Identifying Entrepreneurial Opportunities

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1.Determine and evaluate different sources of entrepreneurial ideas and innovation.........3
TASK 2............................................................................................................................................4
P2.Market gap for a specific entrepreneurial idea using relevant tools and techniques.........4
TASK 3............................................................................................................................................6
P3.Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea.........................................................................................................................................6
P4.Interpret data appropriately to provide evidence of market potential...............................9
TASK 4..........................................................................................................................................13
P5.SWOT framework to collate evidence to support an objective assessment of a specific
entrepreneurial idea..............................................................................................................13
P6.The competitive and market environments in which the idea will be launched to assess
potential viability..................................................................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................18

INTRODUCTION
Now a days entrepreneur opportunities are becoming significant competitive. It is
considered as a situations where products or services can be sold at a price more than the
production cost. With this entrepreneurs can take action to make profitability (Bagheri and Lope
Pihie, 2013). Within the present report. firm which has been taken into consideration i.e. Zylla
cafe, which will be launching it's products and services within the United Kingdom's potential
market. Report is going to be enclosed with ample number of sources, that are linked with
entrepreneurial ideas along with innovation. Analysis of market gap by utilising tools and
techniques. On the other hand, data interpretation has also been performed of potential market of
United Kingdom. Along with this identification of their competitors and SWOT into business
environment i.e. linked to viability will also be considered within the report.
TASK 1
P1.Determine and evaluate different sources of entrepreneurial ideas and innovation
Entrepreneurship is considered as an opportunities for people to execute its ideas. For it,
this is essential for them to adopt advantageous option among varieties. Opening a new business
is a tough task as for it they need to examine available sources to execute effectual ideas in that.
Few external environment sources of change also useful to form new opportunities.
Social factors: This is essential for an entrepreneur to examine the preference, choice and
tastes of consumer for particular products or services. This will assists them to execute their
ideas easily to facilitates standard services in innovative manner in order to attract customer.
These types of sources gives a grate opportunities for new business.
Technological factors: As per current scenarios, technology advancement have large
effect upon all industry. Within restaurant sectors, it assists to enhance profit through
minimising wastage as well as giving on time services to clients.
Entrepreneur role: Entrepreneur is the one who gives its effective contribution into growth as
well as improvement of economy. They launch innovation ideas in its new business. This will
aids them to acquire various opportunities from targeted marketplace (Cassar, 2014). Crucial
role are it increase living standard into society, they facilitates employment opportunities to
proficient individuals and many more.
Scope and Kinds of innovation:

This is crucial for an entrepreneur to develop various kinds of ieas so that they can
facilitates quality services to its clients as process and product innovation. It is mainly utilise to
shows their goods or services quality to consumer. Through this firm can obtain benefits for
longer durations.
Innovation and Invention:
Both are the two different concepts. Invention is utilise to launch new goods or services
by personal observations. Where as innovation is considered as a process which is utilise to make
effectual changes into many services or products as per the innovative ideas (Bosio and et.al,
2018).
Within business enterprises, it is essential for their owner to execute its new ideas for
obtaining maximal benefits. With the help of systematized innovation seven sources which are
established through Peter Ducker are mentioned below: Unexpected: the main aim of innovation process is to ready for all the things through
utilising effective strategy in order to tackle them in simple manner. Incongruity: This is ascertain as an effectual model where person utilise to think
something innovative from another one. Innovation based on process need: Innovation is applied to execute new thoughts and
this shove be based upon procedures requirements. Changes into market and sectors: Innovation execution is utilise to adapt various
modification into sector as well as market. Demographics: This is based upon developing own enterprise into target marketplace by
facilitating satisfaction to customers. Changes in perception: By executing new or innovative thoughts into business, an
entrepreneur can modify purchaser perception.
 New knowledge: Innovation is mostly depends upon new ideas and conceptions of
person.
The new business idea comes from the duckers model of which change in perception as
consumer tastes and preferences changes rapidly. In that regards, the entrepreneur aim to launch
new business idea called Zylla cafe.
Advantage and disadvantage of change in perception: If there is changes in perception
of customers so an individual by identifying clients wants and aim to launch new business into

marketplace. Moreover, if there is changes in perception so the business are bound to provide
effective quality of products, services, security to its consumers which will helpful in enhancing
its value and profitability. Similarly, it also have disadvantages as due to rapid change in
consumer perception some times it proved hazardous for business to cope up with respective
demands of customers. Regular, changes into perceptions enhances the cost as well as time for
the respective businesses which is not effective for them.
TASK 2
P2.Market gap for a specific entrepreneurial idea using relevant tools and techniques
The target market place of new business should has to particularly examine through
entrepreneur in order to fulfil gaps. Within this process, it can apply creative ideas to finding its
target consumers, needs, present competitor and demands. This is needed to find out these
components before introducing new ideas as well as products into market area. In order to
minimise marketing gap, entrepreneur have to examine:
Identifying consumers: In service industry, various kinds of consumers are available
that need and demand particular services (Gruber-Muecke and Kailer, 2015). By this,
entrepreneur can examine its needs easily and facilitate effective services to them. These forms
of practices assists to make direct connection with target clients for acquiring more benefits.
Marketing segmentation: Behavioural: these types of activities are depends upon values, believes and so on of
customers. So, a new entrepreneur need to facilitate its quality services to target clients as
per its purchasing behaviours. Geographic: In order to start new business, it is essential to examine services needs at
various areas. These places many be rural, urban etc where requirements of consumers
can be distinguished from others.
 Demographic: This can be a appropriate ideas that an entrepreneur examine demographic
market segment. These types of practices depends upon consumer gender, sources of
income and age.
Segmentation: Basically, demographic segmentation is being utilised by Zylla Cafe,
where income factor has been taken into consideration. Along with this, manager of this

organisation will be targeting the age group from 20 to 60, where products of this cafe will be
attracting customers with a unique taste.
Targetting: The respective cafe determine whom they want to target. Thus, it ascertain
each segment to determine what value exists within whole market segment. It targets upper and
middle class people. Moreover, provides the product quality at affordable cost so that middle
class clients can also purchase goods without any hesitation.
Positioning: Positioning is developed for whole target segment. Herein, cafe is
positioned competitively in segment and developed a USP for brands into that segment.
Products or services: Tangible: Organisational food products and services should has appropriate quality
which facilitate more satisfaction to users.
 Intangible: For Zylla cafe, it is need to give cost effectual services to its clients.
Benefits: By this, Zylla cafe entrepreneur can enhance its income as well as growth of their
business.
Market gap:
It can be find while firm faced a large gap among its own services as well as market
requirements. As per this, company can analyse its present position such as currently where its is
and where it want to be in future. In context of Zylla cafe, firm want to launch services of
restaurant into marketplace. Hence, for them there are need to find out effects of innovation and
technological advancement which they has to adapt for minimising marketing gap. This can be
analysed when company's consumers has various requirements from the services sectors. So, this
is essential for Zylla cafe to undertake strategies and market aspects of competitors effectively so
that gap can be minimised.
Gap analysis: