(Doc) Assignment: Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................4
Background information about those sources that inspired your idea and what motivated you
personally in wishing to set up your own business................................................................4
An introduction to your business idea and what it is, and who and where your potential
customers and target audience are..........................................................................................6
A competitor analysis that looks at the competitive marketplace. Look at failures and
successes in the industry. What you can do differently?........................................................6
Gap analysis and how you are looking to close the gaps. What is the situation now and what is
the future?...............................................................................................................................7
Market research to support viability for your business idea and identify market potential using
a range of sources that could be both primary and secondary................................................8
Why your business idea is viable and feasible and how you qualify this belief. What are the
strengths and weaknesses? ..................................................................................................13
How will you overcome the risks of competition and the potential opportunities for growth
and development in the future? ...........................................................................................14
CONCLUSION..............................................................................................................................16
REFERENCES .............................................................................................................................17

INTRODUCTION
Entrepreneurship is an significant component that enables in growth and development
and it is a chain of activities in which composing, running and launching a business specifically
small business. Individual and group of individuals who begin a new business with a new
concept to enlarge business and gain large market share. Entrepreneurs create or build large
opportunity by accessing consumers needs and wants in better way. This report is based on
concept of launching a new business by evaluating business opportunities in London that is
Coffee thrill that found new concept of to make coffee with help of natural herbs for the health
aware people. This assignment is based on entrepreneurial new idea and concept with relevant
information and idea behind it. Further it also includes consumer base and market that they want
to capture by finding their key wants by evaluating gap and risk analysis. In addition to it also
access potentiality of project with help of primary as well an secondary data.
Background information about those sources that inspired your idea and what motivated you
personally in wishing to set up your own business.
Business expansion is very obligatory to exist for long time in market, that can be achieve
by evaluating opportunities and threats of market and consumer needs (Audretsch, 2012).
Entrepreneurship is an significant factor or attribute which enables in enhance employment
opportunity at both individual and group of individuals development. In case of Coffee thrill it
by finding out new opportunities in market aimed to launch a new product for health conscious
people. An entrepreneur can bring out innovative idea from many sources such as some times
they are passionate about to open their own business and their family background support them.
Further brainstorming, consumer survey and mass media collection are important sources to
bring idea (Autio and et. al., 2018.). A lot of factors that influence to become an entrepreneur is
to control others and their activities, earn money, risk taking ability, new thought and idea are
important attributes that contributes in advancement of entrepreneurs.
Sources of entrepreneurial idea:
To search out best source of entrepreneur with help of Peter ducker seven step to gain
potential results that are as follows:
Ducker's 7 sources of systematic innovation:

Peter Ducker list out 7 main attributes to bring new ideas and opportunities in their book
innovation and entrepreneurship.
The unexpected:
The whole world is full with lot of unexpected events and sometime individual have to
face these failures and sometimes success that is result of innovation and new idea. Unexpected
success and failure that is not noticed. These conditions and situations inspire and motivate
others to start their own business to beat these situations by evaluating both positive and negative
aspects.
The incongruity:
To evaluate market conditions and scenario need to evaluate consumers preferences. In
preferences includes their reactions or responses, feedback and complaints is one of best way to
search out incongruity factor ( Barazandeh and et. al., 2015.). It is connected with reality as well
actuality that is to be expected in near future to get better results.
Process need:
The best source to find business opportunities is to search out their factors that lack
behind in progress. It delivers best solution to improve them by accessing needs. For example
Coffee thrill found that consumer are more health-conscious and want something new to
compensate with their needs and wants in well manner.
Industry and market structure change:
Industry and market structure that change time to time and it not stable for long period of
time. With help of technology changes occurs in industry and market that are very necessary for
advancement. For example coffee thrill faces deregulation in rules and policies for that they have
to pace with these changes launch a new product into market.
Demographic:
One who want to something new in their business always observe change in populations,
their income level, capital and age range that occurs in recent time. To gain advantage constant
observation is very very necessary.
Change in perception:
It is very necessary to perceive world with right view and it changes very frequently. In
changes many in technology, working method and certain brand features are major attributes that

