Identifying Entrepreneurial Opportunities

This report discusses the emergence of an entrepreneurial idea for a hotel offering possible customization in London. It covers innovative entrepreneurial ideas and sources, tools and techniques for entrepreneurial development, gap analysis, interpretation of data, and SWOT analysis.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Innovative entrepreneurial ideas and sources...................................................................1
P2. The tools and techniques for the entrepreneurial development along with the rationales of
market gap..............................................................................................................................2
P3. Gap analysis for the entrepreneurial idea evaluation......................................................3
P4. Interpretation of data to provide evidence of market potential........................................8
P5. SWOT Analysis to assess the entrepreneurial idea........................................................12
P6. Assessment of competition in the market and its environment for identifying potential
viabilities..............................................................................................................................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
An entrepreneur is defined as the person who possesses risk taking as well as innovative
nature, having the motive of coming up with solutions through which market gap can be filled.
Entrepreneurial opportunities are tapped by entrepreneurs to develop business entity with the aim
of solving issues faced by the orgsnisation at an extent. The following report takes into account
the procedure of emergence of an entrepreneurial idea at the peak and the initial analysis done
before setup of a business entity. The idea that has been proposed to be converted into a business
entity is acknowledged to be a hotel offering the feature of possible customisation in case the
booking is done by Clients 10 days prior to the actual date of accommodation (Ren, 2008). This
entity will be launched under the name of Grandeur Inn within the confines of London, UK. The
project consists of source of entrepreneurial idea together with competitive analysis & gap
identification. Further, SWOT of the entrepreneurial idea is included.
TASK 1
P1. Innovative entrepreneurial ideas and sources
Establishment of an entrepreneurial business entity is a risky task that holds equal
chances of success as well as failure. In this relation, it has been identified that there are a
number of sources from which an entrepreneur derives the idea of setting up a business entity
(Atılgan, 2020). Such ideas are discussed in light of Grandeur Inn with the help 7 sources of
innovation that were developed by Peter Drucker are as follows:-
Incongruities: This can be defined as the difference underlying between the desired and
actual position of an entrepreneurial idea . Thus, effective market researching needs to be done in
order to ensure that the business entity does not fail after launch into the market place. In this
relation, the entrepreneur of Grandeur Inn should strive to analyse the Client needs in order to
provide an edge to the business entity.
The Unexpected: This is linked to the discovery of unexplored business ideas for gaining
support on the part of people prevailing in the market. The constantly changing needs and
demands of Clients should be taken into account by the entrepreneur of Grandeur Inn so as to
launch more of features like possible customisation and appeal to them in an effective manner.

Process need: It is linked to ascertainment of weakness of an idea. This provides
assistance in modifying the entrepreneurial idea in order to meet the needs of market. With this,
the entrepreneur of Grandeur Inn will be able to recognise the shortcomings of this hotel
business entity and thereby ensure its sustainability at market place for a long period of time.
Changes in Market and Industry Structure: Each and every corporate sector witnesses
changes over the course of time. Such changes need to be taken into account so as to appeal to
public at large in an effective manner (Rosvall, 2020). Thus, it is essential for the entrepreneur of
Grandeur Inn to consider the progressions of hospitality sector so as to implement the same
within the business entity and boost its profits.
Demographics: This source is linked to the alterations taking place within the domain of
demographics (Malik, and et. al., 2020). These need to be taken into due consideration by the
entrepreneur of Grandeur Inn so as to select the target audience within London and ensure their
needs are met by the business entity in an effective and efficient manner.
Changes in Perception: The efflux of time results in changes taking place within the
ideologies as well as perceptions of individuals prevailing in market place. Thus, the
entrepreneur of Grandeur Inn would be conducting constant market research in order to gain
knowledge of the ideologies possessed by people and thereby introduce services that can
significantly appeal to them.
New Knowledge: Technology is progressing with the constant evolution of time creating
opportunities for business entity as well as upcoming business entity to take due advantage of it
(Nizami, 2020). Thus, with the execution of gap and competitive analysis, the entrepreneur of
Grandeur Inn would be able to identify the difference underlying between strategies of respective
hotel and its rivals. As a result of this, Grandeur Inn would also be able to fill the gap existing
within the market place.
P2. The tools and techniques for the entrepreneurial development along with the rationales of
market gap
The business idea that is proposed to be launched by the entrepreneur within London is
the launch of a hotel business entity having the option of possible customisation in case of
booking in 10 days advance. Market gap can be defined as the procedure of provision of

