Identifying Entrepreneurial Opportunities

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES
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Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1. Different sources of innovative entrepreneurial ideas...........................................................4
TASK 2............................................................................................................................................6
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques.......6
TASK 3............................................................................................................................................8
P3. Gap analysis in the evaluation of entrepreneurial idea..........................................................8
P4. Interpretation of data to provide evidence of market potential............................................13
TASK 4..........................................................................................................................................16
P5. SWOT Analysis to assess the entrepreneurial idea.............................................................16
P6. Evaluation of competitive and market environment to assess potential viabilities.............16
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................22
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INTRODUCTION
Entrepreneur is a person who creates, manage and develop new business entity, and
willingly take all the risk and profit of the business. Entrepreneur helps in enhancing the
economy of the country. Therefore it is very important for every country around the world to
motivate and encourage entrepreneur, as a result country can leads to overall development of the
country. The present report is based on Magic Mania Hotel which is initiating to develop a new
business idea in London, UK. Hotel will offer many attracting offers to grab the attention of
large number of customers, these elements includes live music shows, free Wi-Fi facilities and
many more. In this assignment, various topics are going to be covered which includes SWOT
analysis. Along with this, gap analysis are covered in order to find feasibility of the business
idea.
TASK 1
P1. Different sources of innovative entrepreneurial ideas
Different start up as well as entrepreneur business ventures highly contributes in the
overall development of the economy of a country. start-ups effectively contribute their high end
contribution in a country economy. Along with this all these business venture helps in generating
large number of employment opportunities as well as enhancing the GDP of country, improves
the infrastructure, increase per capita income and many more. In context of the present report,
Government of UK encourage young individuals in order to adopt the concept of
entrepreneurship. With the help of this encouragement by the government of UK which will
leads to promote fair and effective trade practices as well as reduce existing dominating
practices. Thus, it is very essential for entrepreneurs to develop new and innovative ideas for
satisfying the needs and requirements of the customer. With the help of innovative ideas,
entrepreneur can develop unique products and services which is not yet produced by any one in
the marketplace. There are some formative concept which is majorly related to seven sources of
Peter ducker which will encourage the management team of Magic Mania Hotel for launching
new services in London provinces.
Incongruities:
In order to promote or launch new service at the marketplace, it is very important for an
entrepreneur to examine current market situations. With this, entrepreneurs can take advantage
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and develop services according to the requirements of customers. As a result company will be
able to gain competitive advantage at the market and will be able to maintain their sustainability
for a long period of time.
The Unexpected:
for an entrepreneur it is very essential to examine and evaluate effectively all the
unexplored as well as unexpected ideas, thoughts which will aid them in order to gain support
from large number of customers. In today's dynamic world, needs of an individual changes every
day, as an entrepreneur it is very essential to assess the demand of customers in effective manner.
As a result, this will help Magic Mania restaurant in order to strengthen their brand image and
position at the competitive marketplace of London.
Process need:
As per this factor, it is essential for an entrepreneur to examine and evaluate all the
drawbacks and weakness which is associated with the idea of business venture. By doing
changes and modification in the ideas on a regular basis, entrepreneur can gain competitive
advantages as well as eliminate their weakness. With this company will be able to satisfy
customers requirements by offering best services to them. In reference to Magic Mania,
management team will examine and evaluate the shortcomings which is related with the
launching of Hotel and can leads towards achieving more profitability at the competitive
marketplace.
Changes in Market and Industry Structures:
As an entrepreneur it is very important element to aligned all the business activities
related to launching of new business idea with the current changing demands. With the help of
this, entrepreneur can take advantages from more developmental opportunities. In order to
launch a new business idea in London, it is very essential to evaluate the business culture, market
as well as structure of hotel industry effectively.
Demographics:
According to this element it is very essential for entrepreneurs to examine the changing
demographic environment, which is related with the income level, age group and many more.
For achieving competitive advantages at the marketplace, it has been examined that per capita
income level of an individual is very high in United Kingdom. As a result it will positively
influence the profitability of restaurant effectively in the upcoming years.
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Changes in Perception:
For every entrepreneurs, it is very important to examine the market gap and fill that
effectively, so that they can gain the support from local people within a particular locality. This
is because the requirements, needs, perception and trends of people change on a continuous
basis, which highly influence the productivity and profitability of the company. All these
elements will further aid the entrepreneurs in operating their business functions in effective as
well as in decent manner.
New Knowledge:
In today’s competitive world, technology plays very essential and crucial role in
achieving the organizational goals effectively. Therefore, it is very important for an entrepreneur
to examine all these technological advancements on a regular basis, so that they can succeed in
the competitive marketplace. Along with this, it will definitely helps in increasing the overall
profitability of the products and services offered by the company. All these upgraded tools and
techniques helps in satisfying the requirements of customers along with latest trends.
Strength and Weaknesses and advantage and disadvantage of sources of business idea
There are different types of of sources of business idea that can be undertaken by
entrepreneur of magic mania hotel. Some of the sources include, consumer surveys, franchises,
trade fairs and exhibitions and from personal experience and talent. Main strength which is
related to these idea include, that with the help of utilizing professional network entrepreneur
can able to identify what they think about the idea and how much feasible it is.
While major weakness that has been hold by sources of business idea include that, in
order to ensure its feasibility entrepreneur is require to invest more time and fund that may
further affect their business functioning.
TASK 2
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques
In the present report, in London, UK entrepreneur is planning to develop a new business
start-up. As per the above mention, entrepreneur is preparing to launch a hotel named as Magic
Mania. This hotel will be able attract large number of customers as they will offer various unique
services. These services includes sport events, pick and mix option (customize offer) where
customers can chose services according to their requirements. Along with this, they allow their
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customers to eat and drink for long hours with music facility and also offer free Wi-Fi facilities,
with wide range of food items. (Top 10 Sources of Business ideas & Opportunities. 2018).
According to the current trends, it has also seen that customers prefer watching live music while
taking dinner in a hotel. Therefore, it is very important for an entrepreneur before launching their
new idea to properly evaluate the changing requirements of customer’s. With this they will be
able to acquire large market share which will help them to gain high competitive advantages at
the marketplace. In addition to this, it is needed for an entrepreneur to fill the gap of market and
offer all those innovative services to their customers which is not yet provided by anyone.
Market gap analysis is discussed below in reference to every business ideas:
Determining opportunities:
before launching any new idea at the competitive marketplace, entrepreneur is required to
examine what strategic policies are adopted by their rival firms. With the help of this
entrepreneur will be able to develop more effective policies as well as will fill the market gaps
effectively and in best possible manner.
Technological advancements:
In today's competitive and dynamic world, technology is changing fast. As a result,
products and services offered by companies will be outdated I very short period of time.
Therefore, it is very essential for an entrepreneur to keep them upgraded with latest technology
and take advantage at the competitive marketplace. In addition to this, innovative and advanced
techniques are used to evaluate the current market situation and offer high quality products to the
customers according to latest market trends.
COMPETITIVE ANALYSIS
Basis Happy Republic Inn
Hotel
Marriott Hotel Four Seasons London
Products and
Services
Hotel Happy Republic
inn provide various
services which includes
live music shows, with
free Wi-Fi facilities in
order to attract large
number of customers.
In case of Marriott hotel,
they offer various
unmatchable experience
with attractive
infrastructure and unique
room services.
Four Seasons London
hotel, offer high quality
services to their
customers along with
highly trained staff
members.
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