help in rapid growth ( Dimov, 2011.). These changes are the major reason behind developing a
new product and services that match with perception of consumers.
New knowledge:
New way and technology is very important to give things in better way to satisfy
consumer needs and demands. In case of Coffee thrill they launch a new concept to fully satisfy
their needs in better way.
An introduction to your business idea and what it is, and who and where your potential
customers and target audience are.
Business idea is main attribute to gain financial stability in market, it is related with
product and services to give best things to consumers.
In perspective of coffee thrill, it aimed to launch a new product that coffee which is
prepare on basis of herbs to target health-conscious people ( Fuentes and et. al., 2010.). They
want to expand their market by satisfying wants of consumers in different way. They evaluate
needs and wants of consumers by different sources in which media, past experiences and
secondary source of data.
Target audience:
target audience is potential consumer base on which coffee thrill want to target for that
different sources such as advertisement, media and publications are use to connect with them.
According to target audience organization have to create their message and advertisement
campaign. Coffee thrill their consumer are all age people who are health-conscious people who
want herbs in their coffee to give delighted experiences to their consumers (Grégoire and
Shepherd, 2012).. Hence with help of research and data base they can collect important
information about their consumer base and achieve large market share. Their potential
consumers are people who are gourmet and people who are interested to taste different types of
food and drinks. They found their consumers in local area and they grab it by different
advertisement sources.
A competitor analysis that looks at the competitive marketplace. Look at failures and successes
in the industry. What you can do differently?
Competitor analysis is an very important tool and management approach that enables in
access strength and weaknesses of both their current and potential consumers. They using both
offensive and defensive strategy and approach to find out opportunities and threats to grab large

no. of market share. There rivals are Caffe nero, starbucks and costa coffee that are very well
known coffee providers in different categories. To grab large no. of consumer they pay attention
on follow rules and regulations that follow by their competitors and that is easy to adopt changes
so that they can give their best to their potential consumers.
Achievements of Coffee thrill by their objective is to give best products and service with
different serving style in unique flavor. It helps in achieve large market share by their pricing
strategy that they proving moderate price with high quality products in comparison to other
restaurants. For achieve large market share they provide different types of discounts, coupons
and other promotional activities that helpful in achieving large market share (Kohlbacher,
Herstatt and Levsen, 2015). The factor that could be cause of their failure is their staff member
that are rigid in nature and restrict to change. So for that they have to adopt different strategies
that help in adapt to change and behave moderately. Employees needed training and
development to give their best in growth and enhancement of organization. In case employees
are not proficient and not adequately able to serve food on table then it give bad experience to
their consumers and hinders self interest of Coffee thrill. Another major factor is not properly
supply of food items in proper form and style for that they have to update their sales system.
Differentiation:
In differentiation consist of provide food and its serving style in different manner so that
it enchant their consumers in better way. In case of coffee thrill they aimed to provide different
flavors and taste to their consumers to satisfy their distinct demands and needs (Siegel and
Renko, 2012). Their target market is all age group people especially who are health-conscious.
To compensate their demand they aimed to launch a new product into market with expand their
product line.
Gap analysis and how you are looking to close the gaps. What is the situation now and what is
the future?
Gap analysis is an management tool that is used by organization to measure performance
level by both standard and desirable level of achievement. In case of Coffee thrill with help of
various information system or applications that are useful in get business requirements should be
met according to need. For that necessary and potential steps should be taken to get desirable
outcomes.

