working of business
because These regulatory authorities frequently visit the different areas of the restaurant
like kitchen and store to check the different food items quality and expiry, staff and other
hygiene conditions.
Porter's Five Force Model: Entrepreneur of The Robotic Restaurant have adopted porter's five
force model in order to effectively determine competitive position under UK market.
 Bargaining Power of Buyers: This is an important factor which is essentially considered
(Suddaby, Bruton and Si, 2015). Buyers hold the power to influence pricing decision
which impacts the buyer's choice as well as switching behaviour. Moderate bargaining
power of buyers within the industry is witnessed.
 Competition in industry: High number of competitors are witnessed within this
industry. But with respect to robotic restaurant power of competition is low because there
are very less number of restaurants under UK which are offering similar services.
 Bargaining Power of Suppliers: Within hospitality industry bargaining power of
suppliers is essentially low because there are several number of suppliers which provide
similar quality of products at reasonable prices (Todeschini and et.al., 2017).

 Threat of Substitute Products: Restaurant industry have several entitles, due to which
customers can easily switch from one to another restaurant. Low cost of switching this
major reason behind this shift. High power of threat to substitute products is witnessed
within the industry.
 Potential of New Entrants into industry: Setting up new restaurant with robotic
technology essentially requires huge level of investment. However, potential of new
entrance into industry is moderate this because huge amount of funds are required.
CONLUSION
From the above report it can be concluded that entrepreneurs plays a very curial role in
boasting the revenue of economy. However, it is very essential to regularly evaluate the several
entrepreneurial opportunities which are potentially available in market through which
sustainability within an organisation shall be witnessed. Herein entrepreneur of respect business
organisation is coming up with new business idea in order to capture reasonable market share.
Drucker's model of innovation was adopted to know the source which essentially helps in
making innovation successful. SWOT as well as Porter's five model analysis is done in order
under the exact situation of business.

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