Identifying Entrepreneurial Opportunities : Long John Silver's

Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1) Background information about those sources that inspired your idea and what motivated
personally in wishing to set up your own business.....................................................................1
2) An introduction to your business idea and what it is, and who and where your potential
customers and target audience are...............................................................................................2
3) Actual data needed to support gap analysis in order to measure a particular entrepreneurial
idea..............................................................................................................................................4
4) Interpret data specially to provide evidence of market potential............................................6
5) SWOT framework to collect information to aid an objective assessment of a special
entrepreneurial idea...................................................................................................................11
6) Competitive and market environment in which unique idea will be launched to measure
potential viability......................................................................................................................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
An entrepreneur is a person that set up business by taking financial risk in hope of the
profit. It is an individual that develops and runs business. It takes initiative through organizing
venture to take advantage of opportunity and as decision maker. An entrepreneurship is a process
of designing, launching and also running new business which is initially small. It is related to
how the new business can be developed and actual process of beginning new business. In this
report, new business will be introduced to encourage the entrepreneurial instinct as to gain
success for economic development (Audretsch, 2012). The new business idea is about launching
a restaurant named Long John Silver's which will provide the fast food items. In this report
discuss about the background information about those sources which inspired ideas and
motivated. There will be discussion about viability of business ideas and determine market
potential.
TASK 1
1) Background information about those sources that inspired your idea and what motivated
personally in wishing to set up your own business.
In the modern scenario, government of UK develop different types of idea in order to
achieve their targeted goals and values of country's economy. They generally target youngsters
or young graduates as well this is because they can easily start their new business and start-up
according to their mind's perception. With the help of UK government, an individual is able to
take lots of opportunities within the market to establish their business in an effective way. For
launching the new business an entrepreneur needs to generate unique ideas and strategies. There
are different type of sources which will help an organization in development of innovative things
for new business, those are listed below:
Customer surveys: According to this source, an individual can think innovative in order
to know the customer's taste and preference. For this individual or entrepreneur will make
questionnaire so that it will easy to check the viability of customers effectively. In regards with
the Long John Silver's restaurant they will provide questionnaire to the customers and it will
filled by them. Therefore, it will be bring unique ideas which further used to bring new ideas.
Interest and hobbies: According to this source, an entrepreneur able to generate
different types of ideas for launching their new business within the UK marketplace. It also helps
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in making good relation with the customers because individual is interested in this process. For
example: If any candidate has interested in traveling than he will go and enjoy their vacations
peacefully. Apart from this if person has hobby to cook than will cooked and also thinks about
their food recopies. Ascertainment of the interest and hobbies help to know their tastes which are
further used in the process of conversion of new business idea.
Mass media: According to this source, an individual can use different kind of mass
media channels such as radio, internet, online websites and so on. All these channels are very
effective in order to increase the brand's name in front of the people. All these sources will help
an organization to promote their business in marketplace. It will also assist them to develop
strong relation with customers.
Trade fairs and exhibitions: This is very effective source for any individual or
entrepreneur who really want to formed their new business in the future. It is necessary because
when individual will attend different types of exhibition and fairs than individual able to get new
ideas and strategies properly. In reference to the LJS restaurant, an entrepreneur will apply
innovative thing in their new business and will advertise their business by the TV channels so
that customers will get attract. This source also assist an organization to identify accurate trends
present in marketplace. Thus, it helps them to identify accurate needs and wants of customers
towards brand.
2) An introduction to your business idea and what it is, and who and where your potential
customers and target audience are.
In order to establishing new business venture, about this an entrepreneur or individual can
think just because they are the person who has different kind of ideas and tools to launch
business in a proper way. In regards with the Long John Silver's restaurant will provide
American fast food items like pizza, noodles, Thai etc. along with this, it will focus on the
customer's taste and preference and try to make food products according to them (Autio and et.
al., 2018). With the help of this an entrepreneur can make essential or effective ideas to their
business in order to grab market opportunities effectively.
Apart from this, LJS restaurant have unique feature and environment which will help
them to attract large number of customers within given time duration. Along with this, it will
