Identifying Entrepreneurial Opportunities TABLE OF CONTENTS INTRODUCTION 1 1. Why the Idea of Entrepreneur is Feasible, Viable and What are its Strengths and Weaknesses 11 7. Why the Idea of Entrepren

Identifying Entrepreneurial
opportunities

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
1. Background information about different sources that inspired the business idea..................1
2. Introduction to business idea ..................................................................................................3
3. Competitors analysis...............................................................................................................4
4. Gap analysis and objectives of business ideas........................................................................6
5. Market research for supporting viability of business idea .....................................................7
6. Why the idea of entrepreneur is feasible, viable and what are its strengths and weaknesses
...................................................................................................................................................11
7. Recommendations on overcoming risks of competition and tapping of potential
opportunities .............................................................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship can be refereed as the act of developing a new business entity by
undertaking risk in order to earn profits. In other words, it means the process or set of activities
of designing, launching and operating a new business by a person (Bruton and et.al., 2015). The
present project report is going to discuss the different sources that generated the idea of opening
a dining restaurant in United Kingdom. It will also include what the business idea is, who are the
target customer, hewer the restaurant is supposed to be open in UK. A competitive analysis will
be done for assessing the competitiveness of the market place, what the entrepreneur can do to
face such competition. The assignment will also cover a gap analysis which will show what is
the current situation of the entrepreneur and its resources and how can it fill those gaps. A market
research will be conducted for checking out the viability of the business thought.
MAIN BODY
1. Background information about different sources that inspired the business idea
The inspiration can be drawn from anywhere and entrepreneur has developed this thought
on the basis of below mentioned sources :
Attending trade shows, events and exhibitions : The entrepreneur build its idea of
starting a dining place in the UK by attending different trade shows and exhibitions where
different restaurateurs showcases their skills, experiences and valuable insights. Entrepreneur
met some distributors, suppliers, sales representatives , franchisers that influenced it to enter into
this industry. The strength of this source is good because it helped the entrepreneur in knowing
and observing the real and useful insights of the actual restaurateurs.
The limitation is that only listening and meeting people at the trade shows might not
provide the actual scenario of the food industry. People do throw fake stories about their business
for making these shows attractive and lucrative (Top 7 sources of business ideas & opportunities
for entrepreneur, 2019).
Personal experience and talents : A lot of business thoughts generates with
entrepreneur's own experience and personal talents. The entrepreneur recognised that it posses
good sense of operating a restaurant business on the basis of which it made its decision of
entering into this specific industry. It is beneficial because learning from own experiences and
developing a business idea out of that is more solid and concrete. Also, natural talent helps a
person in to a thing where its talents gets explored.
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However, for developing a idea and sticking to it on the basis of personal talent and
experience cannot make a thought viable and feasible.
Brainstorming : It is technique of solving problem by undertaking the activity of
evaluating different course of actions and selecting the best one which perfectly solves that
problems. The advantage of this source is that business idea based on brainstorming practise is
more viable as entrepreneur thinks of the various things and its advantages and disadvantages
and then decides to take a particular action which best meets its desire.
However, practising this technique is very time consuming and entrepreneur might
sometime pick up the wrong of business idea believing it to be viable.
Interest, hobbies and Dreams : This is an important source where the entrepreneur has
developed its business idea of opening a restaurant. The entrepreneur's dream and interest of
becoming a restaurateur played a big role developing this thought. The strength is that hobbies
and interest drives a person to passionately work. This helps in increasing the productivity of that
person (Burns and Dewhurst, J. eds., 2016).
The limitation is that not all hobbies and interests gets materialised. The entrepreneur has
to more practical while forming and choosing a specific direction and industry of doing business.
Drucker's model entails the innovative opportunities for the entrepreneur :
Unexpected success or failure : Entrepreneur's could develop innovative opportunity
from its unexpected success or failures in life. For example, Marriott hotel's , DW was the only
one which was performing well amongst its other restaurants and the reason was later found out
that it was near the airport. The company then decided to tie up airports for catering meals to the
passengers.
Incongruities: The model states that a discrepancy exist in what it should be and what
actually happened. This inconsistency encourages an entrepreneur in developing an innovative
idea for filling that gap. For example, most of restaurant provides unhealthy and high calories but
people are inclining towards healthy and nutritious diet. Thus, this made entrepreneur to think
out of box and developed an idea of providing highly nutritious food.
Process need: This source includes determining a weak point of company process
whatever and redesigning that process. For example, a restaurant recognises that waitrers are not
effectively been able to take orders, therefore it decided to provide devises that takes orders and
directly sends to kitchen electronically.
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