Identifying Entrepreneurial Opportunities

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

Table Of Contents
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1 External sources that provide opportunities......................................................................3
LO2..................................................................................................................................................6
P2 Recognizing specific types of customers..........................................................................6
LO3................................................................................................................................................11
P3 Market Research..............................................................................................................11
LO4................................................................................................................................................15
P4 & P5 ................................................................................................................................15
P6 Competitive and market environment analysis...............................................................16
CONCLUSION .............................................................................................................................18
REFERENCES..............................................................................................................................19
APPENDIX....................................................................................................................................22
Questionnaire........................................................................................................................22

INTRODUCTION
Entrepreneurial opportunities are normally referred as conditions wherein products and
services can be bought at a higher prices than the cost of their manufacture. However, an
entrepreneurial opportunity is a position wherein entrepreneurs conduct activities to make an
income. However, this report will highlight about the peter Drucker 7 sources of innovation that
provide opportunities which help the company it identifies the possibilities to enhance it markets
operations (Biemans,2018).
Furthermore, the project will outline about the STP that is segmentation, targeting and
positioning through which the cafe will provide their products and services considering those
factors. On the other hand, the report will frame about the porter's five forces of model to analyse
the impact of new entrance on the cafe and along with that it will comment on the industry life
cycle. Eventually, the report will highlight about the primary and secondary research done with
the help of 25 customers which are inclusive table and charts and along with that it will comment
on the SWOT analysis that ill be based on the macro environment.
LO1
P1 External sources that provide opportunities
7 Sources Of Innovation
Peter Drucker introduced 7 sources of innovation that provide various kinds of
opportunities to an entrepreneur in order to set up new business venture or expand its business
operations. However, I am opening a new cafe which is named as Eat Studio but before opening
it I will analyse the 7 sources of innovation in order to evaluate the opportunities.
The Unexpected: The market within the business world is full of opportunities and
surprises no longer simplest the surprising disasters but additionally the surprising success that
involves the organization can be a great supply of thought for innovation. However, in order to
set new cafe, sudden achievement and surprising disasters, shouldn’t stay neglected and
shouldn’t be not noted as possibilities for a change (Serrat,2017).
Incongruities : Many businesses fall into entice of developing their product without to in
reality do the ideal studies to determine what the goal clients actually need. Therefore, the
conflict between what is and what it is supposed to be can lead the enterprise to a downfall but
can be also a top-notch supply of thought for innovation. However, the customer feedbacks,
comments, and proceedings are often the best way to evaluate incongruity.

Process Need: This source of innovation is need to be greater project-focused in place of
scenario-centred. Moreover, in this source of possibility for innovation comes after searching
intently on the tactics of the enterprise and figuring out surely the weaker areas and the methods
they can be improved and enhanced. Further, knowing what the vulnerable links are after an in
depth evaluation of the business enterprise’s abilities, the groups may be able to create greater
powerful and effective solutions which helps the entrepreneur to start new business venture.
Industry And Market Structure Modification: industry and other marketplace structures
may be stable but with the advancement in technology, many industries are destroyed almost in a
single day. Thus, in this factor I will preserve an eye on these adjustments and to treat these
adjustments not as threats however greater like possibilities.
Demographics: businesses are affected in one manner or any other by way of the
exchange of demographics. However, the demographic modifications in age, schooling,
employment, have an effect on the course that the commercial enterprise takes and might open
new opportunities for my cafe if I'll manage to accurately pick out the opportunity (Joe, 2017).
Changes In Perception: perception changes through the years, and, these days, because
of the advancement in technology and the social networks, these adjustments happen quicker
than before. However, humans can change their belief about the product, brand or industry night
long. Therefore, the modifications of notion open an opportunity for my cafe to innovate, to
broaden new products and services that align with the brand new attitude of the customers.
New Knowledge: Technological and medical breakthroughs are the component of
innovation which can’t be neglected by means of corporations. However, organizations that
refuse to conform to the modifications stimulated through new discoveries are damned to fail.
New understanding, but, can be applied in each component of the business enterprise – from
understanding more about the customers through analytical or through enhancing the supply
chain to selecting the potential personnels which will help me select best employees for my cafe.
However, the cafe will focus on the changes in perception factor as the perception of
customers changes frequently, thus, according to those changing requirements the cafe will
introduce new products in order to retain customers.
STEEP Factors

