Identifying Entrepreneurial Opportunities - Coffee Venture

Added on - 21 Feb 2021

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IdentifyingEntrepreneurialOpportunities
Table of ContentsINTRODUCTION..........................................................................................................................4MAIN BODY..................................................................................................................................41. Background information about those sources that inspired your idea and what motivatedyou personally in wishing to set up your own business.........................................................42. An introduction to your business idea and what it is, and who and where your potentialcustomers and target audience are.........................................................................................63. A competitor analysis that looks at the competitive marketplace. Look at failures andsuccesses. What you can do differently? Is this a growth area with low and medium risk?..74. Gap analysis and how you are looking to close the gaps. What is the situation now andwhat is the future? What are the objectives of this business idea and how do you wish toachieve them?.........................................................................................................................8..............................................................................................................................................105. Market research to support viability for your business idea and identify market potentialusing a range of sources that could be both primary and secondary....................................106. Why your business idea is viable and workable and how you qualify this belief. What arethe strengths and weaknesses? How will you overcome the risks and the potentialopportunities for growth and development in the future?.................................................11........................................................................................................................................................12CONCLUSION.............................................................................................................................12REFERENCES.............................................................................................................................13.......................................................................................................................................................14
INTRODUCTIONEntrepreneur is an individual who seeks for an opportunity to grow and develop byadapting innovative or creative ideas in order to accomplish high productivity and profitabilityratio. Moreover, they takes an initiative to examine current and emerging trend of marketscenario which leads them to enlarge volume of sales. There are two main components ofentrepreneurial venture i.e. risk taking and innovation which help them to gain competitiveadvantage. (Alvarez and Barney, 2010). This report is based upon establishing a new coffeeventure and whose targets population is mainly young and adults as it providing chocolateflavours which keeps them healthy and fit. Apart from this, this study covers creating a businessidea, application of Drucker's 7 model to determine business opportunities sources. Finally,implication of competitor analysis to analyse current competitive industry, usage of primary andsecondary sources to identify market potential.MAIN BODY1. Background information about those sources that inspired your idea and what motivated youpersonally in wishing to set up your own business.In order to sustain in competitive marketplace, an entrepreneurial always seeks for aplatform and in which they acquire novel or latest technologies or ideas for accomplishingorganizational goal in an effective and efficient manner. However, entrepreneurial opportunitysignifies as a creative and critical thinker in which entrepreneur explores their ideas andexamines all possible opportunities and threat in order to obtain high profit maximization withoptimum utilization of available resources (Ananth, Ramesh and Prabaharan, 2010). In regard ofnew entrepreneurial venture i. e. Beans Coffee Cafe whose focal point of establishment is toprovide best and high quality of products and services with an affordable price in order to attainhigh level of customer satisfaction. As per the current marketing condition, efficiency andeffectiveness must go hand in hand as they help an organization to adapt correct resources andapplying those in a appropriate place so that they can enhance their market growth without anyhindrances. Furthermore, today's world is full of stress or tensions which has direct influence orimpact on an individual's personal or professional career. This existing scenario of UKpopulation, Beans Coffee Cafe got encouragement or motivation to started their venture amongUK competitive industry. Hence, creativity and innovation is considered as an integral
component for entrepreneurial opportunities as it enable entrepreneur venture to survive amongcompetitive industry for longer time period of time. However, Peter Drucker who is known asFather of Management outlines that essence of economic activity is the commitment of presentresources to future expectation, and that means to uncertainty and risk. Thus, appropriatemodification or alteration is required for Beans Coffee Cafe success and development and itimplies Peter Drucker 7's model in their business function which are as follows:The Unexpected:In this competitive world, marketplace is the area which providesenormous opportunities to grow and develop. Yet, it is platform for enhancement but still there ispossibility of unexpected failures and gain which business cannot denied or ignored in theirfunctional unit. Therefore, this element will be useful constituent for Beans Coffee Cafe as itenable them to recognize changing patterns of market and based on that they can build a newmarket position in order to overcome challenges (Calhoun and et. al., 2010).Industry and MarketDisparities:These two element are dynamic in nature as it keeps onchanges according to customer taste and preference, technology development etc. Although, itsis not static, but it offers exceptional opportunities, for which Beans Coffee Cafe cannotperceived as a threat. However, food and beverage industry is one of fastest growing sectorwhich provide encouragement to Beans Coffee Cafe to introduce their venture into marketplace.Therefore, Beans Coffee Cafe should always be alert or updated regarding changes and considerthose alteration as an growth indicator (like customer demand, new trend of digital technologyetc.) in order to foster the sales growth and render high level of satisfaction over demand.Incongruities:This factor is a discrepancy between what it is and what ought to be.Hence, there are two factor i. e. demand , price of product which effect directly on thecompany's business operation or function for companies in food and beverage industry. Due tothis scenario, it encourage Beans Coffee Cafe toanalysis the market condition by conductingeffective market research in order to getthe accurate scenario of marketplace as well ascustomer's demand or need. At the same time, if it get fails then it leads to huge failure for anorganization. Thus, Beans Coffee Cafe leader should take an initiative to determine market trendas well as they can collect feedback, reviews or complaints for their enlargement of proficiency.Process Vulnerabilities:One of the main source for company's survive in an innovation isthat they should be more task oriented than situation destined (Eckhardt, 2013). However, thereis high level of competition among several companies within coffee sector and that is the main
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