Entrepreneurial Opportunities and Business Planning

This assignment requires students to analyze entrepreneurial opportunities in the UK, assess the external environment, and make plans for initiating business through importer communities. It involves studying various books and journals that provide insights into entrepreneurial orientations, market knowledge, and business innovation services. The objective is to develop a comprehensive understanding of how entrepreneurs can leverage external factors to initiate business ventures.

Identifying
Entrepreneurial
Opportunity

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different source of entrepreneurial ideas and innovation......................................................3
TASK 2............................................................................................................................................5
P2 Examining the particular entrepreneurial idea for investigating the market gaps, by using
the specific tools and techniques.................................................................................................5
TASK 3............................................................................................................................................6
P3 Data needed to support gap analysis in the evaluation of a specific entrepreneurial idea.....6
P4 Interpretation of data..............................................................................................................8
TASK 4..........................................................................................................................................12
P5 SWOT framework to collate evidence.................................................................................12
P6 Evaluation of competitive and market environments...........................................................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
In present world, identifying entrepreneurial activity or opportunities is considering to be
a process of developing a new business on the basis of innovative idea for the betterment of
economy (Zamfir, 2015). Entrepreneur are individual those are responsible to open, manage and
control new business in order to generate profit. Nowadays government of UK have developed
various entrepreneurial opportunities in order to develop assorted business programs for the
development and growth of economy.
In this report a cultural theme restaurant “The Dexterity Cafe”is going to developed in
London, United Kingdom. The main focus of restaurant is to provide cultural environment to
people where they can interact with each other and learn the value of different culture.
Entrepreneur set the rules that visitor is not allowed to use mobile or any other electronic gadgets
as main theme is to connect and learn different value. Different topic is covered such as source
for new business ideas, choice of a particular primary and secondary data to determine market
opportunities. Report also shows a classification of potential property and challenger analysis is
done that help to sustain for long term.
TASK 1
P1 Different source of entrepreneurial ideas and innovation.
In recent time it is observed that most of the entrepreneurial ideas and thoughts are based
on totally fresh and inventive techniques. Therefore, an entrepreneur got its business idea form
assorted sources that help them to run and manage business activity in competitive world. Thus
entrepreneur of The Dexterity Cafe ascertains the concept of sources with the support of
Drucker's 7 source of innovation. This is discussed below:
Drucker's 7 sources of Innovation:
Peter Drucker's introduced the different sources of innovation that support to inspire
individual which further help to established and run new business in effective manner. Important
7 source are defined underneath:
Unexpected:
This is consider to be the prime source of innovation that help to define the unexpected
quality and nature of innovation (Wilson and Martin, 2015.). This help to draw conclusion that
either business will result in massive success or failure. As the business thought of “The

Dexterity Cafe” is innovative and strange, so it may aid business person to accomplish the
overall objective and aims.
Incongruities:
This source of innovation is related to gathering of useful information or data of current
market that help to develop business with item and services according to exact demand of
customer. Thus it is very significant for the entrepreneur of “The Dexterity Cafe” to analyse the
need of customer that help to make food and develop an environment that help them to
understand the cultural and behaviour of each other.
Process need:
This source of innovation means that a new, effective, strange and unique idea for
business are more liked by customer. Thus entrepreneur must always use the strange concept
while introducing the new business that is not used by any other business person. As
entrepreneur of “The Dexterity Cafe” have develop different and unique restaurant in London
that bring the attention of large number of people. They also provide best quality food product
with speciality in coffee product (Tang, Kacmar and Busenitz, 2012).
Industry and market change:
In present world adjustment in business enterprise and market construction guides to
make advanced idea for a particular commodity which is according to wants of customer. As
“The Dexterity Cafe” is develop according to the condition of market and customer. As
nowadays people are more involved with mobile phone every time and this business concept
help them to learn different values for life.
Demographic:
It is observed that with changes in demographic condition such as education, income,
population help business person to build new business in most suitable manner. As entrepreneur
of “The Dexterity Cafe” gives preference to these factor and develop totally new businesses.
Change in Perception:
Perception and desire of people keeps on changing, it is noticed that customer are always
attracted towards new concept. Thus “The Dexterity Cafe” is established with totally different
concept that help to draw attention of large number of people of London.
New Knowledge:

