Entrepreneurial Opportunities and Competencies

The provided assignment discusses various aspects of entrepreneurial opportunities and competencies. It covers topics such as the role of market and technological knowledge in recognizing entrepreneurial opportunities, the effect of entrepreneurial competencies on business performance, and the exploitation of entrepreneurial opportunities using prior knowledge and social networks. The document also touches upon the importance of understanding competitor strengths and weaknesses, as well as accessing market gaps to acknowledge current and future conditions.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
Background information about those sources that inspired your idea and what motivated you
personally in wishing to set up your own business.....................................................................3
An introduction to your business idea and what it is, and who and where your potential
customers and target audience are...............................................................................................5
A competitor analysis that looks at the competitive marketplace. Look at failures and
successes in the industry. What you can do differently?............................................................5
Gap analysis and how you are looking to close the gaps. What is the situation now and what is
the future?....................................................................................................................................6
Market research to support viability for your business idea and identify market potential using
a range of sources that could be both primary and secondary....................................................7
Why your business idea is viable and feasible and how you qualify this belief. What are the
strengths and weaknesses? .......................................................................................................10
How will you overcome the risks of competition and the potential opportunities for growth
and development in the future? ................................................................................................12
CONCLUSION..............................................................................................................................14
REFERENCES .............................................................................................................................16

INTRODUCTION
Entrepreneurship is an important attribute in economic growth and enhancement and it is
process of designing, launching and running business often it is small business. Individual and
group of people who start a new business called entrepreneurs. Entrepreneurship creates huge
employment for country and raise living standard of people. An entrepreneur is one who takes
risk by identifying new opportunities in market and future needs of consumers in better manner.
This report is based on idea of launching a new business by finding new opportunities and scope
of development in London named as Coffee delight which find new concept of organic coffee for
health-conscious people. This report is based on entrepreneurial idea and source of that
information and motivation behind it. In it also includes potential consumers and target market
with competitor analysis by finding out gap and factors of risk business. In addition to viability
of project and identification by both primary and secondary research.
MAIN BODY
Background information about those sources that inspired your idea and what motivated you
personally in wishing to set up your own business.
To expand business always need to expand its market share by evaluating opportunities
and future needs and wants of consumers in better way. Entrepreneurship is an important factor
that creates employment opportunities in both individual and organizational development. In that
scenario Coffee delight by finding new opportunities aimed to launch a new product that is
organic coffee which is healthy for people. An entrepreneur can take idea from various sources
in which consist of their hobbies and interest area to take risk by finding out new and potential
opportunities. Customer surveys, brainstorming, mass media and experience with talents of an
individual. There are many factors that influence to become an entrepreneur first and foremost is
money, flexibility in working according to own, control on each and every activity, teamwork
also an influential factor and legacy that people appreciate them for their new thought and
progress in life. So all these factors are very important for individual development and by all
these factors they take step to become an entrepreneur.
Sources of entrepreneurial idea:
To find out sources of entrepreneurial idea need to evaluate Peter Drunker seven steps to
put management by objective that are as follows:

Ducker's 7 sources of systematic innovation
Peter Ducker listed the 7 sources of innovative opportunity in his book Innovation and
Entrepreneurship. These sources are mentioned below:
1. The Unexpected – The world of business is un expectations, not only the unexpected
failures but also success that comes to the firm can be a great field of idea for innovation.
The unexpected success and failures are unnoticed and are not ignored as opportunities.
The not assumed conditions inspire and motivate the leaders and entrepreneurs to get
another view on the situation no matter it is positive or negative and they try to take
benefits of the opportunities.
2. The Incongruity - The best thing to look for incongruity is in own consumers. The
customer reactions, feedback, and complaints are major way to find out incongruity.
Incongruity is all connect with reality as it actually is and the reality as it is assumed or
expected to be.
3. Process Need – This source of innovation is about identifying the weak points of a
business and ascertain the ways to improve them, as innovation is based on process need.
Considering an example of coffee delight that find out customers wait too long for their
entries and so the owner of cafe decides to launch healthy coffee for their consumers.
4. Industry and Market Structure Change – Industry and market structures are stable for
many years, yet with development of the technology. An example is deregulation.
Measure for rapid growth of an industry. If an industry grows significantly with fast pace
than the economy, structural problems can occur and changes are certain.
5. Demographics - People constantly see changes occur in populations, income levels,
human capital and age ranges. Smart business-man are constantly paying attention to this.
6. Changes in perception – It's style of people perceive the world. Perception changes
over time, and today due to the involvement of technology, these changes happen rapidly
than always. People can change their perception for certain product, brand or industry
rapidly. The changes of perception open a route for businesses to develop new products
and services that match with the new perspective of the customers.
7. New Knowledge – New technology can bring better ways to accomplished things and
enhancing processes. The owner of cafe should be aware about the new technology for
the advancements of the cafe.

