Identifying Entrepreneurial Opportunity

This presentation focuses on identifying entrepreneurial opportunities and evaluating different sources of ideas and innovation. It discusses the rational and market gap for a specific entrepreneurial idea and provides data to support gap analysis. The presentation also covers interpreting data to assess market potential and applying a SWOT framework for objective assessment. Additionally, it evaluates the competitive and market environments for launching an entrepreneurial idea.

IDENTIFYING ENTREPRENEURIAL
OPPORTUNITY

P.1. Determine and evaluate different source of
entrepreneurial ideas and innovation
In today's world, verity of business are running on the basis of
creative and innovative ideas which being out better outcomes for
each business. Entrepreneurial ventures are being utilised innovative
approaches to find out new segments of marketplace, where they
can gain desired success in industry.
Entrepreneur: This is the best approach to figure out better idea to
start up a new venture. An entrepreneur can discover several new
business plans through searching about their preferred sector on the
basis of interest, category or professional which they like most.

Business opportunities and ideas: An entrepreneur identifies
relevant opportunities which generates from market on group of
various types of modern demand increasing by peoples in
marketplace (Bolton and Thompson, 2013).

Invent a new product or services: An entrepreneur must possess a
creative mind by which they can invent new products and services
according to customer's demand, which has potential to satisfy their
expected customer's need and demand perfectly.
Listen to customers complaints: It can be proved as an effective
habit for entrepreneurs. to customer's issues and complaints can
assist them to bring out something new and creative by which they
can develop significant products and services which can address
their customer's issues and complaints in a better manner.

Trade shows and exhibitions: An entrepreneur must participate
and conduct a trade show at the initial stage of their business
venture, in order to get effective ideas and opportunities for new
that might give better outcomes for.

P.2.Explain the rational and the market gap for
specific entrepreneurial idea using relevant tools
and techniques to support your choice
Rational and market gap for specific entrepreneurial idea:
Being entrepreneur is one of the best vocations in the world because
it encourages them to view everything as an opportunity for
innovation. They must figure out the best possible effective gap of
the market which can get appropriate success in the marketplace
(Chell, 2013).
Company: Entrepreneur need to identify those foods products and
services which is different from its competitors products.

Customers: In order to starting a new fast food outlet in London
city, an entrepreneur venture must require targeting their desired
audience which will use their foods products most.
Competitors: In order to starting up a fast food outlet, entrepreneur
require recognising their major player of competitors of the market
which is already existing in industry and serving high range of fast
food services.

P.3. Present data needed to support gap analysis in
the evaluation of a specific entrepreneurial idea
Gap analysis is needed for each business in order to determining the
differences between the performance of the firm from current to
actual in order to examining performance of the firm. In information
technology, gap analysis reports are often utilised by project manager
and process improvement of business. In case of starting a new fast
food outlet in London city, it is needed to analysis of proper market
by which gap analysis approach, so I will be able to know about to
succession scope of my new business ideas in market which can get
potential impact of profitability of business. In order to improvement
in performance of the business, I need to use of McKinsey approach
to assess the performance of the business and also find out the scope
of the fast food services in London city (Gartner, Carter and
Reynolds, 2010)

P.4.Interpret data appropriately to provide evidence of
market potential
From the analysis, it has noticed that multiple numbers of fast foods
services are running in London city and In front of universities as
well. So it generated difficulties for my fast food outlets in market
to compete competitors in industry. Running a fast food business
and maintain its standards is very hard job for its owner. As
entrepreneur venture of fast food services, numbers of issues or
barriers are being faced by me in order t operating outlet in market.
From the data analysis of UK, from 2008 to 2016. After a decline in
2009, the numbers of restaurant and fast food in the nation has been
steadily increasing (Hansen, Shrader and Monllor, 2011)

P.5. Apply a SWOT framework to collate evidence to
support an objectives' assessment of a specific
entrepreneurial idea
SWOT analysis framework is necessary approach to be adopted by
fast food business owner in case of getting required range of
knowledge by which expected growth can be reached out.
SWOT framework:
Opportunities:
I have opportunities to making enhancement in providing different
types of foods and beverage services in fast food business which
contains demand most in marketplace.
Fast food is emerging business sector in London, where I can
expand our business qualities by offering unique types of flavoured
products which expected customer at high rate in market.

Threats:
Numbers of fast food restaurants are running in London city
which is generating wide range of competition level in industry,
so it being difficult to sustain in the market.
Weaknesses:
Lack skills and experiences of out chefs and waiter can make
negative impact upon productivity and performance of the
business in industry.

Strengths:
Strength of these issues is that, numbers of new variety of foods
and beverage products are offering by the business professionals
in order to brand effectiveness upon customer's mind.
The fastest serving of foods products display positive attitude of
customer's towards my brand which can boost up customer base
of outlet.

P.6. Evaluate competitive and market environments in
which the idea be launched to assess potential
viability
In order to development of competitive environment of the
business, outlet professionals need to development in such areas
where something new activities can be utilised. From the analysis, it
has examined that, variety of restaurant business are running in
London city and increasing competition level of the business.
Serving variety of food products in front of university is effective
task for business owner, so they need to identify the competitive
environment of the business in the industry and according to them
make modification within business functionalities in respect to
meeting desired goals and objectives in the firm.

References
Audretsch, D., 2012. Entrepreneurship research. Management Decision, 50(5), pp.755-
764.
Bolton, W. and Thompson, J., 2013. Entrepreneurs: Talent, temperament and
opportunity. Routledge.
Chaston, I. and Sadler‐Smith, E., 2012. Entrepreneurial cognition, entrepreneurial
orientation and firm capability in the creative industries. British Journal of
Management, 23(3), pp.415-432.
Chell, E., 2013. Review of skill and the entrepreneurial process. International Journal of
Entrepreneurial Behavior & Research, 19(1), pp.6-31.
Dimov, D., 2011. Grappling with the unbearable elusiveness of entrepreneurial
opportunities. Entrepreneurship Theory and Practice, 35(1), pp.57-81.

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