Identifying Entrepreneurial Opportunities : Long John Silver's
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Added on 2021-01-02
Identifying Entrepreneurial Opportunities : Long John Silver's
Added on 2021-01-02
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Identifying EntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11) Background information about those sources that inspired your idea and what motivatedpersonally in wishing to set up your own business.....................................................................12) An introduction to your business idea and what it is, and who and where your potentialcustomers and target audience are...............................................................................................23) Actual data needed to support gap analysis in order to measure a particular entrepreneurialidea..............................................................................................................................................44) Interpret data specially to provide evidence of market potential............................................65) SWOT framework to collect information to aid an objective assessment of a specialentrepreneurial idea...................................................................................................................116) Competitive and market environment in which unique idea will be launched to measurepotential viability......................................................................................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONAn entrepreneur is a person that set up business by taking financial risk in hope of theprofit. It is an individual that develops and runs business. It takes initiative through organizingventure to take advantage of opportunity and as decision maker. An entrepreneurship is a processof designing, launching and also running new business which is initially small. It is related tohow the new business can be developed and actual process of beginning new business. In thisreport, new business will be introduced to encourage the entrepreneurial instinct as to gainsuccess for economic development (Audretsch, 2012). The new business idea is about launchinga restaurant named Long John Silver's which will provide the fast food items. In this reportdiscuss about the background information about those sources which inspired ideas andmotivated. There will be discussion about viability of business ideas and determine marketpotential. TASK 11) Background information about those sources that inspired your idea and what motivatedpersonally in wishing to set up your own business.In the modern scenario, government of UK develop different types of idea in order toachieve their targeted goals and values of country's economy. They generally target youngstersor young graduates as well this is because they can easily start their new business and start-upaccording to their mind's perception. With the help of UK government, an individual is able totake lots of opportunities within the market to establish their business in an effective way. Forlaunching the new business an entrepreneur needs to generate unique ideas and strategies. Thereare different type of sources which will help an organization in development of innovative thingsfor new business, those are listed below:Customer surveys: According to this source, an individual can think innovative in orderto know the customer's taste and preference. For this individual or entrepreneur will makequestionnaire so that it will easy to check the viability of customers effectively. In regards withthe Long John Silver's restaurant they will provide questionnaire to the customers and it willfilled 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 generatedifferent types of ideas for launching their new business within the UK marketplace. It also helps1
in making good relation with the customers because individual is interested in this process. Forexample: If any candidate has interested in traveling than he will go and enjoy their vacationspeacefully. Apart from this if person has hobby to cook than will cooked and also thinks abouttheir food recopies. Ascertainment of the interest and hobbies help to know their tastes which arefurther used in the process of conversion of new business idea.Mass media: According to this source, an individual can use different kind of massmedia channels such as radio, internet, online websites and so on. All these channels are veryeffective in order to increase the brand's name in front of the people.All these sources will helpan organization to promote their business in marketplace. It will also assist them to developstrong relation with customers. Trade fairs and exhibitions: This is very effective source for any individual orentrepreneur who really want to formed their new business in the future. It is necessary becausewhen individual will attend different types of exhibition and fairs than individual able to get newideas and strategies properly. In reference to the LJS restaurant, an entrepreneur will applyinnovative thing in their new business and will advertise their business by the TV channels sothat customers will get attract. This source also assist an organization to identify accurate trendspresent in marketplace. Thus, it helps them to identify accurate needs and wants of customerstowards brand. 2) An introduction to your business idea and what it is, and who and where your potentialcustomers and target audience are.In order to establishing new business venture, about this an entrepreneur or individual canthink just because they are the person who has different kind of ideas and tools to launchbusiness in a proper way. In regards with the Long John Silver's restaurant will provideAmerican fast food items like pizza, noodles, Thai etc. along with this, it will focus on thecustomer'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 theirbusiness in order to grab market opportunities effectively. Apart from this, LJS restaurant have unique feature and environment which will helpthem to attract large number of customers within given time duration. Along with this, it willoffer 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 attracts2
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