Sources of Entrepreneurial Opportunities

The assignment discusses the concept of entrepreneurial opportunities and explores different sources that can lead to them. It includes references from books, journals, and online sources, providing a comprehensive overview of the topic. The summary highlights the importance of identifying potential threats and formulating strategies to handle them in the pursuit of entrepreneurship.

Identifying Entrepreneurial
Opportunities

INTRODUCTION
An individual who make use of opportunities, identifies potential threats associated, and
evaluate individual capabilities & is responsible for translating defined and unique business idea
(Audretsch, 2012). They play a major role in improvisation of economy. Therefore, it becomes
essential for nations worldwide to persuade entrepreneurial instinct which will be responsible for
sparking success within development of economy. This report is based on stimulation of new
business idea by initiation of Mr. Happy Inn Hotel in London. They render appealing as well as
unique features which are associated with healthy wellbeing of their guests. Hotel is responsible
for offering innovative services that are aggregated with wellness concept, here entrepreneur will
be providing workout zone which will be containing stability ball, yoga mat, benches for seated
exercise, stability machines, free workout videos and cardio machines. This report comprises of
formative discussion which is based on entrepreneurial idea and gap analysis for evaluation of
feasibility of that business idea. At last, SWOT analysis has been carried out for identification of
their essential features.
P1 Sources of innovative entrepreneurial ideas
Entrepreneurial and start-ups enterprise acts as one of the major source for economy of
country. It not only assists in generation of employment but also leads to enhancement in levels
of GDP, infrastructure and many others. At present premise, Authorities of UK inspires young
professionals or graduates to take into consideration entrepreneurship (Autio and et. al., 2018). It
will aid them to promote fair trade practices while reduction in supremacy of existent ventures.
Peter Drucker seven sources act as major source for launching Mr. Happy Inn Hotel. This model
has been elaborated below:
Incongruities
For understanding definite state of an idea it is crucial for entrepreneur to have effective
market research strategies before they bring new product or service within market. For this best
possible resources can be utilised for evaluation of data of incongruities for analysis of prevailing
demands of customers within Hospitality industry. This will lead them to have stronger edge
while bringing in Mr. Happy Inn Hotel within market of UK.
The Unexpected

This factor is associated with evaluation of unexplored and unexpected ideas for ensuring
that business project will acquire effectual support from population within a market. With the
evolution of demands and needs of customers, it is crucial for an entrepreneur to have
appropriate knowledge needs of customers (Barazandeh and et. al., 2015). It will aid Mr. Happy
Inn Hotel effectually in London Province.
Process need
This factor is associated with estimation related with business ideas. For this best
efficacious solution is to have alterations within entrepreneurial idea by which demands as well
as needs of market, customers can be accomplished effectively. After appropriate assessment,
entrepreneur can recognize shortcomings associated with launch of Mr. Happy Inn Hotel and
acquire possible success.
Change in market and Industry Structures
It is crucial for an entrepreneur to make the launch of their business parallel with
alterations within market and associated with structure of industry. It will aid them to acquire
more advantages as well as opportunities (Grégoire and Shepherd, 2012). By analysis of
knowledge associated with structure which prevails within market and entrepreneurs can launch
Mr. Happy Inn Hotel in London with accomplishment of definite needs and demands of
customers.
Demographics
It is essential for an entrepreneur to efficiently alter demographics associated with income
levels human capital, individuals and age group for gaining success within market and gain
enhanced developmental opportunities. As per capita income level within United Kingdom is
high which will assist entrepreneurs to launch Mr. Happy Inn Hotel in effectual manner within
London.
Alterations in Perception
Anticipations keep on altering with time. Therefore, in order to get vigorous business
idea with people ideologies it is crucial for an entrepreneur to cover the gap with appropriate
market analysis. It will aid them to have effectual support of local public as well as conduct
business within straight manner (Hansen, Monllor and Shrader, 2016).
New Knowledge