The STEEP analysis is framework that is used by the companies to evaluate the impact of
external factors like social, technological, economical, environmental and political on the
working of an organisation.
Social: social factors influences the attitudes, interests, evaluations, and create the
behaviour and eventually what customers buy. However, developments’ modifications will
directly impact the operations of the cafe. Furthermore, these components are inclusive of shape
of population, falling prices, rivalry, boom of global populace, customs, level of instruction,
cultural range and standards (Drucker,2018).
Technological: technological advancement have significantly modified the manner in
which companies perform. However, in recent times technological development developed a
society which expects instantaneous effects. The factors which are included within this
component are new technology, assimilative capability of company for innovation, globalization.
Thus, a quicker exchange of data will advantage company as they will be able to react fast to
adjustments.
Economic: The monetary environment carries factors coping with individuals’ capability
to obtain services or products given the set of monetary conditions. Moreover, in this factor I will
examine how customers will react when there are adjustments inside the surroundings and the
way their firm should alter their method to stay competitive given the instances.
Environmental: The environmental factor considers the current scenario of the physical
and natural environments that businesses can experience. Further, I will make use of herbal
sources in generating items by dedicating an extraordinary quantity of time inspecting the
ecological environment of every location in which I'll be providing goods and services.
Political: This element is inclusive of understanding the political and legal environments
of a particular place wherein businesses pick out to operate. However, Failure to apprehend and
adapt to the political and legal environments will bring about overcoming limitations which may
be too costly to cope with. Therefore, before starting a new cafe I will analyse political stability
and instability of particular location (Drucker, Hesselbein and Kuhl, 2015).
Furthermore, the cafe will consider the technological factor and adopt new technologies
in order to satisfies the customer and make them convenient to order to product like e-wallets,
mobile apps etc. The technological factor leads to the business idea because it the factors which
help in increasing the profitability for the firm and also assist in attracting the customer towards

the products and services which is beneficial for the business. The technological tools and
techniques assist in engaging the customer and provide them information regarding use various
social media sites such as Facebook, Instagram etc.
GAP Analysis
GAP OPPORTUNITY
It has been analysed that Other cafe are
expanding their business activities by operating
through online network and providing them
delivery of food within an hour as they get
order from their customer's side which is gap
for my gap. It is the process of identifying the
gap between the activities and in order to
achieve the goals and objective regarding the
business.
Due to this, I have an opportunity expand my
business through various online platform and
designing my own application to deliver the
food in the lowest time than other cafe in the
same location along with the discount offers so
that customers would buy next time as well.
LO2
P2 Recognizing specific types of customers
Segmentation, Targeting And Positioning
Illustration 1: Gap analysis
( Source : Process of gap analysis, 2017)

The STP system exhibit the hyperlinks among a normal marketplace and the way a
company decide to compete in that marketplace. it is occasionally referred to as a system, with
segmentation being initiated first, then the choice of one or extra target markets and then
ultimately the enforcement of positioning.
Segmentation: segmentation is process of identifying the specific needs and wants of the
customer by focusing on different market segments that is geographic, demographic, and
behavioural approach and accordingly provide products and services to the customers (Ramdani,
Azis, and Kaltum,2016).
Geographic: These factors are inclusive of country, region, area, climate or weather
conditions and rural or urban location. Further, the cafe will segment their cafe according the
population that reside in those areas and then accordingly provide their products to the customers
who lives there.
Demographic: These factors are inclusive of age, gender, earnings, education, profession,
occupation etc. Moreover, the cafe will provide products for all types of ages and genders like
they will provide sugar free products for aged people etc.
Behavioural: There factors are inclusive of perspective of customer, brand loyalty,
channels of distribution used, responses towards the marketing activities etc.
However, for starting new cafe I will focus more on demographic segmentation where I
will focus on meeting the needs and wants of millennials and produce such products like donuts,
healthy sandwiches, shakes etc., which are preferred more by the youngsters and are healthy for
their health.
The cafe will segment the market on the basis of demographic in which it will mainly
consider the youth which are attracted towards cafe more than any other age group.
Targeting: In this process I will target the central location of the country where more and
more schools, colleges and institutions are there so that it can attract huge number of millennials
to visit the cafe frequently (Ozimek and et.al., 2018). The cafe will target the people of school,
colleges etc which are more attracted towards the products and services which are being served
by the cafe.
Positioning: In this method I will create such brand that will respect the beliefs and
customers of the millennials and further, I will take customer feedbacks and responses regarding
the products and services of the cafe. It means creating a position in the market such as building

