Identifying Entrepreneurial Opportunities INTRODUCTION

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).
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