Identifying Entrepreneurial Opportunities

This report evaluates different sources of entrepreneurial ideas and innovation, with examples. It also discusses the support to gap analysis in the context of entrepreneurial ideas and interpretation of data for evidence of market potential.

Identifying Entrepreneurial
Opportunities

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Evaluation of different sources of entrepreneurial ideas and innovation with example...3
TASK 2............................................................................................................................................5
Covered in PPT.......................................................................................................................5
TASK 3............................................................................................................................................5
P3 Support to the gap analysis in context of entrepreneurial idea.........................................5
................................................................................................................................................7
P4 Interpretation of data for getting evidence from market potential....................................9
TASK 4..........................................................................................................................................11
P5 Implement of SWOT framework for collect of evidence that support objective assessment
..............................................................................................................................................11
P6 Evaluate the competitive and market environments.......................................................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurs are those individuals who run their business with new and innovative
business idea by bearing risk aspects of market. Entrepreneurship refers to an exercise that is
used to convert market opportunities into a start-up through fulfilling customer needs and wants.
An entrepreneur leads with different situations that develops the process for performing new
products and services by understanding potential business ideas and market conditions (Hansen,
Monllor and Shrader, 2016). This report is composed from point view of Virgin money that
perform its business in finance industry and manage its among different countries to provide
better services in financial industry. Moreover, this report provide information about different
sources of entrepreneurial ideas. Data and information that support gap analysis for a particular
business idea and the appropriate evidence of market potential. In the last, SWOT analysis will
also be included in this report the support specific entrepreneurial ideas.
TASK 1
P1 Evaluation of different sources of entrepreneurial ideas and innovation with example
New ideas, thoughts and work process perform an essential role in the entrepreneurship so it
is essential to understand different sources for understanding better ideas. Sources of idea as well
as innovation determine the needs of customer want and research through implementing survey
and market overview. Some of the essential sources that relates with innovation and ideas are
mention as follow:
Social factor- In the present scenario all organisation are performing their work at global
level. So the customer base for organisation is overall global market it also results the needs of
customers is too dynamic. Example- all professional employees are attracted towards those
factors which relates with investment aspects either at local and international level. Moreover,
Virgin money operations are managed within countries such as Africa, UK etc. so it helps to
motivate more number of persons (Ilonen, Heinonen and Stenholm, 2018).
Trade show- Fair and trade show are the most important part for organisation which is
leading company to demonstrate their products at global level. Along with this the main concern
for organisation is enhancing skills and knowledge of all individuals to make the business more
successful. From the perspective of Virgin money company there are various ERP system are
present in market such as SAP, ORCALE etc. which are modern tools and leads organisation to

perform all work from single platform. Example- For innovation source it is used by company to
make cashless transaction with new methods.
Mass media-There are different undertaking are performed by the executives which leads
organization to perform function according to broad communications (Kohlbacher, Herstatt and
Levsen, 2015). TV, papers, radio, magazines and web are best hotspots for distinguish new
innovative thoughts. Model With screen of business magazine an individual screens the thoughts
urge them to work with new thoughts. In addition, in setting of development it is utilized for
finishing of all assignment and goals with strategic policies and morals. Like, web gives more
data to a person for development of items and administrations. Virgin cash execute use broad
communications source to improve process.
Drucker’s sources for innovation
Systematic innovation performs a crucial role in entrepreneurship that leads organisation
to overcome from the gap of current position and desired position. Therefore, Drucker’s model is
implemented to perform all work as per opportunities in market.
 Unexpected- The innovation take place unexpectedly that are generates with
uncertain chance and leads organisation to generate new ideas. Virgin money
unexpectedly increase its market share by providing there software among different
countries. This result it is easy for management to attract more persons with new ideas.
 Market structure- The market structure take place with different modifications in
market roles and methods to complete work. This refers Virgin money monitors all
works and functions to complete work as per opportunity that increases market share
by motivating all individuals to perform work as per market demands.
 Necessity- There are various needs and wants relates with consumer that are
innovated by understanding customer requirements (Navis and Ozbek, 2016). The
main motive of necessity aspects is to implement right innovation that leads to increase
products value and match them with consumer needs. Example- Virgin money
determines opportunities for all those persons who manage its business at international
level.
 Demographics- With the demographic source of innovation Virgin money focuses on
lifestyle needs of a particular country citizen. Monetary aspects works as a crucial

