Entrepreneurship Research and Opportunity Identification

The provided document is an assignment that delves into the realm of entrepreneurship research, specifically exploring the concept of entrepreneurial opportunities and their identification. The report draws from existing literature, including books and journals, as well as online sources, to provide a nuanced understanding of this critical aspect of business and economics. The assignment aims to educate readers on how to recognize and capitalize on entrepreneurial opportunities, making it a valuable resource for students, researchers, and entrepreneurs alike.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES
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INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1. Sources of innovative entrepreneurial ideas..........................................................................4
TASK 2............................................................................................................................................6
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques......6
TASK 3............................................................................................................................................9
P3. Gap analysis in the evaluation of entrepreneurial idea..........................................................9
P4. Interpretation of data to provide evidence of market potential...........................................14
P5. SWOT Analysis to assess the entrepreneurial idea.............................................................18
P6. Evaluation of competitive and market environment to assess potential viabilities.............18
CONCLUSION..............................................................................................................................20
REFERENCES..............................................................................................................................23
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INTRODUCTION
Entrepreneur are termed as an those individual who take advantages of fresh business
opportunity and effectively evaluate and identify threat factors as to analyse personal capacity in
order to remarkably translate all those opportunities into a well define unique business idea
(Audretsch, 2012). Entrepreneur leads towards increasing economic stability of a country. Thus,
it is essential for each and every Nation around the globe to encourage entrepreneur real instinct
in order to increase their success rate that simultaneously leads towards economic development.
Present report has been conducted on Magic Mania hotel which is looking forward to initiate
their business idea in the provinces of London, UK. hotel will offer numerous set of attracting
elements to grab customers attention some of that element include, showing of Sporting events,
in this hotel will show Big Sporting events in their premises as in recent days people seeks to a
place where they stay, drink and eat for long hours. Along with this hotel will provide their
customers with great variety of fast foods along with this free Wi-Fi facility will be provided by
hotel s along with scheduled live music in order to add little entertainment. In addition with
present report covers basic entrepreneurial idea concept along with SWOT analysis. Lastly gap
analysis is covered in this report as evaluate business ideas feasibility.
TASK 1
P1. Innovative entrepreneurial ideas sources
Entrepreneur business ventures and start-ups to efficiently put their contribution in great
effective manner. These start-ups ventures not only generate employment opportunities but it
also lead towards increasing country GDP, infrastructure, per capita income and more. In this
present report UK Government effectively encourage young graduates towards considering the
concept of entrepreneurship. This encouragement by government of UK will lead towards
promoting fair trade practices that will further reduce existing ventures dominance. Thus, it is
required by entrepreneur to continuously evaluate new business opportunities as to frame best
effective entrepreneur ideas. Mentioned below formative concept related to Peter ducker seven
sources is mention that will inspire Magic Mania hotel to launch their services in London
provinces.
Incongruities:
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It is important for bring an entrepreneur to evaluate current prevailing market conditions
before launching of any new service in market. For this can take advantage of evaluating
prevailing demands and needs of customers from hotel industries. With help of this strong edge
can gain
The Unexpected:
It is required to effectively evaluate unexpected and unexplored ideas that will effectively
help them to gain best effective support from wide range of populations in a marketplace. In this
dynamic changing world where demands and needs of customers are changing at fast face for
being an entrepreneur is required to properly evaluate customer’s demand that will further aid
entrepreneur of Magic Mania restaurant to effectively ensure long tern sustainability in London
marketplace.
Process need:
As per according to this factor it is required for being an entrepreneur to effectively
evaluate associated weakness with their business idea. In order to overcome weakness
entrepreneur can take advantage of continuous modifications in their ideas as to satisfy
customers with best effective services. In context with Magic Mania, with help of this factor
they can easily able to evaluate shortcomings that is related to hotel launching and can further
lead towards gaining more successful profitability base.
Changes in Market and Industry Structures:
In this factor it is essential for being an entrepreneur or to effectively aligned business
launching activities with current changing demands and needs of related industry. This will
effectively help them to take advantages from more developmental opportunities. By evaluating
proper knowledge of hotel industry idea can launch business in London in best effective way
while accomplishing customers’ needs and demands in remarkable way.
Demographics:
As per according to this factors it is required to evaluate dynamic demographic changes
that is mainly related to age group, income level of an individual and human capital. In order to
achieve more success and gain advancements it has been evaluated that in United Kingdom per
capita income level ratio is high that will benefit hotel to increase profitability in upcoming
years in best effective way.
Changes in Perception:
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In order to gain support from local public in a particular location, it is important to
analyse market gap and fill that in a best effective way to conduct business as per according to
population ideologies (Welter and Alvarez, 2015). This will further help in operating business
functions in decent manner.