It is very crucial for businessperson to have befitting information of modern trends of
market. It may help the respective business person who has defined the thought of “The
Dexterity Cafe” to give direction on the taste and actual market manner that have recently
emerged in food and beverage industry (Suddaby, Bruton and Si, 2015).
TASK 2
P2 Examining the particular entrepreneurial idea for investigating the market gaps, by using the
specific tools and techniques.
In recent time is very crucial for restaurant like “The Dexterity Cafe” to ascertain the
actual need and desire of customer and analyse the industry and market condition. This help to
develop and run businesses in more suitable manner. Entrepreneur of Cafe adapts different
methods and tools to determine the needs of customer and ongoing condition of market. As the
respective restaurant is going to enter into the market of UK with totally innovative idea which
would excepted to be generate more profit in coming period of time (Suciu and Florea, 2015). It
is very important for business person to give best service and deliver the concept to people so
that they might get excited to visit “The Dexterity Cafe”. Some of the basic tool and techniques
use by business person are discussed below:
Behavioural segmentation:
This tool includes the identification of wants, benefit to customer, awareness about
product and brand etc. As the entrepreneur of “The Dexterity Cafe” determine the needs of
people and understand the nature of common people so that proper planning can be made
according to their demand from the restaurant. As there is urgent need of developing cultural
value among people and reduce the use of electric devices. This is because nowadays people of
all generation are spending most of their time on mobile phone due to which there is a
communication gap. Therefore, through this technique the entrepreneur of Cafe calculates the
approving nature of market and this is a good period to make benefit of the opportunity.
Demographic Segmentation:
According to tool, the entrepreneur of “The Dexterity Cafe” reckon few aspect like
Income level, age etc. This is because before establishing new Cafe, it is important to determine
these factors and need of customer. As restaurant is also providing quality food product so it is
important for them to fix price according to the income level of common population. Age

analysis help them to evaluate that which age group will found the concept more interesting and
will be attracted towards cafe.
Geographic Segmentation:
This is considering to be effective techniques that help entrepreneur of “The Dexterity
Cafe” to analyse the market into specific part such as market size, climatic condition etc. As the
Cafe is designed with the concept of exempting the use of mobile phone will also help in
improving climatic condition as it prevent climate from harmful radiation (Smith and Ibrahim,
2012).
From the above mention segmentation, the most advantageous to “The Dexterity Cafe”
will be behavioural that help to develop cultural values within the common people of London.
That is more benefited for young generation as they are forgetting the values and culture.
Rational:
The new business idea is framed in such a way that people can get the feel of ambiance
among the Café. Thus, it was highly recommended to them to not use their cell phone while
visiting to that particular restaurant. It will affect the overall business as well as the profitability
position at the same point of time. In order to earn valuable amount of interest from the
customer, it is essential for the manager of the company to make analysis of the competitive
market so that change of growth must be maintaining properly. Market demand is a key aspect
for any business before planning any specific venture of products. This would lead to increase
the customer awareness toward the restaurant and changes of growth opportunities in the market
can also be increase in front of the other competitive organisations.
TASK 3
P3 Data needed to support gap analysis in the evaluation of a specific entrepreneurial idea
In general, Gap analysis is described as the crucial tool that help to examine the gap
among the actual and budgeted results which are arises at a specific time. Thus entrepreneur of
“The Dexterity Cafe” is liable to conduct the Gap analysis that support to create effective
strategies. This can be completed with the aid of proper research that assist to collect information
about actual needs and behaviour of customer in London (Siegel and Renko, 2012). There are
two common methods of gathering data primary and secondary that are discussed below:
Primary research:

This method of research is connected to gather information directly from the commoners
living in region that help to draw decision. Therefore, this method helps “The Dexterity Cafe” to
analyse the behaviour of people as well as their demand for specific food. Some common sources
are direct interview, questionnaire etc.
Secondary research:
This source of gathering data involves the study of already published information within
books, articles and journals. This help entrepreneur to analyse the market condition in effective
manner and form strategies to run their Cafe.
From the above mention methods entrepreneur of “The Dexterity Cafe” has selected
primary research. They prepare questionnaire to gather actual market data. There are 30
respondents form which review are taken. The following questionnaire is as follows:
QUESTIONNAIRE
Name:
Age:
Address:
Q1. Are you aware with the concept of “The Dexterity Cafe”?
A. Yes
B. No
Q2. Are you a foodie and wants to try new food items?
A. Yes
B. No
Q3. Do you love interacting with different people of different culture and country?
A. Yes
B. No
Q4. Which is your favourite cuisine?
A. Thai
B. Chinese
C. Mexican

