Identifying Entrepreneurial Opportunities

This report discusses the sources of entrepreneurial ideas and innovations, tools and techniques for market gap analysis, SWOT analysis, and the competitive and marketing environment of a firm. It focuses on the case of Just Juicy, a company that offers natural juices, smoothies, and milkshakes. The report highlights the importance of creativity, market research, and technology in driving innovation and growth.

Identifying Entrepreneurial
Opportunities

Table of Contents
Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
P1 Discuss different sources of entrepreneurial ideas and innovations.......................................1
P2 Discuss several tools and techniques and rationale of market gap for an entrepreneurial idea
.....................................................................................................................................................3
P3 Covered in PPT.......................................................................................................................4
P4 Covered in PPT.......................................................................................................................4
P5 Discuss SWOT analysis.........................................................................................................4
P6 Determine the competitive and marketing environment of a firm.........................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship provide an enormous opportunity to a firm to grow their business at a
global level (De Marchi, Giuliani and Rabellotti, 2018). Entrepreneur provides creative and
innovative ideas which increase the sales and profitability and also aids in taking best decision
which promotes the growth of a company. This report is based on Just Juicy which provide
different varieties of juices, smoothies and milk shakes that contain natural ingredients and low
sugar content so as to gain large access of customers across the globe. This report comprises of
sources of innovation and rationale of market gap in case of entrepreneurial idea with the help of
technique such as Fish Bone model. Also, it covers sources of data and its interpretation to
determine the market potential. At last, this report includes market environment and competitive
factors so as to achieve a strong rivalry edge over a marketplace.
P1 Discuss different sources of entrepreneurial ideas and innovations
Entrepreneur render a new and creative ideas that promote the growth of an organisation
as it introduces a drastic change and promotes a new way of doing a business. Also, it helps in
promoting economic development of the country and provide an enormous opportunity for
younger people to contribute a great success in their career (Ip, Fong, Zhuang and Wong, 2016).
The manager of Just Juicy aims to provides quality products and offer different types of drinks
and smoothies as well as different flavour of juices which emphasises on using natural fruit pulp
and less sugar content in their ingredients. Drucker has provided seven sources of innovation so
as to facilitate new changes in a business and thus provide systematic procedure of working in a
workplace. In the context of Just Juicy, the same is presented as follows:
Unexpected: This is one of the effective sources of innovation as there is both failure and
success in a business. So, it is essential for the entrepreneurs to determine both strength and
weaknesses in a workplace and must take the advantage of emerging opportunities which
provide growth to a next level. Also, it conducts proper market research to determine the taste
and preferences of customers as well the nature of competitors that assist firm to prepare an
appropriate strategy to so to gain significant position around the world.
Incongruities: There are various firms that develop the merchandise without conducting
an appropriate research and determining the needs and wants of customers (Lindgren, 2018).
There are several ways to determine incongruity such as reviews of customer, feedback and
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various consumer complaints which help in accomplishment of task in a short span of time.
Feedback play a crucial role in an organisation as it provides various suggestions and render
effective services so as to gain a maximum exposure across the globe.
Process need: This involves the process and needs of a company as they should make an
advance planning and strategy to determine the weaknesses so that they could make further
improvements which enhance the productivity in a workplace. The manager of Just Juicy
identify its weak spots and make a best decision so as to combat threats and weaknesses by
grabbing each and every opportunity at right place in a right time.
Change in market structure: In an era of globalisation, changes are taken place at a fast
pace as there are changes in technology, taste and preferences of customers and many more. The
manager of Just Juicy make use of new and advanced technology so as to facilitate smooth
operations of business and also it simplifies the overall working procedures. New and creative
technology used in such firms boost the sales and thus improves the overall productivity.
Demographics: This involve the study of population that includes various factors such as
age distribution, income, social class, and many more as they affect the operations of a company
(Miao, Eva, Newman and Cooper, 2019). The manager of Just Juicy use an innovative approach
that is segmentation, targeting and positioning which provide assistance to firm to study these
aspects which in turn gain competitive advantage.
Difference in perception: In a modern era, it is necessary for the firm to take significant
changes in an organisation as there is great transformation in technology and the power of social
networks that provide an enormous growth of the firm. the manager of Just Juicy make necessary
changes in their operations like they use advancement of technology and aims to develop new
and unique products and also emphasise on delivering fast services so as to grab the attraction of
customers towards their products.
Advanced knowledge: this is also important source of innovation as the manager of
respective firm creates strong distribution of network and maintain mutual relation with suppliers
and also it could hire the potential and efficient candidates which promote new and innovative
ideas and take the business to a next level. Also, the regular interaction with customers and
paying attention to their feedback provide an attractive idea which increase the chances of
success and thus accelerates the efficiency in a workplace.
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These sources of innovation provide assistance to Just Juicy to provide greater inspiration
and allow to conduct fast operations of a business and also provide vast growth in a respective
manner.
