Evaluating Entrepreneurship Opportunities and Action

This assignment is a compilation of research papers and studies related to entrepreneurship education, focusing on evaluating entrepreneurship opportunities and action. It covers topics such as promoting entrepreneurship, age and job identification, and the impact of entrepreneurship education on students' entrepreneurial intentions and opportunity identification. The assignment also explores how demographic changes give rise to entrepreneurial opportunities and how role identities affect entrepreneurs' evaluation and selection of opportunities.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Evaluate various types of entrepreneurial ideas and innovations.....................................1
TASK 2............................................................................................................................................3
P2 Explain the rationale and the market gap for a specific entrepreneurial idea...................3
TASK 3............................................................................................................................................6
P3 Present data needed to support gap analysis in evaluation of entrepreneurial idea..........6
P4 Interpret data appropriately to provide evidence of market potential.............................12
TASK 4..........................................................................................................................................14
P5 SWOT framework to collect evidence to support an objective assessment of a specific
entrepreneurial idea..............................................................................................................14
P6 Evaluate competitive and market environments in which the idea will be launched to
assess potential viability.......................................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurs are those persons who have intellectual ideas with whom they used to open
a business in a unique way. They grab these ideas from various sources which are available at
marketplace and give them opportunity to establish their business. Generally, they launch
companies in such marketplace where lot of competitors are present as well as with less capital.
This report showcase from where business tycoons got ideas and they turn these into product
concept (Kirzner, 2015). Along with this, they used to refine such ideas by using various tools
like marketing gap, competition analysis, Porter's Five forces model, SWOT and PESTEL
techniques etc. For this process, present assignment has been taken upon a new venture as
Mobique Point, which deals in retail business of commodities like mobile and its accessories.
Entrepreneur in this business makes various plans to attract customers mind and convince them
to busy.
TASK 1
P1 Evaluate various types of entrepreneurial ideas and innovations
An entrepreneur used to grab several ideas by analysing market situation. After generating
ideas, they refine the same and choose best to turn it into business concept. In case of opening an
outlet in a retail sector which includes commodities like mobile phones and accessories, a person
needs to determine demand of marketplace first (Hmieleski, Carr and Baron, 2015). Therefore, in
context with present case, a person has launched business in same sector as Mobique Point, used
various strategies to grab customers mind. In this firm, business tycoons offer several discounts
like first customer in a day has got opportunity to get extra benefits while purchasing a new
phone. It includes 1 year net free with 3 month net subscription. While last client of shop get
benefits like one month EMI free. Through such type of marketing strategies, they have success
in grabbing more attention of employees. In addition to this, with phone of high branded
companies, they have provided loan on minimum rate of interest. It helps in increasing sales
performance along with acquiring strong position at marketplace.
But for operating business in a profitable way, entrepreneurs need to check feasibility of
their ideas and strategies before applying them in workplace. They are required to conduct a
proper analysis like PEST factors and Peter F. Drucker's 7 factor of innovation which help in
evaluating market situation in proper manner. These methods help in identifying opportunities as
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well as sources through which innovators can generate more appropriate ideas. As present
scenario, an outlet named by Mobique Point has opened in a large populated marketplace. So, its
owners has used following techniques to develop business idea:-
Political Factor: Under this factor, an entrepreneur needs to analyse political condition of
country which includes taxation rates, legislations and amendable laws etc. All these things
create a much impact on business (Mathias and Williams, 2017). It assists them to comply their
organisation with all laws and legislations through which they can business in legal way. But due
to fluctuation in taxation, it impact on purchasing powers of people also which demand
entrepreneurs to offer products at affordable price rates.
Social Factor: This factor shows that if a company has do business in ethical ways then it
will help in enhancing good image at marketplace. This would create a good impact on people
and convince them to buy product of such companies. Along with this, as mobiles are becoming
basic needs of people without which they cannot do their work in easy and quick manner, so
whether a person oh high status or belongs from low category, he will definitely buy such
products on any cost.
Economical Factor: Government of UK has provided much support to new business
developers as growth of their organisation help in increasing economy of country. Along with
this, stability of economy has shown good financial condition of organisations and citizens. It
reflects high level of income of people. So, all such conditions help owners of Mobique Point to
open this venture on easy terms and conditions.