There are various ways and methods that helps in eliminate gap to achieve desirable outcomes
that are as follows:
Primary research:
Primary research is first hand or new set of collection of data and information to find out
answers of specific problems or issues. It can be conducted with help of surveys, questionnaire
and interviews at the individual and group of individuals to get better results (Suddaby, Bruton
and Si, 2015.). It is one of the best method to grab large no. of information and data before
launching a new product into market. In case of coffee thrill with help of this method it can grab
data resulting large no. of consumers achieve.
Secondary research:
In that secondary research it use information to take decision which is already available
in market for different reason and available for all. It is also known as desk research, in case of
coffee thrill it commonly using the secondary research because it is easily available in market
and cost effective.
Market research to support viability for your business idea and identify market potential using a
range of sources that could be both primary and secondary.
Questionnaire
Q.1. Are customer possess knowledge about products of Coffee thrill?
Yes
No
Q.2. Does Coffee thrill able and provides ingredients according to customers wants ?
Agree
Disagree
Q.3. Do Coffee thrill provides coffee at relevant price?
Yes
No
Q4. Are customers happy or satisfied with coffee thrill services?
Agree
Disagree

Q.5. Does Coffee thrill able to gain attention of their audience?
Yes
No
Q.1. Are customer possess knowledge about
products of Coffee thrill?
Frequency
Yes 40
No 20
mean 30
median 30
mode 0
Interpretation:
From the above table it has been summarized that consumers possess knowledge about
their products and it can spread awareness through social media and other sources also.

Q.2. Does Coffee thrill able and provides
ingredients according to customers wants ?
Frequency
Agree 45
Disagree 15
Mean 30
Mode 0
Median 30
Yes No
0
5
10
15
20
25
30
35
40
Column B

Interpretation:
from the above graph it has been found that customer are enchanted and aware about
their premises to able effective services. In case of coffee thrill provide open roof services and
boo fa which attract large no. of consumers.
Q.3. Do Coffee thrill provides coffee at
relevant price?
Frequency
Yes 35
No 25
Mean 30
Mode 0
Median 30
Agree Disagree
0
10
20
30
40
50
Frequency

Interpretation:
From the above graph it has been summarized that customer are very conscious for their
money and for that coffee thrill give reasonable price products to them.
Q4. Are customers happy or satisfied with
coffee thrill services?
Frequency
Agree 30
Disagree 30
mean 30
mode 0
median 30
Yes No
0
10
20
30
40
Column B

Interpretation:
from the above graph it has been concluded that company Is in position of equal position
means same candidates like their products just same dislike them.
Q.5. Does Coffee thrill able to gain attention
of their audience?
Frequency
Yes 50
No 10
mean 30
mode 0
median 30
Agree Disagree
0
5
10
15
20
25
30
Column B

Interpretation:
As per the respondents in coffee thrill consumers attract towards them and also they
provide health-conscious drinks and food items.
Why your business idea is viable and feasible and how you qualify this belief. What are the
strengths and weaknesses?
To judge or measure viability of a project need to evaluate various steps and procedures
to grab large market share and beat their competitors (Tang, Kacmar and Busenitz, 2012.).
These all factors helps to organization in better evaluation and decision making regarding
expansion of business. In that SWOT analysis that stands for strength, weaknesses, threats and
opportunities of business.
Strength of coffee thrill:
In key strength of coffee thrill helps in judge viability of project that is launched by it in
market to grab large market share that are as follows:
 It has large chain of products that helps in expand in further product to expand its product
line by accessing their needs and wants in proper way.
 It choose it price base that is comparatively less from the fierce rivals in environment.
 Coffee thrill gives new concept of coffee that attract large no. consumers that are
different from their competitors.
 They give emphasis on health of consumers by using different ingredients that prove fruit
ful for consumers health.
Weaknesses:
Yes No
0
10
20
30
40
50
Frequency

In case of Coffee thrill they have many weaknesses which are hindering their growth that
are as follows:
 they are first time launch a new product into market so they have less experience of that
field.
 They are suffering from the lack of proficient staff members in their restaurant that
increase probability of bad consumer experience.
Opportunities:
 It has niche market that provides new products and services that completely satisfy their
needs and demands.
 It has new concept which positively satisfy their consumer needs and wants so it is
beneficial for them to get large market share.
Threats:
 In their threats consist of many aspects that are there are lot of competitors in front of
them. It suffer from that their consumer base are habitual of their taste so it is very hard
for them to grab their attention.
 To launch a new product requires huge amount of investment that is hazardous for them
to compete in that market.
How will you overcome the risks of competition and the potential opportunities for growth and
development in the future?
There are large no. of opportunities and threats before a business in which it has to
eradicate with help of five force model and pestel analysis that helps in gain knowledge and
insights to implement in wide market.
PESTEL Analysis:
In pestel framework that are avail by marketers to monitor results in better way that are as
follows:
Political factors:
In political condition consist of that coffee thrill faces problem of raw material sourcing
and while it deal in UK it has lot of political unsuitability in that environment (Welter and
Alvarez, 2015). In that case they have to follow various social and environmental rules and