a image in the market in order to attract more customers towards the business. Positioning help
the customer in comparing the cafe with that of its competitors on the basis of which the
customers are attracted towards the products and services.
Porter's five forces of model
Porter's five forces of model is used to analyse the competitive forces that impacts the
operations of the business and evaluate the weaknesses and strengths of company by considering
the five forces of porters.
Threats Of New Entrants: The cafe and restaurants have the capacity to grow and allow
entrepreneur to open new ventures within this industry as cafe's and restaurants require lesser
amount of capital as compared to larger companies or business venture. Thus, due to the lower
restrictions to entry in this industry, I may face challenges due to the entrance of new coffee
shops which is threat for the cafe. However, due to new entrance I may get the opportunity to
improve my products and face competition confidently.
Bargaining Power Of Buyers: The bargaining power of customer will lower due the fact
that they won't change the pre-decided price of the cafe and instead they will focus more on the
quality or products and services they receive at their store (Ahmed, Rehman, and Sergi, 2019).
Therefore, if I'll provide hygienic and quality food to customers which will an opportunity for
me and then their will be low bargaining power. Furthermore, if customer's bargaining power is
higher than it act as a threat for the cafe and won't be able to earn profits.
Bargaining Power Of Suppliers: Supplier power is low considering there may be a
spread of other providers to buy commercial enterprise supplies from. Thus, I will able to
preserve this low through searching on line business-to-enterprise marketplaces for the highest
fine coffee and meals at the best rate which will an opportunity for the cafe. On the other, if the
bargaining power of supplier is high then i have to pay more cost for the goods thus which will a
threat for the cafe.
Threat Of Substitute Products: The threats of substitute products is higher as there are
many coffee shops and restaurants who are offering donuts, shakes, sandwiches etc., thus, I will
reduce this by the usage of switching expenses. Further, if I'll put in force techniques together
with the usage of a rewards card, consumer's telephone numbers, or names for points towards
free merchandise. Moreover, I will provide M-Coupons so customers can show coupon on their
cell phones and make use of services and offers provide by the cafe which will be an opportunity

for the cafe. On the other, of the cafe is not providing any exclusive products then other cafe then
they will lose their customer which will a threat for the company.
Rivalry: competition among his industry will be high as every other cafe or restaurant
sells espresso and further, meals restaurants and others all have it. Further, there are many ways
to compete with rather worthwhile cafe's by examining their enterprise strategies and put into
effect what they have already got (Vlachopoulos and et.al.,2015). Moreover, I will ought to
integrate my own experience and taste to our liking and clients by making them feel the unique
taste from other cafe's which will be an opportunity for the cafe. On the flip side if cafe is not
following any methods to stand out in a competitive environment then they will lose the market
share which will be a threat for the company.
Industrial Life cycle
The industrial life cycle are inclusive of various stages of product development through
which we can evaluate the increasing and decreasing of revenue.
Introduction Stage: At this stage the profit margin of the cafe will be low as the focus
will be more on promoting the cafe and capturing huge customer base. Further, other marketing
techniques will be adopted in order to advertise about the products and services of the cafe.
Moreover, the primary objective at this stage is to create awareness among the customers
regarding the cafe, thus, the profitability and revenue will be lower at fist stage of opening a cafe.
The introduction is the phase where the business is at the first stage where it plan for the
Illustration 2: Porter five force model
( Source : Porter five forces model. 2018)

activities and products and services which it will consider for generating the profit from
business.
Growth Stage: At this stage I will try increase the expenditure by promoting new
products and services in the cafe and enhances the brand image of the cafe which in turn will
increase the sales and revenue of the cafe (Johnston,2017). It is the stage at which the business
will formulate strategies in order to attract the customers towards the products and services in
order to grow their business and improve their performance and level of profitability.
Maturity Stage: During this stage of lifecycle, I will expand my cafe in other
geographical locations and try to expand it international location which in turn will enhance the
revenue of the cafe. It is the stage at which the business will try to expand it business in other
areas where their is scope.
Decline Stage: At this stage the revenue of the cafe will decline due to the changes in
customer preferences, entrance of new coffee shops, technological advancement etc. It is the
stage at which the revenue of the firm start declining and thus it is important that firm during this
phase should develop new strategies in order to attract the customer and increase their revenue to
have profit.
Illustration 3: Industrial life cycle
( Source : Industrial life cycle , 2018)

LO3
P3 Market Research
Market potential : The cafe will be successful it will provide the customer with
products and services as per the demand and with reference to their taste and preferences. The
cafe will be able to increase their profitability and also the market share of the cafe will be
increased by providing the products according to the taste and preference of the customer. The
cafe have high potential as it will provide products as per the demand of customer which will
assist in attracting more customers towards the cafe.
Primary Research
Primary research is a method that is conducted by the observer either directly through
customer or is conducted from past data. We have conducted primary research of 25 customers
in order to get the responses of consumers regarding their preference of cafe and after that will
set up a new cafe based on that primary research (Loud and et.al., 2016).
Theme 1 Frequently people visit cafe.
PARTICULARS CUSTOMERS
Daily 5
Once In A Week 11
Once a month 8
Never 1