offer separate room for people or customers who want to enjoy with their friends effectively.
Moreover, LJS restaurant also includes in several kinds of themes and lights which attracts
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customer a lot in a proper way. This process will enhance the customer's trust towards the food
quality in an effective manner. That's an entrepreneur and individual are those who can think
unique for their effective business venture. For making better business they will target
youngsters so that they can grab opportunities within the UK market. When entrepreneur will
choose the young people than he is able to get their aim and easily make potential customers
properly.
STP Model: STP stands for segmentation, targeting and position of the business venture.
The description of these terms, are given below:
Segmentation: In this, an individual target the people within the market in order to
classify their customers in several ways. For this function this LJS restaurant select the
demographic segmentation in which they can identify people by their age, marital status and so
on. That's why every people has different things and mind set so they used their skills properly in
order to choose restaurant and food items. Segmentation for this restaurant will be in different
age group.
Target: Main target customers of this is lower and middle class people who have
sufficient budget. (Barazandeh and et. al., 2015). Friends and family members are main target
customers for new restaurant.
Positioning: According to this LJS restaurant, an entrepreneur always concentrate on
their food items so that they can easily get better position in the market. This position of
particular product's help entrepreneurs a lot in order to get opportunities for long term stay in the
marketplace. There are different way for which new restaurant can easily attract large number of
customers such as social media, Facebook etc.
Now this can be said that, entrepreneurial mind is very effective and energetic who has
good and unique ideas to make their business special in front of the customers. Wherein, gap
analysis is helpful for them because it shows the opportunities in the market and technological
advancement for this restaurant so that an entrepreneur can easily make better solution to
improve in their business venture.
3) Actual data needed to support gap analysis in order to measure a particular entrepreneurial
idea.
Competitive Analysis (Secondary Research)
BASIS Long John Silver's The Regal Green Chillies
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Restaurant Restaurant Restaurant
Products and
Services
This restaurant will
provide several kind of
food to its customers as
per their choice. On the
basis of this, an
entrepreneur can get
higher satisfaction of
customers and able to
achieve their goals.
This restaurant
provide Italian and
Chinese food item
with different taste so
that it can also make
good impact on the
customers positively.
This restaurant
offers all type of
food item in order
to make customers
happy in a perfect
way.
Organisation
Structure
This restaurant will follow
the corporate culture in
order to make their
effective within the market
(Grégoire and Shepherd,
2012). For this, it will
offer online system and
drive-thru system to grab
potentiality of customers.
This hotel follows
departmental structure
to make effective
culture within the
restaurant.
This restaurant
follows matrix
structure to make
good customer
relation in a proper
way.
Major
Attractions
For making better
attraction process, this
restaurant will follow
centric approach to
achieve their objectives.
For better attraction
this restaurant follows
higher quality of
designing chairs and
tables to grab customer
attraction towards this
restaurant.
It gives discounting
strategy to people
so that they can
easily purchase and
get satisfying
people.
Promotional
Strategy
As per this, restaurant will
promote their product at
higher level by using the
several channels like TV.,
Regal restaurant used
several promotion
strategies by giving
This restaurant
mainly follows
online promotional
strategies in a
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media, online websites etc. online advertisement. proper way.
From the above conclusion of different restaurant shows the several kind of strategies
with different kind of organisational structure properly. In the context of Long John Silver's
Restaurant, they will apply centric approach in order to accomplish customer's demand. Along
with this, restaurant can keep maintain their growth of business effectively by using the several
kind of promotional and attractive strategies. By all these things an entrepreneur of this new
business can easily increase their market growth for the future. There are some factors which are
given below:
Primary research: This is the part of research methodology in which data is gathered
directly. Primary research mainly addressed the different type of issues in research factors and
also analyse them in deep. According to the LJS restaurant they will use this method of research
in order to make clear data for business.
Technology: With the help of this approach this restaurant will follow different kind of
technologies in order to impress customers positively (Hansen Monllor and Shrader, 2016). For
the technological concept entrepreneur will use attractive and different theme to satisfy the
people.
Market analysis: According to the UK government they always take care of their
economy in order make country's people happy. In order to launching business an entrepreneur
also required to identify the marketing situation. After that the identification of market an
entrepreneur will apply few techniques to fulfill requirement of customers and people.
GAP Analysis in the assessment of entrepreneurial opinion:
It is helpful for an entrepreneur whenever they are establishing unique and new idea
within the marketplace. It will help them in order to define the several variances between the
actual performance of project venture and effective future activity. In order to launch Long John
Silver's Restaurant, there are various kind of factors which is associated with the scenario of
marketplace that is taken by the entrepreneur, which are listed below:
QUESTIONNAIRE
NAME:
AGE:
5

