Identifying Entrepreneurial Opportunities

This project examines the process of identifying and evaluating entrepreneurial opportunities using the case study of 'Eat and Treat', a restaurant specializing in healthy and oil-free snacks. It analyzes various tools and techniques, including Drucker's 7 sources of innovation, McKinsey 7s framework, SWOT analysis, and market gap analysis, to assess the viability of the entrepreneurial idea in the competitive marketplace.

IDENTIFYING
ENTREPRENEURIA
L OPPORTUNITIES

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Determine and Evaluate different sources of entrepreneurial ideas and innovation..............1
M1 Evaluation of Drucker's 7 sources of systematic innovation providing specific examples..2
D1 Benefits and drawbacks of different approaches ..................................................................3
TASK 2............................................................................................................................................3
P2 The rationale and the market gap for a specific entrepreneurial idea using relevant tools
and techniques.............................................................................................................................4
M2 Justification of how specific entrepreneurial ideas fills a market gap using different
techniques and competitive analyses..........................................................................................5
D2 Evaluate a specific entrepreneurial idea based on appreciate interpretation and
investigation of competitive market place..................................................................................5
TASK 3............................................................................................................................................6
P3 Presentation of data needed to support gap analysis in the evaluation of a specific
entrepreneurial idea.....................................................................................................................6
M3 Justify sources and methods of data collection..................................................................10
D3 Analyses of specific sources and methods of data .............................................................10
P4 Interpretation of data appropriately to provide evidence of market potential......................11
TASK 4..........................................................................................................................................13
P5 SWOT framework to collate evidence to support an objective assessment of a specific
entrepreneurial idea...................................................................................................................13
P6 Evaluation of competitive and market environments in which the idea will be launched to
assess potential viability............................................................................................................13
M4 Critically evaluate a specific entrepreneurial idea in the context of the marketplace and
competition................................................................................................................................14
D4 Valid conclusions and justified recommendations on how a specific entrepreneurial idea
can be developed, managed and sustained................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES .............................................................................................................................15

.......................................................................................................................................................16

INTRODUCTION
Entrepreneurs are individuals who runs their own organisation by taking risks and pursue
entrepreneurial opportunities. It is the process in which individuals contributes their efforts to
make their business renowned at market place. In this, the government of country also helps
entrepreneurs by providing them funds in their start-ups. Entrepreneurs are also seen as innovator
or a source of new imaginations, ideas, etc. In this report, a new business is going to set up in UK
which is a restaurant namely 'Eat and Treat'. In this, the entrepreneur of organisation introduce
snacks by considering health of customers. They prepare health and oil free snacks to attract
more customers towards them at affordable rates (Grégoire and Shepherd, 2012). In this report,
new and possible sources are specified to set up innovative business in country. Along with this,
some tools and techniques are also stated to analyse market gap. Additionally, evaluation of
competitive and market environment is also discussed in which idea will be launched to assess
potential viability.
TASK 1
P1 Determine and Evaluate different sources of entrepreneurial ideas and innovation
To run a successful business organisation, there are various entrepreneurial ideas and
innovation which are used to attract customers and gain competitive advantage. In context of 'Eat
and Treat' the entrepreneur of company also implements various innovative ideas to attract its
customer and achieve their goals. Thus, some ideas are as follows:
 Surveys: The initial idea to start a business and achieve growth is by doing surveys. It is
an important aspect for an individual who wants to run a business enterprise. They should
do market surveys to identify customers demands and preferences. This also helps them
to generate new an innovative ideas to boost their business. In context of Eat and Treat,
the entrepreneur of organisation should also do market surveys before start new business.
This helps them to bring innovative ideas and achieve their objectives (Jarvis, 2016).
 Training: An entrepreneur can also attain various innovative ideas through training
sessions. Training helps them to learn new things and develop skills of an individual.
This can be attained by education from schools and other training institutions. The owner
of Eat and Treat should also do training which assists them to acquire new and innovative
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business ideas. By this, they can also develop and equipped necessary skills and
knowledge to run their organisation smoothly.
 Experience: The another basic idea to set up business is experience. It also aid an
entrepreneur in accomplishing their business goals and objectives. It can by achieved
through interest in a particular field. For example, individuals can deal with accounting
issues if they are interest and experience in accounting. Experience and interest in
specified sector also helps entrepreneur of Eat and Treat to establish new and innovative
business.
 Strength: In order to achieve goals and launch in new business, strength of an individual
considered to be a very important aspect. It is also an another source or idea to carry out
business operations in a systematic and effective manner (Dimov, 2011). It is also crucial
for entrepreneur of Eat and Treat to have strength in solving out issues and deal with all
situations.