P2 Discuss several tools and techniques and rationale of market gap for an entrepreneurial idea
Market gap provide an opportunity to companies to expand their operation in different
parts of the countries and create an increase awareness so as to generate large base of customers
across the globe (Mon, 2020). The manager of Just Juicy use various promotional and
advertising campaigns and also it creates product differentiation so as to generate large base of
clients and thus boost the sales and profitability in a marketplace. It uses Fish bone model is a
cause and effect diagram that assist the managers to depict the success and failures and to
identify various problems and also it determines a brainstorming session and render an effective
solution in an effective manner. The Fishbone model is used to determine problem and
bottlenecks so that they could develop a best product and take various corrective actions which
aids in resolving the issue (Thursby and Berbari, 2016). This help the firm to generate greater
success and ensures greater transparency and accountability in a respective manner. The aim of
respective firm is to provide excellent offerings and creates uniqueness in their products which
generates maximum satisfaction of customers across the globe. With reference to Just Juicy, the
fish bone model is presents as follows:
Methods: There is not proper sequence of activities followed in an organisation as it
affects the productivity in a workplace. The manager of respective firm does not follow proper
hierarchy in their workplace which affect the overall performance and create a possibility of
conflicts and misunderstandings among them.
Machines: In this case, the obsolescence of technology and decrease in efficiency might
affect the overall operations of a firm as it could lead to delay in activities and give rise to
possibility of defects and errors.
Manpower: The employees are not properly hired and lack of communication skills as
well as lack of clarity among them give a rise of conflict and misunderstandings among them.
This reduce the efficiency and thus create job dissatisfaction.
Misleading information: Sometimes, wrong and unnecessary information among the
customers create dissatisfaction among them as it affects the overall operations. This reduces the
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efficiency of a business and minimise trust of target customers towards them and also it reduces
the sales and profitability within the confines of food and beverages industry.
Technology: There is a possibility of delaying in orders due to several technical issues
and other faults that may hamper the growth of a firm and also create dissatisfaction among the
customers.
Environment: this includes the external factors that are not controlled by the company as
it affects the overall performance. The manager does not focus on environmental aspects as there
is not proper hygiene and cleanliness which affect the coordination and cooperation in a
workplace.
It has been analysed that the manager should identify the root cause of problem and
provides an effective solution so that it could facilitate smooth operations of a business in an
effective manner (Serrano-Bedia, López-Fernández and Garcia-Piqueres, 2016). The firm could
conduct research and development and feedback that provides a suggestion to the concerned firm
for making improvements and thus contribute a significant position across the globe.
P3 Covered in PPT
P4 Covered in PPT
P5 Discuss SWOT analysis
This analysis includes covers both strength and weaknesses of a firm and emphasise on
eliminating threats by making proper use of opportunities (Moreno-Izquierdo and et.al., 2016).
This help the firm to grow at a global level and create a vast growth opportunity to enhance the
sales and profitability. Also, the SWOT analysis determine the attractiveness and uniqueness in a
industry so as to gain competitive advancement. In the context of Just Juicy, the same is given as
follows:
Strength
 Use of natural ingredients: Customer are more conscious over their health so by looking
this awareness the manager of Just Juicy make use of natural flavours and fruit pulp in
order to gain customer satisfaction.
 Ensure quality specifications: The manager of Just Juicy use excellent offerings in their
products at a reasonable price that increases the satisfaction level of customers across the
globe.
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 Mutual relation with suppliers: the manager of concerned firm maintains good relations
with suppliers so that they get easy accessibility of raw materials in accordance to
demand and supply and provide greater economy of scale in a marketplace.
Weaknesses
 Lack of advertising campaigns: This is one of the major weaknesses of a firm as it does
not create huge visibility among the group of customers and decrease the sales.
 Decrease in profit margin: the manager of respective firm provides offerings at a low
cost which reduces the profit margin and thus affect the growth.
 Poor shelf coverage: the shelves of Just Juicy are not properly organised which reduces
the visibility of customers towards their product.
Opportunities
 Use of innovative technology: The concerned firm make use of advanced technology so
as to conduct fast operations of a business and allow it to gain maximum exposure across
the globe.
 Social media platforms: The manager of respective firm use various online platforms
such as Facebook, Instagram and Twitter and many more so as to promote their products
and provide fast delivery of products so as to provide greater ease of convenience among
the customers.
 Promotes healthy drinks: The manager of concerned firm good generate more sales as
the consumers nowadays shift their preference towards healthy drinks which involve less
use of sugar and added natural flavour.
Threats
 Emerging competitors: There are giant number of players present in the market that
provide same offerings which possess a big threat for the firm like Just Juicy.
 Decrease in profit margin: Due to increased competitors, it led to price wars which
induces the respective firm to minimise the profitability and efficiency within the
confines of food and beverage industry.
 Threats of substitutes: there are various alternatives which are present in the market that
provide similar attributes which possess a major threat in case of Just Juicy.