offerings that are not yet presently offered in market (Farida, Thomas, and Prihandono, 2020).
Competitive analysis is done beneath to identify the gap in market place.
Basis Grandeur Inn Marriott Hotel Four Seasons London
Products and
Services
Gives effective Client
service together with
the service of possible
customisation in case of
10 days prior booking.
Provides impeccable &
24*7 Client service and
luxury rooms.
Irreplaceable services
provided by the hotel
management at all the
times together with well
developed infrastructural
facilities.
Organization
structure
Functional structure to
be followed hereby.
Departmental structure is
followed hereby.
Matrix organisational
structure is followed
hereby.
Major
Attractions
Client centred approach
together with amiable
employees
Multi lingual employees
together with rooms
equipped with lavish
services.
Service excellence along
with multi cuisine food.
Promotional
strategy
Newspaper inserts and
broadcast media would
be leveraged to create
awareness among
people.
Mobile app, M Live Social
Media platform and
website advertising.
Word of mouth publicity
as well as social media
marketing is leveraged by
Four Seasons London.
P3. Gap analysis for the entrepreneurial idea evaluation
Gap analysis is executed by an entrepreneur while launching any idea into the
marketplace. This helps in ascertainment of difference underlying between actual and desired
performance of the business entity. In relation to Grandeur Inn, the gap analysis is done with the
help of questionnaire presented as beneath:-

QUESTIONNAIRE
NAME:
AGE:
ADD:
GENDER:
MAIL ID:
Q1) Do you have knowledge of the pioneering services offered by Grandeur Inn?
 Yes
 No
Q2) Which factor or service comes to your mind while making choice of hotel for staying?
 Game Zone
 Multi cuisine, hygienic food
 Free Wi-Fi
Q3) Do you think the new service of possible customisation within Grandeur Inn will increase
the profits for the hotel?
 Yes
 No
Q4) Is impeccable Client service an essential factor that should be considered by Grandeur Inn?
 Yes
 No
Q5) Give some recommendations for Grandeur Inn through which the hotel can appeal to a
larger Client base.
Theme 1: Knowledge of the pioneering services offered by Grandeur Inn
Q1) Do you have knowledge of the pioneering services offered by Grandeur
Inn?
Frequency
a) Yes 32
b) No 18

Theme 2: Factor or service comes to mind while making choice of hotel for staying
Q2) Which factor or service comes to your mind while making choice of
hotel for staying?
Frequency
a) Free Wi-Fi 10
b) Hygienic and multi-cuisine food 14
c) Gaming Zone 16

Theme 3: New service of possible customisation within Grandeur Inn will increase the profits
for the hotel
Q3) Do you think the new service of possible customisation within Grandeur
Inn will increase the profits for the hotel?
Frequency
a) Yes 40
b) No 10

Theme 4: Impeccable Client service is an essential factor to be considered by Grandeur Inn
Q4) Is impeccable Client service an essential factor that should be considered
by Grandeur Inn?
Frequency
a) Yes 32
b) No 18
P4. Interpretation of data to provide evidence of market potential
An entrepreneur gathers information related to launch of a business idea from a number
of sources (BHINEKAWATI, NELLOH, and ABDURAHMAN, 2020). The major sources of
collection of data are primary as well as secondary. In this regard, following information is
gained with respect to Grandeur Inn:-
 The new hotel to be launched by the entrepreneur provides users the facility of bringing
about possible customisation in case of 10 days prior booking. This service is unique and
not yet being provider by any hotel currently.