Technological Factors: With rapid change in technologies gives high innovative
products. It adds more features in mobile phones, therefore, it gives opportunity to retailers to
grab attention of customers (Foo, Uy and Murnieks, 2015). When a product having new features
come at marketplace then it will attract customers in vast manner. Getting high innovative
phones is becoming first priority of customers which gives opportunity to new ventures to
complete their demand in a more profitable way. It includes features like high resolution of
camera, large screen of devices, long durability of batteries, high securities and more
Thus, by analysing such macro factors, an entrepreneur generates various ideas as well as
can check effectiveness of the same also. It helps in choosing the best one for opening a new
start-up business. In addition to this, business tycoons also use Peter F. Drucker's innovation
which gives 7 sources of ideas as:-
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Incongruity: This factor shows how business will deal in future by using such ideas. It
reflects a gap between expected results to outcomes occurred after implementation of ideas they
have generated.
Process Need: Under this sector, an entrepreneur needs to employ high talented workers
in outlets who can help in providing effective services to customers. Along with this, can
promote services or products of company in vast area of marketplace
Industry & Market Structure Needs: Due to presence of many competitors at
marketplace, it gives various opportunities as well as threats to new ventures (Gielnik and et. al.,
2015). Therefore, it is recommended to them before establishing business they must analyse
structure of marketplace. It helps in understanding desires of customers and give ideas to fulfil
the same in a unique way..
Demographics: This section shows culture of people, preferences, taste and their
purchasing power through which an entrepreneur can segment them on the basis of similar
characteristics. It helps in completing demand of them in a proper way.
Changes in Perception, Meaning and Mood: As in mobile products, technologies are
rapidly changing therefore, it gives chance to new business developers to increase high sale
performances.
New Knowledge: It is the most essential requirement for entrepreneurs. They should gain
high knowledge as well as marketing and technical skills through which they can operate
business in a proper way (Hatak and et. al., 2015). In addition to this, they can make innovation
in products or services also.
Unexpected: For running a business in a successful manner, owners are needed to grab
all opportunities of marketplace through which they can acquire high number of customers in
their outlets and retain them for longer period of time.
TASK 2
P2 Explain the rationale and the market gap for a specific entrepreneurial idea
For opening a new venture, an entrepreneur needs to make various plans for identifying
demand of customers, trends of marketplace, purchasing power of buyers and more. It helps in
formulating strategies and policies accordingly. Today, in terms of mobile products every person
is its basic needs. Without such commodities, no one can do their business easily. Mobile phones
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aid persons to connect with others who live at distant or nearby places in a quick manner. So,
whether a person belongs from business world or studies and more need such devices. Therefore,
it gives opportunities to new ventures to launch business in a profitable manner. As present
scenario, an entrepreneur wants to open a business in retail sector and sells mobile and its
accessories. So, such persons need to analyse market situations first (Hmieleski, Carr and Baron,
2015). They must employ workers who have possessed complete knowledge of products and its
features so that they can give details of the same to customers and help them to buy as per wants.
In addition to this, to evaluate marketing gap also which help in understanding in which field
modification is necessary. Marketing gap can be taken as a tool to grab opportunities used for
fulfilling future demand of business and run successfully. It also helps in generating more profits
by turning business idea into product concept.
Requirement for identifying demand of customer on individual basis: Every person
has own desires and preferences for getting mobile phones which suit their lifestyles. With this
assistance, it is high essential for entrepreneurs to offer products of wide range and of different-
different brands. In addition to this, they should know the complete features of such commodities
so that queries of customers can be satisfied by giving proper solution (Karimi and et. al., 2016).
For grabbing more attention of people, provide offer and various discounts to them is must
necessary in case of earning more and more profit
Market Segmentation: Having a large customer base business, it is necessary for
organisations to divide them as per their characteristics. By dividing people on similar taste and
preference help in understanding needs as well as fulfil on time. Market segmentation generally
segmented customers on the basis of following:- Behavioural Segmentation: Under this segment, market is divided as per behaviour of
customers. For example: Usually Techno-friendly people wants to acquire mobile phones
of high technologies. They used to buy products whenever new technologies have
developed.