aspect for all persons as financial terms are accepted by all organisation to exchange
their products and services.
 Changing perception- This is related with the changes that give birth to innovation
through making healthy changes in organisation (Reilly and Scott, 2014). In context of
Virgin money and finance industry consumer face challenges due to changes in the
price of international market. Therefore, it is essential for organisation to accept those
aspects that is useful to make positive perception about products.
 New knowledge- Knowledge and ideas must be new for all organisation that is
beneficial to make progression with right individuals in management. This also results
with implement of new knowledge and ideas it is easy to make unique advantage in
market by performing operations with new techniques and methods. It is also
beneficial for organisation to generate better results through completing all task in
proper manner.
TASK 2
Covered in PPT
TASK 3
P3 Support to the gap analysis in context of entrepreneurial idea
Market research works as a systematic process and approach which is used by the
entrepreneur to understand different up and down in market. In the context of this research this
report is based on primary and secondary data that is gathered to understand the behaviour of
customers. Monetary and financial transactions are crucial part for organisation which is used for
analysing an entrepreneurial idea that provides better support to all authorities to perform task in
competitive manner. Further, aspects of market research are mention as follow:
Primary research- The primary research and its aspects defines all those aspects which are
involved in questionnaire, interview and survey. Virgin money adopts primary methods for
research to complete all task with in depth information (Stenholm, Acs and Wuebker, 2013). It is
more useful for understanding new business ideas and invest them to generate potential results
from all functions.
Secondary research- With the implement of secondary research it is based on all those
purpose that is available and collected through different sources such as journals, books and

magazines. It involves large number of data and implement in functions to generate long term
results by prevailing better research among all operations. Virgin money adopts both research
methods in order to generate new idea.
Questionnaire
Name
Age
Address
Q1 Are you attentive about products and services offered by Virgin money?
a) Yes
b) No
Q2) Do you relay on the services that are offered by organisation into new segment and market?
a) Yes
b) No
Q3) Are products and services provided by Virgin money match with your customer need and
wants?
a) Yes
b) No
Q4) Do you prefer online shopping to purchase products and services?
a) Yes
b) No
Q5) Is company provide right solutions for dealing with issue related with their products and
services?
a) Yes
b) No
c) Moderate
Q6) Is the financial services provided by respective organisation are effective?
a) Yes
c) No
Q7) Is organisation arrange available resources for sustaining longer period in organisation?
a) Yes
b) No

Q8) Which major services are provided by organisation for satisfy need of customer?
a) Financial consulate for investment
b) To Provide financial services
Q9) Employees of Virgin money are able to organise all work in an appropriate manner?
a) Yes
b) No
Q10) Which methods are most effective for organisation to formulate competitive edge against
competitors?
a) Recruiting professional employees
b) Use of technological tools
Q1 Are you attentive about products and services offered by Virgin money?
a) Yes- 6
b) No- 4
yes no
0
1
2
3
4
5
6
7
6
4
Column C

Q2) Do you relay on the services that are offered by organisation into new segment and market?
a) Yes- 8
b) No- 2
yes no
0
1
2
3
4
5
6
7
8
9
8
2
Column C
Q3) Are products and services provided by Virgin money match with your customer need and
wants?
a) Yes- 9
b) No- 1
Yes No
0
1
2
3
4
5
6
7
8
9
10 9
1
Column L

