The Role of the Entrepreneur in Innovation
Added on 2021-02-19
16 Pages3529 Words89 Views
Environmental Science
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OPPORTUNITYANALYSIS
Table of ContentsINTRODUCTION...........................................................................................................................3Overview......................................................................................................................................3Role of entrepreneur and entrepreneurship in innovation............................................................3SWOT..........................................................................................................................................3SWOT analysis of venture idea ..................................................................................................4PESTLE analysis (OPPORTUNITY FINDING)........................................................................4PORTER FIVE FORCE MODEL...............................................................................................6COMPARISON WITH COMPETITIORS..................................................................................8UNIQUE SELLING PROPOSITION.........................................................................................9FUNDING....................................................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONOpportunities Analysis shows demand and competitive analysis, and also identifyingmarket conditions to have clear vision and plan strategies. It is vital process for the growth andexpansion of an industry and necessarily to be performed frequently. Because with help of thisprocedure company can early know about the actual state of market. In this study entrepreneur start its new venture which name is Ledbury Lounge. Therestaurant will deal with high nutrient's food. Also, it will provide high quality diet food in UKmarket. The venture would be health conscious for their customers. This study describesoverview about the venture, role of entrepreneur and entrepreneurship,SWOT analysis of anindividual and Swot analysis of venture idea. This study will also conclude PESTLE and Porterfive force model. Also, this study show comparison with competitors, firm USP and funding forstart-up. OverviewIn food industry United Kingdom there are various opportunities are available forentrepreneurs. We are open a vegetarian's restaurant “Ledbury Lounge” in market whichprovides lots of healthy dishes to the customers. They can invest their money and fund UnitedKingdom without any fear because state peoples love to eat, always try to explore new things inmarket. Also, in United Kingdom there are various ways to expand their business at huge level.Because UK food market has lost of opportunities for new and existence business. And alsovarious factors improves the market of UK. So, therefore food industry holds the hugeopportunities for entrepreneur to start their business. The focus is on customers healthy diet andnutrition is expected to support the popularity of vegetarians restaurants. Also, the customers ofUK are very lavish and love to eat food which is also responsible for enhancing the food ,market.If the food market is huge and with lots of opportunities but it also has various competitors inmarket which are strongly exits in UK such as 26Grains,Redemption bar, Abuelo Coffee.Role of entrepreneur and entrepreneurship in innovationAs per the Chandra (2017)., role of entrepreneur is who helps to create innovation insociety and also participates in productions of commodities and services. Entrepreneur alsoparticipating in use the national resources for productive activities. Whereas George and et.al.,(2016)., the entrepreneurs is person who removes or reduce regional disparities through settingup of company in less developed and backward areas. Entrepreneur is able to establishment of
successful unit in market and country. Individually always involves in organizing andcoordinating activities. The person who can expand the organization and the business. However,there are various roles of entrepreneur and entrepreneurship in market such as they use nationalresources for production good quality goods, also satisfy customers need (Shepherd andZacharakis, 2019). They are also established in market successful units, which is innovative andcreating change. Role of entrepreneurs is testing market, innovate the new market anduncovering needs within in the individual market.SWOTStrength My strength is I have work experience infood industry. I also have knowledge oftechnical expertise (Shepherd andZacharakis, 2018). I have good networkingcontacts which can be beneficial for my newbusiness. WeaknessesI am weak in interpersonal skills.Generally I am not meet up with peoplebecause I feel shy. OpportunitiesThe major opportunities for me positivetrend in my area such as I am able to mangemultiple task at the same time. ThreatsI have threat of loosing tolerant level at onsmalls things which improve my anger,and I am got anxious. SWOT analysis of venture idea Strength The major strength of my food restaurant isproviding tasty vegetarian's food to thecustomers. The food is total design with thefull consideration of nutrient. Also, thestrength of my business is about thedifferent concept which little challenging. WeaknessesThe weakness can be my venture is the tasteof my diet and nutrient food (Tam andPearson, 2017). Because always all peoplesare not like the healthy diet because itcontains less spices an oil. Peoples love toeat junk food, fast food etc. OpportunitiesThe opportunities for my business idea isproviding different types of food and drinksThreatsThe major threat in my business is thecompetitors in market. Because in UK
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