Identifying Entrepreneurial Opportunities

This document discusses the sources of entrepreneurial ideas and innovation, such as customer surveys, mass media, and trade fairs. It also explores the use of data and information to fill the gap and fulfill entrepreneurial ideas. The interpretation of data for market potential and the use of SWOT framework for assessment are also covered.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Sources of entrepreneurial ideas and innovation with specific examples .............................3
TASK 2............................................................................................................................................5
Covered in PPT...........................................................................................................................5
TASK 3............................................................................................................................................5
P3 Information and data to fill the gap and fulfil of entrepreneurial idea...................................5
P4. Interpretation of the data for providing evidence of market potential................................10
TASK 4..........................................................................................................................................14
P5 SWOT framework to collate evidence to support an objective assessment of a specific
entrepreneurial idea...................................................................................................................14
P6 The competitive and market environments in which the idea will be launched to assess
potential viability......................................................................................................................15
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Entrepreneurship can be defined as the process by which new business is developed,
planned, studied by an individual. This persons is known as the entrepreneur who understand risk
to earn good amount of profits from organisational operations. Entrepreneurial opportunities
leads an individual to complete all task and operations according to market conditions and
customer needs. This work as an advantage which is get by an entrepreneur in terms of product
and services. These report is written from perspective of Virgin money which is performing there
work in financial industry. Virgin money provides there services in South Africa, Australia and
United Kingdom. Moreover, this report highlights on different sources of entrepreneurial ideas
and innovation and provides rational market gap for a specific entrepreneurial idea. With the
relevant tools. Current data and information will also included in this report to understand and
support gap analysis. In the last, SWOT framework is highlighted in upcoming report.
TASK 1
P1 Sources of entrepreneurial ideas and innovation with specific examples
Entrepreneurship is consider as the motive of implementing new and feasible thought or
ideas for satisfying the needs of customers and wants. There are various entrepreneurs among all
over the world perform and convert their idea into a business. Some sources for innovation and
business ideas are mention as follow: Customer surveys- The main motive of an organisation to start a business relates with
clients and customers. With the enhancement of companies at global level it is identified
that with fulfilment of customers needs it is easy for organisation to stay in market for
longer period. Virgin money perform there work by analysing customers needs and
market conditions. This refers it is easy for management to gain long term results for
increase sales of company products. Further, for innovation respective organisation
management is increase value in existing products to increase sales of customers needs. Mass media- There are various task are performed by management which leads company
to perform work as per mass media. Television, newspapers, radio, magazines and
internet are most effective sources for identify new entrepreneurial ideas. Example- With
monitor of business magazine an individual monitors the ideas encourage them to work
with new ideas. Moreover, in context of innovation it is used for completion of all task

and objectives with business practices and ethics. Like, internet provides more
information to an individual for improvement of products and services. Virgin money
implement utilise mass media source to improve process. Trade fairs- Exhibitions, trade show and fair are the most essential source for an
individual or organisation to formulate new business idea. It is usually advertised to
perform work with motive of gaining ideas as per consideration to perform work in order
to gain long term results that is used to discover more services and products.
Management of Virgin money is more active to participate in Trade show because it
helps them to arrange meetings with stakeholders of company. Along with this trade fair
and exhibition also help organisation to perform work. In the present scenario, sound
business ideas to work with people.
 New knowledge- According to present market conditions the industries and companies
face competitive conditions in business. Technological knowledge, skills improvements
and recruitment of right employees leads an individual to perform all work with motive
of achieving long term results. Virgin money operates there business in finance industry
which is a crucial aspect for individual and organisation. This also refers that all task and
operations are performed with invest of monetary. So with implement of new knowledge
such as to pay with cashless transactions. Similarly, digital payments is an example of
implement of new knowledge.
Evaluation of Drucker’s 7 sources of systematic innovation
Systematic innovation and its evaluation start with Incongruities this is the difference
between the current and desired position. So it is advised to all entrepreneurs for making relevant
and appropriate research to introduce new products and services. So it work as a positive point
for company to work with new ideas. Another aspects relates with innovation source is
unexpected which is useful to identify new idea by monitoring all perspective. Along with this
needs and wants of customers is too dynamic so it is essential to perform work as per existing
market conditions. Process need relates with identification of ascertain needs such as ineffective
business idea creates complexity to perform task. Therefore, it is mandatory to implement new
idea process in effective manner. Changes or modifications it is essential for organisation to
design new structure which facilitates organisation to complete task as per current trends.
Demographic aspects consider those changes which take place in population, age-group, income