From all the above sources, experience is considered to be a major source of motivation.
By this, the entrepreneur of company develops and evaluate new ideas in innovation of new
products and their business.
M1 Evaluation of Drucker's 7 sources of systematic innovation providing specific examples
To set up new business company should adopt Drucker's 7 sources or model which helps
company to innovate new business ideas. This model is given by Peter F. Drucker who has made
tremendous impact on business world. The author also guides and inspires organisation leaders
and entrepreneurs to set business and achieve goals.
7 sources of Peter F. Drucker
 The unexpected: According to the author, this can be a great source to inspire
entrepreneurs for innovation. In the business world, unexpected situations and ideas can
become powerful strategy to motivate leaders to innovate and set up new business.
 Incongruities: As per this source, many organisations introduce their products without
doing market research and analyse customers preference. This can lead organisation to a
downfall but a part form this, it can also be a great source of innovation and inspiration.
Company get feedbacks, reviews from their customers which is a best way to determine
incongruity.
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 Process need: The another source of innovation is process. The entrepreneur of company
should focus on process adopted by them (Hills and Hultman, 2013). It is crucial for them
to identify their weaknesses which they should improve to achieve their goals.
 Industry and market structure change: The owner of organisation should also keep an
eye on changes of market and industries structure. They should use advanced technology
according to current trends of market to also results in inspiration and innovation.
 Demographics: These can also influence business operations and functions.
Demographic factors includes, education, occupation, gender, annual income, etc. The
company should also produce products according to demographic situations of target
market.
 Changes in perception: According to this, the minds of people changes from day to day
which can also affect business operations. Thus, company should change their perception
along with customers preference. This can also be an another source to develop innovate
new products.
 New knowledge: This is also an another important source for innovation in business
products and operations (Tang, Kacmar and Busenitz, 2012). New and advanced
knowledge also aid company to improve their supply chain and enhance profitability
margins.
D1 Benefits and drawbacks of different approaches
There are some advantages of Drucker's 7 sources or model which helps owner of
company to bring new innovative ideas in setting up their business. It also inspire employees or
other staff members to develop new and innovative products which helps them to enhance
business performance. On the other hand, there are also some drawbacks as sometimes it results
in failures and also give negative outcomes which can affect companies overall performance and
operations.
Entrepreneurial idea plays an important role in setting up business enterprise. It involves
planning, organising, creating business plans after analysing market condition. In this context, an
entrepreneur is going to launch a new restaurant in UK which is 'Eat and Treat'. In this,
entrepreneurial idea generated by them is to provide healthy and oilfree snacks at affordable rates
to customers. Thus, entrepreneur of Eat and Treat decided to target health conscious people. As
their idea to provide oilfree food will give benefits to people who have cholesterol and diabetes
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problem. So, they have targeted health intended clients to increase their sales and maximises
profits.
TASK 2
The entrepreneurial is to produce healthy and oil free food. In this the owner of Eat and
Treat produces healthy snacks which is beneficial for all customers. In this, they targeted health
conscious people to as oil free food are mostly preferred by them. This entrepreneurial idea lead
company to better outcomes and results.
P2 The rationale and the market gap for a specific entrepreneurial idea using relevant tools and
techniques
Identification of market gap is essential for an entrepreneur to set and run its business
effectively. By this, an individual can gain competitive advantage at market place and attain their
goals and objectives. In reference with 'Eat and Treat' the owner of company should adopt some
relevant tools and techniques to analyses market gap. In this, there are few tools to determine
market gap such as, Fishbone analysis, SWOT, Surveys, McKinsey 7s, etc. These all techniques
are beneficial and helpful to carry out business activities properly. Thus, entrepreneur of Eat and
Treat uses McKinsey 7s model which is explained below
McKinsey 7s Model
This model is given by Robert H. Waterman, Jr. and Tom Peters which is beneficial to
understand gaps which appear in business and to boost performance (McKinsey 7s framework,
2018). In this, they have divided model into two elements such as, hard and soft element.
Hard element
 Strategy: It is a tactics or tools which helps company to gain competitive advantage at
market place. It is an essential tactic which helps company to reduce market gap. This
also enhance coordination and relationship with potential customers. By implementing
effective strategies, the entrepreneur of Eat and Treat can attain their goals and objectives
in allotted time frame. They can also attract more buyers towards them and maximises
their profits.
 Structure: The organisational structure of company should be flat in which powers are
hold by top authorities from top to bottom. The structure can also impacts operations of
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company. So it is essential for owner of Eat and Treat to adopt flat and flexible structure
to achieve their goals and reduce market gaps.