An introduction to your business idea and what it is, and who and where your potential
customers and target audience are.
Business idea is a concept that is use for financial gain, it mainly based on product and
services that offer for money.
In case of Coffee delight, it offers all type of coffee and aimed to launch a new coffee base which
is organic coffee. It finds out potential opportunities from market and according to that planned
to launch new product into market for expand its market base. Their consumer base are all age
people who are health conscious and prefers healthy food and drinks.
In business idea of coffee delight is to expand market share by accessing needs and demands of
consumers and complete their business line in successful manner.
Target audience:
Target audience is intended audience or readers of advertisement, publications and
messages. It is group of consumers with predetermined target audience. It is target of particular
message or advertisement. In case of Coffee delight their consumer, base are health conscious
people who prefers healthy food and drinks. So, by market research and database it aimed to
expand its market share and enlarge business opportunities. Their potential consumers are
individuals who are foody and interested in take different types of drinks. Coffee delight
consumer base should be found in crowed areas, malls and can be grab by internet and from
other sources to get their potential consumers.
A competitor analysis that looks at the competitive marketplace. Look at failures and successes
in the industry. What you can do differently?
Competitor analysis is a marketing and strategic approach that helps in assessment of
strength and weaknesses of current and potential consumer base. It provides both offensive and
defensive strategic approach for finding out opportunities and threats. In their fierce competitors
includes Caffe Nero, Costa coffee and Starbucks and local coffee providers also their
competitors. In that scenario to grab large market share they must pay attention on rules and
policies of their competitors and occur changes accordingly so that they can give their best to
their consumers (Barazandeh and et. al., 2015).
Success of Coffee delight consist of give their best services and provide high quality products by
offering quality in serving style so that they can give best experiences to their consumers. In their

success factor consist of their price structure because they offer low price products with higher
quality in comparison to other similar restaurants. To get success it aimed to provide discounts
and promotions and other activities so that they can grab large no. of consumers base and get
success from that.
Failures should be face by coffee delight when their staff member not properly understand about
their new product and about proper implementation. Organization depend on personal services
that provide by employees to their consumers (Dimov, 2011). Another factor that denote failure
is not proper training to employees when they launch a new project or product into market. If
employees are not proficient in attend table and not able to explain culinary to their consumers so
it spoils image of cafe. Another factor of failure is not proper supply of food items according to
order of consumers and to get success Coffee delight have to update its sale system because it
gives accurate information about calculation of stockroom, order with financially needs.
Differentiation:
In differentiation consist of provide products and services totally different from fierce
competitors so that they can better satisfy consumers’ needs and wants. In case of Coffee delight
it provide different flavor and taste to customer's by satisfying their future needs. Their target
consumer base are people who want health conscious food and beverages. Solution of their
problem they launch a new product that is organic coffee which complete their product line and
satisfy them wisely. Hence, they get success in satisfying future needs and wants of consumer
base.
Gap analysis and how you are looking to close the gaps. What is the situation now and what is
the future?
Gap analysis is method or tool that enables in accessing difference in performance level
in information system or software applications in determination of whether business
requirements should be met, and necessary steps should be taken to reach at desirable outcome.
With help of accessing potential and future needs organization can access necessary skills
require to get desirable outcomes.
There are different ways to find out gap and potential results after bridging gaps so that desirable
results should be achieve.
Primary research:

Primary research is a new type of research that carried out answers of specific questions
or issues. In primary research includes questionnaire, surveys, interview both individual and
group members (Fuentes and et. al., 2010). It is best method to evaluate consumer needs and
wants in better way so that they can build their product accordingly. In case of coffee delight it
conduct questionnaire and surveys before launching a new product in market place. It help in
grab consumer attention in better manner (Grégoire and Shepherd, 2012).
Secondary research:
In secondary research researchers make use of information and data that previously
available for other purposes and it publicly available. It is also known as desk research and in
case of Coffee delight it use data and information that are already available in market for any
other purpose so it by using it can access necessary information.
Market research to support viability for your business idea and identify market potential using a
range of sources that could be both primary and secondary.
Questionnaire
Q.1. Are you are acknowledge about products of Coffee Delight?
Yes
No
Q.2. Does Coffee Delight gives ingredients as per needs of consumers?
Agree
Disagree
Q.3. Do Coffee delight provides coffee at effective price?
Yes
No
Q4. Are customers satisfied with coffee delight services?
Agree
Disagree
Q.5. Does Coffee Delight can achieve attention of target audience?
Yes
No

Q.1. Are you are acknowledge about products
of Coffee Delight?
Frequency
Yes 30
No 10
mean 20
median 20
mode 0
Interpretation:
From above interpretation, it has been found that people are aware about services being
offered by Coffee delight. In addition to, they by avail social media to create awareness of their
products among their target customers.
Q.2. Does Coffee Delight gives ingredients as
per needs of consumers?
Frequency
Agree 35
Disagree 5
Mean 20
Mode 0
Median 35

Interpretation:
From above interpretation, it is found that customers are enchanted towards premises in
which provide effective services. Coffee delight has provided open roof top, from where
customers can have a memorable view.
Q.3. Do Coffee delight provides coffee at
effective price?
Frequency
Yes 37
No 3
Mean 20
Mode 0
Median 20
Interpretation: From above interpretation it is clear that customers finds value for their money,
apart from this it has been analyzed that Coffee delight is giving their services at reasonable
amount.
Q4. Are customers satisfied with coffee delight
services?
Frequency
Yes No
0
5
10
15
20
25
30
35
40 37
3

Agree 32
Disagree 8
mean 20
mode 0
median 20
Interpretation: Customers are satisfied by services being offered to them by Coffee delight. It has
been that 32 respondents have given their positive feedback.
Q.5. Does Coffee Delight can achieve attention
of target audience?
Frequency
Yes 25
No 15
mean 20
mode 0
Agree Disagree
0
5
10
15
20
25
30
35 32
8

median 20
Interpretation: As per 25 respondents Coffee delight can attract customers towards themselves.
Furthermore, they can provide more drinks to health-conscious customers.
Why your business idea is viable and feasible and how you qualify this belief. What are the
strengths and weaknesses?
To access viability of business project some important and necessary measures plays
crucial role to access market conditions and competitors’ analysis. By all these factors
organization can take better decision regarding expansion of business (Kohlbacher, Herstatt and
Levsen, 2015). To better understand viability of project organization can take help of SWOT
analysis. It shows its strength, weaknesses, threats and opportunities so that by it they can expand
its market share (Siegel and Renko, 2012).
Strength of Coffee delight:
Strength of coffee delight helps in check its viability into market and gain important
insights about its progress that are as follows:
 It has large chain of products and now it planned to expand in new market scenario by
accessing new opportunities, so it provides new taste and healthy food.
 It fixes its price comparatively lower than its other competitors so that they can get
success easily into market.
 Coffee Meet provides unique coffee which can attract customers and add unique features
which are different from their competitors and get good response.
 They are more focused on health of customers, for this they are using ingredients which
do not have negative impact on customers.
Weaknesses:
In weaknesses of Coffee delight consist of factors that negatively effect on its image and
impacts on consumer loyalty that are as follows:
 it is firstly launch new product into market so first experience of it so lack in experience
to handle consumer responses (Suddaby, Bruton and Si, 2015).

 They lack in specialized staff that better serve food and material so sometimes consumers
have to gain bad experiences that negatively effect on reputation of Coffee delight.
 It is not a great brand in comparison to other and not have enough finance for invest in
research and development so sometimes get failure in better production of products for
consumers.
Opportunities:
In opportunities consist of future scope to expand its market share and use strength for
given quality products to consumers. In case of coffee delight they have many opportunities to
expand its market share they are as follows:
 it create niche market by offering unique products for their consumer base and get
successful in their project.
 It is new in market with that concept and people become health conscious about health,
so they have scope for expansion in market.
Threats:
In threats consist of various drawbacks that hinders coffee delight self-interest that are as
follows:
 There are lot of competitors in front of Coffee delight and they have large no. of
consumers they become habitual of their taste. So, it is very hard for them to establish in
market with new taste (Tang, Kacmar and Busenitz, 2012.).
 Consumers changes and prefers new taste and launch a new product into market requires
lot of investment and requires a lot of research.
How will you overcome the risks of competition and the potential opportunities for growth and
development in the future?
There are lot of opportunities and threats in front of every business to get eradication from them
five force model and pestle analysis helps in gaining important insights to know viability of
project that implemented into marketplace.
PESTEL Analysis:
PESTEL is a framework and tool that use by marketers for analysis and monitor micro
environment factors that impacts organization.