 Demographically Segmentation: This section divides market era as per taste and lifestyle
of people along with purchasing power (Kirzner, 2015). For instance- Customers who
belong to high status demand products of iPhone of Apple Company while persons who
have low income purchase such commodities on low price.
Tangible & Intangible features and benefits of a product or service
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Tangible Intangible
Tangible features of phones are relates with
sensation of touch. It gives first impression
when a person buys to such products.
It refers to untouchable features which can be
revealed once a product is used.
For instance: Large display, sensors, camera
resolution, fingerprint scanner, mobile
accessories are termed as tangible features.
For example: Software, battery durability and
applications and more are intangible features.
Approaches to Competitor Analysis:
 Before formulating new strategies, business tycoons are needed to determine number of
competitors present at marketplace as well as their techniques to acquire minds of
customers.
 Entrepreneurs with the help of managers are required to make a proper plan which
include place where new venture can be opened (Kohlbacher, Herstatt and Levsen, 2015).
In addition to this, it includes way to conduct all activities of business start-up, marketing
techniques and more.
 Marketing mix strategies including 4P’s of innovation.
 Analyse marketing gap which help in recognising the difference between actual outcomes
to expected one.
 Use effective tools and techniques for implementing new strategies in business.
Industry Life-Cycle:
Life cycle of industries shows following phases:-
 Pioneering phase.
 Accelerate Growth Phase.
 Mature Growth Phase.
 Industry Maturity Phase.
 Decline Phase
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(Source: Industry Life-Cycle Phase, 2018)
TASK 3
P3 Present data needed to support gap analysis in evaluation of entrepreneurial idea
For evaluating effectiveness of ideas of entrepreneurs, business owners can take help of
researchers who analyse who situation of marketplace and determine whether such thoughts can
aid them in accomplishing demand of company (Mathias and Williams, 2017). Investigators can
help them in analysing opportunities present at marketplace through which they can run
businesses in profitable manner. Along with this, they can evaluate whether ideas of new
business can run successfully in future. As per situation, an entrepreneur wants to open a retail
business Mobique Point of mobile products therefore, for grabbing opportunities of marketplace
and analysing demand of customers as per culture and demographical conducts, researchers
conduct various activities. They use statistical methods for making proper data of present
situation. Project makers have taken a sample of 50 respondents in order to know their desires
and get feedback for what actually they seek in mobile phones. They have made some questions
like what type of features people want to get in mobiles, price rates, brand of products and more.
By conducting survey, researchers have evaluated that out of 50 respondents, major
proportion i.e. 30 want to get large display of phones with dash charge support up to 8 GB RAM
processor and 32 GB internal memory but on affordable rates (Mueller and Shepherd, 2016).
While 10 respondents desire to get smart phone with high technologies, long durability of
batteries and on at least 1 year warranty. On other hand rest of people seek to get products of
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Illustration 1: Industry Life-Cycle

largest brand i.e. Apple or VIVO and more. Hence, business owners are needed to offer wide
range of products of various companies and on reasonable rates so that expectation of each
customer can be fulfilled on time.
Gap Analysis: This technique shows actual difference between expected outcomes to
obtain one. It helps entrepreneurs to identify in which area they have made mistake through
which expected result didn’t obtain. In addition to this, using this method they can analyse what
to change in techniques by which they can grab attention of customers in a large way. Therefore,
it is necessary for business to reduce gap of expectation otherwise it will reflect negative of their
business in marketplace and impact on sales performance. In order to evaluate gap analysis
between performance of latest Mobique Point to desired one, its managers has prepared a
questionnaire and filled with 50 respondents.
Questionnaire
Name
Age
Address
Contact No.
Q1. Does Mobique Point provide you good services?
A. Yes
B. No
Q2. Which mobile operator do you use?
A. Vodafone
B. O2
C. TELE2
D. Other
Q3. Are you looking out to purchase mobile phones on easy payment mode?
A. Yes
B. No
Q4. Which is the main factor that affect sales performance of Mobique Point?
A. Presence of competitors
B. Poor marketing techniques
C. Ineffective customer services
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Q5. Provide recommendation to Mobique Point by which its sales performance can
increased...
