Identifying Entrepreneurial Opportunities Assignment :Magic Mania Hotel
Added on 2021-02-19
20 Pages4497 Words29 Views
Entrepreneurship
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IDENTIFYINGENTREPRENEURIALOPPORTUNITIES1
Table of ContentsINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................4P1. Different sources of innovative entrepreneurial ideas...........................................................4TASK 2............................................................................................................................................6P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques.......6TASK 3............................................................................................................................................8P3. Gap analysis in the evaluation of entrepreneurial idea..........................................................8P4. Interpretation of data to provide evidence of market potential............................................13TASK 4..........................................................................................................................................16P5. SWOT Analysis to assess the entrepreneurial idea.............................................................16P6. Evaluation of competitive and market environment to assess potential viabilities.............16CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................222
INTRODUCTIONEntrepreneur is a person who creates, manage and develop new business entity, andwillingly take all the risk and profit of the business. Entrepreneur helps in enhancing theeconomy of the country. Therefore it is very important for every country around the world tomotivate and encourage entrepreneur, as a result country can leads to overall development of thecountry. The present report is based on Magic Mania Hotel which is initiating to develop a newbusiness idea in London, UK. Hotel will offer many attracting offers to grab the attention oflarge number of customers, these elements includes live music shows, free Wi-Fi facilities andmany more. In this assignment, various topics are going to be covered which includes SWOTanalysis. Along with this, gap analysis are covered in order to find feasibility of the businessidea.TASK 1P1. Different sources of innovative entrepreneurial ideasDifferent start up as well as entrepreneur business ventures highly contributes in theoverall development of the economy of a country. start-ups effectively contribute their high endcontribution in a country economy. Along with this all these business venture helps in generatinglarge number of employment opportunities as well as enhancing the GDP of country, improvesthe 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 ofentrepreneurship. With the help of this encouragement by the government of UK which willleads to promote fair and effective trade practices as well as reduce existing dominatingpractices. Thus, it is very essential for entrepreneurs to develop new and innovative ideas forsatisfying 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 inthe marketplace. There are some formative concept which is majorly related to seven sources ofPeter ducker which will encourage the management team of Magic Mania Hotel for launchingnew services in London provinces.Incongruities: In order to promote or launch new service at the marketplace, it is very important for anentrepreneur to examine current market situations. With this, entrepreneurs can take advantage3
and develop services according to the requirements of customers. As a result company will beable to gain competitive advantage at the market and will be able to maintain their sustainabilityfor a long period of time.The Unexpected:for an entrepreneur it is very essential to examine and evaluate effectively all theunexplored as well as unexpected ideas, thoughts which will aid them in order to gain supportfrom large number of customers. In today's dynamic world, needs of an individual changes everyday, 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 andposition at the competitive marketplace of London.Process need:As per this factor, it is essential for an entrepreneur to examine and evaluate all thedrawbacks and weakness which is associated with the idea of business venture. By doingchanges and modification in the ideas on a regular basis, entrepreneur can gain competitiveadvantages as well as eliminate their weakness. With this company will be able to satisfycustomers requirements by offering best services to them. In reference to Magic Mania,management team will examine and evaluate the shortcomings which is related with thelaunching of Hotel and can leads towards achieving more profitability at the competitivemarketplace.Changes in Market and Industry Structures:As an entrepreneur it is very important element to aligned all the business activitiesrelated to launching of new business idea with the current changing demands. With the help ofthis, entrepreneur can take advantages from more developmental opportunities. In order tolaunch a new business idea in London, it is very essential to evaluate the business culture, marketas well as structure of hotel industry effectively. Demographics:According to this element it is very essential for entrepreneurs to examine the changingdemographic 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 capitaincome level of an individual is very high in United Kingdom. As a result it will positivelyinfluence the profitability of restaurant effectively in the upcoming years. 4
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