INTERPRETATION: From the survey conducted from 25 customers it has been
observed that there are 11 people visits the cafe once in a week and there are 8 individuals who
visit cafe once a month, further there are 5 people who visit cafe daily and there is only 1 person
who never visited the cafe. Thus, we can estimate that my cafe will have the chance to operate
successfully.
Theme 2 Normally where people like to have lunch.
PARTICULARS CUSTOMERS
Packed lunch 9
Cafe food 16
Daily
Once In A Week
Once a month
Never
0
2
4
6
8
10
12
CUSTOMERS

INTERPRETATION: From the survey conducted from 25 customers it has been
observed that there are 16 people who prefer to have lunch in cafe and there are 9 people who
prefer to have packed lunch. Therefore, it is been concluded that cafe will have chances to run
successfully (Walliman,2017).
Theme 3 Non-vegetarian food.
PARTICULARS CUSTOMERS
Yes 10
No 15
Packed lunch
Cafe food

INTERPRETATION: From the survey conducted from 25 customers it has been
observed that there are 15 people who do not prefer non-vegetarian food and there 10 customers
who are willing to take non-vegetarian food. Thus, it is being observed that in order run cafe I
have to include more of vegetarian menu.
Theme 4 days people like to visit cafe.
PARTICULARS CUSTOMERS
Weekdays 12
Weekends 13
Yes
No
Weekdays Weekends
11.4
11.6
11.8
12
12.2
12.4
12.6
12.8
13
CUSTOMERS

INTERPRETATION: From the survey conducted from 25 customers it has been
observed that there are 13 consumers who prefer to visit cafe on weekends and there are only 12
people who will visit cafe on weekdays. Therefore, it is being concluded that the cafe will run
more on weekends.
Theme 5 Kind of food people prefer to have in cafe.
PARTICULARS CUSTOMERS
Italian 8
Chinese 9
Mexican 3
Indian 5
INTERPRETATION: From the survey conducted from 25 customers it has been
observed that there are 9 people who will prefer to have Chinese food, there are 8 people who
will prefer Italian food, there are 5 people who will eat Indian food and there are only 3 people
Italian Chinese Mexican Indian
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
CUSTOMERS

who will prefer Mexican food. Thus, it is being concluded that the cafe menu will have Chinese
menu more.
Secondary Data
From the recent articles we have observed that today people are preferring more of cafe
food than to have home made food which will increase the chances for us to open new cafe and
operate it successfully. Moreover, from the magazines and journals it has been observed that
maximum number of people prefer to eat Chinese and Italian food at cafe's (Baker and et.al.,
2016). Moreover, today youngsters visit cafe more ofently for various purposes like for get
together, for making projects, for reading books etc. Furthermore, from the secondary research it
has been identified that today cafe's and restaurants are running successfully as people are
preferring to eat more of cafe food.
LO4
P4 & P5
Swot Analysis Based On Macro Environment
Strength: From the above macro environment it has been analysed that the cafe will be in
the central area of the country and it will target the millennials, thus, it is strength of the cafe as
today larger number of youngsters like to visit cafe and have get-together.
Weaknesses: Further, from the macro environment it has been analysed that due to the
technological advancement the cafe won't be able adopt the changes which will become the
weakness and thus it will reduce their revenue (Bull, and et.al., 2016).
Opportunities: There is an opportunity for the cafe by focusing on the demographic
factor like age, income, education etc., and according to those factor the cafe will provide the
products keeping in mind the requirements of the consumer's according to age group and income.
Threats: changes in customer preference act a threat for the cafe as people changes their
tastes regarding the products or they may demand more innovative product and thus, due to such
preferences' customer switches to other cafe's and restaurant in order to fulfil their requirement.
Porter's Five Forces Of Model
Threats Of New
Entrants:
Bargaining
Power Of Buyers
Bargaining
Power Of
Suppliers
Threat Of
Substitute
Products:
Rivalry

