University Report: Identifying Entrepreneurial Opportunities Analysis

This report delves into the identification of entrepreneurial opportunities, providing a comprehensive analysis of key concepts and methodologies. It begins with an introduction to entrepreneurship, emphasizing the role of innovation. The report explores Drucker's seven sources of innovation, followed by an examination of the McKinsey 7S model, which helps identify gaps within a business. Gap analysis is then presented, alongside SWOT analysis, to evaluate strengths, weaknesses, opportunities, and threats. The report also covers competitive and market environments, including market analysis. The report concludes by emphasizing the importance of assessing business feasibility before market entry. Various tools and techniques are applied to assess the viability of business ideas and the report provides survey results and data analysis to support the findings. The report provides an in-depth understanding of the entrepreneurial process.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

Table of Content
 Introduction
 Drucker Seven Sources Of Innovation
 Mckinsey 7s
 Gap Analysis
 SWOT Analysis
 Competitive and market environments
 Conclusion
 References

Introduction
• An entrepreneur is a person which starts and run a new small business rather than
working under some organisation as an employee.
• All the rewards and risks associated with the business are managed by that
individual only.
• Entrepreneurs are considered as an innovative person as they initiate and
implement new ideas, services, products & associated procedures.

Drucker
Seven Sources Of Innovation
• As per Drucker there are seven sources of innovation which are mentioned
below:
• Unexpected Necessity
• Demographics Incongruity
• Changing perception
• Market structure change

Mckinsey 7s
• This modal helps in identifying the potential gaps that takes
place within business. Beside it, this tool of analyzing market
gap evaluates the areas where optimization will results in
boosting performance of business.
• Hard elements
• Soft elements

Gap Analysis
Basis Cafe & Catering service Rival company
Market competition Foodie Flavor is providing healthy eatables and
drinks at less cost than competitors. Product price
of company is 7500 euros.
Products offered by other firms is more in price by
10%. Due to this people may feel reluctant to
purchase them.
New entrance They are providing drinks and food at economic
rates and all outlets are clean and well organised. They are charging high for their products and outlets
are not well organised.
Power of buyer Demands of customer is given priority. Hence,
customer prefer their services. Their main aim is to generate profit and needs of
customer is not given much consideration.
Threats of substitutes Foodie Flavor is charging € 500 as subscription
fees which is reasonable. They are charging € 700 which is high. Due to this,
their customers are shifting toward other brands.

Theme 1: Foodie Flavor Provide Effective Services
Q1) Are you aware with
innovative products provided
by Foodie Flavor ?
Freque
ncy
Yes 32
No 18

Theme 2: Facilities Preferred By Customer
Q2. What kind of facilities you
generally want more? Freque
ncy
 Variety in healthy drinks 10
 Wi-Fi availability 14
 Home delivery 16

Theme 3: Price Rates Fixed By Foodie Flavor
Q3) The price rates fixed by Foodie
Flavor according to the facilities
provided are effective or not?
Freque
ncy
 Yes 40
 No 10

Theme 4: Are You Satisfied With The Customer
Services Offered By The Company?
Q4) Are you satisfied with the customer
services offered by the company? Frequen
cy
 Yes 32
 No 18

SWOT Analysis
Strength Weakness
Outlets are located at prime locations due to which huge profits and
revenues can be generated.
Products offered are healthy and of supreme quality. Taste of food and
drinks are extremely good.
Products are affordable. People can spend money on eatables without
any worry.
Number of customer base is very low as company has just started.
Owner doesn't have experience within this industry.
They don't have any brand equity and brand value.
Opportunities Threat
Have ability to appeal the new markets by adding new dishes and
flavour of drinks.
Expansion of business and new outlets at different location.
Taste and preference of target market changes after some time.
Mediate competition also pull down the business.
A lot of cafes are already existing in market.

Competitive and market environments
Market analysis is a systematized way of analysing the market. Marketing analysis
helps to formulate the strategy for the business.
Competitive environment
Market environment

Conclusion
• From above mentioned report, it is concluded that it is important for an
entrepreneur to acknowledge the feasibility of business before introducing it
within market.
• There are different sources of innovation which motivate an individual to
introduce new concept.

References
• Grégoire, D. A. and Shepherd, D. A., 2012. Technology-market combinations
and the identification of entrepreneurial opportunities: An investigation of the
opportunity-individual nexus.Academy of Management Journal.55(4). pp.753-
785.
• Tang, J., Kacmar, K.M.M. and Busenitz, L., 2012. Entrepreneurial alertness in
the pursuit of new opportunities.Journal of Business Venturing.27(1).pp.77-94.