New Knowledge:
World is dynamically changing with fast phase Technology on every day. Thus, it is
important for being an entrepreneur to evaluate these technological advancements on continuous
manner as this is related to success of their business. It will further help to increase effectiveness
of their products and services. With the help of more advanced tools and technological
equipments as this will help them to satisfy customers with present trend.
TASK 2
P2. Market gap and Rationale for entrepreneurial idea as to undertake effective techniques and
tools.
In this present scenario, entrepreneur is planning to initiate the business start-up in London
UK. Entrepreneur is launching a new hotel Magic Mania hotel that will provide various set of
attractiveness to customers that include, showing Sporting events and allowing customers to stay
eat and drink for long hours hotel (Top 10 Sources of Business ideas & Opportunities. 2018).
Also offer free Wi-Fi facilities with various ranges of fast foods items along with live music in
the ambience. It has been seen that customers now a day’s prefers to watch live music while they
spend their time in hotel . Thus, in order to initiate this idea with best performance entrepreneur
is required to effectively evaluate customers’ behaviour in market as to acquire market feasibility
that will help them to gain more competitive advantages. Along with this entrepreneur is
required to fill market gap. And require offering all those essential services that are not yet
provided. This will help entrepreneur to grab eyeballs of wide range of customers. Mentioned
below there is market gap analysis in context with every business idea:
Technological advancements:
In this dynamic world technology is fast evolving element that lead towards making a
product and services outdated in a short period of time. For this entrepreneur is required to keep
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themselves up to date and take advantage of new and innovative advanced tools and techniques
as to evaluate actual market and offer products and services as per according to market Trend.
Identifications of opportunities
Entrepreneur is required to analyse about their competitor offering along with their
strategic policies. By doing this entrepreneur can able to make themselves one step ahead of
them. Along with this it also helps entrepreneur to fill market gaps in best effective way.
COMPETITIVE ANALYSIS
Basis Happy Republic Inn
hotel
Marriott hotel Four Seasons London
Products and
Services
hotel will provide live
music in their promises
as to add special
elements while their
customers spend their
time in hotel . Along
with this variance in
Fast Food range and
free Wi-Fi will also
offer by hotel . This
will make customers to
spend their time for
long hours. All these
elements provided by
hotel allow them to
provide satisfactory
services to their
customers in best
effective way.
Marriott offer unmatchable
experience in which rooms
are fully equipped with
excellent infrastructure
with great quality.
Four Seasons London
offer the customers with
immeasurable quality of
innovative services along
with excellence staff.
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Organization
structure
Organisation will
follow functional
structure in which they
will divide work as per
according to the
functions accordingly to
subordinates
background
Departmental structure is
been followed by hotel . In
which orders are taken by
subordinate only from the
particular departmental
head in a respective way.
Matrix structure is being
followed by hotel in
which they allot duties to
their employees as per
according to functions
along with product base.
Major
Attractions
hotel major attraction
will be there customer
centric approach. In
addition with this they
will offer free Wi-Fi
facility. Along with this
varieties of food will be
offer in ambience as to
allow customers to
spend time to their in
best way.
hotel hold their major
attraction in high quality
rooms along with
multilingual workforce
which is enthusiastic and
communicate in a friendly
manner with clients.
Four Seasons London
major attractions include
multi cuisine food,
excellent services, well
effective staff and other
entertainment facilities.
Promotional
strategy
hotel will promote their
products via marketing
channels of televisions,
local newspapers,
radios and pamphlets
(Tang and Busenitz,
2012).
Marketing strategy adopted
by Marriott include
promotion via M life social
media platform, mobile
applications, websites and
more extensive form of
advertising channels.
hotel offer qualitative
services to their
customers and acquire
successful position via
mouth marketing. They
also take advantage of
social media advertising
along with flyers as to
effectively make
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promotion of services.
By evaluating these factors, it has been concluded that entrepreneur by utilising various
set of other opportunities can take the business towards more success. As by utilising benefits
from technological innovations they will stay one step ahead of their competitors and can
overcome business failures. In addition, with this continuous adoption approach is required to be
adopt by entrepreneur as to adopt fast phase changing Technology. Along with is there is a
requirement of an entrepreneur to collect funds in a short period of time via various government
schemes this will help entrepreneur launch their business in with the London placed in a
successful manner.
TASK 3
P3. Gap evaluation as to identify entrepreneurial idea
Gap analysis acts as one of the most essential strategic tool with the help of which gap can
be filled in between target and deductible results. In relation with Magic Mania hotel
entrepreneur is required to fill gap that can be related to manpower performance, profit and
product gap in the provinces of London.
QUESTIONNAIRE
NAME:
AGE:
ADD:
GENDER:
MAIL ID:
Q1) Are you aware with products and service range offered by Magic Mania hotel ?
