Identifying Entrepreneurial Opportunities

This project examines the process of identifying entrepreneurial opportunities using the example of a Green Chile Restaurant. It analyzes various sources of ideas, market gaps, and utilizes tools like SWOT analysis, Porter's Five Forces, and PEST analysis to assess the viability of the business idea. The project also includes primary research data to support the analysis.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Measure the different sources of entrepreneurial ideas and innovation................................1
TASK 2...........................................................................................................................................2
P2. Explanation of the rationale and market gap for the particular entrepreneurial idea using
applicable tools and techniques to aid entrepreneurial choice.........................................................2
TASK 3............................................................................................................................................4
P3. Actual data required to support gap analysis in order to measure a specific entrepreneurial
idea..............................................................................................................................................4
P4. Interpret data especially to provide evidence of market potential........................................6
TASK 4..........................................................................................................................................10
P5. SWOT framework to collect evidence to support an objective assessment of a specific
entrepreneurial idea...................................................................................................................10
P6. Competitive and market environment in which idea will be launched to assess potential
viability.....................................................................................................................................11
CONCLUSION..............................................................................................................................13
REFERENCE.................................................................................................................................14

INTRODUCTION
An entrepreneur is the person who self operates business industries in a an effective
manner. Entrepreneur is able to take all kind of risk in order to operate their business functions
effectively. According to the all economic conditions an entrepreneur is focused on their
production factors properly an this process is also considered as the fourth factor of production
which includes in different new techniques like mobile, online transactions, ATMs, Credit cards
and these all are the examples of entrepreneurial ideas that mainly converted in the goods and
services. In this report Green Chile Restaurant is going to be launch. This restaurant is planning
to have different types of fast food items in order to impress people in a proper way. Along with
this restaurant has several kind of lights and colourful themes to make this business effectively.
Furthermore this report will consider several kind of sources of entrepreneurial ideas and
innovation, GAP market and Rationale market for the entrepreneurial idea, interpretation of data.
Along with this SWOT framework and competitive marketing environment will get covered in
this report (Audretsch, 2012).
TASK 1
P1. Measure the different sources of entrepreneurial ideas and innovation.
As UK government is very helpful for everyone so that an entrepreneur can easily launch
their new business or start-up in an effective manner. With the help of this they can achieve their
target and goals effectively. But for the better improvement government always focus on
youngsters in order to achieve target instantly. This concept is helpful for entrepreneur in order
to take good decision towards their business. With the help of this an entrepreneur can develop
new and effective innovative ideas in a proper way. There are different sources by which an
entrepreneur can have innovative ideas, those are listed below:
Hobbies and Interest: Hobby is the activity in which entrepreneur can enjoy their
precious time in order to make their business ideas effectively. With the help of this people have
established their successful business idea while doing their hobbies effectively. In the time of
travelling an entrepreneur or individual can be able to think positive and make their innovative
plan effectively. For example if one person has interest in travelling and tours than he will go
with their interest so that he can think positive properly. Wherein if person has hobby to cook
something than he will think about their food and implement their ideas easily. Now this can be
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said that if an entrepreneur wants to make their Green Chile Restaurant effective than he has to
think innovative plan in order to make potential customers.
Customer surveys: This is the main aspect of every business where in a person depends
on the clients feedback in order to justify the details of product and services in an effective
manner. Therefore, an entrepreneur can easily develop their idea in order to satisfying their
customers appropriately. On the other side an entrepreneur is able to find out the consumer's
preference and taste so that an individual can make their products accordingly. In context to the
Green Chile Restaurant, an entrepreneur is also working on consumers cafe in order to make
their consumer's happy in an appropriately.
Trade fairs and exhibitions: It is the top source of developing and generating ideas in a
proper way. It is mainly advertised by the radio, newspapers, internet that generally influence the
people in order make their goods and services effectively (Autio and et. al., 2018). In reference
to the Green Chile Restaurant, an entrepreneur meets with the several kind of suppliers,
manufactures, wholesalers, distributors who all are helpful for an individual in order to resolve
their query towards their business. With the help of this an individual can think positively in a
proper manner.
Mass media: It includes in the newspapers, television, internet, radio and magazines as
well which all are the different sources of developing ideas, opportunities and informations in an
effective manner. With the help of this an entrepreneur can focus on their commercial and social
needs of the economy. In regards with their restaurant, they can aid different taste according to
their potential customers in a proper way (Suddaby, Bruton and Si, 2015).
