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Identifying Entrepreneurial Opportunities Assignment - The Family Bean Cafe
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Added on 2020-10-23
Identifying Entrepreneurial Opportunities Assignment - The Family Bean Cafe
Added on 2020-10-23
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IdentifyingEntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................1P1 Different sources of entrepreneurial ideas and innovation....................................................1P2 Rationale and Market gap for specific entrepreneurial idea .................................................2P3 Gap analysis in the evaluation of entrepreneurial idea..........................................................3P4 Interpretation of data to provide evidence of market potential..............................................6P5 SWOT Analysis to assess the entrepreneurial idea..............................................................11P6 Evaluation of competitive and market environment to evaluate potential viabilities..........12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................16
INTRODUCTIONEntrepreneur is an individual who establish, launch, regulate and maintain a new businesswhile taking risk. They are those individuals who recognize various opportunities and with thehelp of innovation add value to their new business venture (Audretsch, 2012). In order to becomea successful entrepreneur, it is essential to analyse competitive market and then invest requiredtime, efforts and skills accordingly. This will help them to create an effective plan by developingformative vision in order to gain success in their entrepreneurial journey. In this Present casestudy, UK government launch a initiative to provide financial help in order to increaseemployment level in country, for this they have decided to help new start-ups and provide younggraduates financial assistance. In this report a new venture The Family Bean Cafe is going to setup. This cafe has planned to have exotic environment and include delightful range of coffee.Beyond being a place to drink coffee, this cafe offers variety of innovative themes likeeducational events and conferences. In this project, source of ideas and gap analysis with thehelp of SWOT are included to launch this venture in successful way. P1 Different sources of entrepreneurial ideas and innovationIn present case study, UK government formatively initiate a drive in which theyfinancially aid young graduates’ entrepreneurs to start their new business ventures. In order totake approval of government to take finance help form them young graduates are required tosubmit their business proposal. For this, various ideas can be taken from different types ofsources that are described below in descriptive manner:Mass Media: Mass media mainly include, radio, magazines, internet, newspapers andtelevision. All these are a major sources of opportunities, ideas and information. An individual inorder to develop a new venture is required to have careful look on commercial andadvertisements advertised on these media as to find out new and unique innovations. All thesesources can benefit entrepreneur of The Family Bean Cafe to analyse current trending fashion,perceptions of customers and other sales interest that will aid them to start their new businessventure. Trade fairs and exhibitions: These are regular events and one of the top sources indeveloping a business idea in formative way. An individual can join these fairs and exhibitionsas they are consistently being advertised on newspapers, internet, televisions and radio. By1
attending these exhibitions and trade fairs emerging entrepreneur of The Family Bean Cafe canmeet successful manufacturers, franchisers, renowned sales representatives and distributors whocan solve their queries and inspire them to thrive success in their entrepreneurial journey. Interests and Hobbies: Interests and hobbies include those activities that an individual doin their free time. It is one the major primary source of ideas generation for business. Forexample, if a person has interest in cooking, music or travelling then they can seamlessly createthat into a business venture. They can start hospitality, entertainment and tourism sector on costeffective way and enter in the world of successful entrepreneur. This will assist the entrepreneurin gathering ideas related to launch of The Family Bean Cafe with innovative features to servethe needs of customers.Customer surveys: First base to start any business venture include costumer so it isnecessary to examine their actual needs and demands in order to provide valuable products andservices to them and gain profitability simultaneously. Customer survey help an entrepreneur toconduct a throughout analyses and find effective sources of ideas generation. In the formativeprocess of launching entrepreneur of The Family Bean Cafe various form of formal andinformal questionnaire has been conducted, different observations and interviews has beenincluded in surveys as to bring out some innovative business idea. With the help of all these measures and sources remarkable idea to launch a new businessventure can be generated. As UK government is playing an important role in order to encouragethese graduates by providing them effective source of finance (Hansen and Shrader, 2016). Thiswill help in maximising rate of employment in UK and profitability of country in gradualmanner. This effort initiated by government benefits in improving the quality of goods andservices and implementation on unique innovations in country business sector in simultaneousway. Therefore, it is important for young emerging entrepreneur to analyse various newopportunities and take advantages form them in order to take their career towards effectivegrowth path. P2 Rationale and Market gap for specific entrepreneurial idea New business idea developed by entrepreneur is launching of a cafe. The Family BeanCafe not only is going to offer exquisite range of coffee to their customers but also provides amagnificent environment which includes colleagues meet, friends talk and healthy culture forfamily. Cafe include various unique variety of full course meal and desserts in attractive way so2
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