D. None of the above
Q5 Do you agree with fact that “The Dexterity Cafe” can accomplish competitive plus point in
the existing market condition?
A. Agree
B. Disagree
P4 Interpretation of data
Q1. Are you aware with the concept of “The Dexterity Cafe”?
A. Yes 20
B. No 10
Mean 15
Mode 0
Median 15
A. Yes B. No
0
5
10
15
20
25
Column B
Interpretation: From the above graph it has been ascertained that out of 30 people 20
respondent are aware about the concept of “The Dexterity Cafe” and 10 people do not know the
name and idea of Cafe. From the data mean, mode and median are 15, 0 and 15 respectively. So
there is a need to make people more aware about the idea of “The Dexterity Cafe”.
Q2. Are you a foodie and wants to try food items?
A. Yes 23

B. No 7
Mean 15
Mode 2
Median 15
Interpretation: The above chart shows the result that 23 people are foodie and wants to
learn new thing to increase knowledge. While the 7 respondent believe that people learn new
thing when they are alone. From their responses mean, median and mode are calculated that are
15, 2 and 15 respectively.
Q3. Do you love interacting with different people of different culture and country?
A. Yes 22
B. No 8
Mean 15
Mode 6
Median 15
A. Yes B. No
0
5
10
15
20
25
Column B

A. Yes B. No
0
5
10
15
20
25
Interpretation: The above mention chart shows that out of 30 respondents 22 individual
wants to interact with new people and learn their cultural values and beliefs. Whereas 8 people
assume that it is not necessary to talk to strangers and they are against the idea of “The Dexterity
Cafe”. The result shows the mean is 15, mode is 6 and median is 15.
Q4) Which is your favourite cuisine?
A. Thai 4
B. Chinese 18
C. Mexican 5
D. None of the above 3
Mean 7.5
Mode 1
Median 3.5

A. Thai B. Chinese C. Mexican D. None of the above
0
2
4
6
8
10
12
14
16
18
20
Column B
Interpretation: From the above charts it has been observed that 18 from 30 respondent
prefer Chinese food item, 5 like Mexican, 4 wants to eat Thai food product and 3 do not any food
from the following. So it is very important for the entrepreneur of “The Dexterity Cafe” to add
more variety in their menu so people are providing with different food item and innovative
concept.
Q5) Are you agree with fact that “The Dexterity Cafe” can accomplish competitive plus point in
the existing market condition?
A. Agree 21
B. Disagree 9
Mean 15
Mode 3
Median 15

Interpretation: The above chart shows that 21 respondent agree with the fact that “The
Dexterity Cafe” is going to be most popular cafe in London. As the business idea is totally
different and people are always wants something new to happen. While 9 people do not think the
same. From the following the mean, mode and median are 15, 3 and 15 respectively.
TASK 4
P5 SWOT framework to collate evidence.
SWOT analysis: This is considering to be one of the effective method used by
companies in order to analyse the strength, weaknesses, opportunities and threats (Park and
Jeong, 2015). The entrepreneur of “The Dexterity Cafe” uses SWOT analysis to determine the
following outcome. This also help them to formulate effective policies in order to sustain for
long run. The analysis is as follows:
Strengths Weaknesses
 The newly developed business idea is
based on customer's behaviour,
preferences and taste that help “The
Dexterity Cafe” to capture large market
share.
 The concept and food product that are
 There is a deficiency of skilled staff
that may affect the functioning of Cafe
and create various issues.
 As Cafe ban the use of mobile phone
this may lead to different problems
such as important call can be missed.
A. Agree B. Disagree
0
5
10
15
20
25
Column B