Within modern dynamic world technology keeps on regularly altering. For this, it is
crucial for an entrepreneur to have appropriate knowledge associated with technological
advancements with respect to products and services. This will aid entrepreneur to have more
superior working equipment’s as well as tools within Mr. Happy Inn Hotel for satisfaction of
their customer with best customers.
P2. Rationale as well as market gap for entrepreneurial idea by usage of relevant tools and
techniques
Enterpriser strategies for getting into market of United Kingdom by their idea to bring in a
new hotel (Kohlbacher, Herstatt and Levsen, 2015). The hotel will be offering guests with broad
facilities of work out equipment’s which comprises of furnishing cardio machines, stability ball,
sitting facilities, videos for workout sessions as well as mats for yoga. For running this idea
effectually for business person examine customers behaviour and feasibility of peculiar idea
within market for acquiring advancement within competitive scenario. Moreover, it is crucial for
an entrepreneur to estimate gap within market that associates with contribution of services and
goods which are not yet rendered. With the assistance of this exclusive idea entrepreneur will
efficaciously accomplish health related needs of customers within effectual manner. The market
gap with respect to all business idea is mentioned below:
Technological advancements
Altering as well as development on regular basis will lead them towards an outdated tag
on services and products. Therefore, in order to have updated system, it is crucial for an
entrepreneur to take a vantage on number of techniques and tools and opt for advanced
technologies for conducting business with exact market as well as customer’s demands before
they are outdated. Technology aids in analysis of market gap and leads to accomplish demand in
effectual manner (Park, Sung and Im, 2017).
Identification of opportunities
For competing with competitors as well as accomplish altering requirements of industry
as well as customers, it is crucial for an entrepreneur to evaluate opportunities for gaining more
profitability and advancements. It will render effectual assistance to entrepreneurs for analysing
gap and fill those to stay a step forward among their challenger.
COMPETITIVE ANALYSIS

Basis Mr. Happy Inn Hotel Marriott Hotel Four Seasons London
Products and
Services
They provides their
customers with latest
equipments and gym
room in which they
(Hotel) can fulfil their
(customers)
requirements.
They furnish their guests
with a peerless experience
through the qualities
provided by them. The
customer support executive
are available 24*7 to
answer to queries raised by
their customers. Along with
this, they provide their
customers with excellent
facilities along with
infrastructure (Siegel and
Renko, 2012).
Services as well as rooms
furnished are off high
quality and involves
continuous innovation in
their interior so that every
time an individual visit
them a positive vibe is
created within the
surroundings.
Major
Attractions
The primary repulsion
which hotel makes use
is customer centric
approach in which they
are more concerned
about their customers
along with friendly
gesture towards their
staff and the way in
which guests must be
treated within their
working premises.
Workforce posses
multilingual capabilities as
well as high quality rooms.
This enables them to
communicate with their
customers in a pleasant
environment who are from
diverse culture.
Entertainment facilities
along with excellent room
services and dining
facilities in restaurant
enables them to grab
attention of more number
of people.
Promotional
strategy
They advertise their
facilities and services
by the usage of
pamphlets, local
The marketing strategies
includes inclusive
advertisements, mobile
apps, website and through
They are responsible for
delivering high quality
services for acquiring
success by word of mouth

newspapers and by
radio as well as
television.
their own social media
platform i.e. M Live.
which acts as strongest
promotional tool. Along
with this, they make use
of social media platform
for promoting their
services and flyers
(Suddaby, Bruton and Si,
2015).
For acquiring enhanced progression, bourgeois make use of assets through which
achievable outcomes can be attained which exists within market. Along with this, entrepreneur
can efficaciously take into consideration technological innovation. Entrepreneur needs to execute
continuous adaption approach with assistance by adapting to continuous evolving technology. By
taking various aspects into consideration they need to carry out activities within effectual
manner.
P3. Gap analysis in evaluation of entrepreneurial idea
A strategical tool which has been taken into consideration for analysing gap between
predictable and target outcomes. With respect to Mr. Happy Inn Hotel, entrepreneur can
effectually identify gap with respect to performance, market, manpower and profit gap in
London province.
QUESTIONNAIRE
NAME:
AGE:
ADD:
GENDER:
MAIL ID:
Q1) Are you aware with innovative services being offered by Mr. Happy Inn Hotel?
 Yes
 No

Q2) Which facilities you usually look on while selecting a hotel for accommodation?
 Hygienic and multi-cuisine food
 Healthy environment
 Workout Zone
Q3) Do price range offered by Mr. Happy Inn Hotel is worth of facilities that are being offered
by them?
 Yes
 No
Q4) Are you pleased with customer services offered by Happy Republic Inn Hotel?
 Yes
 No
Q5). Suggest a number of suggestions in order to improvise services of Mr. Happy Inn Hotel.

Theme 1: Mr. Happy Inn Hotel offer valuable services
Q1) Q1) Are you aware with innovative services being offered by Mr. Happy
Inn Hotel?
Frequency
a) Yes 25
b) No 5

Theme 2: Facilitates
Q2) Which facilities you usually look on while selecting a hotel for
accommodation?
Frequency
a) Hygienic and multi-cuisine food 10
b) Healthy environment 5
c) Workout Zone 15

Theme 3: Mr. Happy Inn Hotel provide services in an affordable range
Q3) Do price range offered by is worth of facilities that are being offered by
them?
Frequency
a) Yes 25
b) No 5

Theme 4: Customers are pleased by Mr. Happy Inn Hotel
Q4) Are you pleased with customer services offered by Happy Republic Inn
Hotel?
Frequency
a) Yes 28
b) No 2
P4. Interpretation of data for providing evidence of market potential
To have a effective launch of business, businessperson must collect information
associated by various resources (Welter and Alvarez, 2015). It will facilitate them to assess and
examine data effectively for acquiring large number of guests within London. Primary and
secondary sources of collection of data can be considered effectively for allocation of relevant
information associates with Mr. Happy Inn Hotel. In primary research surveys, questionnaires
are carried out to have details of entire processes. In case of secondary research books, journals
or any articles which are taken into consideration by entrepreneur.

