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Identifying Entrepreneurial Opportunities Assignment Solved (Doc)
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Added on 2021-02-22
Identifying Entrepreneurial Opportunities Assignment Solved (Doc)
Added on 2021-02-22
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IDENTIFYINGENTREPRENEURIALOPPORTUNITIES1
INTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................4P1. Sources of innovative entrepreneurial ideas..........................................................................4TASK 2............................................................................................................................................6P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques......6TASK 3............................................................................................................................................9P3. Gap analysis in the evaluation of entrepreneurial idea..........................................................9P4. Interpretation of data to provide evidence of market potential...........................................14P5. SWOT Analysis to assess the entrepreneurial idea.............................................................18P6. Evaluation of competitive and market environment to assess potential viabilities.............18CONCLUSION..............................................................................................................................20REFERENCES..............................................................................................................................232
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INTRODUCTIONEntrepreneur are termed as an those individual who take advantages of fresh businessopportunity and effectively evaluate and identify threat factors as to analyse personal capacity inorder 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 instinctin 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 initiatetheir business idea in the provinces of London, UK. hotel will offer numerous set of attractingelements 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 aplace where they stay, drink and eat for long hours. Along with this hotel will provide theircustomers with great variety of fast foods along with this free Wi-Fi facility will be provided byhotel s along with scheduled live music in order to add little entertainment. In addition withpresent report covers basic entrepreneurial idea concept along with SWOT analysis. Lastly gapanalysis is covered in this report as evaluate business ideas feasibility. TASK 1P1. Innovative entrepreneurial ideas sources Entrepreneur business ventures and start-ups to efficiently put their contribution in greateffective manner. These start-ups ventures not only generate employment opportunities but italso lead towards increasing country GDP, infrastructure, per capita income and more. In thispresent report UK Government effectively encourage young graduates towards considering theconcept of entrepreneurship. This encouragement by government of UK will lead towardspromoting fair trade practices that will further reduce existing ventures dominance. Thus, it isrequired by entrepreneur to continuously evaluate new business opportunities as to frame besteffective entrepreneur ideas. Mentioned below formative concept related to Peter ducker sevensources is mention that will inspire Magic Mania hotel to launch their services in Londonprovinces.Incongruities: 4
It is important for bring an entrepreneur to evaluate current prevailing market conditionsbefore launching of any new service in market. For this can take advantage of evaluatingprevailing demands and needs of customers from hotel industries. With help of this strong edgecan gain The Unexpected:It is required to effectively evaluate unexpected and unexplored ideas that will effectivelyhelp them to gain best effective support from wide range of populations in a marketplace. In thisdynamic changing world where demands and needs of customers are changing at fast face forbeing an entrepreneur is required to properly evaluate customer’s demand that will further aidentrepreneur of Magic Mania restaurant to effectively ensure long tern sustainability in Londonmarketplace. Process need:As per according to this factor it is required for being an entrepreneur to effectivelyevaluate associated weakness with their business idea. In order to overcome weaknessentrepreneur can take advantage of continuous modifications in their ideas as to satisfycustomers with best effective services. In context with Magic Mania, with help of this factorthey can easily able to evaluate shortcomings that is related to hotel launching and can furtherlead 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 businesslaunching activities with current changing demands and needs of related industry. This willeffectively help them to take advantages from more developmental opportunities. By evaluatingproper knowledge of hotel industry idea can launch business in London in best effective waywhile accomplishing customers’ needs and demands in remarkable way.Demographics:As per according to this factors it is required to evaluate dynamic demographic changesthat is mainly related to age group, income level of an individual and human capital. In order toachieve more success and gain advancements it has been evaluated that in United Kingdom percapita income level ratio is high that will benefit hotel to increase profitability in upcomingyears in best effective way.Changes in Perception:5
In order to gain support from local public in a particular location, it is important toanalyse market gap and fill that in a best effective way to conduct business as per according topopulation ideologies (Welter and Alvarez, 2015). This will further help in operating businessfunctions in decent manner.New Knowledge: World is dynamically changing with fast phase Technology on every day. Thus, it isimportant for being an entrepreneur to evaluate these technological advancements on continuousmanner as this is related to success of their business. It will further help to increase effectivenessof their products and services. With the help of more advanced tools and technologicalequipments as this will help them to satisfy customers with present trend.TASK 2P2. Market gap and Rationale for entrepreneurial idea as to undertake effective techniques andtools. In this present scenario, entrepreneur is planning to initiate the business start-up in LondonUK. Entrepreneur is launching a new hotel Magic Mania hotel that will provide various set ofattractiveness to customers that include, showing Sporting events and allowing customers to stayeat 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 inthe ambience. It has been seen that customers now a day’s prefers to watch live music while theyspend their time in hotel . Thus, in order to initiate this idea with best performance entrepreneuris required to effectively evaluate customers’ behaviour in market as to acquire market feasibilitythat will help them to gain more competitive advantages. Along with this entrepreneur isrequired to fill market gap. And require offering all those essential services that are not yetprovided. This will help entrepreneur to grab eyeballs of wide range of customers. Mentionedbelow 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 aproduct and services outdated in a short period of time. For this entrepreneur is required to keep6
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