Identifying Entrepreneurial Opportunities

This document discusses the importance of entrepreneurial opportunities and the utilization of creative ideas for sustainability. It focuses on the launch of new fresh and organic cookies drink at Wembley, UK. Topics covered include determining and evaluating sources of entrepreneurial ideas, market gap analysis, and applying the SWOT framework for objective assessment. Subject: Entrepreneurship, Course Code: N/A, Course Name: N/A, College/University: N/A

Identifying
Entrepreneurial
Opportunities

Contents
INTRODUCTION.......................................................................................................................................4
TASK 1.......................................................................................................................................................4
Determine and evaluate different sources of entrepreneurial ideas and innovation.................................4
TASK 2.......................................................................................................................................................7
The rationale and the market gap for a specific entrepreneurial idea.......................................................7
TASK 3.......................................................................................................................................................9
Covered in PPT.......................................................................................................................................9
TASK 4.......................................................................................................................................................9
Apply SWOT framework to aggregate evidence to support an objective assessment..............................9
Evaluation of competitive and market environments in which the idea will be launched to asses
potential viability...................................................................................................................................10
REFERENCES..........................................................................................................................................13

INTRODUCTION
Entrepreneurial opportunity finds the development option by listening potential consumers and
previous leaders within their own region. Because of this, they've to conducted research which
aids person to get out market trends and customer's demand. They will need to ascertain current
market tendencies, competition and policies of the nation with regard with their own business
enterprise and also the components that could help determine the work of the business (Gans and
et. al., 2019). The inherent reason for this document would be to understand that the
essentialness of entrepreneurial options with regard to obtain more sustainability with the aid of
creative notions. This report mainly based on the entrepreneurial opportunities, organic cookies
is launching new fresh and organic cookies drink at Wembley, UK. In this report comprises of potential
sources for a new and creative business idea, gap analysis as well as conduct research of market in
assistance of effective techniques. Therefore, it defines about the utilization of primary as well as
secondary information to searching out market possibility with the assessment of entrepreneurial idea in
regard of market and rivals.
TASK 1
Determine and evaluate different sources of entrepreneurial ideas and innovation
In altering universe, you will find various Sources which are dependable and effective with
entrepreneurial thoughts along with production which encourage building and beginning a brand
new business venture. Appropriate formation of an innovative firm creates participation in
economic development of the country.
Organic Cookies is really a brand new era whose business-person is waiting establishing such
company inside the metropolis of Wembley, London. The energetic perception of economy
seeing healthful and organic beverage and bakery goods encouraged them to install this sort of
business. The probable customers are people of various city of London and combined side
surrounding regions. The targeted clients are young ones, poster pupils, kids etc. The
development area is high since there aren't any numbers of bakers that offer organic products
related to beverages or chocolates such location. With regard to acquire attention of various
folks, you'll find numerous ways which might be accepted by the business such as offering free
samples. Various resources of entrepreneurial notions and production which encouraged

business-person to establish Organic hens are STEEP facets and Ducker's 7 sources of invention.
The comprehensive description of these cited below:
STEEP Factors
It is a tool that's utilized by businesses to successfully quantify extrinsic macro facets with regard
to consider critical determinations (Tidd and Bessant, 2018). It includes societal, economic,
technological, cultural and ecological components. Identification of that component is the most
essential before launching a new small business.
Societal Factor: This comprises life style, demographic change, instruction, consumers’
demands, income, job culture and a lot more. If changes are generated in client’s demands,
trends and disposition then it help in understanding the requirement and understanding of them
seeing new small business product. It's going to help Organic Cookies to produce required and
effective changes in its own product with the role of providing satisfaction to clients therefore
the firm can maintain them till long duration.
Technological Variable: This element includes brand new engineering, technical invention,
R&D, modern technology and technological investment and also a lot more. Different
technology execution leads to produce more growth options to various firms. After the business
earns production by implementing new thoughts then it join to technological progress which
affects on attaining more department of market.
Economical factor: This comprises inflation, and economic expansion, Rates of interest, money
rate, inflation and exchange speed etc. Organizing and undermining sources are crucial to do
activities and operations of the small business. Back in UK, there's equilibrium in economical
position that'll assist Organic Cookies in investing finance and performing tasks of business into
sizable segment (Chen and et. al., 2018).
Environmental factor: It believes Weather, climate, cloth transport manners, emission laws
ecological action and a lot more. Business-person of all Organic Cookies must consider different
ecological components at each phase during performing business tasks and operations.

