Entrepreneurial Opportunity Recognition and Creation

This assignment provides a comprehensive review of entrepreneurship research, focusing on entrepreneurial opportunity recognition, creation, and related topics. It includes a list of references from various academic journals and articles, covering aspects such as entrepreneurial alertness, perception, and prior knowledge, as well as the impact of education programs on entrepreneurial competencies.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

Table of Contents
INTRODUCTON.............................................................................................................................1
TASK 1............................................................................................................................................1
P1Determine and evaluate different sources of entrepreneurial ideas and innovation..........1
M1 Detailed evaluation of Drucker’s 7 sources of systematic innovation providing specific
examples.................................................................................................................................3
D1 Critically evaluate the benefits and drawbacks of different sources that can lead to the
identification of entrepreneurial ideas....................................................................................3
P2 Explain rationale and market gap for a specific entrepreneurial idea using relevant tools
and techniques........................................................................................................................3
M2 Justify how specific entrepreneurial idea fills a market gap using different techniques for
gap..........................................................................................................................................5
D2 Critically evaluate a specific entrepreneurial idea based on appropriate interpretation...5
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea.........................................................................................................................................6
M3 Justify specific sources and methods of data collection and how data collection chosen
and how data relates to identifying market potential............................................................11
D3 Analyse specific sources of data to provide justified business objectives and identify
market potential....................................................................................................................11
P4 Interpret data appropriately to provide evidence of market potential.............................11
P5 Apply a SWOT framework to support an objective assessment of a specific entrepreneurial
idea.......................................................................................................................................13
P6 Evaluate competitive and market environments in which the idea will be launched to
assess potential viability.......................................................................................................14
M4 Critically evaluate a specific entrepreneurial idea in the context of the marketplace and
competition...........................................................................................................................15
D4 Valid conclusions and justified recommendations on how a specific entrepreneurial idea
can be developed, managed and sustained...........................................................................16
CONCLUSION..............................................................................................................................16
REFRENCES.................................................................................................................................17

INTRODUCTON
An entrepreneur is a person who starts and run a new small business rather than working
under some organisation as an employee. All the rewards and risks associated with the business
are managed by that individual only. Entrepreneurs are considered as an innovative person as
they initiate and implement new ideas, services, products & associated procedures. These
individuals play a significant role in building the economy of UK. Identifying entrepreneurial
opportunities is a vital aspect before initiating a new start-up and business as it helps the
entrepreneur in acknowledging whether the idea to initiate a particular business is feasible or not.
This report is based upon the idea to launch a Cafe i.e. Foodie Flavour in Thame, England which
will offer oil free and nutritious food to their customers. Along with this, cafe will be offering
soft drinks made from fresh fruits and eatables while considering the health of its customers
(Boyles, 2012). This report also includes different sources associated with innovative idea and
entrepreneurship to setup new business. Also, market gap is specified by using different
techniques and relevant data is presented along with its interpretation. SWOT analysis is carried
out to acknowledge internal and external factors. Market and competitive environment is also
analysed.
TASK 1
P1Determine and evaluate different sources of entrepreneurial ideas and innovation
In accordance with today's modernisation and technological advancement, every
individual prefer unique and stylish products to differentiate themselves from rest of the crowd.
In this scenario, there are many individuals in UK which are initiating new ideas and concepts to
launch a new business within marketplace. Government in UK is very supportive and provides
financial aid to the people who are interested in initiating their own business rather than working
as an employee. Due to this, competition among individual is increasing and they are coming up
with new & innovative ideas to impress government as grants and financial aids to individuals in
UK will only be provided if government appreciates their business idea. In this respect,
government is paying special attention towards young graduates which are willing to start their
own businesses and posses new innovative ideas to satisfy the customers of UK in a more
desired manner (Wang, Ellinger and Jim Wu, 2013). As government is actively supporting new
business, it is important for individuals to check the feasibility of business. To run a successful
business, it is important for owner of Foodie Flavor to acknowledge different sources which