Therefore, this can be said that these resource are very much useful for an entrepreneur or
people who want to launch their business in the UK economy in a proper way. On the basis of
this they can make their potential customers in effective way and also able to achieve their
effective goals and target in an effective manner.
There are 7 sources of innovation model for effective business idea, which is given by the
Peter Drucker:
Peter Drucker is also known as the inventor of modern management along with this they
also has effective leadership skills and resources, management skills and entrepreneur also. On
the behalf of this they have huge impact on the business world so that people easily inspired by
them and make effective businesses. There are seven of innovative, those are given below:
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The unexpected: In the present context, there are lots of competition and unexpected
success towards the organisation so that by which individual can get inspiration for their
innovative ideas. In reference with Green Chile Restaurant, they will always use better
strategical plan in order to face expected and unexpected success. In order to change their policy
they need to inspire from the business world and than able to improve organisation functions.
Incongruities: In current scenario, there are so many organisations who are developing
effective tools and techniques day by day without any effective research. But they always fulfil
customer's requirements. In regards with Green Chile Restaurant, will also made their restaurant
menu according to the consumer's demand by taking some feedback from customer's so that they
can achieve their goals in a best way.
Process Need: This is the very effective source of innovation by which people or
entrepreneur can focuses on their work properly. Therefore, there are so many opportunities
comes after the company processes. In this Green Chile Restaurant, will make good process with
innovative ideas for analysing the proper key elements in order to develop good solutions.
Changes in the market structure and industry: Both term can be stable in the market
for a particular years until the new development of technologies. Herein, Green Chile Restaurant,
they will change their scenario with the current period of time for making lots of opportunities in
future.
Demographics: As per this source industries can get influence by the everyday changes
and demographical changes. So that these sort of changes identifying the different demand and
supply of product. In context with Green Chile Restaurant, they will target on the different age
group, education, higher degrees by which they can appropriate decision.
Change in perception: For the present time every people have different thought and
ideas for achieving their desired goals. In regards with Green Chile Restaurant, changes can
happen any time into the market due to marketing condition and competitors. That's why
entrepreneur will opt few strategies and make their proper scenario for gaining competitive
advantages.
New development: It is also good for making innovative things within the business. As
per this any technological resources can not overlooked through business. In context with Green
Chile Restaurant, they will opt proper strategy for making proper functions within the business
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organisation. Therefore, all these are essential in a perfect way by using various effective
sources.
TASK 2
P2. Explanation of the rationale and market gap for the particular entrepreneurial idea using
applicable tools and techniques to aid entrepreneurial choice.
In order to launching new business, first ideas comes by the entrepreneurial mind set who mainly
want to begins their business appropriately. In reference to the Green Chile Restaurant, an
individual always refers to the fine quality of food items with the particular verities such as
pizza, burger, Chile potato and so on. On the behalf of this an entrepreneur is able to make better
customers towards their sales and revenue in a proper manner. By this new concept new business
start up can be easily originated so that they can increase their sales effectively in a systematic
way (Tang, Kacmar and Busenitz, 2012).
At the present time Green Chile Restaurant is going to satisfy their consumer needs and
requirement with the effective discount and offer scheme on their product. Along with this
restaurant also provide different facility to sitting of people with the effective furniture in a
proper manner so that people can get motivated and highly satisfied. Moreover, entrepreneurial
mind has unique and attractive ideas by which they can make their good customers and also able
to earn good sales and revenue in a effective way. In regards of rationale market they can apply
innovative ideas on their business to make their reputation in the market properly. In the case of
Gap analysis which defines the gap between market position of business and their buyers. That's
why in order to make better Green Chile Restaurant entrepreneur will always try to make
innovative things in order to achieve goals. Better identifying the concept of GAP analysis is
given below:
Technological advancements: As per the current environment technologies are
upgraded day by day. This is because every people want to use innovative and different
technology in order to operate their business effectively. That's why it is much essential for an
entrepreneur in order to opt several kind of techniques to make their business effective. In
reference to the Green Chile Restaurant, an entrepreneur applies innovative techniques in a
proper way so that they can fulfil the needs of the customers efficiently (Barazandeh and et. al.,
2015).
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Identification of opportunities: This discovers all the project and product in order to
define the future development in a effective way. Therefore, it is essential for an entrepreneur to
check the resources availability within in the restaurant to satisfy customers. By this an
individual can get lots of benefits as well as can able to fight with their competitors within the
marketplace. As an entrepreneur applies unique strategy and techniques in their business so that
these kind of concept automatically identify the opportunities of the business developers in a
proper way.
