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Identifying Entrepreneurial Opportunities

   

Added on  2020-10-22

17 Pages4771 Words118 Views
IdentifyingEntrepreneurialOpportunities

Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................31 .Background information about those sources that inspired your idea and what motivatedyou personally in wishing to set up your own business.........................................................32 .An introduction to your business idea and what it is, and who and where your potentialcustomers and target audience are..........................................................................................53 .A competitor analysis that looks at the competitive marketplace and analysis companyfailures and successes.............................................................................................................64 .Conduct Gap analysis by identifying situation now and what is the future. What are theobjectives of business idea and how do to achieve?..............................................................85.Market research to support viability for your business idea and identify market potentialusing a range of sources that could be both primary and secondary......................................16.Why your business idea is viable and feasible and how you qualify this belief. What are thestrengths and weaknesses.......................................................................................................57. How will you overcome the risks of competition and the potential opportunities for growthand development in the future with recommendation............................................................6CONCLUION..................................................................................................................................7REFRENCES...................................................................................................................................8

INTRODUCTIONAn entrepreneur is a person who is working in as a employees, founder or running asmall business. A good entrepreneur has various quality and characteristic such as innovativeskills, creative skills, communication skills, leadership skills and many others. Before starting anew business an entrepreneur has to identify appropriate idea of business which help them ingaining profitability and market shares (Grégoire and Shepherd, 2012). This assignment is basedon Coffee with Art cafe which is going to launch in United Kingdom. It has attractive andinnovative features like it has inter art gallery and customisable interior wall which will changeon a weekly basis. Topics which is covered in this assignment are background of idea, businessidea and competitive analysis of business ideas. Along with this it evaluate gap analysis andidentify market potential. It also explain strength and weakness of new idea and opportunities forgrowth in the market place of respective cafe by which they able to make appropriate decisionand improvement. MAIN BODY1.Background information about those sources that inspired your idea and what motivated youpersonally in wishing to set up your own businessIn today's scenario there are various peoples who want to start their own businessin order to become an entrepreneur and independent. Government of United Kingdom alsopromote those individuals who want to establish a start up. By this they able to becomeindependent and also generate employment opportunities to others. To start an entrepreneurshipor start up there are various factors and sources which encourage and motivate employees.Owner of Coffee with Art get inspiration and motivation from Drucker's 7 source of systematicinnovation which is explain below:- The Unexpected: When owner of respective cafe decide to launch cafe with new idea ofart gallery and customisable interior wall, they may face either of the two unexpected situationthat is failure and success (Tang, Kacmar and Busenitz, 2012). In this their is possibility thatrespective cafe idea will attract customers and they like idea. But they may also face situation offailure it means there is possibility of customers didn't like idea. The Incongruity: It refers to situation or gap which occur between reality and belief of aperson, product or any thing. In other word it is a condition when assumption and reality didn't

fit together. Such as what Coffee with Art cafe want to offer their customers is different whatcustomers are assuming. Process Need: It refers to identifying weak point or need and demand of customers andthen design products accordingly in order to attract customers in appropriate and effectivemanner (Suddaby, Bruton and Si, 2015). In context of respective cafe they identify and evaluatethat sometime peoples get bored in cafe and some peoples are more interested in art and craft.Along with kids who come to cafe with someone, get bored. So owner of Coffee with Art designtheir cafe according to customers need and demand. Industry and Market structure change: It refers to source which give inspiration to adoptchanges and innovation in business model, distribution channel, mode of business, products andmany others. In this regard respective cafe design and develop their interior, product and servicesaccording to changing demand of customers. Demographics: It refers to situation when any change occur in various demographicfactors such as age, policies, religions, income and many other. When any change occur,company has to develop or update its products accordingly. Such as Owner of Coffee with Artanalysis demand and need of customers of all age group peoples and they also decide priceproduct which is affordable by all. Changes in Perception, meaning and mood: It refers to source or situation which isuncertain and which may occur any time. Such as need and demand of customers changeaccording to time and need. So respective cafe owner design their cafe products and servicesaccordingly which attract customers. New Knowledge: It refers to adopting new knowledge or any idea which attractcustomers and increase profitability ratio. Coffee with Art is design with new technology andideas which attract more and more customers in appropriate manner which help them in gainingmore profitability.Type of innovation:There are various type of innovation which can be adopted by a company in order togrow their business in effective manner, from which two main are are explain below:- Product Innovation: It refers to type of innovation which is related to products andservices offered by a company in order to attract customers and gain huge profitability

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