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(Solved) Identifying Entrepreneurial Opportunities Assignment

   

Added on  2020-12-10

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IdentifyingEntrepreneurialOpportunities

Table of ContentsINTRODUCTION...........................................................................................................................1P1. Sources of innovative entrepreneurial ideas.....................................................................1P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques.2P3. Gap analysis in the evaluation of entrepreneurial idea....................................................3P4. Interpretation of data to provide evidence of market potential........................................9P5. SWOT Analysis to assess the entrepreneurial idea........................................................11P6. Evaluation of competitive and market environment to assess potential viabilities........12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15

INTRODUCTIONAn entrepreneur can be referred to as a person who is willing and capable of taking riskto start a new venture so as to create a new idea or process of conducting things in a businessenvironment or bringing improvements in the existing procedures. Entrepreneur develops hisconcept of carrying out tasks by using innovation and creativity. Identification of entrepreneurialopportunities is essential for an entrepreneur while starting a new venture project (Dimov, 2011).Also, in this competitive and fast changing world, any person starting a business possess variousidea which may seem potential but it is necessary to ascertain one feasible idea that can belaunched successfully in marketplace. The present report is based upon the idea of launching ahotel in London named Matrix Hotel which provides the option of possible customisation inrelation to accommodation in case of prior booking by guests. This report will explore thesources through which business idea can be evolved along with gap analysis. Also, it will includethe SWOT and market analysis of the entrepreneurial idea so as to start the venture successfully.P1. Sources of innovative entrepreneurial ideasIn today's modern and digitalised world, many people are looking for ideas so as to createa startup in the marketplace. The economy of UK is especially very supportive in terms ofproviding assistance to new business persons and small businesses and ventures. Also, UKgovernment takes every initiative to accelerate employment levels the in the country. Especially,government focuses upon young graduates who are willing to take up a new project. This largelymotivates the citizens of country to come up with new and innovative ideas in relation todevelopment of a product or service, or bringing improvement in the existing processes andcommodities. Unique and creative business ideas aid the entrepreneurs to feasibly start a newventure project in an efficient and effective manner. Also, it is essential that entrepreneurs keeplooking out for new opportunities in market so as to tap the advantage of converting the idea intoa business venture ahead of competitors in industry (Siegel and Renko, 2012). Some of the mostinnovative sources through which the idea of commencing a business can come in anentrepreneur's mind are briefed below:-Online Sites: In modern era, there are a number of websites present on web that assistsan entrepreneur in getting a feasible business concept around which a venture can be started.MakeUseOf.com, kickstarter.com, entrepreneur.com and quirly.com are some of the most used1

and famous websites to gather new and innovative ideas about developing a business project(Websites For Creative Business Ideas If You Want To Be An Entrepreneur,2018). Informationavailable on these websites is relevant and authentic and thus, this can be considered as apowerful source for developing entrepreneurial ideas.Business Opportunities and Ideas: This is a blog where various bloggers give theirviews and opinions about the latest trends and techniques used by companies persisting inmarket. Here, an entrepreneur can discover and explore various business ideas to establish a newventure in UK and gain success in marketplace.that covers topics about business opportunities and ideas. Here you can find acategory relatedtobusiness ideas where you can explore them.Brainstorming: This is an innovative technique through which problems faced by thepeople in society are solved by creation of new ideas and processes. Here, normally, generationof one idea gives rise to various more new ideas. The major objective, here, is to come up withmaximum ideas so as to select the most feasible one and develop a business start-up around that(Top 10 Sources of Business ideas & Opportunities,2018). The principle is to successfullylaunch a business idea in marketplace in an effective and efficient manner with minimum use ofresources.Business Idea Forum: Another source through which business idea can be developed isbusiness idea forum. It is an online website where users can discuss, post and discover new andpotential ideas. Also, this is a place where entrepreneur can meet potential partners and explorebusiness concepts for commencing a start-up.Mass Media: Television, radio, commercial magazines, journals and newspapers canalso be an effective source for generation of a business idea (Kohlbacher, Herstatt and Levsen,2015). By going through all these, entrepreneurs can gain an insight into the current marketsituation and then bring an effective solution to the problems of consumers in terms of product,service or process in marketplace.P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniquesThe business idea that is proposed by entrepreneur is about launch of a new hotel. Thisentity would provide the guests an option of possible customisation. This reflects that thecustomers who book the hotel room atleast one month prior to the actual date when theaccommodation will take place, would be eligible to get the option of bringing modifications in2

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