For launching the new business within the market place than entrepreneur is responsible
to take effective decisions and evaluate few factors in order to run their business smoothly.
Competitive Market: According to this competitive environment in the marketplace this business
has to face various factors to evaluate current and future trends as well. Therefore, Green Chile
Restaurant uses Peter's five forces model in order to identifying their market situation, are listed
below:
Competitive rivalry: According to this Green Chile restaurant has the several
competitors and the competition is very high within the marketplace. For the better
improvements this restaurants has to bring innovative strategies then it will make good position
in front of the customers.
Threat of New Entrants: For the entrepreneur it is tough to enter in the new market with
new business because there are lots of members who already formed their business effectively.
In reference to the Green Chile Restaurants they need to make good strategy for the future
development (Siegel and Renko, 2012).
Bargaining Power of Buyers: In this buyers power is very much high as they have lots
of option from the market in a proper manner. In regards with Green Chile House restaurants are
needed to keep low pricing strategy.
Bargaining Power of Suppliers: There is supplier power is high so that Green Chile
restaurant needs to build trust with the manufacturers in a proper way.
Threat of Substitutes: According to this restaurant will apply innovative thoughts so
that this process will make them different in an appropriate manner.
STP: It is the process of good concept of study which is mainly related with the
marketing applications. Wherein, STP stands for segmentation, targeting and positioning.
5

Segmentation: In order to launch any business every entrepreneur is needed to select
their people by the demographic market which includes in marital status, age, education and
occupation as well. In this entrepreneur also target their market by psycho graphic, geographic
and behavioural aspect so that they can make their business effective.
Target: In this marketing concept entrepreneur is required to find their customers in a
perfect way. On the basis of this, they can bring effective innovative things for increasing their
potential growth in the marketplace. In this present business concept will target potential people
for maximise their overall growth.
Positioning: In order to analyse the position of this respective business product
entrepreneur will identify their uniqueness of restaurant so that people can influence and this
respective business is able to bring innovative changes in their food items in a effective way.
Therefore, it is necessary for launching a new business.
Industrial Life Cycle:
Source (https://wikicase.fandom.com/wiki/Industry_Life_Cycle)
According to this, industries life cycle mainly based on the characteristics of business and
consider each and every stage of business in an appropriate manner. As per this indyustries also
based on the development of products. After this, companies identifies their segmented market
by considering the size, scope and challengers. From the above graph this can be said that This
6

respective restaurant will overlook at their growth of an organisation along with this they will
concentrate on the maturity of product and declining the product. These terms are given below:
Start-up phase: It generally includes in several kind of developing the marketing
product and services in a proper way.
Growth phase: According to this customer's comes in from different industries so that
they take fe time to understand the value and demand of product. But the marketing development
will increase the growth of an organisation in a proper manner.
Maturity Phase: It mainly starts with the period of shake-out while growth slows and
concentrate on the expenses which arises in the organisation.
Decline phase: It is knows as the ability who always support the growth of the business
idea in an effective way. Along with this, it develops margin pressure and outsider competitors.
Therefore, here entrepreneur needs to change their production function for attain future goals.
TASK 3
P3. Actual data required to support gap analysis in order to measure a specific entrepreneurial
idea.
Competitive Analysis (Secondary Research)
BASIS Green Chile Restaurant Regal Restaurant Classic
Restaurant
Products and
Services
This restaurant will
provide different types of
food items with the
average price so that they
can make their customer
happy in a proper way.
Their menu includes in
several food items like
Pizza, burger, noodles,
This restaurant
provides several type
of food which includes
in convenient meal
with higher price. But
their concept of food is
very much effective
and tasty. Therefore it
is important for
It provides
different variety of
food for the huge
customers. Their
products of foods
are included in the
items of fast food
and junk food
effectively.
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fries and so on. consumers effectively.
Organisation
Structure
Green Chile restaurants
will follows the corporate
culture to prepare good
methods of food. With the
help of this culture an
entrepreneur can give the
work to their employees in
order to make effective
food in a proper manner
(Grégoire and Shepherd,
2012).
In this, restaurant
follow the
departmental structure
in order to develop
good environment
within the business
enterprises effectively.
Wherein, classic
restaurants apply
matrix structure
because of their
manager, so that
they can lead their
team members
effectively.
Major
Attractions
In order to make attraction
on the consumers this
restaurants will provide
different offers on their
food items to satisfy them
positively.
For making the
attraction this
restaurant offers
different theme
programmes with the
varieties of food
effectively.
It will offer
discount strategy to
the people in order
to make them
happy. With the
help of this people
can get higher
satisfaction
towards their food
items effectively.