helps in initiating different innovative ideas to set up a business. As per Drucker there are seven
sources of innovation which are mentioned below:
 Unexpected: This source of innovation emphasize on the fact that new ideas and
concepts take place unexpectedly. As analysing market is the best way to grab
opportunities, it is vital for business owners to analyse market and try new experiments to
develop innovative products. These new experiments may acts as a source of innovative
idea for an individual.
 Incongruity: Sometimes people innovate to resolve incongruities that take place within
market. Ideas to tackle this incongruousness can act as a source of innovation for an
individual.
 Market structure change: Changes in structure of market sometimes results in
innovation. Government regulations and preference of people changes from time to time
due to which existing products become outdated. This also acts as a source of innovation
as people innovate new ideas and concepts to earn revenue and maintain livelihood.
 Necessity: It is considered as a mother of innovation. There are several cases where
people innovate new ideas to satisfy the demand of people & society as no substitute
product is available to cater the needs. Needs always force people to come up with bright
ideas which can appropriately fulfil existing needs. (Gruber MacMillan and Thompson,
2013)
 Demographics: The lifestyle and purchasing behaviour of people can also acts as a
source of innovation. Lifestyle needs are variable and changes from time to time.
Fulfilling them is a vital aspect, this motivate people to adopt new concepts.
 Changing perception: Change in perception of people for the available services and
products give birth to innovation. In today's scenario, every person like to have fast food
but as health awareness is increasing, people are shifting their preference towards healthy
substitutes.
 New knowledge: New and advanced knowledge is a good source of innovation. As
technology is getting advanced and people are becoming more active & knowledgeable,
they try to change existing facilities and services to save time, efforts and money.

M1 Detailed evaluation of Drucker’s 7 sources of systematic innovation providing specific
examples.
According to Drucker a successful innovative practice is based upon knowledge and hard
work of an individual. Drucker initiate systematic innovation as a technique to exploit and grab
new opportunities. According to him there are seven sources which are associated with
innovation which assists in initiating new ideas and concepts. These different sources are
categorised as external and internal aspects associated with an enterprise. Feasibility of these
ideas determines whether a business is profitable or not. For example, According to the changing
perception of people, Foodie Flavour is going to introduce oil free nutritious food along with
healthy drinks. Here change in preference and choice of people acts as a source of innovation for
business owner. Another example is as people are becoming health conscious, they can switch
to cafe and restaurants which offer healthy food and drinks. In this case, source of innovation
will be incongruities that takes place in market. Beside this, changing perception of customers
also acts as a source of innovation for Cafe and Catering service to offer oil free fast food and
healthy drink to customers.
D1 Critically evaluate the benefits and drawbacks of different sources that can lead to the
identification of entrepreneurial ideas
Benefits & Drawbacks: These different sources of innovation provide a right direction
to entrepreneurs regarding the industry in which they can setup their business by gaining
considerable profit. These sources helps in analysing different aspects related with a single
scenario which allows business owners to achieve merits while innovating. Drawback is that
sometimes these sources of innovation results in unexpected outcomes and failures due to which
feasibility of business deceases and business owner faces loss of revenues. Sources of innovation
begins with the analysis of different opportunities by looking at different alternatives in a desired
manner. Innovative sources given by Drucker are required to be focused, simple and effective so
that high returns can be gained. Beside this, these sources require high leadership. But drawbacks
associated with these sources is that they can not be diversified into different fields and they are
not suitable for future innovations as needs of people vary with time.

P2 Explain rationale and market gap for a specific entrepreneurial idea using relevant tools and
techniques
Market gap is an opportunity for business owners to produce and sell products which are
not available yet. These unavailable products are widely in demand but due to their
unavailability consumer was unable to access them. This allows entrepreneurs to formulate new
ideas & incorporate them into reality to gain personal benefits and cater the needs of market. In
case of Foodie Flavour which offers nutritious food items and healthy drinks to customers,
market gap can be analysed through various tools such as Mckinsey 7s, Fishbone, Burke-Litwin
casual model, Nadler-Tushman and SWOT. Here Mckinsey 7s is explained in detail:
Mckinsey 7s: This modal helps in identifying the potential gaps that takes place within
business. Beside it, this tool of analysing market gap evaluates the areas where optimization will
results in boosting performance of business. This model of market gap aligns departments and
process at the time of acquisition (Renko, Shrader and Simon, 2012). It will help Foodie Flavour
in examining the impact on business due to changes that take place in future. In this tool,
elements are partitioned as soft and hard elements.
Hard elements
 Strategy: It involves action plan which will be adopted by Foodie Flavour to achieve
competitive advantage against rivals. For ex, Foodie Flavour has formulated a strategy to
offer occasional discounts to customers which will helps the cafe in expanding customer
base .
 Structure: Organisation structure adopted by Cafe is flat. This means all staff members
will be given equal chance to share their opinion regarding the food and drink menu
company is providing. This will helps in satisfying the demands of clients on the spot
which will increase their satisfaction level. System: To save their time and efforts Foodie Flavour is using technically advanced
machines which allows them to prepare and process food & drinks in minimum time. As
due to busy life style, people prefer fast services.
Soft elements