 Yes
 No
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Q2) What facility attracts you most and mainly looked by you as to select hotel for
accommodation?
 Fast Food Range
 Free Wi-Fi
 Entertainment Options
Q3) Are price range by Magic Mania hotel is worth of all those other facilities offered?
 Yes
 No
Q4) Are you happy and satisfied with Magic Mania hotel customer service?
 Yes
 No
Q5) Further suggestions as to improve hotel services.
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Theme 1: Magic Mania hotel offer valuable services
Q1) Are you aware with products and service range offered by Magic Mania
hotel ?
Frequency
a) Yes 25
b) No 5
0
5
10
15
20
25
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Theme 2: Facilitates
Q2) What facility attracts you most and mainly looked by you as to select
hotel for accommodation?
Frequency
 Fast Food Range 10
 Entertainment Options 5
 Free Wi-Fi 15
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Theme 3: Magic Mania hotel offer services in an affordable range
Q3) Are price range by Magic Mania hotel is worth of all those other
facilities offered?
Frequency
a) Yes 25
b) No 5
0
5
10
15
20
25
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Theme 4: Customers are amused by Happy Republic Inn hotel
Q4) Are you happy and satisfied with Magic Mania hotel customer service? Frequency
a) Yes 28
b) No 2
0
5
10
15
20
25
30
P4. Interpretation
As to gain more advantages from numerous opportunities, entrepreneur is required to
required amount of data and information from wide range of source. All the primary and
secondary data help in gaining market evaluation of London, UK. Along with this, Magic Mania
hotel offer various set of facilities such as, Free Wi-Fi, Live music, and various set of food range
as to attract wide range of population.
Interpretation of above data:
Theme 1:
Central Tendency Data
Mean 15
Median 15
Mode 0
Standard Deviation 14.14
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Interpretation 1:
According to data it has been evaluated that, customers are aware of service range by
Magic Mania hotel . As to attract large base of customers entrepreneur can take social media
advantage.
Theme 2:
Central Tendency Data
Mean 10
Median 10
Mode 10
Standard Deviation 5
Interpretation 2:
According to graph, customers prefer free Wi-Fi as to use internet facilities. Thus facility
by hotel helps in increasing profit and growth for Magic Mania hotel .
Theme 3:
Central Tendency Data
Mean 15
Median 15
Mode 0
Standard Deviation 14.14
Interpretation 3:
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According to data, it has been analysed that Magic Mania hotel services according to
their price range. This will help them to increase consumer loyalty and profit.
Theme 4:
Central Tendency Data
Mean 15
Median 15
Mode 0
Standard Deviation 14.14214
Interpretation 4:
As per accordance with the above mentioned evaluation it has been analysed that
customers are effectively satisfied with the services by Hotel. In addition with this it is required
by hotel to use more developmental opportunities to attract more consumer base.
GAP ANALYSIS
Basis Current condition Desired condition Action plan
Products and
Services
Currently hotel offer
rooms with lack of
infrastructure facilities
and lot of time is
wasted on the check in
and checkout zone.
Currently market is
tending towards
facilities that are
related to offering free
Wi-Fi and more fun
elements.
Provision related to
free Wi-Fi live music
and variance of food
in order to satisfy
customers with best.
Cost Currently Low room
services have been
offered by hotel .
This becomes essential
for hotel to formulate
best effective balance
in their price range as
By offering strategies
that are related to
pricing hotel can
complete Rivals with
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to complete their
competitors.
best.
Innovation hotel offers services
that are related to free
Wi-Fi, live music and
various range of fast
foods as to draw
customers attention
towards them along
with this with the help
of consumer driven
approach hotel can
able to satisfied
customers with best.
hotel can take
advantage of
innovative approaches
as to make sure hotel
sustain for long term.
Customer centric
approach in addition
with taking feedback
from customers as to
satisfy them with
present prevailing
trend in innovative
way.
Business objectives of Happy Republic Inn
Objectives Strategies
Ensuring high customer satisfaction
and developing a sense of loyalty in
them
 By providing variety of food, Free Wi-Fi and Live
Music.
 Offering facility of Live
 By taking into account for customer centric
approach in addition with other attractive services
as to gain high consumer base.
Sustainability of business  Taking regular feedbacks from consumers and
make further modification accordingly.
 Adoption of new and advance technologies.
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P5. SWOT Analysis in order to evaluate entrepreneurial idea
As to effectively initiate a new business idea it is essential for an entrepreneur to evaluate
their organisation strength and weaknesses as further analyse new diverse opportunities as to
operate their business functions in best formative manner. SWOT analysis in context with Magic
Mania hotel is being defined below:
Strengths:
hotel provide numerous range of services as to effectively satisfy needs and demands of
customers in best effective manner. Some the services include, exotic range of food services, free
Wi-Fi and live music for king hours. All these services aid hotel to gain more competitive
advantages as compared to rivals.