Promotional
Strategy
In order to promote
strategy this restaurant will
promote their management
functions through the TV.,
radio, magazine and so on.
Regal restaurant will
promotes their
business strategy
through the several
websites like online
marketing etc.
Classical restaurant
will promote its
strategy by
newspaper or
social medial
properly.
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As per the above analysation of comparison table it has been identified that Green Chile
restaurant has several varieties of fast food items and also have risk taking efficiency in a proper
manner. In regards with corporate culture this restaurant has different type of tools and
techniques to make their customers happy and potential towards their food. With the help of this
they can also develop different kind of discount offer in order to achieve their goals effectively
or positively. This shows the company's reputation in front of the customers in an effective
manner. Therefore, all these concept are much essential in order to launching new business in the
country of UK. With all the benefits there are also lots of competitors fore this market so some
times they need to act different in the marketplace appropriately (Hansen, Monllor and Shrader,
2016). There are some innovative factors which is implemented by an entrepreneur, given below:
Primary research: It is the part of research methodology in which data is gathered and
collected directly. This research generally depends on the first hand research. This research
slowly solved their issues and address all the factors which are really needed in this time of
research. In context to the Green Chile Restaurant properly use this research and implemented
their data in a proper way.
Technology: It is important for the every business to attract and motivate customers
effectively. It is very good for manage business operations effectively.
QUESTIONNAIRE
NAME:
AGE:
ADD:
GENDER:
MAIL ID:
Q1) How will do you visit Green Chile Restaurant?
 Once in a month
 Several times in a month
 Daily
 Never
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Q2) Will you satisfied with the food quality which can be provided by Green Chile restaurant?
 Yes
 No
Q3) What will you order at Green Chile Restaurant?
 Burger
 Pizza
 Fries
 Sandwich
P4. Interpret data especially to provide evidence of market potential.
Theme 1: Visit in Green Chile restaurant
Q1) How will do you visit Green Chile Restaurant? Frequency
Once in a month 3
Several times in a month 2
Daily 2
Never 1
Interpretation:
10
Once in a month
Several times in a month
Daily
Never
0
0.5
1
1.5
2
2.5
3
3.5
Column B

According to the above graph it has been identified that 3 respondents out of 8 will visit
in Green Chile restaurant for once in a month. 2 respondents will go many times in a month in a
proper manner. 2 respondent will go on the daily basis because of they will like more. At last 1
respondent will never go in this restaurant reason being may be he/she will not aware about it.
mean 2
median 2
mode 2
Theme 2: Satisfaction from the food quality
Q2) Will you satisfied with the food quality which can be provided by Green
Chile restaurant?
Frequency
Yes 7
No 1
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Interpretation:
According to the above representative graph, it has been concluded that there is 7 people
who will satisfied with the quality of food by Green Chile restaurant in a effective way. Wherein,
only 1 candidate that will not agree with the quality of food because lack of knowledge about
restaurants.
mean 4
median 4
mode 0
Theme 3: Order at Green Chile restaurant
Q3) What will you order at Green Chile Restaurant? Frequency
Burger 2
Pizza 4
12
Yes No
0
1
2
3
4
5
6
7
8
Column C

Fries 1
Sandwich 1
Interpretation:
According to the above representative graph it has been analysed that there will be 2
respondents who will prefer the burger, 4 will prefer the pizza, remaining 1 people will go for
fries at last 1 people will prefer sandwich this is because every people has different kind of taste
in an appropriate manner.
mean 2
median 1.5
mode 1
13
Burger Pizza Fries Sandwich
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
Column D

TASK 4
P5. SWOT framework to collect evidence to support an objective assessment of a specific
entrepreneurial idea.
SWOT framework is a very important technique and strategy as well in which an entrepreneur is
able to identifying their all business activities in a systematic way. For the better understanding
of SWOT it is mainly determined the entrepreneurial needs and their weakness in a effective
way. It is very effective concept in order to increase the entrepreneurial growth and their stability
in a proper way. It also reflects on the negative and positive aspect of the business. There are few
implementations given by the SWOT in reference to the Green Chile Restaurant, those are given
below:
Strengths: This is the starting point to identifying the entrepreneurial and their business
growth in the form of strength in an effective manner. In order to establishing the new business
venture that Green Chile restaurant which deal with lots of food items in order to satisfy the
customer needs and desires in an effective manner. Apart from this restaurant has various
manufacturing chain and supplying chain in order to make proper system with in the restaurant.