Q4) Do you prefer online shopping to purchase products and services?
a) Yes- 7
b) No- 3
Yes
No
0 1 2 3 4 5 6 7 8
3
7
Column L
Q5) Is company provide right solutions for dealing with issue related with their products and
services?
a) Yes-8
b) No- 2
8
2
Yes
No
P4 Interpretation of data for getting evidence from market potential
Q1 Are you attentive about products and services offered by Virgin money?
a) Yes- 6

b) No- 4
Mean: 5
Mode: 5
Mode: 2
Interpretation- With the above graph it is analysed that 60% respondents are aware about the
products and service provided by Virgin money.
Q2) Do you relay on the services that are offered by organisation into new segment and market?
a) Yes- 8
b) No- 2
Mean: 6
Mode: 6
Mode: 0
Interpretation- According to the respondents all products which are offered by organisation
whether new or existing are offering better value to customers.
Q3) Are products and services provided by Virgin money match with your customer need and
wants?
a) Yes- 9
b) No- 1
Mean: 5.5
Mode: 5.5
Mode: 1
Interpretation- The above graph demonstrates that all products which are offered by Virgin
money are developed according to market needs. So it is easy for management to satisfy needs of
customers appropriately.
Q4) Do you prefer online shopping to purchase products and services?
a) Yes- 7
b) No- 3

Mean: 6
Mode: 6
Mode: 0
Interpretation- With the involvement of E-commerce platform in all business it is easy for
customers to sale there products and services.
Q5) Is company provide right solutions for dealing with issue related with their products and
services?
a) Yes-8
b) No- 10
Mean: 6
Mode: 6
Mode: 0
Interpretation- According to the above report it is analysed that there are management concern
to deal with issue that impacts on customer. As more than 80% of people are satisfied needs of
individuals in effective manner by solving there issue appropriately.
Q6) Is the financial services provided by respective organisation are
effective?
a) Yes 5
a) No 5

Interpreatation – According to the provided information it is identified that all work is completed
in proper manner by offering all services in an effective manner. Similarly, some individuals not
satisfy organisational services.
Q7) Is organisation arrange available resources for sustaining longer period in
organisation?
a) Yes 7
b) No 3

Interpretation- With the above information it is identified that most of the employees agree that
management provide them essential resources for completing all work in an accurate manner. It
also enhace overall productivity of the organisation.
Q8) Which major services are provided by organisation for satisfy need of
customer?
a) Financial consulate for investment 6
b) To Provide financial services 4
Interpretation- With the above information it is identified that management provide better
consultant that make support for providing financial services. It make better investment for
organisation. This also result management is more focused towards capitalizing money for
business.
Q9) Employees of Virgin money are able to organise all work in an
appropriate manner?
a) Yes 8
b) No 2

Interpretation- With the mention information it is identified that organisation is recruiting those
individuals that are highly skilled. It results all work is completed with more efficiency and
effectiveness which help to satisfy need of customers properly.
Q10) Which methods are most effective for organisation to formulate
competitive edge against competitors?
a) Recruiting professional employees 7
b) Use of technological tools 3

Interpretation- This information also demonstrate that individuals are satisfying needs and wants
of customers in an appropriate manner. With the above task it is identified that through recruiting
employees it is easy to achieve specific results.
Gap analysis
This is also known as one of the most strategic tool that is used for analysing the gap within the
market which is based on organisational products and services. There are various task are
managed by organisation with the needs of management with motive of completing all work as
per needs that also leads company to generate long term results by performing task within
minimum time period. Virgin money operates there business beyond local boundaries so it is
mandatory for company to follow all rules and regulations properly in order to gain better
position in global market.
TASK 4
P5 Implement of SWOT framework for collect of evidence that support objective assessment
Entrepreneurial ideas are based on different requirements of the customers and market so
with implement of different it is mandatory for management to understand micro and macro
business environment of organisation (Tang, Kacmar and Busenitz, 2012). SWOT works as a
tremendous tool that is leading company to develop effective strategy by understanding
organisational goals and objectives. Further, SWOT in the context of Virgin money is mention as
follow:
Strength
 Virgin money operates business in
large market area that leads individuals
to cover huge market area which work
as major strength for organisation.
 All the services which are provided by
bank are easily accessible. So it is easy
for customers to understand the overall
application. Thus, easy access is
another major strength for organisation.
 As compare to all other companies the
Weakness
 Company is operating there business
among developed countries. So in
developing countries it is complex for
organisation to manage business.
 Virgin money is expanding there
business but it is complex to manage
funds at a large level.
 Due to changes in international rules,
regulations and regions. Fixed and
variable expenses both are impacting