Weaknesses:
In order to effectively launch new business idea it is essential to overcome each and
every shortcomings as to further gain high advantages. It has been further evaluated that, selected
location of Magic Mania hotel by entrepreneur is covered in most expensive locations in
London as it offer transportation and materials of high cost.
Opportunities:
It is important for entrepreneur to effectively identify wide range of opportunities on continuous
manner as to increase profitability level in best effective manner. In relation with Magic Mania
hotel it is essential for entrepreneur to effectively analyse demands and perspectives of
customers in London and nearby areas as to gain long terms competitive advancements.
Threats:
As to successfully launch business venture in new marketplace it is essential for an
entrepreneur to effectively evaluate all the possible threats. In relation with Magic Mania hotel ,
it is important for entrepreneur to evaluate all the threats related to price and new entrants as to
effectively operate their operations.
P6. Analysation of competitive and market environment in order to evaluate potential viabilities
As to launch the entrepreneurial idea of Magic Mania hotel within London provinces it is
important for entrepreneur to effectively evaluate current prevailing conditions within
marketplace of London as to effectively fulfil needs and demands of consumers:
Competitive Market:
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It is important for an entrepreneur to evaluate external as well as internal business environment
conditions and to identify potential weaknesses and strength. This will further aid them to frame
strategies that will in turn guide them towards more economic advancements. In order to
accomplish this evaluation of Porter Five Force model is being defined:
Competition within Industry
There are diverse range of regulation has been established by government of UK for
those organisation who deal in hospitality sector. In relation with Magic Mania hotel there are
chances that entrepreneur may face threats related to competition, as there are Four Seasons,
Marriott and Hilton hotel already providing there services. For this entrepreneurs are require to
frame strategies in best effective manner.
Threat of New Entrants:
In order to initiate business activities within hotel industry which is one of the leading
industry, it is essential to have adequate amount of fund as to overcome different types of
barriers. This threat is required to be effectively undertake by Magic Mania hotel entrepreneur
as to satisfy customers in best effective manner. As while considering customer centric approach
and offering different types of attractive services hotel can effectively able to gain long term
advancements.
Bargaining Power of Buyers:
It has been seen that within hotel industry bargaining power is high as there are large
number of alternative options present within marketplace. Thus, it becomes essential for Magic
Mania entrepreneur to provide different types of attractive services at low cost as to gain long
term advantages.
Bargaining Power of Suppliers:
It has been evaluated that suppliers hold less power as in this industry skilled labours
effectively have high base of bargaining power. This factor is required to be effectively
undertake by Magic Mania entrepreneur as to further ensure long term economic stability.
Threat of Substitutes:
In order to effectively evaluate business functions, it is important for entrepreneurs to
identify any possible threats. For this organisations can tend towards large base of value with
increase in quality. In addition with this, in this it is important for entrepreneurs to posses the
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quality in which they can make themselves regularly update with knowledge and skills as to gain
large base of competitive advancements.
Market Environment:
There are different types elements that can affect functioning of business which is further
defined below:
Macro Environment:
There are different types of factors that are covered in Macro environment which is
available in external environment which is defined below. It is further defined in PEST form:
Political:
UK government have placed diverse range of rules and regulations which is required to
be abide by all the organisations operating their functions in hospitality industry. Some of the
basic regulations include, taxation, employment and environmental laws and more. With the
assistance of this entrepreneur of Magic Mania hotel can effectively able to overcome their
business from legal turmoil.
Economic
As to gain economic growth edge it is essential for entrepreneur of Magic Mania Hotel to
undertake use of best effective form of pricing strategies as to perform activities in more precise
and efficient manner.
Social:
As to perform operations while considering needs and desires of customers it is important
for entrepreneur to evaluate believes, culture and society values as to effectively fulfil needs of
customers.
Technological:
It is important for Magic Mania hotel entrepreneur to undertake wide level of
technological advancements as to offer best effective services to potential customers as to
acquire large base of competitive edge.
Micro Environment:
In Micro environment there are diverse range of factors that are mainly associated with
practices, values and culture.
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CONCLUSION
As per the above mentioned report it has been concluded that, entrepreneur is an individual
that take opportunities from wide range of ideas and take risk in order to initiate a Start-up
business with an aim to gain profit in order to effectively conduct the business. Entrepreneur is
required to take advantage of Technology. Thus with the help of tools and Technology they can
able to provide updated services to satisfy customers. This report includes SWOT that will help
entrepreneur to find the business weaknesses, opportunities and strength in order to increase their
profitability.
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