Identifying Entrepreneurial Opportunities - NEROZET
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Added on 2020-10-04
Identifying Entrepreneurial Opportunities - NEROZET
Added on 2020-10-04
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IdentifyingEntrepreneurialOpportunities
Table of ContentsINTRODUCTION...........................................................................................................................................3P1. Sources of innovative and entrepreneurial ideas..............................................................................3P2. Rationale and market gap for entrepreneurial idea by using relevant tools and techniques............5P3. Gap analysis in the evaluation of entrepreneurial idea.....................................................................6P4. Interpretation of data to provide evidence of market potential......................................................10P5. SWOT Analysis to assess the entrepreneurial idea..........................................................................11P6. Evaluation of competitive and market environment to assess potential viabilities.........................12CONCLUSION.............................................................................................................................................13REFERENCES..............................................................................................................................................14
INTRODUCTIONEntrepreneurship refers a person who is willing to do something in new market and existing market in order to earn income or profit is known as entrepreneurship. Entrepreneur is a person who innovate new ideas and produce new goods and services for running a business. It may u small, medium and large size of entrepreneur who add value for existing and new products. Entrepreneurial opportunities are the link between individual’s thoughts and economic activities who perform new business activities in order to attract the customer (Audretsch, 2012). The main objects is to innovate new product which help to influence the customer and emphasis to purchase new products and services. The current report is depend on the new idea of launching a new hotel whose name is NEROZET in London which will provide new facility to users such as booking one month prior as they want best customisation associated with new accommodation. The present report will consider new entrepreneurial idea and how it arranges capital to run suchnew business. Along with, competitive and gap analysis which is formed to assure the new business is feasible and viable. Additionally, report will state the market analysis to evaluate strength and weakness to define the risk of competition and potential outcomes which help in growth and development of business organisation (Grégoire and Shepherd, 2012).. TASK 1P1. Sources of innovative and entrepreneurial ideasFormation of new and innovative business is important for country’s economical growth and development. Such as new business assists new employment, development and also increases theliving standard of people. Additional, innovation help to raise the gross domestic product which leads to growing country. As per given scenario, UK government is encouraging younger and skilled people to be new entrepreneur and create employment opportunities for other people. It also help to reduce the market dominance by existing business and promote fair trade practices (London living standards the best in the UK. 2018).As creative ideas assist entrepreneurs to establish new venture in feasible manner. Thisfacilities will help to make strategic planning in order to beat the competition in businessindustry. The idea of establishing NEROZET is taken from seven sources of Peter Druckerwho inspired to innovate new business by using new ideas and technology. The seven sources isdefined as-Incongruities:This states the difference between the actual and estimated position of business which is used to bring something new in competitive market.Hence, this is advisable for the new innovators to do relevant and accurate market analysis before launching a new product. Business idea fails when it lacks sufficient information about the whole idea. This is most optimum opportunity which help NEROZET Hotel in London to collect information about needs
and wants of customers. This research will help to fulfill needs of customers by applying incongruities (Top 10 Sources of Business ideas & Opportunities. 2018).The Unexpected: This source is associated with discover the unexpected and unexploredbusiness innovation that assures the project of setting new venture will gain more profit with thecustomer support within market place. This idea will help NEROZET’s entrepreneur to gain newideas in order to opening a new Hotel with customized accommodation. Process need: This aspect is related with weakness or difficulties of business idea while manufacturing new product. This is essential that help to bring rectification and modification in business idea in context to meet with needs and desire of customers. This will suggest entrepreneur in gaining knowledge regarding shortcoming of business thoughts which is link to launch Hotel NEROZET. By using this aspect new business can be launch in London optimally. Hence, this is important which help to overcome the difficulties which may be arise while opening a NEROZET Hotel (Kohlbacher, Herstatt Levsen, 2015).Changes in market and business structure: Changes and new innovation is good forbusiness organization that facilitates entrepreneur to launch new venture projects with the help oflatest trend. It creates a great opportunities for new ventures to gain advance knowledge which issuitable for organization. By applying this, the entrepreneur of Hotel NEROZET can enhanceknowledge which will be helpful to launch new business enterprise with proper accommodation.Demographical changes: This is connected with changes that take places within businessorganization. It focused on population, age, taste of people, income level and culture of business.A Successful entrepreneur who make efforts and pays attention to fill the demands of customeraccording to their income level. This aspect will facilitate to establish NEROZET Hotel byfocusing on people needs, moreover, it can create an opportunity for London to increase theeconomical standard by providing the best accommodation services at large area.Changes in perception: This aspect is associated with new perception and ideology ofentrepreneur. It help to create opportunities and identify the market gap for launching newbusiness. The manager of NEROZET can use this aspect which will help to fulfill market gap bygetting support from public. It will also help to be sustain for long period of time and achieveorganization goals by launching NEROZET. New knowledge: At present, technological changes and new innovation are taking places speedily. This tends help to create opportunity for entrepreneur to the fill market gap by launching hotel NEROZET. Such as the manager of NEROZET have advanced knowledge which will help to create good opportunity (Siegel and Renko, 2012).Above mentioned model such as Warwick model helped Vodafone Malta to choose this idea after analysing the internal and external factors which help to accepts the changes and what
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