The cafe have
higher degree of
threat from the
entrance of new
cafe as this
industry provide
higher income
and need lesser
capital for
investment as
compare to other
industries
(Phadermrod,
Crowder, and
Wills, 2019).
The bargaining
power of buyer in
cafe is lower due
to the fact people
cannot change the
price structure of
menu and rather
focuses on
hygienic food.
The bargaining
power of supplier
is lower because
there larger
number of
provider who
offer raw goods
in bulk at lower
price.
The cafe can have
the threat of
substitute
products because
every other
restaurant or cafe
offer donuts and
coffee, thus, we
need to offer
some unique
product in order
to reduce the risk
(Adi, 2015).
The competition
within this
industry is high as
more and more
are cafe has been
introduced with
same products,
thus, in order to
stand out in a
competition we
have to change
the strategy and
methods while
providing the
products like
various coupons,
offers etc.
Objective Assessment Of The Idea
From the above analyses of macro environment and other primary and secondary
research we can conclude that the idea to open Cafe is viable as today more and more people are
willing to visit cafe and prefer to have lunch their. Furthermore, today more and more youngsters
are preferring to visit the cafe and have fun there. Thus, the idea of cafe is feasible and it will run
effectively and will generate profit and revenue in order to expand its operations (Takata,2016).
P6 Competitive and market environment analysis
With the help of porters five forces model, every business organization can determine all
the factors which is essential for understanding the current competition scenario within the
business industry in which it is operating. It helps in formulating business strategies and plans for
mitigating the risk of losses as arises due to competitive environment and thus can make high
profit margin.

1. Threats Of New Entrants – By new entry in the same cafe business field, it creates high
competition in the market place with results in decline in the market profit as well as
customer base. On the other hand, it provides customers with large option of cafeteria
which makes high competition among the existing firms. Thus, firms has to make strong
marketing policies for remaining competitive.
2. Bargaining Power Of Buyers – Buyers are the real king of the market. By having large
number of options in the market they are having power to bargain and take advantage out
of it. On the flip side, because of bargaining power of buyers, it results in decline in the
profitability aspect of the company.
3. Bargaining Power Of Suppliers – By offering material and other resources at high price,
suppliers are having control over the market. But due to large number of suppliers in the
same market place, it has created competition as a result of which alternate options is
available to business firms for obtaining raw materials.
4. Threat Of Substitute Products – Because of easy entry of business firm in the market
place, it has created high competition among cafe firms (Carraher, 2018). Thus, it has
provided ease to customers to make choice among large number of substitute available in
the market place.
5. Rivalry firms – Because of close competition in the market place, there has been increase
in overall marketing as well as other promotional business expenses. Firm which is
providing attractive services and products are able to gain competitive advantages.
EVALUATION OF COMPETITIVE MARKET ENVIRONMENT
For evaluating the competitive market environment of the idea of new cafe there has been
used the Porter’s five forces model. This model has been selected because of the reason that
this model help in analysing the competitive position of the idea of cafe and its advantages
and disadvantages.
The advantages of the idea in respect of Porter five forces are as follows-
 The threat of substitute goods is low is and advantage for the café. This is because of
the major reason that if there will not be substitute then the consumers will come to
the café only and this will increase the sales of he café.

 Another advantage of competitive market environment is that if there will be fewer
rival firms then the competition will be low and this will be beneficial for the café
that it can charge any prices from its competitors.
With help of evaluation of competitive market environment of the idea some of the
disadvantages are as follows-
 The high bargaining power of the suppliers is a disadvantage for the café because
now it has to rely upon the suppliers and have to listen to the terms and conditions of
the suppliers.
 Another disadvantage is that if there is increase in the number of new entrants then
the competition will increase and this will reduce the sales of the café and will impact
the profitability of the café.
 Another disadvantage is that high bargaining power of buyers. It is so because of the
reason that the consumers are very much and they have advantage of choosing the
products and this is disadvantageous for the café because if consumers will not like it
then they will have to suffer loss.

CONCLUSION
This report briefly summarizes about the Drucker's 7 sources of innovation and STEEP
factors in order to analyse the opportunities to open new business venture. Furthermore, the
report have outlined about the STP that is segmentation, targeting and positioning through they
will provide their products and services considering the demographic factor like age, income,
education etc., and along with it have highlighted about the porter's five forces of model in order
to analyse the impact of new entrance on the cafe. On the flip side, the project have framed about
the primary and secondary research through which we get to know about the responses of
customers towards the new cafe. Eventually, the assignment have commented on the feasibility
of new business idea and SWOT analyses of new business based on macro environment. s

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APPENDIX
Questionnaire
QUESTIONNAIRE
1. How Often Do You Visit Cafe?
Daily
Once In A Week
Once A Month
Never
2. Where do you usually have your lunch?
Packed lunch
cafe food
3. Would you Non- vegetarian food?
Yes
No
4. Which days you like to visit cafe more?
Weekdays
weekends
5.What Kind Of Food Would You Prefer On Our Cafe?
Italian
Chinese
Mexican
Indian