 Systems: In this, the employees to organisation should adopt technical and systematic
infrastructure to accomplish their daily tasks and projects. By this they can easily deal
with problems and attain organisational goals (Mitchelmore and Rowley, 2013). In this
regard, the owner of Eat and Treat should also use effective systems to reduce market
gaps and achieve their objectives in allotted time frame.
Soft elements
 Shared values: According to this element, the entrepreneur of Eat and Treat should
uphold a set of beliefs and traits. It is also crucial for them to maintain coordination and
relationship with their employees to attain goals. By this they can easily retain more
employees in restaurant and maximises their sales. They should also communicate with
buyers and get reviews about their products and services. This helps them to do
improvements and reduce market gaps.
 Style: It involves leadership styles and traits of leaders in organisation. The leader of Eat
and Treat should have effective leadership trait and skills to carry out all business
operations. The culture of organisation should also be good and and well defined so that
employees can perform their activities easily. There should be no discrimination in
culture, religion and gender of employee. Effective leadership style helps organisation to
reduce gap and achieve goals.
 Staff: The another essential tool to identify market gap and achieve business goals is
staff. Employees are key to success, so it is important for manager of Eat and Treat to
involve their staff members in their planning and decision making process (Cruz,
Hamilton and Jack, 2012). They should also offer them promotions and incentives to
motivate and retain them in company for long time. This lead business enterprise to
decrease market gap and increases productivity level. Proper staffing will alos assists
them to achieve their goals and objectives in time.
 Skills: It includes key skills and abilities of employees. It is crucial for manager of Eat
and Treat to provide employees training and knowledge so that they can work effectively
and accomplish their projects in time. In addition to this, appropriate skills staff members
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can assists buyers and reduce gaps. By this, they can also achieve their goals in allotted
time frame.
M2 Justification of how specific entrepreneurial ideas fills a market gap using different
techniques and competitive analyses
Market gap create between customers and organisation when company can not able to
fulfil demand of buyers. Due to this, gaps are developed between both entities which results in
decreasing company's sales margins and productivity levels (Vasilchenko and Morrish, 2011).
So, in order to reduce those gaps and make string customer base it is crucial for business
enterprise to produce products according to buyers preference. In context of Eat and Treat, the
entrepreneur of brand also offers healthy and oil free products which are beneficial for health
conscious people. This also lead company to enhance their revenues and maintains good
relationship with buyers.
D2 Evaluate a specific entrepreneurial idea based on appreciate interpretation and investigation
of competitive market place
To achieve growth and success in market, it is important for company to investigate their
market place in comparison to their rivals. In this, the entrepreneur of Eat and Treat, it has been
investigated more number of people are in favour that company provides healthy and oil free
products which are beneficial for people who have issues of cholesterol, blood pressure and
diabetes. As by this, company can easily achieve their goals and retain more number of buyers in
restaurant for longer period of time. This also aid organisation in enhancing larger market share
and revenues.
Competitive analyses is strategy in which company examine their strength and weakness
from their rivals. It is important for an entrepreneur to determine their competitors and strategies.
It is a critical part of company's marketing plan. In context of Eat and Treat, it is essential for
owner of company to examine pricing strategies and structure of their competitors. This helps
them to adopt better techniques to attract and retain more buyers towards company. If
organisation uses better techniques and strategies from their rivals, then it leads company
towards success and growth. On the other hand, older techniques can result in failures and buyers
start switching to another brand. In addition to this, advanced technologies will also helps them
to have low risk and better outcomes.
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TASK 3
P3 Presentation of data needed to support gap analysis in the evaluation of a specific
entrepreneurial idea
In order to support gap analysis, it is crucial for organisation to determine cost of
products which their competitors are serving to their customers. By this, company can analyse
their level and quality of products as compared from their rivals. The owner of Eat and Treat
analyse gap by comparing its business with their competitors.
Basis of comparison Eat and Treat Competitor enterprise
Competition in market The owner of Eat and Treat
provides superior quality foods
and snacks to its customers at
affordable rates from their
competitors. Their prices of
foods products is $6000.
The competitor company
offers their products at 8%
more prices than Eat and Treat.
By this, buyer prefers less to
buy products as prices are
highly in comparison from
other firms.
New entrances in industries The entrepreneur of Eat and
Treat provides its product at
locations mostly and easily
approachable by their
customers.
The prices of new industries
are high compared to Eat and
Treat which are fixed at
$12000.
Power of supplier The suppliers also provides
provides products to company
at low costs that is $1500 as
comparison with rivals of Eat
and Treat.