level etc. So for respective company it is essential for management to consider all aspects to
achieve more success in market. Change perception and new knowledge work as a positive point
that is leading company to implement right changes in new digital services.
Benefits and drawbacks for each approach
Customer survey work as a positive point for an individual which leads management to
complete all task and objectives by understanding perspective of customer needs. The drawback
for this approach is that it is complex to understand customer needs because they are dynamic in
nature. Mass media also provides various benefits to organisation by improving there
performance to search and evaluate ideas from large sources. On the other side, drawback of
mass media is that it is only a one-way interaction. Trade fair offer benefits to company that it
help company to gather idea from global level. On other side, drawback of organisation is that
trade fair are not so effective.
TASK 2
Covered in PPT
TASK 3
P3 Information and data to fill the gap and fulfil of entrepreneurial idea
With regards to launch of Croscett Hotel in London, there are various factors associated
with market scenario that need to be taken into account by the entrepreneur, these are as
follows:-
Gap analysis perform different task that usually work to perform all task with motive of carry
better results that assist to launch new idea. This is also used for determining all variances related
with current performance and project. It is also analysed within the organisation that most of
leading financial institution are working with motive of implementing new projects. This is also
used by management to control prices which is impacting on prices of organisation. Virgin
money is implementing right results to perform work with motive of managing work in
minimum period.
QUESTIONNAIRE
NAME:
AGE:

ADD:
GENDER:
MAIL ID:
Q1) Are you aware about changes that relates with monetary transactions and services in
organisation?
 Yes
 No
Q2) Which are the major sources that attracts you for collect and pay the monetary transactions?
 Low service charges
 Flexible in policy
 Secured payments
Q3) Cost and prices which relates with international transactions are low in market to trade or
not?
 Yes
 No
Q4) Are you satisfied with the safety of transactions and services offered by the organisation?
 Yes
 No
Q5). Recommend some suggestions for improving services of Virgin money?
Q1) Are you aware about changes that relates with monetary transactions and
services in organisation?
Frequency
 Yes 32
 No 18

Q2) Which are the major sources that attracts you for collect and pay the
monetary transactions?
Frequency
 Low service charges 10
 Flexible in policy 14
 Secured payments 16
Yes No
0
5
10
15
20
25
30
35 32
18
Frequency

Q3) Cost and prices which relates with international transactions are low in
market to trade or not?
 Yes 40
 No 10
Low service charges Flexible in policy Secured payments
0
2
4
6
8
10
12
14
16
Frequency

Q4) Are you satisfied with the safety of transactions and services offered by
the organisation?
 Yes 32
 No 18
Yes No
0
5
10
15
20
25
30
35
40
40
10
Series1

Q5). Recommend some suggestions for improving services of Virgin money?
P4. Interpretation of the data for providing evidence of market potential
Entrepreneur are those persons who are investing huge amount of money into a new idea
for earning good amount of returns from them. There are various task relates with business
performance which is leading company to gain top position in market. This data assist an
entrepreneur for gaining all information which is related with new task of organisation. It also
determines that it is mandatory for the new firms to manage and deal with all problems which
impacts on management of Virgin group. Major source for collection of all data and information
is used to complete task for developing better relations in future.
 It is an innovative concept introduced by Virgin group which offers individuals to make
international transactions from there convenient place.
Yes No
0
5
10
15
20
25
30
35 32
18
Series1