 The primary emphasis of Grandeur Inn is upon fulfilment of Client demands through
provision of unique and impeccable Client services.
Interpretation of above data:
Theme 1: Knowledge of the pioneering services offered by Grandeur Inn
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation 1: In accordance with the above data, it can be said that majority of the people
possess knowledge of the unique and innovative services being rendered by Grandeur Inn at
market place. To increase the brand awareness, the hotel management can leverage social media
marketing.
Theme 2: Factor or service comes to mind while making choice of hotel for staying
Central Tendency Data
Mean 13.34
Median 13
Mode 10
Standard Deviation 3.05
Interpretation 2: In accordance with the data presented above, it can be said that Clients are
usually moved by those hotels which offer multi cuisine and hygienic food as food is their first
priority.

Theme 3: New service of possible customisation within Grandeur Inn will increase the profits
for the hotel
Central Tendency Data
Mean 25
Median 25
Mode 0
Standard Deviation 21.22
Interpretation 3: As per the above analysis, it can be said that people believe the new and
innovative service of possible customisation would lead to increment in profits for Grandeur Inn.
This would even enhance their Client base.
Theme 4: Impeccable Client service is an essential factor to be considered by Grandeur Inn
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation 4: As per the above analysis, it can be said that Clients believe that Client
services is an important aspect to be considered by the management of Grandeur Inn, however,
there are other services also that must be paid attention upon.
GAP ANALYSIS

Basis Current condition Desired condition Action plan
Products
and
Services
The entity provides rooms
with well equipped
infrastructural facilities.
However, check-in and
check-outs take time there.
The Clients demand
automated check in and
out.
Incorporation of
automation within check-
in and check-out system.
Cost Availability of rooms at
reasonable prices.
Competitive pricing model
to be adopted to inflate
market positioning.
Devising an effective
pricing strategy to build
sales and profits.
Innovation Possible customisation is
an innovative concept
provided by Grandeur Inn.
More innovative services
can be provided by the
hotel to appeal to public
effectively.
Adoption of Client
centred approach
together with receipt of
regular Client feedbacks.
Business objectives of Croscett Hotel
Objectives Strategies
Guaranteeing high
contentment on the part
of Clients
 Provision of customised rooms and associated services.
 Adoption of consumer centred approach to retain Clients in
the long run.
Long term business
sustainability
 Provision of impeccable Client services
 Undertaking regular feedback via Client base to enable
improvement in business offerings of Grandeur Inn
 Leveraging innovations to deal with rival firms prevailing
within hospitality sector
P5. SWOT Analysis to assess the entrepreneurial idea
It is highly important for every entrepreneur to conduct a mini research over their
proposed business idea as well as marketplace so that they can easily find out whether their

business entity is feasible or not. SWOT analysis is considered as an effective strategic tool
which supports businesses in assessing core strength, weaknesses, available opportunities and
possible threat that might affect their business activities (Zijlstra, 2020). Wit reference to the
current business idea of Grandeur Inn, it can be said that its proposed entrepreneur focuses on
conducting an effective SWOT analysis so that they can easily check out whether their idea of
providing customised services would be success after its launch or not. SWOT analysis for
Grandeur Inn is specified as below:
Strengths: The main strength for the proposed business idea of providing customised
services to Clients by Grandeur Inn is that it includes range of innovations in their practices with
the motive of serving their Clients in lucrative form. The option possible customisation allows
Clients to ask for modification in terms of room, surroundings and other things associated to the
accommodation.
Weaknesses: Even though the business idea introduced by Grandeur Inn is highly
innovative but still the main weakness of the proposed plan is that it is highly expensive as it
includes range of new activities. Also, the main expense in this is transportation cost which
ultimately increases cost of each service offered to the Clients.
Opportunities: Grandeur Inn can easily obtain proposed opportunities by conducting
effective market research so that they can easily develop their understanding over the Clients’
core requirements. This also aware Grandeur Inn about the number of possible booking for their
additional customized service options which ultimately helps them delivering services to Clients
in rapid manner with higher quality that leads enhancement of their satisfaction level. It would
also support Grandeur Inn in developing its strong position at marketplace.
Threats: The main threat could be faced by Grandeur Inn is entrance of more number of
entrepreneurial ideas within the same industry that could divert the Clients’ interest towards the
rivalry. Another threat that might be faced by Grandeur Inn is reduction in the prices offered by
rivals for the similar kind of services. This would directly become major threat for this company
affect its profitability as their operating cost would be higher compared rivalry. This simply
means that it won’t be possible for Grandeur Inn to reduce its prices possible customised services
offered to Clients.