effort to be substance by “The Dexterity
Cafe” is totally different from any other
restaurant existing in London.
People uses mobile for different option
that can be missed too (Mitchelmore
and Rowley, 2013.).
Opportunities Threats
 “The Dexterity Cafe” is also offering
best quality food items and special
coffee to the customers. As a result,
large number of foodies are attracted
towards cafe.
 As the business thought of the eating
place is totally unique so that large
number of customer visit the cafe and
increase profitability.
 There is a broad competition in food
and beverage industry that may be
threat for “The Dexterity Cafe”.
 Consumer taste and needs modify with
time and if “The Dexterity Cafe” the
concept of cafe is not going to meet the
expectations than it may fail.
P6 Evaluation of competitive and market environments
In today's world, to analyse market is very important as it help to determine the current
competition in market (Kohlbacher, Herstatt and Levsen, 2015). In case if competition is not
analysed properly it may influence the functioning of newly developed business and reduce the
overall profitability. It is also important for restaurant to analyse the market condition in order to
sustain for long term. To determine the market condition entrepreneur of “The Dexterity Cafe”
applies PESTLE analysis. This is defined below:
Political:
This factor involves the government interference and action principle set by legal bodies
such as Tax rate that may impact the function of newly developed business. As “The Dexterity
Cafe” is going to be established in UK so they have to run business according to the rules set by
government. They have developed new tax rate on the companies operating in food and
beverages industry.
Economic:
Recently it is observed that Food industry is growing rapidly with great pace in UK. The
main advantage is that it helps in growing economic of UK by contributing high in national

income. As “The Dexterity Cafe” have totally new business process it will generate huge profit
benefiting the economics of UK.
Social:
These factors include education level, spending capacity, behaviour of customer etc. As It
is observed that Population of London have different types of people those wants different food
items and services in order to satisfy themselves. Thus it is very important for “The Dexterity
Cafe” to fix price accordingly and provide the best environment to customer.
Technological:
This factors included all those elements that are linked to latest techniques and
technologies. Thus entrepreneur of “The Dexterity Cafe” use technology in effective manner as
they by introducing
Legal:
Certain rules and principle set by legal parties that is to be implemented by every
company operating their business in UK. If “The Dexterity Cafe” do not follows these rules and
set by legal bodies it may result in failure of new business (Ginting and Mashithoh, 2014).
Environmental:
This includes environment protection law and regulation that need to be consider while
establishing new business. As entrepreneur of “The Dexterity Cafe” must make sure that do to
any reason the business do not affect the environment of London.
In order to analyse the competition present in the market entrepreneur of “The Dexterity
Cafe” applies Porter's five Force model. This model has basic five elements that are discussed
below:
Industry rivalry:
In order to develop new business in market it is very crucial to determine already present
competitors in industry. Thus entrepreneur of “The Dexterity Cafe” will make sure to gather
information about the existing restaurant that provide the basic food items. Thus they introduced
the new concept in their business to make differentiate from other cafes.
Threats of new entry:
In present time there is huge competition in food industry and there is no such harsh
restriction on the entry of new restaurant. Thus it is very crucial for “The Dexterity Cafe” to

keep eye on new opening of cafe in area that may reduce the sales or copy the ideas. They also
keep on making changes in their process to get the competitive advantage.
Threats of substitute:
Number of cafes provide variety of food item in order to attract more customer.
Therefore, it is very important for entrepreneur of “The Dexterity Cafe” to provide food with
unique theme that draw attention of massive people in order to accomplish advantage in market.
Bargaining power of supplier's:
As the new develop “The Dexterity Cafe” have been established with totally different
thought and concept so supplier are also interested to supply product as they will get better result
in future (Arief and Saratian, 2018). It will also help Cafe to get the competitive advantage as
they provide product with low prices
Bargaining Power of buyers:
It is very crucial for “The Dexterity Cafe” to fit suitable value of food product that might
meet consumer preferences. As there are large number of restaurant in London the bargaining
power of buyer is high. In case if value is not accordant to customer's paying capability then it
not attracts large figure of customers.
CONCLUSION
From the above report, it has been concluded that an individual if want to be an
entrepreneur must analyse and collect the important information related to the essentials
requirement for running a successful business. Thus it is very essential for them to determine the
actual needs and wants of customer and present them something innovative and strange so that
they get attracted. In case if business owner is not able to get proper knowledge about market
condition it is not possible for the to develop and run business successfully. SWOT analysis help
to identify the possible strength, weaknesses, opportunities and threats whereas with the support
of PESTEL entrepreneur are able to assess external environment of UK and make plans.