 New digital services are launched by entrepreneurs for offering right facility to bring
positive outcomes from operations and functions of company.
Interpretation of above data:
Theme 1:
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation- From the above data it is interpreted that all individuals are aware about services
that is provided by organisation for attracting more number of customers. Along with this it is
also used for promoting business in market areas with help of social media.
Theme 2:
Central Tendency Data
Mean 13.34
Median 13
Mode 10
Standard Deviation 3.05
Interpretation- According to this data buyers are attracted towards those financial institution
which lead to manage work with less formalities.
Theme 3:
Central Tendency Data
Mean 25
Median 25
Mode 0
Standard Deviation 21.22

Interpretation- As per this data, management is more concerned about completion of task and
projects at minimum prices to manage work at low cost operations. This results management is
able to increase there work size.
Theme 4:
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation- According to the present data and information, customers are able to perform
work as per services which is used to manage work. It is also used as per management concern
which is used to perform work as per services in organisational work.
GAP ANALYSIS
Basis Current condition Desired condition Action plan
Products and
Services
With better
infrastructure it is easy
to complete task in
minimum time.
Virgin group is
focused to approach
international market.
The provision relates
with rules and laws of
international trade are
consider by
management to
perform all task in
ethical manner.
Cost The operating cost to
manage business is
high due to expansion
of business.
Company is focused to
reduce the prices of
there operations that
increase its profits.
With devised pricing
strategy it is easy to
compete with
competitors.

Sources and methods of data collection chosen and how data relates to identifying market
potential.
Data collection works as a systematic method for measuring and collecting data that is
collected from different sources. There are various sources which are effective way to answer all
questions in an appropriate manner. With an accurate evaluation method it is easy for
management to collect data which help researcher to predict future trends. Further. Primary
method is consider to select the data as it is beneficial for identifying right methods to complete
all work effectively. Questionnaire method is implemented to understand market. This is also
beneficial for survey research through implementing methods to perform work according to
customer and market needs. Further, there are various sources such as survey, interview,
observation etc. are major source for collection of data. Along with this it is also used for
completion of work through which long term results are achieved by company.
Sources and methods of data collection and it relation with market potential
In the present scenario, some of the research methods which is used by organisation
relates with primary research. The main motive of selected organisation such as virgin money is
used to complete all task in an appropriate manner. With this method organisation also focuses
on completing their work with motive of managing transactions. This refers main motive of
company leads to select right number of sources and it also relates with managing right task that
is leading organisation to fulfil the gap between organisation and to identify new source of funds.
So all work is completed by management in an appropriate manner which leads to select right
number of funds.
Identification of organisation sources for data collection to meet with business objectives
The main motive of primary research method that is used to collect all information is
focused to match gather information with business objectives. Further, the main motive of
primary research method is to generate response from respondents for a particular purpose. This
is also analysed by management of Virgin money that by collecting information for a specific
objective. This results ideas used by organisation from the market it refers all data collected
match from existing market conditions. In the last, Virgin money collect information with
primary research and match with business objectives as well as market conditions to implement
ideas in an appropriate manner.

TASK 4
P5 SWOT framework to collate evidence to support an objective assessment of a specific
entrepreneurial idea.
The swot analyses is a tool from which the company can analyse its internal and external
strength. The SWOT stands for the strengths, weaknesses, opportunities and threats and by
analysing them a business can take appropriate decisions and can make appropriate strategies
accordingly. The SWOT analyses of Virgin money is as follows-
Strengths:- Strengths are the qualities and uniqueness of a business which makes it totally
different from other companies or competitors. The strengths of virgin money are-
The virgin money is highly capable and very efficient parent company.
The services provided by the bank is easy to avail and are also they are easily accessible.
The company also has strength of getting into many other banking divisions.
Virgin money also offers wide range of services which results in more additions of customers
every year.
Virgin was already a famous brand before the introduction of virgin money, this also help
the conglomerate in getting trust and success from customers.
The company is supervised by authority of prudential regulation.
The company offers many kind of services which includes finance, banking, mortgages and
so forth.
Weaknesses: Weaknesses are the points or areas in which the company is lacking behind. The
weaknesses of virgin money are-
 the company is present in a few countries like Australia, south Africa and united
kingdom.
 Also the virgin money is not a listed company which creates issues for them in rising
capital from the market.
 The profitability ratio and net contribution percentage of the company is below the
average.
 The company also has high turn over ratio as compared with its competitors.
 The company also had a big failure in merging the companies which follow different
work culture into their organisation.

 The technologies used by the virgin money are some what mediocre as compared to the
technologies used by its competitors.
Opportunities: Opportunities are the areas where a company can exploit to gain profit and
growth. The opportunities of virgin money are as follows-
 the updated and advance technologies help the company in bringing the easiness and
more efficient ways of doing the banking transactions for the customers.
 Banking is the area where more exploitation will be held further. The company has the
opportunity to explore the banking and financial sector more as possible because this
industry still has a wide scope for new innovations.
 The market development will help the company in gaining its competitive edge over its
competitors.
 Up gradation of economic conditions would lead the people to spend more money which
also increases the business for the company.
 The inflation rates of the economy is very stable and low which enable the company to
offer the credit at low rates.
Threats: They are the risks which a company is very much prone too. The threats of virgin
money are as follows-
 intense competition works as a huge threat for virgin money.
 Shortages of skilled and knowledgable workers who cannot match with the global
business structures.
 The strengths of the local distributor is keep on increasing causing a competition for the
virgin money.
P6 The competitive and market environments in which the idea will be launched to assess
potential viability.
The competitive analyses can be done through porter five force model which helps a
company in analysing its competitiveness into the market. The porter's five force model of virgin
money is as follows-
Threats of new entrants: New entrants refers to the new entry of the companies into the
industry. New entries will bring burden upon the shoulders of the company. The threat of new
entrants into banking sector, innovations into the structure of performing the work, offering the
same thing at lower prices, serving the customers with new value propositions and the like. The

virgin money can handle such threats by coming up with new and creative value propositions to
their customers at the considerable prices.
Bargaining power of suppliers: The bargaining power of suppliers refers to the terms and
conditions of suppliers and how strong they stand upon them. The negotiating power of the
virgin money is very well for which they buy the raw materials at a lower price compared to the
prices which other companies brought. This helps the company in making its price quite lower
than the prices which are offered by the competitors. The company can tackle such bargaining
power by building effective supply chain from multiple suppliers, by doing experimentation with
its product designs and so on.
Bargaining power of Buyers: Buyers of a market can also bargains with the company. The
buyers what to buy the product which gives them more satisfaction with minimum cost. The
buyers can shift their products if they get the same product or service from the different company
or brand. Competition plays a major role in this. If the industry has many competition then the
bargaining power will be in hand with customers but whereas if the company runs monopoly
then the bargaining power is at the hand with company. In Virgin money, it has many
competitors therefore the bargaining power of buyers is more.
Threats of substitute products and services: Substitute products are the products which are
offered by some other company with same features but at lower prices. Virgin money faces this
issues as the services which it provides to the customer can get provided to other company at low
price. This works as an threat from the company.
Evaluation of specific entrepreneurial idea in the context of the marketplace and competition.
The idea of digitalisation is a perfect example. With the help of digital technology the
transactions are done not within the nation but also across the nations. This helps the company to
spread and expands its presence into different places and countries.
Formulate valid conclusions and justified recommendations on how a specific entrepreneurial
idea can be developed, managed and sustained within the competitive market place.
The company, virgin money should used advance and updated technologies which help
them in catering their target market more effectively and efficiently. Today every businesses is
drawing its business at digital platform because it gives more opportunities and growth to them.
Also, the company for more growth purpose should expand its territory to gain more
profits and growth. This will make their market more strong and completable.

CONCLUSION
In the last, with the above report it is concluded that existing market conditions of market
is too competitive and dynamic. Entrepreneurs is also beneficial to perform work as a wide range
of market opportunities to gain successful results. This is also used by company to launch all
products and services in a successful way. Along with this it is also analysed that entrepreneurs
must analyse and evaluate macro environment to make a business successful. SWOT is also used
by management for evaluating internal environment of company and to make strategy as per
internal conditions.

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