 Shared value: These are beliefs and traits adopted by a company which gain attention of
customers. Foodie Flavour is planning to introduce activities like charities and free food
distribution to needy people. This will promote their positive image in market.
 Style: Foodie Flavour will adopt cross-culture leadership style which benefits them in
gaining large customer base. Cafe will offer special food items of different religions, this
will increase their customer base.
 Staff: To fill service gap, C&C can hire trained and skilled employees which are capable
to serve customers in efficient way.
 Skills: Workers working for Foodie Flavour needs to be professional, responsible and
must possess strong communication skills. This will helps them in catering the
requirements of clients in a desired way.
M2 Justify how specific entrepreneurial idea fills a market gap using different techniques for
gap
Entrepreneurial idea chosen by business owner of Foodie Flavour is to offer oil free
nutritious food and fresh drinks to customers. This idea is unique and posses capability to fill
market gaps. Most of the citizens in UK prefer fast food while they meet their friends, families or
during normal outings. But these people are also aware of the side-effects which happens while
consuming unhealthy fast food such as obesity, Diabetes, high blood pressure and cholesterol.
The best way to fill this gap is to produce food and drink while considering the nutrition level.
The innovative idea adopted by Foodie Flavour to provide oil free and health food by adding
more vegetables and eliminating excess of cheese, beef and pork benefits in satisfying the
demand of customers. Due to this, rather than eating conventional fast food, people will prefer to
eat items offered by Foodie Flavour (Suddaby, Bruton and Si, 2015). In this way market gap
associated with fast food can be filled.
D2 Critically evaluate a specific entrepreneurial idea based on appropriate interpretation
Most of the products associated with fast food contain a lot of spices, unsaturated oil,
excess of cheese and meat. Sometimes vegetables and fruits used in preparing eatables & drinks
are not fresh due to which it adversely impact the health of people. The items offered by Foodie
Flavor are well nutritious and capable to pass every test associated with healthy food. Drinks

offered by cafe are freshly prepared and includes different flavours. As most of the food offered
by Foodie Flavor is oil free, people of all age will be willingly buy it. This shows business will
be feasible and rule market for a longer time of period. But if ingredients used for preparing
healthy food and drinks will not be fresh then it will be difficult for Foodie Flavour to offer their
customers healthy drinks and foods. This can reduce the brand image of company in a negative
manner due to which customer base of company will also. Due to reduced customer base, idea of
offering healthy drink and food will be failed and company will have to bear heavy loss of
revenues and market shares.
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea.
Gap analysis is conducted by entrepreneur while introducing a new business idea in
marketplace. These benefits in ascertain if current performance of business entity is according to
the expected future performance. In relation with launching of Foodie Flavor, there are several
aspects which need to be considered by entrepreneur. These are explained below:-

Basis Cafe & Catering service Rival company
Market competition Foodie Flavor is providing healthy
eatables and drinks at less cost than
competitors. Product price of
company is 7500 euros.
Products offered by other firms is
more in price by 10%. Due to this
people may feel reluctant to
purchase them.
New entrance They are providing drinks and food
at economic rates and all outlets
are clean and well organised.
They are charging high for their
products and outlets are not well
organised.
Power of buyer Demands of customer are given
priority. Hence, customers prefer
their services.
Their main aim is to generate profit
and needs of customer is not given
much consideration.
Threats of
substitutes
Foodie Flavor is charging € 500 as
subscription fees which is
reasonable.
They are charging € 700 which is
high. Due to this, their customers are
shifting toward other brands.
A questionnaire is prepared to acknowledge the opinion and view of different individuals
regarding the services and items offered by Foodie Flavor. To fill this questionnaire, marketing
manager of Foodie Flavor has randomly selected a sample of 50 people out of total population in
England.
QUESTIONNAIRE
Q1) Are you aware with innovative products provided by Foodie Flavor ?
 Yes
 No
Q2) What kind of facilities you generally want more?
 Variety of healthy drinks
 Wi-Fi availability
 Home delivery

Q3) The price rates fixed by Foodie Flavor according to the facilities provided are effective or
not?
 Yes
 No
Q4) Are you satisfied with the customer services offered by the company?
 Yes
 No
Q5). Recommend some suggestions for improving services of Matrix Hotel...
Theme 1: Foodie Flavor provide effective services
Q1) Are you aware with innovative products provided by Foodie Flavor ? Frequency
 Yes 32
 No 18
Yes
No
0 5 10 15 20 25 30 35
Frequency