The suppliers of other
companies charge higher rates
in comparison to Eat and
Treat.
Power of buyer The entrepreneur of Eat and
Treat also satisfy buyers
demands by providing health
and oil free products at
The main motto of competitors
is to maximize more profits. In
this, they do not give much
preference to customers
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affordable rates (Welter and
Smallbone, 2011).
demand.
Threat of substitute In order to overcome with such
threats, company should
provide customized products
according to their requirement.
By this, more buyers attracts
towards restaurant and retain
for longer period of time. The
company also charge less
subscription fee which is $400
as compared to their rivals.
The rivalry firm charges higher
subscription fee that is $800
from Eat and Treat which
affects buyers. Due to this
more buyer are changing their
brands or companies.
To get feedbacks from customers related to quality of food products, the owner should
consider questionnaire. By this, they can get reviews of various buyers about their satisfaction
level after consumption of products.
Questionnaire
Name:
Age:
Occupation:
Respondents: 50
Q1. Does Eat and Treat have a sufficient selection of healthy choices?
 Yes: 30
 No: 20
Q2. Are you satisfied after consuming Eat and Treat's products?
 Yes: 40
 No: 10
Q3. Does the prices charged by Eat and Treat is high?
 High: 10
 Low: 20
 Moderate: 20
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Q4. Which food you prefer the most to have at restaurant?
 Breakfast: 20
 Lunch: 20
 Dinner: 10
Theme 1: Eat and Treat offers sufficient selection of healthy products
Q1. Does Eat and Treat have a sufficient selection of healthy choices? Frequency
 Yes 30
 No 20
Theme 2: Satisfaction level of customers after consuming company's products
Q2. Are you satisfied after consuming Eat and Treat's products? Frequency
 Yes: 40
 No: 10
9
30
20
Yes
No

Theme 3: Prices charged by Eat and Treat
Q3. Does the prices charged by Eat and Treat is high? Frequency
 High: 10
 Low: 20
 Moderate: 20
Theme 4: Category of food mostly preferred to have at restaurant
10
40
10
Yes:
No:
10
20
20
High:
Low:
Moderate:

Q4. Which food you prefer the most to have at restaurant? Frequency
 Breakfast: 20
 Lunch: 20
 Dinner: 10
M3 Justify sources and methods of data collection
In context of Eat and Treat, there are two types of research which helps company in their
research. It involves primary and secondary research (Sullivan and Meek, 2012). Primary
research includes questionnaire and secondary research can be done through internet, social sites
and other modes. In this, the owner of Eat and Treat considers primary research in which they
prepares some questions (Joardar and Wu, 2011). These involves questions related to quality of
products and services offered by company. By this, business enterprise can easily determine
what and which products are mostly demanded by customers. This also aid them to know what
customers think about their company and its products.
D3 Analyses of specific sources and methods of data
The method of questionnaire assists company to determine their level at market place
form their rivals. By this, they can also do improvements in areas where modification is required.
The owner of Eat and Treat can also attain their goals and make their customer base strong by
conducting primary search.
11
20
20
10
Breakfast:
Lunch:
Dinner:

P4 Interpretation of data appropriately to provide evidence of market potential
From the above data, the interpretations can be concluded which is specified under the
following statement:
 In order to gain competitive advantage and enhance profitability margins, the owner of
Eat and Treat should produce products according to customers preference and tastes.
They should also apply low or affordable prices on products so that each and every level
of buyer can consume it. By this, company can attract so may customers towards them
and achieve their goals in time frame.
 The entrepreneur of Eat and Treat should also provides various discount coupons and
vouchers to their buyers which helps them to invite more buyer and increases their sales
along with level of productivity.
 The company should also maintain good relationship with their buyers and suppliers so
that they provide material at effective prices and in time. This also results in enhancing
revenues of organisation (Vik and McElwee, 2011).
 The company also gives first priority to its buyers instead of maximising profits which
helps them to create good reputation and image of brand at market place. They can also
retain and attract their customers by providing various deals and discount offers during
occasion times.
 Substitutes of products can be a major threat for company form their competitors. This
can affect company sales and revenues (Ellis, 2011). So, it is also an important aspect
which owner of Eat and Treat should consider while offering their products to services
users.
Q1. Does Eat and Treat have a sufficient selection of healthy choices?
Q2. Are you satisfied after consuming Eat and Treat's products?
Q3. Does the prices charged by Eat and Treat is high?
Q4. Which food you prefer the most to have at restaurant?
Interpretation of above data:
Theme 1:
Central Tendency Data
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Mean 25
Median 25
Mode 10
Standard Deviation 7.07
Interpretation: From the above graph shown, it has been analysed that out of 50 respondents,
average 30 people are in favour that Eat and Treat provides sufficient selection of healthy
choices. Other respondents have different statements.