ADD:
GENDER:
MAIL ID:
Q1) How often you visit a fast food restaurant?
 Once in a month
 Several times in a month
 Daily
 Never
Q2) Does income influence the choice of fast food restaurants?
 Strongly agree
 Agree
 Neutral
 Disagree
 Strongly disagree
Q3) Are you satisfied with the quality of food served at fast food restaurants?
 Yes
 No
Q4) What will be the reason which can attract you towards Long John Silver's Restaurant?
 Advertisement
 Price
 Eat with family
 Limited time
4) Interpret data specially to provide evidence of market potential.
Theme 1: Visit in Long John Silver's Restaurant
Q1) How often you visit a fast food restaurant? Frequency
Once in a month 2
Several times in a month 3
Daily 2
6

Never 1
Mean 2
Median 2
Mode 2
Interpretation:
From the above representative graph it has been interpreted that, people must visit in the
fast food restaurant in which 2 respondent will go once in a month as per their choice, 3
respondents will go every time in a month because this restaurant will offer better food quality. 2
respondent have aim to daily in order to eat better food. Whereas, 1 will never prefer this
restaurant because of their opinion.
Theme 2: Income affecting the selected fast food items
Q2) Does income influence the choice of fast food restaurants? Frequency
Strongly agree 2
Agree 1
Neural 2
Disagree 2
Strongly disagree 1
7
Once in a month
Several times in a month
Daily
Never
0 0.5 1 1.5 2 2.5 3 3.5
2
3
2
1
Column B

mean 1.6
median 2
mode 2
Interpretation:
From the above respective graph, it has been analyzed that 2 respondents totally agree
with the income statement because they think income is not influence as this restaurant will
planning to provide different items of fast food. Whereas, 1 people agree on this and 2
respondents give neutral response with the service of this restaurant. 2 respondents are not agree
with the income influencing power because, they think they are not able to pay in the restaurant.
1 respondent is properly disagree with this restaurant income influencing power they think that
outsider food is not good for health.
Theme 3: Satisfaction from the food quality
Q3) Are you satisfied with the quality of food served at fast food restaurants? Frequency
Yes 6
No 2
8
Strongly agree
Agree
Neural
Disagree
Strongly disagree
0 0.5 1 1.5 2 2.5
2
1
2
2
1
Column B

Mean 4
Median 4
Mode 0
Interpretation:
As per the above identification of graph, it has been observed that 6 respondents are
strongly agree with the quality of fast food because this restaurant will provide effective food
items in order to make more and more potential customer's effectively. On the other hand 2
respondents are not agree because they think that this restaurant will not give better food as per
their taste.
Theme 4: Reason for selecting the LJS restaurant
Q4) What will be the reason which can attract you towards Long John Silver's
Restaurant?
Frequency
Advertisement 3
Price 3
Eat with family 1
Limited time 1
9
Yes
No
0 1 2 3 4 5 6 7
Column B

Mean 2
Median 2
Mode 1
Interpretation:
From the above representative graph it has been analyzed that 3 respondent are aware
about this restaurant from the advertisement. 3 respondent affecting by the cost of this fast food
Chan as they will provide good food with affordable price. 1 respondent is affecting by family
system like this restaurant has spacious hall for family. Remaining one respondent is satisfied
with the limited time as this restaurant will take few minutes in order to serve their food items to
consumer's effectively.
5) SWOT framework to collect information to aid an objective assessment of a special
entrepreneurial idea.
SWOT framework is the kind of technique and tool which helps a person or an
entrepreneur in order to analyze their business venture's strength, weakness, opportunities and
threats. With the help of this an entrepreneur can check their firm's durability within the market
place effectively. In reference to the Long John Silver's Restaurant they will use this framework
in order to know their swot, so that can achieve their goals easily. There are some ideas which
are applicable on the restaurant, given below:
STRENGTH:
10
Advertisement
Price
Eat with family
Limited time
0 0.5 1 1.5 2 2.5 3 3.5
Column B

