Identifying Entrepreneurial Opportunities Assignment - “Healthy organic coffee shop”

Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK ..............................................................................................................................................1
1. Evaluation of different sources of entrepreneurial ideas and innovation................................1
2. Introduction about business idea and potential customers or target audience........................3
3. Competitor analysis at competitive market place...................................................................3
4. Gap analysis and present data needed to support gap analysis...............................................4
5. Market research to support viability for business idea and identifying market potential
using sources such as primary and secondary.............................................................................6
6. Viability and feasibility of business idea, Strengths and weakness of the business.............12
7. Risk of competition and potential opportunities for growth and development.....................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
An entrepreneur is a person and an individual who working as an employee, founds and
runs a small business, amusing all the risks and rewards of the venture or business.
Entrepreneurship is the study of how business are created as well as the actual process of treating
a new business. Before starting a new business an entrepreneur saw various opportunities for its
business. These opportunities are usually defined as situations where products and services can
be sold at a price greater than the cost of their production. This report is based on a new business
“Healthy organic coffee shop” that is starting by an entrepreneur. It is an organic coffee shop in
which the entrepreneur run the business of organic coffee and this shop located at Oxford Street,
Marylebone, London. In this report discussed about different sources of entrepreneurial ideas and
innovation, rational and market gap for a specific entrepreneurial ideas, SWOT analysis for
collecting evidence to support and evaluation of competitive and market environments in which
the idea will be launched.
TASK
1. Evaluation of different sources of entrepreneurial ideas and innovation
For starting a new business, there are need to determine and evaluate different sources of
entrepreneurial ideas and innovation. These sources are needed for the business of “ Healthy
organic coffee shop” (Wood and McKelvie, 2015). The 7 sources of innovative opportunity were
listed by Peter Drucker for those entrepreneur who start their new business ad these sources of
inn ovation opportunity are as following:
The Unexpected- It is related to the place where an entrepreneur identify opportunity for
its business such as the market place is the number one area to look for opportunity. The manger
of the company can do research and studying the market for finding out various opportunities for
the business. For example, the owner of Healthy organic coffee shop, studying of market and
launched its venture at Oxford Street, Marylebone, London because its a corporate area and their
high chance of success of the business.
The Incongruity- It is the process of presenting things that are out of place or are absurd
in relation to nits surroundings when things do not match as they are expected to. There is a
discrepancy between what is and what should be (Siegel and Renko, 2012). For example, it can
be related to the consumers that the entrepreneur of organic coffee shop assume about the
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