Identifying Entrepreneurial Opportunities

This report provides insights on identifying entrepreneurial opportunities in the pet grooming services industry in the UK. It covers the data needed to support gap analysis, interpreting data to provide evidence of market potential, sources and methods of data collection, and more.

Identifying Entrepreneurial
Opportunities

Table of Content
• Introduction
• data needed to support gap analysis in the evaluation of a specific entrepreneurial idea
• Interpret data appropriately to provide evidence of market potential
• Justify specific sources and methods of data collection chosen and how data relates to
identifying market potential
• Conclusion
• References

Introduction
In this contemporary business environment there is need of proper investigation before the starting of the
new venture opportunity as this industry analyses is important aspect through which the new firm can
create the innovative idea and create the creative product and service to be offer. Following report is
regards today building of unique concept that is pet grooming services in UK this is because the demand
of this service it seems a rapid and consistent growth as a number of domestic pet in in households are
increasing day by day in UK (Khodaei, 2021). Being as a budding entrepreneur coma following business
concept need to be convey in meeting with virgin money UK a who has started its new business branch
in London and the virgin money e is forward seeking for helping the community with the help of
budding entrepreneur how will establish their venture. In order to obtain money for starting new
innovative idea business that is pet grooming service for the customers.
Following report throw light on the diverse source of entrepreneur ideas and innovation which can be
further classified along with the national and market gave in accordance with the following entrepreneur
innovative idea.

Data needed to support gap analysis in the
evaluation of a specific entrepreneurial idea
A study was conducted with the participation of CEOs of various Pet Grooming
companies in the UK to identify opportunities in the market and the most effective.
Some of the related questions are formulated.
researcher to determine which of the independent variables was successful. This study
was included in order to guide you through the 5 questions given below for 50 people,
including 30 people who were in the instructions
(I) The first question in the questionnaire was: "How old are you?" The answer was that
there are four cells, indicating 18-25 years old, 26-35, 36-50, and over 50 years old. The
answers will be shown in the graph on the next slide:

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The second question was: "Does Landon matter for the Pet Grooming business dedication?" The
answer was that there are four fields that say: "Yes, No, In principle, yes, In principle, Does not.
The answers will be shown in the figure below

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The third question was: "How will the competitive landscape of the district
change?" the response consists of four blocks that define: high, very high,
low, and very low

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The question was: "Is there any demand for pet grooming services in the London market?" Get responses
to the two selection fields that were on the vendor, which will say " Yes "or"No".
The answers will be shown in the figure below.

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The latest invention designed Of Pet Groomer UK goods in order to improve its operations,
what is the potential market for this?" In response, check the box in the four boxes
provided yes, me, yes, No, surprisingly, No.
The results are shown in the figure below.

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After filling out the questionnaire, the main thing for Pet
Groomer UK is to find a niche in the market in the right
direction, at the beginning of its activity in an easy way. In the
case of market gap analysis is a method of studying the
prospects for replacing economic activity in conditions of
competition, outstripping supply. This approach will allow
organizations to do more than just support the markets.
Through the use of market, microchip, and gap analysis, a
business can be based on making rational decisions instead of
making decisions based on consumer data.

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• Assessment of a gap that can become a key element of strategic thinking in a company. If a
company needs to explore the difficulties of vulnerability analysis, this would be the best
initiative in the field
• of scenario reconstruction of the organization's procedures to comply with the policy.
Business unit market analysis can be used to determine the difference between a company's
capabilities and its current market position. What the organization's plan is and what it has
achieved will always be different. With a convenient gap analysis, the trader and
entrepreneur are in a company that can deliver important information or other information
by performing the actions described below.

Interpreting the data to provide proper evidence of
the market prospective
The market potential of a product or service is the breadth of the market at a given time. This
applies to the maximum request for rights to a particular product or service. Both the
transactions themselves and the amounts in general determine the potential demand. In data
analysis, there are consistent mechanisms by which data is interpreted with a precise
statement (Fraser, 2019). Data analysis provides the accuracy of the information collected and
allows you to determine the meaning and consequences of this information.

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secondary information, interpretation, and method are used, using both qualitative and
quantitative approaches. In our approach, the use of surveillance technology
reflects behavioral changes in the observation group. To find out the obstacles that face the
gap in the market and be able to analyze various
documents, magazines, newspapers and articles, in order to collect information about the
possible market of London modernity, 2019). On the other hand, it is related to the needs of
the company entrepreneurs also during interviews in the market to identify the needs of the
client, the client, and in other cases that could promote their niche in the market.

sources and methods of data collection chosen
and how data relates to identifying market
potential
To determine the market potential of Lonodn
for Pet Groomer UK and company must
analyze the market, and the state of that
particular location, through the collection of
data and market information. A large amount
of data, they are able to apply the following
actions

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Monitoring
Monitoring and analyzing major weaknesses is a fast and efficient way to collect data with minimal interference. Production
can provide effective information about
the current state of market potential.
II. Questionnaires
As part of this method, a potential market survey will be conducted to fill out a number of questionnaires. This would help the
company to question whether there are various problems and obstacles in the market. Research by scientists from organization
and design, information gathering, strategy, respectively

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III. Interview
Research a potential market, the company can help you recognize it in the minds of customers and the needs of people in the
market.
IV. Group discussion
A group discussion can be very effective for companies to make better informed decisions and discuss any issues related to
this business. Decisions are made by a group of people, not a type,

Conclusion..
Therefore, from the above carried out study it has been summaruised that the enterpreneue is
blessing for the nation and there is always a great benefit for the people. Entrepreneurship,
improving the business environment, which eliminates the unemployment rate, as well as
benefits for the people, etc. In addition, it is in business that opportunities can be explored
with new and innovative ideas within an existing firm or a new market for the business. This
report provides a gap analysis and other tools that will be used to assess the prospective
market and its conditions. The concept of a new enterprise and its application in the context of
the economy will continue to be part of the team. Business center, as well as the importance of
applying the management concept. Thus, we can conclude that the market is a concept of
innovation and art, and it should be used.

References
• Nicholls-Nixon, C.L. and Valliere, D., 2021. Entrepreneurial logic and fit: a cross-level model of
incubator performance. International Journal of Entrepreneurial Behavior & Research.
• Rahimi, A., and et. al., 2020. Can Market Knowledge Lead to the Formation of Entrepreneurial
Opportunities and Commercialization in Sports Startups?. New Approaches in Sport Sciences, 2(4),
pp.71-86.
• Ratten, V. and Usmanij, P., 2020. Entrepreneurial opportunities: economics and sustainability for future
growth. Emerald Publishing Limited.
• Wei, Y.U., 2020. IS ONLINE SOCIAL NETWORK INTERACTION HELPFUL FOR THE
ENTREPRENEURIAL OPPORTUNITIES RECOGNITION——Based on the Two dimensional
Perspective of Network Trust. Economic Theory and Business Management, 39(5), p.86.
• Wibowo, S.F., and et. al., 2019. Determinants of entrepreneurial intention among millennial generation
in emerging countries. International Journal of Entrepreneurship, 23(2), pp.1-

Thank You