Long John Silver's Restaurant provide great variance of American fast food items like
Thai, noodles, pizza, etc. as per according to their taste and preference. By determining actual
preferred taste of customers restaurant can effectively satisfy taste bud of their consumers. Major
strength that has been hold by restaurant is their great quality food that will soothes customers
fast food requirement. In addition with this, restaurant staff have great attitude and behavior that
will benefit them to treat guest in in best effective manner. All these essentials will effectively
benefit restaurant to gain more strength in UK marketplace.
WEAKNESSES:
In order to gain more advancements through newly launched business idea, it becomes
essential for entrepreneur to effectively evaluate every related shortcomings as to formulate
strategical practices against them. As Long John Silver's Restaurant selects great ambiance of
UK marketplace this location have some basic drawbacks. As this location offer much costly raw
resource materials along with transportation cost.
OPPORTUNITIES:
In order to ensure stability for long term it is essential for an entrepreneur to continuously
engage in the process of analyzing numerous new opportunities. In relation with, Long John
Silver's Restaurant entrepreneur is effectively required to evaluate actual preferences and
demands of population in relation to food taste. This will effectively benefit towards gaining
high end proficiency and position against rivals along with earning capability more market share.
THREATS:
Many factors included in internal and external environment acts as a major threat for
launching any new idea. Thus it is essential for an entrepreneur to effectively consider idea
before launching it in a marketplace. In relation with, Long John Silver's Restaurant launching in
UK marketplace entrepreneur can face threats relating to new entrants, high operating cost and
competitive prices.
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6) Competitive and market environment in which unique idea will be launched to measure
potential viability.
In order to launch new business within the UK marketplace entrepreneur required to
generate several kind of ideas and able to face several challenges to make business effective. For
grab opportunities within the competitive market an entrepreneur will use kinds of strategies,
which are given below:
Porter's five forces model
Competitive rivalry: It become important for managers to evaluate all the required
elements that are constituted in external as well as in internal business environment. This will
help in earning more competitive advantages. There are wide range of competitors Regal and
Green chilies restaurant in UK marketplace that offer effective services to customers. Thus, it
become important for entrepreneur to effectively analyses competitors strategies in order to
compete them in best manner.
Threat of New Entrants: As to establish restaurant there is a requirement of huge funds
that significantly play role of barrier in order to make entrance in a new marketplace. Therefore,
it can be seen that threat of entrants is comparatively less for Long John Silver's Restaurant. Thus
they can operate their operations in a well effective way by taking use of customer centric
approach like formation of food as per according to taste of customers.
Bargaining Power of Buyers: In this buyers power is high because they have lots of
option in order to switch 1 option to another (Siegel and Renko, 2012). Thus, entrepreneur can
gain more advantages by taking help of low cost strategy in order to attract attention of more
consumer base.
Bargaining Power of Suppliers: In this, suppliers have less power in their hands. More
power is acquired by skilled staff and labour in hospitality industry. Thus, entrepreneur of is
require to effectively consider this in order to ensure long run sustainability.
Threat of Substitutes: There is a moderate threat in terms of substitutes in restaurants
within UK marketplace. In this individuals mainly tend towards having accommodations at low
price base. Thus, it is required by entrepreneur of Long John Silver's Restaurant to effectively
evaluate strategies and services that is being offered by competitors.
Macro environment:
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Macro environment include external elements that affect launch of a business idea. It
mainly consists various form of factor that is being described in PEST way:
Political: There are different types of laws and regulations that has been framed by
government of UK such as tariff, tax and environmental. This will benefit Long John Silver's
Restaurant to conduct their operations even in UK turmoil.
Economic: As to gain economical benefits entrepreneur is required to conduct their
operations while considering UK economy. Pricing policy benefits entrepreneur to acquire
various beneficial advantage.
Social: In order to gain more effective advancements entrepreneur is required to analyze
latest prevailing trend and technical advancements. This can tend towards unsupportive as idea
of entrepreneur can get copied.
Technological: It is required by an entrepreneur to effectively consider overall
technological advancements aspects in order to gain more advantages. With help of this Long
John Silver's Restaurant can facilitate online booking facilities in order to gain strategic gain over
its competitors.
Macro Environment:
Macro environment consist internal factor that lead towards affecting organizational
functioning. Basically it include culture, values, staff and practices.
CONCLUSION
From the above representative report, it has been concluded that an entrepreneur is the
very effective aspect for every business who always think about their business in order to
increase their growth and viability in the market. In this report an entrepreneur has launched their
business named Long John Silver's which is the American fast food items and provide different
type of food to their customers. Along with this report explained lots of things such as
background information of this business venture with the full introduction in order to satisfy
customer's needs. Apart from this, it is the kind of opportunity for an entrepreneur in order to
develop unique things and ideas to grab lots of opportunities with in the marketplace of UK.
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REFERENCES
Books and Journals
Audretsch, D., 2012. Entrepreneurship research. Management Decision. 50(5). pp.755-764.
Autio and et. al., 2018. Digital affordances, spatial affordances, and the genesis of
entrepreneurial ecosystems. Strategic Entrepreneurship Journal. 12(1). pp.72-95.
Barazandeh and et. al., 2015. Investigating the effect of entrepreneurial competencies on business
performance among early stage entrepreneurs Global Entrepreneurship Monitor (GEM
2010 survey data). Journal of Global Entrepreneurship Research. 5(1). p.18.
Grégoire, D. A. and Shepherd, D. A., 2012. Technology-market combinations and the
identification of entrepreneurial opportunities: An investigation of the opportunity-
individual nexus. Academy of Management Journal. 55(4). pp.753-785.
Hansen, D. J., Monllor, J. and Shrader, R. C., 2016. Identifying the elements of entrepreneurial
opportunity constructs: Recognizing what scholars are really examining. The
International Journal of Entrepreneurship and Innovation. 17(4). pp.240-255.
Kohlbacher, F., Herstatt, C. and Levsen, N., 2015. Golden opportunities for silver innovation:
how demographic changes give rise to entrepreneurial opportunities to meet the needs
of older people. Technovation. 39. pp.73-82.
Siegel, D. S. and Renko, M., 2012. The role of market and technological knowledge in
recognizing entrepreneurial opportunities. Management Decision. 50(5). pp.797-816.
Suddaby, R., Bruton, G. D. and Si, S. X., 2015. Entrepreneurship through a qualitative lens:
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Tang, J., Kacmar, K. M. M. and Busenitz, L., 2012. Entrepreneurial alertness in the pursuit of
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