regulations that help in fair trade but on other hand it increase cost of their operation. The
significant concern or issue faced by coffee thrill is while follow different rules and regulations
they occurs huge cost and taxes.
Economic factors:
In economic factor consist of recession that directly influence their business proceedings.
Coffee thrill face many labor laws and operating cost that hinders their self interest. Some other
factor that affects their business is various currency exchange rates, various regulations and tax
regimes that have to face.
Social factors:
In social factors consist of changing taste and preferences of consumers in case of Coffee
thrill have to specifically pay attention on consumer need by observing their cultural and social
factors. Changing lifestyles is also an threat for coffee thrill.
Environmental factors:
In environmental factors consist of provide eco friendly products and services to satisfy
consumers awareness in better way. Rules and regulations and awareness towards environment
in countries hinders their self interest.
Technological factors:
In technology factors consist of hazards while adaptation or launching a new product into
market place. That is due to the changing taste and preferences of consumers that forces to
adaptation of technology. In that case coffee thrill have to spend lot of amount on research and
development (Tang, Kacmar and Busenitz, 2012.).
Legal factors:
In legal factors consist of rules and regulations that follow by coffee thrill while deal in
different market and for new product launching. It faces some restrictions in licensing and strict
laws which hinders their self interest. It faces high cost that occurs while deal with many laws
simultaneously.
Porter's five force model:
Competitive rivalry:
it has lot of competitors that hinders their self interest and they are also well established
in market. Their rivals are Starbucks, naro coffee and CCD which are giant rivals.
Bargaining power of buyers:

in case of coffee thrill it operates in international market so it has low bargaining power
by switching cost and higher sustainability in market. So buyer have favorable result for their
product.
Bargaining power of suppliers:
In case of Coffee thrill they have moderate class of suppliers that impacts highly on their
profitability ration that hinders their self interest (Grégoire and Shepherd, 2012)..
Threat of substitute products:
In market various types of drinks substitutes are available which work as a threat for
them. In case of coffee thrill tea, soft drinks are major factors that affect its business.
Threat of new entrants:
There are lot of entrants that enter into market after evaluating huge opportunities of that
sector that give results low profit ratio.
CONCLUSION
From the above report it has been concluded that entrepreneurship and entrepreneurs is
significant factor in both for organization and individual. It compensates consumer needs and
wants in well manner by find out solution of their issues. To become an successful entrepreneur
motivation and inspiration should give their best result. To get success in marketplace firm,
have to acknowledge about competitor strength and weaknesses and accordingly moderate in
strategies. To eliminate market gap is very significant for acknowledge current and future trends
while launch a unique product into market.

REFERENCES
Books and journals:
Audretsch, D., 2012. Entrepreneurship research. Management Decision. 50(5). pp.755-764.
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.
Dimov, D., 2011. Grappling with the unbearable elusiveness of entrepreneurial opportunities.
Entrepreneurship Theory and Practice. 35(1). pp.57-81.
Fuentes, M. D. M. F. and et. al., 2010. Prior knowledge and social networks in the exploitation of
entrepreneurial opportunities. International Entrepreneurship and Management
Journal. 6(4). pp.481-501.
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.
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
new opportunities. Journal of Business Venturing. 27(1). pp.77-94.
Welter, C. and Alvarez, S., 2015. The state of opportunities: clarifying the transitions between
opportunity types. Management Decision. 53(7). pp.1398-1411.