major strength for organisation is to
perform with unique and competitive
edge.
directly on profit ration of organisation.
Opportunities
 With the adoption of technology among
all fields and organisation it is easy for
management to generate long term
results in other country also.
 Banking industry relates with each
other among all over the global level.
Therefore, it is easy for management to
attract more number of customers.
 Developing countries also increasing
their economic conditions. So it works
as positive aspect for company to
expand their business in their market
also.
Threats
 With the increasing in competition due
to the globalisation there are various
challenges are faced by management
such as to reduce in market share.
 Skills and knowledge of individuals or
employees are not so effective that
helps business houses to manage work
at international level.
 Major threat for the organisation is that
company is facing challenges because
of local service provider as major
market is already covered by them.
With the idea of introducing and performing work into new market segment that is related with
the developing financial industry performance leads company to earn more amount of profits.
Along with this efficiency and overall productivity of organisation is also increased as company
perform their work with implement of unique techniques and methods (Tseng, 2013). This also
helps organisation to gain competitive advantage in market that assist to gain top position in
market.
Along with this all the methods and techniques that are implemented by management are
updated and leading company to make long terms results through increasing work productivity.
This result it is easy for organisation for generating better relationship with customers that leads
to increase in profits and sale of Virgin money.
P6 Evaluate the competitive and market environments
Marketing environment is related to both micro and macro analysis which is made by
competitor and it is assessable by social proposition. This analysis has to face market

competition. This is based on impact of potential viability which is necessary for external
environment of a company.
Political: These are those types of factors that is determined by government and in
which the policies are formed by government. These policies are formed for providing stability
and also trade, fiscal and taxation policies are included under this factor. Also policies related to
various other aspect which help a business organization to grow. It can create an impact upon
Virgin Money in a manner that if tax rate increases, then there product price is also going to
increase.
Economic factors: These are those type of factors which creates impact over profit and
interest rate of a company. A company like Virgin money is going to be effected through factors
like interest rate, raw materials cost and foreign exchange rate. In a manner that if inflation rate
increases then company has to face loss.
Social factors: This factors are those types of factors that is related to social environment
of market that determined by cultural trends, demographics, population analytics etc. Virgin
money is going to be effected because of this in a way that higher demand in market by having
new involvement in business operations is going to make loss of customer.
Technological factors: These are those factor that involve lot of changes that is taking
place in the society day. These factors can have both favourable and unfavourable impact upon a
company like Virgin mobile depending upon advancement they are able to do regarding flow of
money and how new techniques they adopt for there company. It is based on development and
research which are often in tendency to make focus on developments with new methods of
distribution, manufacturing and other logistics.
Legal: These factors are one of the most important factors of a company that helps a
company in dealing with both external and internal issues that has arise. They are maintaining
legislations which are prescribed by an entrepreneur in its own product. Viergin money being a
money company may face legal troubles and are going to be handle under this factor only.
Environmental factors: This factor are those types of factors which deals with problem
that is related to environment and ecology. They are determine by environment and its
surrounding. Also impact of an industry over environment is covered under these factors.
Company like virgin money is a company related to finance and may require certain machinery
in order to transfer money it has to be seen by the authorities that whether these machinery is not

impacting environment. Being a leading with geographical location, global changes in climate.
They are preparing attractive location of product where maximum amount of customers make an
involvement. Beauty Cosmetics are influenced by product which is supplied in familiar location.
CONCLUSION
In the last, with the above report it is identified that there are various task performed by
management so it is essential for organisation to conduct an effective research for performing all
operations and functions in appropriate manner. Along with this there are various opportunities
also exist in the market and business environment that leads company to identify for
accomplishing desired outcomes. With the increase in competition of market it is identified that
all task must be designed to gain sustainability in market. Porter’s five force model is also
included in this report for understanding the competitive position about products in the market.
In the last, SWOT and PESTLE is also included by the management for performing all work in
accurate manner by developing right strategy.

REFERENCES
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