Theme 2:
Central Tendency Data
Mean 25
Median 25
Mode 40
Standard Deviation 21.21
Interpretation: As per the above data, it has been determined that 25 median respondents are
satisfied from Eat and Treat's products and other mode 40 people does not think so.
Theme 3:
Central Tendency Data
Mean 15
Median 15
Mode 20
Standard Deviation 7.07
Interpretation: From the above graph it has been interpreted, median 15 people thinks that
prices charged by company are higher (Stenholm, Acs and Wuebker, 2013). On the other hand,
20 people are thinks that company charge low prices and other thinks that company charge
moderate prices and higher prices too.
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Theme 4:
Central Tendency Data
Mean 20
Median 20
Mode 20
Standard Deviation 0
Interpretation: The above data shows that out of 50 respondents, 20 median people prefer to
have food in breakfast time as Eat and Treat provides oil free and healthy food. The other 20
mode people wants to have lunch and dinner in restaurant .
TASK 4
P5 SWOT framework to collate evidence to support an objective assessment of a specific
entrepreneurial idea
In this competitive business world, it is important for company to analyse their strength,
weakness, etc. to gain advantage. In context of Eat and Treat, the SWOT analyses is done to
determine level of organisation.
SWOT analyses of Eat and Treat
Strength
 Company provides facilities of Wi-Fi,
parking space, online orders.
 Company provides affordable products.
Weakness
 Huge number of competitors at market
place.
 Rising prices of raw materials.
Opportunities
 Opportunity to expand business in all
over UK.
 Rise in demand for oil free and healthy
products.
Threats
 Changes in government rules and
regulations.
 Fluctuations in rates.
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P6 Evaluation of competitive and market environments in which the idea will be launched to
assess potential viability
For a successful organisation, analyses of market is important to be considered as it helps
company to reduce current and future risks. In Eat and Treat, it is also crucial aspect for business
enterprise to enhance their profitability margins.
Competitive environment: In external environment, analysis of demand and goods is essential
for company to gain competitive advantage. So, the owner of Eat and Treat provides oilfree and
healthy products to increase demand.
 Demand: The business enterprise offers health and oil free products at affordable rates
which helps consumers to attract more (Boling, Pieper and Covin, 2016). Due to this,
health conscious people are also consuming more of its products which improves
company's stability.
 Substitutes: Due to more supply of substituent products, the company offers health
products to gain competitive advantage and enhance market share.
Market environment: It includes two factors such as, micro as well as macro environment.
These are also crucial factors to be considered by company at market place.
 Micro environment: It consists of many aspects such as, supplies, customers, rivals, etc.
The entrepreneur of Eat and Treat should analyses its targeted customers and suppliers so
that they can achieve their goals in time. They should maintain good relationship with
them.
 Macro environment: In involves PEST, which helps company to analyse whole market
deeply. PEST stands for Political, Economical, Social, Technological. To attain top level
in market it is crucial fr company to analyses macro environment. By this, they can set up
their business for a long run.
M4 Critically evaluate a specific entrepreneurial idea in the context of the marketplace and
competition
In modern era, providing healthy and oil free food to customers is a great idea to achieve
goals of company. AS in today's world, there are more number of health conscious people who
prefers health food. So, in Eat and Treat the idea of entrepreneur will take company to a great
extent and create a good image at market place (Chell, 2013).
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D4 Valid conclusions and justified recommendations on how a specific entrepreneurial idea can
be developed, managed and sustained
Entrepreneurial idea can help company to accomplish objectives. By this, company can
also develop, manage and sustain their business operations. In this context, it is essential for
organisation to provide proper training to employees so which helps them to manage their
working and perform functions easily (Eesley and Roberts, 2012). Entrepreneurial ideas should
be according to customers preference and demand of market. Further, company should also use
current strategies to achieve growth of their organisation.
CONCLUSION
From the above report it has been concluded that entrepreneurial skills play a major role
in business and economy also. Entrepreneurs who satisfy current and future needs of people by
evaluating new sources, ideas and thoughts. In that report it elaborates best entrepreneurial idea
which satisfy potential needs of consumers. While research about the best idea related to
entrepreneurs it is necessary to evaluate data. With help of data an organisation can easily
evaluate the needs of consumers and they easily can change into best entrepreneurial idea and
successful start-up. with the help of competitor an entrepreneur can easily evolute the new
thoughts which are necessary for society. Hence entrepreneurial mindset is very necessary
because it give employment too.
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REFERENCES
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