Therefore, this is the strength of this restaurant so that they can increase their sales and revenue
and build strong relationship with the customers in a proper way (Kohlbacher, Herstatt and
Levsen, 2015).
Weaknesses: At the time of launching new business within the marketplace, it is
essential to an entrepreneur to identifying their weakness in a proper way, so that they can make
good idea in order to resolve their issues effectively. In the market of UK, there are lots of
competitors by which they can get affected in a proper way. Even they are not able to provide
good services to their customers effectively. For this reason they do not survive in the market for
long period of time and can get demotivated. So that they should apply good strategies properly.
Opportunities: For this framework as they are launching their new business with fast
food items so that they can get success because as per the present days people are focusing on
their health if Green Chile restaurant will provide good food quality of products than people can
get attracted and able to earn their value also cam enhance their profits by the customers in an
effective manner. Therefore, it will be the opportunities for this cafe effectively.
Threats: Accordion to this launching business can get demotivate because of the
diffe3rent competitors in the market which can reduce the sales of Green Chile restaurant
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negatively. Here this restaurant is needed to apply unique food items in order to make their
customer happy in a proper way. This effectiveness can bring the higher profit for this restaurant
and this process can also motivate them in a efficient way. That's why using different and unique
technologies in this restaurant an entrepreneur able to develop good environment in the
restaurant in a particular manner (Welter and Alvarez, 2015).
P6. Competitive and market environment in which idea will be launched to assess potential
viability.
Market Environment: For this there are several kind of marketing programmes, those are given
below: (Macro environment)
Political: According to this factor Green Chile Restaurant has to follow UK government
laws and legislation so that they will be able to run their business effectively.
Economical: In order to make good economical condition Green Chile Restaurant has to
adopt good pricing strategies so that they can achieve their targeted goals properly within the UK
market.
Social: As per this Green Chile Restaurant needs to analyse the market future and current
trends in order to mange their marketing operations in a proper manner. This concept will affect
the people easily (Suddaby, Bruton and Si, 2015).
Technological: In order to adopt new technologies this is the good thing for this business
venture as well as customers. That's why an entrepreneur can achieve their target properly.
Micro environment: In this marketing concept has different kinds of elements in order to define
various factors such as mission, vision, value of the business in an effective manner.
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CONCLUSION
According to the above representative report it has been analysed that entrepreneur is the
person who mainly develops and generate the innovative ideas in an effective manner. An
entrepreneur is the very much helpful aspect of economy in a systematic way. As per the above
discussion an entrepreneur has launched their Green Chile Restaurant in the UK marketplace.
For making them better they followed different types of factors such as different sources of
entrepreneurial ideas, rationale and market gap analysis, measured the particular data and their
interpretation as well. After that SWOT framework, PEST and Porter's five forces model has
been discussed in this report properly.
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REFERENCE
Books and Journal
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Autio and et. al., 2018. Digital affordances, spatial affordances, and the genesis of
entrepreneurial ecosystems. Strategic Entrepreneurship Journal. 12(1). pp.72-95.
Barazandeh and et. al., 2015. Investigating the effect of entrepreneurial competencies on business
performance among early stage entrepreneurs Global Entrepreneurship Monitor (GEM
2010 survey data). Journal of Global Entrepreneurship Research. 5(1). p.18.
Grégoire, D. A. and Shepherd, D. A., 2012. Technology-market combinations and the
identification of entrepreneurial opportunities: An investigation of the opportunity-
individual nexus. Academy of Management Journal. 55(4). pp.753-785.
Hansen, D. J., Monllor, J. and Shrader, R. C., 2016. Identifying the elements of entrepreneurial
opportunity constructs: Recognizing what scholars are really examining. The
International Journal of Entrepreneurship and Innovation. 17(4). pp.240-255.
Kohlbacher, F., Herstatt, C. and Levsen, N., 2015. Golden opportunities for silver innovation:
how demographic changes give rise to entrepreneurial opportunities to meet the needs
of older people. Technovation. 39. pp.73-82.
Siegel, D. S. and Renko, M., 2012. The role of market and technological knowledge in
recognizing entrepreneurial opportunities. Management Decision. 50(5). pp.797-816.
Suddaby, R., Bruton, G. D. and Si, S. X., 2015. Entrepreneurship through a qualitative lens:
Insights on the construction and/or discovery of entrepreneurial opportunity. Journal of
Business venturing. 30(1). pp.1-10.
Tang, J., Kacmar, K. M. M. and Busenitz, L., 2012. Entrepreneurial alertness in the pursuit of
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