Political factor - This component is closely connected to government Laws and regulations, tax
policies, security conditions as well as also others. Recognizing and regulations which offer
outcomes in kind of effective execution of new creative thought of Organic cookies.
The sources Supplied by Peter F Drucker are advanced and gives choices for creative thoughts
which are daunted with regard to Organic Cookies. The explanation for this Idea is beneath:
Incongruity: It's linked to manufacturing gap among source of goods with regard to requirement
from consumer. The expression is utilized for growing mechanize along with product according
to requirements. In different styles, the merchandise of Organic cookies are all successful and
effective in fulfilling consumer's preferences.
Procedure Requirement- The preferred company should employ creative tool and technique to
generate communication among additional small business operations of the provider.
Industry and market structure demand: Present marketplace and company industry frame
additionally offer increase to brand new production and notions. It assists in distributing data to a
fresh selected company and making necessary alterations in accordance with need (Ciambrone,
2018).
Demographic: It's connected with Life Style of individuals which is Fantastic supply of Brand
new inventions. Recognizing requirements and executions of an individual assists in attaining
aims of brand new small business.
Changes in mood and perceptions: If changes have been happened in understanding afterward
it create creative ideas, by making immersion in moods and requirements of consumers assist
business-person to invent changes in the brand new innovative company and fulfilling consumers
demands.
New Knowledge: Speed of production maximizes with fresh awareness that provides different
choices to set a brand new firm in competitive universe. New knowledge helps in identifying
new techniques to perform surgeries and growing procedure for Organic cookies.

Unexpected: Construction occurs regrettably that creates by-chance. The sudden Hazard and
hazard related to selected business is far more which assist administrators to framework different
course of activity beforehand for upcoming time.
TASK 2
The rationale and the market gap for a specific entrepreneurial idea
Market gap is a tool used to find gaps between the demand for good and the availability of the
goods of the business. It is not necessary to meet the needs of all customers or to buy the goods
of a specific company from the core market. Each business needs to achieve development in
dynamic environments so they can follow new approaches and evolve in their operating model.
Organic Cookies may follow many expansion alternatives to release new company (Dalpiaz and
Parente, 2019).
Objective Current
State
Future
State
Gap
Identificati
on
Gap
Description
Factors Remedial
Action
To set
effective
image in the
market and
become
famous
among
customers.
No sales as
business
person are
making
plan to
launch a
accretive
business.
Business
person
desires to
increase the
revenues of
new
inventive
cookies item
about
150000.
 With
the
help
of
cond
uctin
g
com
petit
or
anal
ysis
 By
usin
g
Individual
want
organic
drink that is
healthy and
tasty.
Awareness
affiliated to
health and
flavour
creation of
organic
chocolate
drink
(Nijssen,
2017).
 Publi
city
 Avai
labili
ty in
wide
locat
ions
and
field

maki
ng
adva
nce
ment
and
usin
g
new
tech
nolo
gies
Characteristi
cs as well as
functionality
of product
Product is
not
launched
yet
Maximizatio
n in future
Yes There are
less number
of
organisation
s that offer
organic
chocolate
drinks
Product is
not
launched yet
(Park, Sung
and Im,
2017).
Organise
review
feedback on
the basis of
shows
consumer
and making
modification
in procedure
to provide
organic
cookies
drink item.
STP Approach
The STP approach to analysis specific consumer type to target as under:

Segmentation: Business interaction will do demographic and behavioral clustering. The
business will address those individuals who are budgetary aware and the 10-45 age group in
demographics. They concentrate on particular people in Behavioral who concentrate on quality
of services, brand recognition, and moderate use levels.
Targeting: Organic Cookies targets consumers who enjoy cookies and who also insist on safe
goods. The company targets Wembley city's population age range of 10-45.
Positioning: The organization embraces multiple venture strategies to develop public relations
and advertising etc. to establish itself in the markets (Gans and et. al., 2019).
TASK 3
Covered in PPT
TASK 4
Apply SWOT framework to aggregate evidence to support an objective assessment
As per the context of Organic cookies, that the Company utilizes SWOT analysis to appraise its
weakness and strength with the chances and threads contained in the job atmosphere. Therefore
that corporation can use the tools from the finest possible manner. The organizations are
planning to present to fresh chocolates drinks from the mark market. The SWOT is mentioned as
Follows:
Strength: Beneath this corporation has good team with fresh invention suggestions to generate
its goods and services offered on the current market place. The business has effective leader and
manager that give attention to growth the creation of their company that will enhance the
productivity of the institution while in the long term. This includes the facets that introduces the
excellent points of this provider so the business may use such facets from the finest possible
techniques to grow the earnings on the industry share and assemble the excellent image on the
industry therefore that customer understand that businesses products and services at better
manners.