 Entrepreneurs offer their customers with healthy facilities in which they furnish workout
equipment’s like cardio mat, workout videos and many others. It is an innovative concept
for maintaining healthy wellbeing of guests which may not be given by other Hotels
within market of London. which is not offered by hotels in London till now. This will
assist Mr. Happy Inn Hotel have a flouring market by accomplishing requirements of
their customers.
 Hotel emphasise on accomplish the needs of customers by providing them with
qualitative services which will lead them to acquire large market shares.
Interpretation of above data:
Theme 1:
Central Tendency Data
Mean 15
Median 15
Mode 0
Standard Deviation 14.14
Interpretation: Statistical data represented above shows that individuals know about
offerings which will be provided to them through Mr. Happy Inn Hotel. For reaching maximum
number of customers and gain competitive edge from their competitors, management can opt for
online platforms.
Theme 2:
Central Tendency Data
Mean 10
Median 10
Mode 10
Standard Deviation 5

Interpretation 2: As per, statistical evaluation, customers are mire attracted towards hotel which
takes into consideration wellbeing of their customers.
Theme 3:
Central Tendency Data
Mean 15
Median 15
Mode 0
Standard Deviation 14.14
Interpretation 3: Mr. Happy Inn Hotel will render their services at reasonable price and
it will be worth for money. It will make customers opt for their services which will be signifying
their loyalty.
Theme 4:
Central Tendency Data
Mean 15
Median 15
Mode 0
Standard Deviation 14.14214
Interpretation 4: From statistical evaluation, as per the observations customers will be
pleased with respect to services which are being delivered to them. For potential growth it is
necessary that Mr. Happy Inn Hotel needs to identify more opportunities by which they stay for
longer duration of time.
Business objectives of Mr. Happy Inn Hotel
Objectives Strategies
Assure high customer contentment &
development of sense of loyalty in
 Furnish premium rooms along with latest
equipment's.

them  Provide the rooms which are highly equipped with
workout tools as well as high quality services.
 Make use of customer centric approach in which
well being, their health & safety along with their
requirements will be accomplished which will lead
to enhancement in their (customer's) experience.
Sustainability of business  Usage of latest trends and technologies within
Hotel will lead to have competitive edge within
market.
 Feedbacks as well as reviews can be taken from
customers and employees so that they can bring
enhancements within their existing services.
P5. SWOT Analysis to assess the entrepreneurial idea
It is crucial for an entrepreneur to efficaciously analyse proposed idea with respect to
feasibility (Audretsch, 2012). For effectual evaluation, SWOT analysis can be carried out which
will act as strategic tool for showcase strengths and opportunities which are available with Mr.
Happy Inn hotel. They will be also able acknowledge their weaknesses and threats associated
with the same. SWOT analysis has been presented below with respect to hotel.
Strengths:
Mr. Happy Inn Hotel provides a wide range of ideas that are associated with health &
safety of customers. At present scenario, individuals are more conscious about themselves at
present scenario and are concerned about that in their each & every step. Workout tools which
will be provided by Mr. Happy can captivate huge number of guests towards their services. This
include sitting arrangements, videos for workout sessions, stability ball and cardio machines.
Along with this, there employees will be highly trained and will have adequate knowledge with
respect to ways in which they have to behave with their customers and greet them. This will aid
them to have image within market (Autio and et. al., 2018).
Weaknesses:

For launching a business idea, there is need for evaluation of all the aspects associated
their idea as well as sector. Along with this, they can gain high stakes within market. London is
an excellent location where they have thought to start a hotel. But there exists some drawbacks
like it is very expensive with respect to prices of transportation and raw materials.
Opportunities:
To make sure long-term steadiness, it is crucial for an entrepreneur to evaluate fresh
opportunities. With respect to Mr. Happy Inn Hotel, it is necessary to find out what people are
looking forward for in terms of demands with respect to trends which are prevailing within
health care regime. By this they can acquire new position within market as compare to their
competitors so that they can earn high market share (Barazandeh and et. al., 2015).
Threats:
There are different factors which are serious threats to new entrepreneurial idea. They must
be taken into consideration by an entrepreneur (Grégoire and Shepherd, 2012). With reference to,
launch of Mr. Happy Inn Hotel, they need to find warnings from existing hotels as well as new
entrants within the market. Along with this, competitive prices offered by rivals and high
operating cost also pose a serious threat to Mr. Happy Inn Hotel.
P6. Assessment of competitive and market environment to assess potential viabilities
Entrepreneur needs to analyse existing situations within market so that they can
accomplish their needs in an effectual manner.
Competitive Market:
Management needs to efficiently evaluate the entire internal as well as outer business
environment for acquiring competitive place within the market. In addition to this, Mr. Happy
Inn must examine policies and schemes of competitors who are operating within same industry.
For this Porter Five Force Model has been taken into consideration:
Competition within Industry:
There exists large number of competitors in United Kingdom within Hotel industry which
offers exceptional and attractive services (Hansen, Monllor and Shrader, 2016). They are
Marriott, Hilton, Four Seasons, etc. Therefore, it becomes crucial for an entrepreneur to analyse
strategies of their rivals so that they can give them enhanced competition and make their unique
position within market.
Threat of New Entrants:

For starting a new business idea, huge investments are needed. This is a major barrier to
enter within Hotel industry. Therefore, it can be said that new entrant's threat is less for hotel.
They must conduct their activities in effectual manner by taking into consideration customer
centric approaches.
Bargaining Power of Buyers:
Large number of businesses operate their services in Hotel industry, it provides customer
with an option to go for a substitute or alternative by taking advantage from getting quality
services at low prices. Thereby, entrepreneur needs to furnish low cost strategies for attracting
more number of customers.
Bargaining Power of Suppliers:
They have little cognition with respect to this sector but human resources and skilled
employees have high bargaining power within such kind of organisations. Thereby, ensuring that
businessperson can make sure that they attain long term sustainability within a market (Park,
Sung and Im, 2017).
Threat of Substitutes:
This segment possesses moderate impact as a person looks forwards for an option which
provides them with quality services at reasonable prices. A person normally shifts towards one
who provides services at less value. For this, it is necessary for an entrepreneur to take into
consideration the knowledge which is associated within service sector and are being offered by
their rivals (Siegel and Renko, 2012). This will assist them to formulate their own strategies.
CONCLUSION
It has been observed, that an individual who possess the ability to generate a idea as well as
take risks by which a fresh venture can be started is referred to an entrepreneur. Within this
evolving world, technology is taking a new pace, which makes it mandatory for an entrepreneur
to make use of these techniques on continuous basis with requirements of market. SWOT
analysis has been carried out to identify strengths, weaknesses, threats and opportunities. By
looking on weaknesses, entrepreneur can try to overcome them and by making use of
opportunities they can acquire number of customers. Apart from this, it is essential to find out
their potential threats so that they can formulate strategies in such a manner that they can handle
them.

REFERENCES
Books and Journals
Audretsch, D., 2012. Entrepreneurship research. Management Decision. 50(5). pp.755-764.
Autio and et. al., 2018. Digital affordances, spatial affordances, and the genesis of
entrepreneurial ecosystems. Strategic Entrepreneurship Journal. 12(1). pp.72-95.
Barazandeh and et. al., 2015. Investigating the effect of entrepreneurial competencies on business
performance among early stage entrepreneurs Global Entrepreneurship Monitor (GEM
2010 survey data). Journal of Global Entrepreneurship Research. 5(1). p.18.
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.
Hansen, D. J., Monllor, J. and Shrader, R. C., 2016. Identifying the elements of entrepreneurial
opportunity constructs: Recognizing what scholars are really examining. The
International Journal of Entrepreneurship and Innovation. 17(4). pp.240-255.
Kohlbacher, F., Herstatt, C. and Levsen, N., 2015. Golden opportunities for silver innovation:
how demographic changes give rise to entrepreneurial opportunities to meet the needs
of older people. Technovation. 39. pp.73-82.
Park, J. Y., Sung, C. S. and Im, I., 2017. Does Social Media Use Influence Entrepreneurial
Opportunity? A Review of its Moderating Role. Sustainability. 9(9). p.1593.
Siegel, D. S. and Renko, M., 2012. The role of market and technological knowledge in
recognizing entrepreneurial opportunities. Management Decision. 50(5). pp.797-816.
Suddaby, R., Bruton, G. D. and Si, S. X., 2015. Entrepreneurship through a qualitative lens:
Insights on the construction and/or discovery of entrepreneurial opportunity. Journal of
Business venturing. 30(1). pp.1-10.
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.
Welter, C. and Alvarez, S., 2015. The state of opportunities: clarifying the transitions between
opportunity types. Management Decision. 53(7). pp.1398-1411.
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