Theme1. Mobique Point provides you good services
Q1. Does Mobique Point provide you good
services
Frequency
A. Yes 32
B. No 18
8
A. Yes B. No
0
5
10
15
20
25
30
35
Column D

Theme2. Mobile operators
Q2. Which mobile operator do you use? Frequency
A. Vodafone 10
B. O2 14
C. TELE2 16
D. Other 10
9
A. Vodafone B. O2 C. TELE2 D. Other
0
2
4
6
8
10
12
14
16
Column I

Theme3. Customers wants to buy mobile phones on easy payment mode
Q3. Are you looking out to purchase mobile
phones on easy payment mode
Frequency
A. Yes 40
B. No 10
10
A. Yes B. No
0
5
10
15
20
25
30
35
40
Column F

Theme4.
Q4. Which is the main factor that affect
sales performance of Mobique Point?
Frequency
A. Presence of competitors 10
B. Poor marketing techniques 14
C. Ineffective customer services 16
11
A. Presence of competitors
B. Poor marketing techniques
C. Ineffective customer services
0
2
4
6
8
10
12
14
16
Column B

P4 Interpret data appropriately to provide evidence of market potential
From the above mentioned data, the following result has been interpreted:
Theme1:
Central tendency Total
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation: From this data, it has interpreted that average of customers are believed
that Mobique Point gives good services to them. Along with this, maximum number of
respondents think that it needs to create some changes in services. While standard deviation also
reflects that there is not much gap between perceptions of customers on the same.
Theme2:
Central tendency Total
Mean 12.5
Median 10
Mode 0
Standard Deviation 3
Interpretation: In statistical terms of view, majority of people use TELE2 and Vodafone
telecom services. Moreover, standard deviations also reflects that people use those telecom
services which provide good internet packs. Therefore, they switch to their operators whenever
company offers good plan on affordable rates to them.
Theme3:
Central tendency Total
Mean 25
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Median 25
Mode 0
Standard Deviation 21.22
Interpretation: It has interpreted from this data, mostly people wants to purchase mobile
sets on easy instalments. Along with this, there is also not much gap between different
perceptions of customers.
Theme4:
Central tendency Total
Mean 13.34
Median 13
Mode 10
Standard Deviation 3.05
Interpretation: It has interpreted from this statistical data that customers think that presence of
competitors and poor marketing techniques both create a large impact on sales performance of
Mobique Point. So, it needs to concern on both factors most.
Trend of marketplace as well as demand of customers can be evaluated properly by
conducting a proper research. In case of Mobique Point, project maker has used both primary
and secondary resource to collect data in proper way (Ramoglou and Tsang, 2016). Carrying
survey and conducting questionnaire method comes in primary research. Through this original
and reliable data can be obtained. While secondary method is used to collect information about
previous experiences and strategies used by other companies in same field by using internet,
magazines and other applications. Therefore, data collected by investigators for Mobique Point
can be interpreted as:-
 It has interpreted that establishing firms in same market area have used strong strategies
to sell their commodities. They used various channels to make a good connection with
customers and offer them products on impressive discounts (Ramoglou and
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Zyglidopoulos, 2015). So, this firm needs to formulate new strategies to grab attention of
customers in a unique way. Along with this, entrepreneurs are required to marketing
products in remote areas where number of competitors are less. It helps in increasing
sales performance and enhancing good image of company at marketplace.
 In order to make good connection with customers, it has promoted its business through
online applications and internet services.
TASK 4
P5 SWOT framework to collect evidence to support an objective assessment of a specific
entrepreneurial idea
SWOT Analysis of Mobile Business Idea for Mobique Point
Strengths Weaknesses
 Strong communication and distribution
channel.
 Wide range of mobile and its
accessories with all ranges as per need
of customers.
 Lack of capital.
 Weak strategies and policies
 Trending change of marketplace.
Opportunities Threats
 With advancement of technologies, an
entrepreneur gets opportunity to sell
commodities to large number of
national and international clients in a
vast manner (Davidsson, 2015).
 Stable economy of UK, gives benefits
to business tycoons to open their
venture on easy terms and conditions.