P6. Assessment of competition in the market and its environment for identifying potential
viabilities
It is essential for the entrepreneurs to have appropriate understanding over the industry in
which they are dealing so that they can easily determine competitiveness within the same
industry (Mustaghfiri, 2020). With reference to the current case scenario of Grandeur Inn, a
detailed industrial analysis will help the company in knowing about their respective industry in
better manner. For knowing competitiveness of Grandeur Inn within the hospitality sector
Porter’s five force analyses would be helpful for them and also support them in gaining
competiveness. The proposed framework is specified as below in detailed manner.
Competition within Industry (High): The influence of this force is high for Grandeur Inn
as there is huge number of hotels within UK which shows that competition is high here. Also, all
of these hotels exceptional services to Clients’ which attracts them at utmost. This clearly depicts
that entrepreneurs are required to develop new strategies accordingly by observing
competitiveness within the industry.
Threat of New Entrants (Low): Risk of new entrant in hotel industry is quite low as it
requires huge investment so that better premises can be developed for the Clients which would
contribute in enhancing their satisfaction level. With reference to Grandeur Inn, this hotel offers
highly customised services for its Clients that mean there is lower threat for this hotel from new
entrants’ side.
Bargaining Power of Buyers (high): The influence of bargaining power of buyers within
hospitality sector is relatively high as it is completely dependent upon the Clients that whether
the respective hotel will sustain or not. In order to deal with the same, Grandeur Inn would
develop low cost strategy for attracting larger number of Clients towards them that will
ultimately maximise their profits.
Bargaining Power of Suppliers (Low): Suppliers for the hotel industry are the one who
provide or make additional services available for the Clients. As per creative business idea of
Grandeur Inn, it can be said that it offers possible customised services to its Clients thus they
contact to suppliers according to their requirement which ultimately reduces influence of
suppliers towards them.

Threat of Substitutes (moderate): Grandeur Inn is already offering possible customized
services to its Clients which simply means that there is very least chances of further more
services or other substitute within the same sector. This depicts that Threat of substitute is
relatively moderate for Grandeur Inn.
Market Environment: With respect to any entrepreneurial idea, macro and micro
environment place major impact. Both of them are discussed in light of Grandeur Inn as
underneath:-
Macro environment
PEST analysis is conducted to carry out macro environment analysis for Grandeur Inn.
Political: The strong as well as stable political state of United Kingdom will act as a
supporting factor for Grandeur Inn to sustain in market for a long period of time. Further, UK
government supports the growth of entrepreneurial business entitys by way of grants and
subsidies.
Economic: The developed economic conditions of United Kingdom support the growth
of Grandeur Inn through the provision of sound infrastructure and other facilities. This will assist
the concerned business entity to tap advantage of the well equipped infrastructural facilities of
the country to boost its revenues.
Social: This is concerned with the lifestyle and trends of Clients. The idea of possible
customisation offered by Grandeur Inn can be tapped by other rival firms. Thus this factor does
not support the growth of the business entity.
Technological: The technologically advanced state of UK supports the growth of
Grandeur Inn. The entity can come up with features like online booking facility, mobile
application to gain a competitive advantage.
Micro environment- These are the internal factors within business which impact upon the
functioning of hotel. This includes aspects like hotel staff, culture, values, practices etc (Horst,.,
Järventie-Thesleff, and Perez-Latre., 2020) On the basis of above analysis, it can be said that the
entrepreneurial idea of possible customisation is viable as the market and competitive
environment favour the conversion of this idea into a business entity.

CONCLUSION
The information and details derived in the above report is effectively concluding that
entrepreneurship is a concept which is quite important in today’s world as it boosts the economy
of a nation and seeks to resolve the issues faced by society. Further, it is determined that gap
analysis provides assistance to the entrepreneur in determining the offerings that can be
incorporated by the business entity to appeal to people in a more effective manner. Apart from
this, it is recognised that viability of an entrepreneurial idea can be ascertained with the help of
market and competition analysis.

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