Weakness: This circumstance, the business attempts to decrease its weakness in order they are
able to attain the vision and mission of the business in the future (Hueter and Quandt,
CERTONA CORP, 2019).
Opportunity: That is quite significant part the business, as company are searching for assorted
kind of chances to boost the productivity for your own organisation on the market . The business
has chances to establish new chocolate drinks to your goal section of the provider. The business
attempts to learn what's customer wants in terms of diverse form of chocolate drinks as
preference and taste of their customer are all keeping on shifting the normal basis.
Threats: Here business attempts to learn the any threads that are contained in the work
surroundings that coordinated with all the weakness of this provider thus lower the effect of such
threads inside the business and take care of the productivity of the institution on the current
market place. The business give attention to lessening the consequence of this ribbon which are
found within the environment therefore that company have the ability to earn services and
product in accordance with demands of their customer on the marketplace.
Evaluation of competitive and market environments in which the idea will be launched to asses
potential viability
Porter’s five forces
This frame is useful in ascertaining the five aggressive forces that affects the operation of
business and its particular effectiveness. It's beneficial in pinpointing your contest degree that
exists inside the marketplace. For this particular, entrepreneurs analyze a general sense that's
concerned about the sustainability that will get with the assistance of execution of fresh notion of
developing chocolate drinks. Analysis of economy situations is great for researcher so as to build
plans and regarding strategies that's of use in increasing sales and sustainability of company. To
execute fresh ideas in an effective fashion, this investigation is of use to evaluate industry
requirements and feasibility (Joll and et. al., 2018).
· Threat of new entrants: Together with the advent of new entrants, the growth of company
becomes influenced as if fresh entrants occur on the marketplace. By this, your rivalry degree
gets increases since it negatively affects the operation of a company. Within this sector,
chocolate drinks can be required to this particular, entrepreneur want little bit of investment that

may form the odds of hazard from new entrants. Moreover, as a way to acquire competitive
advantage it's relatively significant for an entrepreneur to successfully analyze the fixed and
operating cost. In addition, entrepreneurs may readily maintain market and earn high earnings
should they deliver goods in bulk and supply high reduction to organizations.
· Threats of substitutes: Substitute products and solutions are the ones which can easily be
absorbed by clients at different location as it will become the huge threat for organizations.
Because of this particular, organizations that have low replacements may grasp more chances
that bill high number form clients and enhances the degree of benefit. For this particular, there
are lots of replacements that firm used for making java drinks that has a tendency to grow the
degree of dangers for an entrepreneur. For this particular, company usage chocolate ability as
though it's offered by low prices. It's essential for the entrepreneur to supply fresh idea in market
at affordable costs in contrast with their competitors and also succeed and earn greater profits.
· Bargaining power of suppliers: within this circumstance, company reduce its own power of
providers as it will become possible for them to modify form other providers. Hence, the energy
of providers will be low and buyers possess possibility to choose raw substances at affordable
costs that result in boost endurance (Malecki, 2018).
· Bargaining power of buyers: For this particular, thing with large consumer base has a
tendency to have less authority at the hands of consumers that specialize in the industry.
Moreover, the bargaining capacity is moderate for most buyers since there are fewer options for
organizations in the market location. Because of this particular, entrepreneurs have opportunity
to elevate the range of clients as though they charge low prices to draw more clients.
· Competitive rivalry: It's normally the number of competitions which prevails in marketplace
and Influences the operation of company. In current times, the existence of Competitions from
the offering is why chocolate drinks is not as and for it, Entrepreneur offers a way to come up
with positive presence and reputation in Economy. Because of this, they have opportunity to
come up with nice and healthful connections along with different businesses which helps them to
maintain market for lengthier time period.
CONCLUSION

As per the above report it has been concluded that the business develops a new service or
product on the demand, analyzing the legitimate source of innovative ideas and creativity by
using various methods by strategies to analyze and fill the void in consumer demand so that the
business can meet its objectives by supplying and satisfying the client's expectations and desires
from time to time. The organization also conducted research and analysis to assess the appetite
and desire of the primary audience so that the industry can manufacture the products as per the
buyer's desires and expectations so that the company can deliver the same products and make
money on the market and create the brand identity in the marketplace.

REFERENCES
Books and Journal
Gans, J.S. And et. al., 2019. Foundations of entrepreneurial strategy. Strategic Management
Journal. 40(5). pp.736-756.
Tidd, J. and Bessant, J.R., 2018. Managing innovation: integrating technological, market and
organizational change. John Wiley & Sons.
Chen, K. and et. al., 2018. Adaptive control of data collection requests sent to external data
sources. U.S. Patent 10,007,710.
Ciambrone, D.F., 2018. Environmental life cycle analysis. CRC Press.
Dalpiaz, F. and Parente, M., 2019, March. RE-SWOT: From User Feedback to Requirements via
Competitor Analysis. In International Working Conference on Requirements
Engineering: Foundation for Software Quality (pp. 55-70). Springer, Cham.
Gans, J.S. And et. al., 2019. Foundations of entrepreneurial strategy. Strategic Management
Journal. 40(5). pp.736-756.
Hueter, G.J. and Quandt, S.C., CERTONA CORP, 2019. System and method for automating
market analysis from anonymous behavior profiles. U.S. Patent 10,290,039.
Joll, C. and et. al., 2018. Developments in labour market analysis. Routledge.
Malecki, E.J., 2018. Entrepreneurship and entrepreneurial ecosystems. Geography Compass.
12(3). p.e12359.
Markard, J., 2018. The life cycle of technological innovation systems. Technological
Forecasting and Social Change, p.119407.