 Increasing number of competitors give
rise to threats for existing company
(Renko and et. al., 2015).
 In mobile business, every new feature
in products impact sales performance of
existing ones.
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P6 Evaluate competitive and market environments in which the idea will be launched to assess
potential viability
As per situation, it has recommended that new business tycoons are needed to gain high
skills and knowledge as well as analyse market trends to develop ideas. Along with this, they are
required to determine various factors like demand of customers, taxation and interest rate,
political rules and regulations, number of competitors present in same market etc. All these
things create much impact on business of new ventures and existing ones also (Suddaby, Bruton
and Si, 2015). Understanding importance of all these factors help in generating ideas also as well
as aid entrepreneurs to turn the same into product concept. In order to grab more ideas and
analyse impact of these, they can use PEST technique and Peter F. Drucker's innovation factors.
Both methods are used to identify need of customers through which they can formulate effective
strategies and policies in a perfect manner. In addition to this, these techniques can evaluate
strengths and weaknesses of rivals also which further helps in snatching their customers and
acquiring good position from them.
PEST analysis is used to determine political rules, economical condition, social factors
and technological advancement through business can run in a smooth manner (Baggen and et.
al., 2015). While Peter’s innovation factors aid entrepreneurs to make creativity in products or
services. Through this method, a person can use change of marketplace as opportunity in order to
deliver service in more unique way.
According to Peter Drucker's Innovation model, there are seven sources of innovation
which aids entrepreneurs to grab new idea for their business. It includes-
 The Unexpected: This factor assists managers of Mobique Point to conduct market
research. It helps them in analysing whether demand of particular product is lesser or
greater than anticipated.
 The Incongruity: There is always a discrepancy occur between what is going on and
what should be done. Therefore, this process is considered as tricky but it is the best key
to develop success in business. So, managers of Mobique Point have to nailed it by
meeting unmet requirements of customers.
 Process Need: It involves determining process under which managers of Mobique Point
have to find weak point area of business. Further, they should develop strategies to
minimise weaknesses and build success to business.
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 Industry and Market Structure Change: Rules and regulations of market area are
continuously change which creates lines of some products expand and others shrink.
Therefore, as per trend of marketplace, Mobique Point also requires to keep modification
in business.
 Demographics: In mobile sector, every person has own desire to get such products as
per age and purpose. Therefore, Mobique Point has to pay attention to this. It should
combine demographic factor with market segmentation which will help in meeting
requirement of every customers as per need.
 Change in Perceptions, Meaning and Mood: In mobile sector, with development of
technology, product life-cycle has been shortened up. Therefore, Mobique Point has to
develop strategies through which products can be offered as per preference of customers.
 New Knowledge: Due to advancement in technology, many opportunities are opened up
for entrepreneurs to find better ways for improving their processes. Therefore, for
driving success, R&D department of Mobique has to find new source of innovation on
continual basis.
PEST
Political: This factor also assist entrepreneurs to create innovation in business. As laws
and legislations established by government of a country helps them in evaluating in what manner
they have to conduct business. It will help in expanding business in other sectors in legal manner.
Economical: Financial condition of marketplace, taxation law, spending power of public
etc. are such factors which assist profitability of a firm. As introducing innovation in business
require sufficient amount of funds, therefore, good economical conditions aid managers of
Mobique Point also to arrange funds on easy rates.
Social: For innovation in business, one most concern factor is value of products as per
perception of users. So, it is necessary for managers of Mobique Point to identify what customers
are really want to get. It will help in developing innovation in business as per requirement of
them.
Technological: This factor plays an important role in innovation as adopting latest
techniques in business aid to add more features in products. Therefore, to grab attention of more
customers, Mobique Point need to adopt new marketing techniques like social media. It will help
in analysing need of consumers so that innovation can be done accordingly.
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CONCLUSION
From this above assignment it has evaluated that today’s fast developing world gives
various opportunities to new ventures for start up business at marketplace in an easier way. It has
studied in this report that for such a process, a person needs to analyse all around situation of
marketplace and desires of customers. It has helped in generating more ideas which further can
turn into business concept. With this assistance, they can evaluate marketing gap using SWOT
and PEST analysis.
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