Theme 2: Facilities preferred by customer
Q2. What kind of facilities you generally want more? Frequency
 Variety in healthy drinks 10
 Wi-Fi availability 14
 Home delivery 16
Theme 3: Price rates fixed by Foodie Flavor
Q3) The price rates fixed by Foodie Flavor according to the facilities
provided are effective or not?
Frequency
 Yes 40
 No 10
Yes
No
0 5 10 15 20 25 30 35
Frequency

Theme 4: Customer services offered
Q4) Are you satisfied with the customer services offered by the company? Frequency
 Yes 32
 No 18
Yes
No
0 5 10 15 20 25 30 35 40
Frequency
Yes
No
0 5 10 15 20 25 30 35

M3 Justify specific sources and methods of data collection and how data collection chosen and
how data relates to identifying market potential.
Basically there are two methodologies to gather data and information i.e. primary and
secondary research. Primary research helps in collecting raw data and information which is not
published or accessed by any other individual. It involves surveys, questionnaire, direct and
telephonic interviews. Secondary research is carried out by using data which is collected through
primary research (Tang, Kacmar and Busenitz, 2012). Information available through newspaper,
academic journals,Pamphlets, published books and magazine are considered while conducting
secondary research. As Foodie Flavor is a new start up and acknowledging behaviour of
customer regarding service is important, company has used primary method of data collection.
Under primary research, Company has prepared a questionnaire. This helps the marketing
manager of Foodie Flavor in understanding the requirements of people in a proper way.
According to the opinion of people, company can incorporate changes to improve their sales.
D3 Analyse specific sources of data to provide justified business objectives and identify market
potential
To achieve their business objectives, Foodie Flavor has prepared a questionnaire which
includes several questions regarding the products and services offered by company to the
customers. In this questionnaire same set of questions are asked from different respondents to
acknowledge whether they like the services offered by Foodie Flavour or not. People for filling
this questionnaire will be chosen on random basis and their response will be considered as the
response of entire population. Manager in Foodie Flavor have taken a sample space of 50 people
to collect revenant data. The response of customers helps manager of Foodie Flavour to
formulate new strategies which will help the company to increase their sales along with earning
revenues and profits. This will help company in achieving their business objective in specified
time.
P4 Interpret data appropriately to provide evidence of market potential.
From above mentioned data following interpretations can be concluded:

 In food and beverage sector, competition is very high as different brands offer unique and
affordable food items and drinks. Therefore, Foodie Flavor needs to identify the
requirements of customers before introducing their food items.
 To attract the attention of large population, company can provide occasional discounts to
everyone and regular discount to loyal customers.
 Good relation with supplier is a must for Foodie Flavor so that all the needed resources
can be collected within required time.
 Company is focusing on the needs of customers. This helps them in gaining competitive
advantage over other firms and sustain positive image of company within market.
 Company is providing affordable and healthy products. This is the reason
Q1) Are you aware with innovative products provided by Foodie Flavor ?
Q2) What kind of facilities you generally want more?
Q3) The price rates fixed by Foodie Flavor according to the facilities provided are effective or
not?
Q4) Are you satisfied with the customer services offered by the company?
Interpretation of above data:
Theme 1:
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation 1: It has been interpreted from statistical data, that individuals are aware of the
products and services offered by Foodie Flavor. Company can use social media to promote their
business.
Theme 2:
Central Tendency Data

Mean 13.34
Median 13
Mode 10
Standard Deviation 3.05
Interpretation 2: It has been interpreted from statistical data,most of the customers prefer Wi-Fi
facility over other facilities such as Home delivery and Variety in menu as most of the customers
wants to spends their leisure time by entertaining themselves.
Theme 3:
Central Tendency Data
Mean 25
Median 25
Mode 0
Standard Deviation 21.22
Interpretation 3: It has been interpreted from statistical data, people are willing to pay the
prices which are fixed by the company as are satisfied with the services and profucts offered by
them.
Theme 4:
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89

Interpretation 4: It has been interpreted from statistical data that people are highly satisfied by
the services offered by Foodie Flavor.
In today's advances world, it is important that entrepreneurs needs to consider all
possibilities where clients can switch to alternative Cafe to buy products and services. They
should function in a way which best suites the requirements of people so as to retain them for
large time period.
P5 Apply a SWOT framework to support an objective assessment of a specific entrepreneurial
idea.
SWOT analysis is a technique by which a company acknowledge its strength and available
opportunities. Foodie Flavor can take advantage of this analysis to identify their strong points
and future opportunities. Also, SWOT helps Foodie Flavor in eliminating the weakness and
potential threats which can harm their business.
Strength Weakness
 Outlets are located at prime locations
due to which huge profits and revenues
can be generated.
 Products offered are healthy and of
supreme quality. Taste of food and
drinks are extremely good.
 Products are affordable. People can
spend money on eatables without any
worry.
 Number of customer base is very low
as company has just started.
 Owner doesn't have experience within
this industry.
 They don't have any brand equity and
brand value (Grégoire and Shepherd,
2012).
Opportunities Threat
 Have ability to appeal the new markets
by adding new dishes and flavour of
drinks.
 Expansion of business and new outlets
at different location.
 Taste and preference of target market
changes after some time.
 Mediate competition also pull down the
business.
 A lot of cafes already exist in market.