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P6 Determine the competitive and marketing environment of a firm
Porter five force is a framework that assist the availability of resources in order to
achieve a significant and rivalry edge over a marketplace (Nieto and González-Álvarez, 2016).
In addition to this, it determines the level of profitability and attractiveness of an industry which
allow the firm to gain an attractive position across the globe. in the context of Just Juicy, the five
components are given beneath:
Bargaining power of customers: the magnitude of this force is acknowledged to be low. As
customer have various options and alternatives that provides similar products so the manager of
Just Juicy could focus more on innovation and uniqueness so as to gain large access of customers
across the globe. Also, it could minimise the possibility of defects and errors so as to gain
maximum customer satisfaction.
Threat of substitutes: The power of this force is regarded to be low as there are various
alternatives present in the market which possess a threat for substitutes. The manager of Just
Juicy creates product differentiation and focus on using natural ingredients that adds value
proposition among the large group of individuals across the globe.
Bargaining power of suppliers: the extent of this force is usually low due to the reason that
there are giant number of suppliers present in the market so the manager of respective firm
emphasise on creating mutual relations with suppliers and strong distribution of network so as to
gain maximum exposure of customers at a global level (Sarsby, 2016).
Competitive rivalries: the power of this component is high due to the reason that there are
various competitors present in the market place which possess a greater threat on the firm. The
manager of Just Juicy would make an appropriate plan of collaboration with its competitors so as
to increase the market share and thus create a strong global presence within the confines of
beverage industry.
Threat of new entrants: this component of Porter’s model is regarded to be low due to the
reason that it requires huge capital investment which possess a big threat for the firm. the
manager of Just Juicy could creates sustainable differentiation by providing offerings at a
reasonable cost so as to enjoy greater economy of scale within a marketplace which in turn boost
the sales and profitability.
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CONCLUSION
From the above information, it can be summarised that entrepreneur play a crucial role in
an organisation as it provides a new and attractive way of doing a business and also it helps in
accomplishment of task in a short span of time. The entrepreneur helps in future development of
a country by developing products or services in an innovative manner which boost the sales and
enhance the productivity in a marketplace. Also, it has been determined that various sources of
innovation and rationale of marketing gap would assist the firm in gaining competitive edge over
a marketplace. The various sources of data and its interpretation is also discussed so as to
determine the market potential. Also, SWOT analysis and Porter’s five force model is discussed
so as to contribute a significant position at a global level.
REFERENCES
Books and Journals
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De Marchi, V., Giuliani, E. and Rabellotti, R., 2018. Do global value chains offer developing
countries learning and innovation opportunities?. The European Journal of Development
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de Paula, I.C., and et.al., 2019. Are collaboration and trust sources for innovation in the reverse
logistics? Insights from a systematic literature review. Supply Chain Management: An
International Journal.
Ip, I., Fong, S., Zhuang, Y. and Wong, R., 2016, November. Competitive Intelligence Study on
Macau Food and Beverage Industry. In 2016 7th International Conference on Cloud
Computing and Big Data (CCBD) (pp. 170-174). IEEE.
Lindgren, B., 2018. Understanding the Impact of Entreprenurial Activity in Institutional Change:
Gaining Insights on the Embedded Agency Paradox.
Miao, Q., Eva, N., Newman, A. and Cooper, B., 2019. Ceo entrepreneurial leadership and
performance outcomes of top management teams in entrepreneurial ventures: The
mediating effects of psychological safety. Journal of Small Business Management, 57(3),
pp.1119-1135.
Mon, C.S., 2020, February. Predicting VR adoption on e-commerce platforms using TAM and
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Managing Digital Industry, Technology and Entrepreneurship (CoMDITE 2019), July
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Moreno-Izquierdo, L., and et.al., 2016. Pricing strategies of the European low-cost carriers
explained using Porter's Five Forces Model. Tourism Economics. 22(2). pp.293-310.
Nieto, M. and González-Álvarez, N., 2016. Social capital effects on the discovery and
exploitation of entrepreneurial opportunities. International Entrepreneurship and
Management Journal. 12(2). pp.507-530.
Sarsby, A., 2016. SWOT analysis. Lulu. com.
Serrano-Bedia, A.M., López-Fernández, M.C. and Garcia-Piqueres, G., 2016. Analysis of the
relationship between sources of knowledge and innovation performance in family
firms. Innovation. 18(4). pp.489-512.
Shamsudeen, K., Keat, O.Y. and Hassan, H., 2017. Entrepreneurial success within the process of
opportunity recognition and exploitation: An expansion of entrepreneurial opportunity
recognition model. International Review of Management and Marketing, 7(1).
Thursby, M.C. and Berbari, M., 2016. Identifying and Evaluating Market Opportunities',
Technological Innovation: Generating Economic Results (Advances in the Study of
Entrepreneurship, Innovation and Economic Growth, Volume 26) (pp. 33-58). Emerald
Group Publishing Limited.
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