Political factors:
The main factor before coffee delight is problem while sourcing raw material and take lot
of attention from politicians while operate in different countries (Welter and Alvarez, 2015.). It
has to follow different social and environmental norms and also give importance to fair trade
practices. Another major impact that face by coffee delight is they must follow different norms
and regulations while operate in different countries from their they purchase raw materials. Also
face different taxation and laws related to employment.
Economic factors:
In economic factors consist of many factors that directly effects on its economic
condition in which global economy faces recession that directly and indirectly effects on its
business. Coffee delight must face rising labor and operational cost that impacts on its business.
Another factors that influence on its activities such as currency exchange rates, different
economic environment and lot of tax regimes that have to pay while operate in distinctive
marketplace.
Social factors:
In social factors consist of provide cheaper products and services but they have to
sacrifice quality and that is major socio-cultural factors that have to face majorly by new
ventures. Rapidly changing consumer taste and preferences and working pattern while operate in
different countries. Changing lifestyle of people and values should be change in rapid manner is
also an important factor that face by coffee delight.
Environmental factors:
Consumers in today world are concern about environment and ecofriendly products that
should be costly matter while operate in different countries. Rules and regulations and disasters
in countries which produce coffee beans that enhance production cost of Coffee delight. Global
warming and environmental hazards pressurize to adopt ecofriendly products.
Technological factor:
In technological factors consist of hazards in adopting new technology while launch a
new products and changing choices, preferences of consumers emphasized on frequent
adaptation of new and advance technology (Welter and Alvarez, 2015). In that case they have to
spend lot of amount on research and development. It also occurs training and development cost
which enhance operating cost.

legal factor:
In legal factors of Coffee delight focus on not violate laws and regulations in both home
and other markets from where it purchases raw material. It has also some restrictions in which
consist of licensing regulations and strict customer with trade regulations. They have to follow
different norms and regulations while operate in different countries that create hurdle in their
progress.
Porter's five force model:
Competitive rivalry:
In that coffee delight faces strong rivalry for their products that is food and coffee house
industries (Dimov, 2011). In its rivals consist of Starbucks, naro coffee, cafe coffee day etc. that
create lot of hurdles in market expansion.
Bargaining power of Buyers:
In bargaining power, it influences individual customer or group of consumers in
international market place. It has following bargaining power that are low switching cost, higher
substitute availability etc.
Bargaining power of supplier:
In its supplier power in it case they have moderate level of individual suppliers and lot of
suppliers that impacts on their profitability ratio.
Threat of substitute products:
There are lot of drinks that are substitute of coffee, in that case of Coffee delight such as
tea, soft drinks and many more works as substitute of coffee. So, it impacts a lot on its
profitability ratio.
Threat of new entrants:
In every industry lot of new entrants come in market and effect on business of Coffee
delight. In competitive era by observing opportunities new entrants come into market and lower
their profitability ratio.
CONCLUSION
From the above report it has been concluded that entrepreneurship is an important factor
in organization as well as individual. It satisfies consumer needs and wants in better manner by
find out better solution of their problems. Behind successful entrepreneur motivation and
inspired idea should work. To succeed in marketplace organization, have to understand

competitor strength and weaknesses of oneself and competitor also so that clear insights should
be gain. To access market gap is very important for acknowledge current and future condition
while launch a new product into market place. Hence important indicators is very essential to
access important insights and helps in taken important decisions.

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.
Dimov, D., 2011. Grappling with the unbearable elusiveness of entrepreneurial
opportunities. Entrepreneurship Theory and Practice. 35(1). pp.57-81.
Fuentes, M. D. M. F. and et. al., 2010. Prior knowledge and social networks in the exploitation of
entrepreneurial opportunities. International Entrepreneurship and Management
Journal. 6(4). pp.481-501.
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.
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.
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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