P6 Evaluate competitive and market environments in which the idea will be launched to assess
potential viability.
Market analysis is a systematized way of analysing the market. Marketing analysis helps
to formulate the strategy for the business. Foodie Flavour is new in market and the eatables &
drink they offer are unique. For them to analyse the market is curial. It will detect the current
and future risk.
Competitive environment: Dynamic external environment where competitors compete. The
more seller in the market of similar products the more competition owners avails. Pull down the
competition they decided to introduce oil free food and healthy drinks.
 Demand: Interrelationship between price of the product and the quantity demanded are
known as demand. The demand of Foodie Flavor will accelerate. It can't decline as the
company offers contrary product. Substitute goods: Price of one product effects the demand of another product is refers to
substitute goods. So, to safeguard the demand they don't have any substitute in market.
They introduce the oil free products (Austin, Stevenson and Wei-Skillern, 2012).
Market environment: Marketing environment influences the micro-macro environment. It
surrounds the business and marketing operation. These are the external factors by which Foodie
Flavor business is influence.
 Micro environment: Micro factors directly attendant to businesses. To analyse the micro
environment these factors analysed suppliers, customers, market intermediaries and
competition. Supplier are those who provide the raw-material, customers for whom the
product are offered, market intermediaries are the distribution channel and competitor are
players in the same market. Foodie Flavor is new business for them analysis of supplier
and customer are required (Sánchez, 2013). As competition vanished because they offers
unique product.
 Macro environment: It is a broad environment. So to analyse macro environment
analyst analyse PESTLE. Political, Economical, Social, Technological, Legal and
Environmental factor. Foodie Flavor is about to launched so they analyse social, legal
and technological factors only. Social factors influences new businesses as well. They
have analyse the taste and preferences and the demographic structure of the industry.
They have to up-to-date with technologies introduced in the market. If business are not

updated with techniques then business will fail. Legal factors influence the business
whatever laws and regulation are imposed have to be followed.
M4 Critically evaluate a specific entrepreneurial idea in the context of the marketplace and
competition.
Nutritious food and healthy drinks offered by Foodie Flavor is a potential substitute for
fast foods. Fast food contains a lot of unhealthy ingredients which Foodie Flavor is going to
substitute with healthy vegetables and nutritious spices. Due to this demand of these products
will be increased and company will be able to earn huge revenues and profits. As cafe is new in
market and it is a small start-up external factors which are covered in PESTLE will not have
considerable impact on business (Tumasjan and Braun, 2012). Micro environmental factors will
have considerable impact as relation with supplier and customer posses an impact on revenues of
business.
D4 Valid conclusions and justified recommendations on how a specific entrepreneurial idea can
be developed, managed and sustained.
Idea of providing healthy drinks and oil free food can be developed by incorporating all
the healthy ingredients such as vegetables and fruits in eatables by eliminating oily stuff. This
can be managed by acknowledging the response and opinion of customers from time to time. For
example,To adopt this idea properly, manager in restaurant is needed to contact with different
suppliers which can provide them fresh fruits and vegetables in a timely manner so that healthy
food and drinks can be served to the customers . This will benefits the company in properly
implementing their idea of providing healthy drinks and oil free food to the customers. As
needed improvements can be carried out by understanding the demand of customers. To sustain
business and reputation of cafe in market company needs to formulate efficient tactics and
strategies like preparing different food menus which specifies nutrition level specifically. This
will help Foodie Flavor to sustain its position (Davidsson, 2015).
CONCLUSION
From above mentioned report, it has been concluded that it is important for an
entrepreneur to acknowledge the feasibility of business before introducing it within market.

There are different sources of innovation which motivate an individual to introduce new concept.
Relevant business ideas help in filling market gap and allow firm to gain competitive advantage
over rival firms. Aspects like SWOT and potential viability of business helps in analysing
internal and external factor which influence business and revenues.

REFRENCES
Books and Journals
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