Assignment of Identifying Entrepreneurial Opportunities

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

INTRODUCTION
As per current scenario, opportunities for entrepreneurs are becoming competitive. This
is considered as a circumstance in which goods or services can be sold at a price higher than the
manufacturing cost. With this entrepreneur can perform to gain profit (Baltar and de Coulon,
2014). This assignment is on a new business known as “PAZZA Restaurants”. The business is
set up with little thoughts as well as develop its effective representation into marketplace through
its own work. The aim of report is to present the several entrepreneurial sources their ideas as
well as innovation, market gap and rationale for particular entrepreneurial ideas and authenticate
information which required to support gap analysis. Apart from this SWOT analysis is applied to
collate evidence as well as specific analysis for market and competitive environments are also
mentioned in this report.
TASK1
P1.
Business idea: This is considered as an idea that is utilise for financial gain which is
generally centred upon goods and is provided in respect of money. “PAZZA Restaurant” is a
restaurant that facilitates varieties of foods – ingredients and spices used by respective company
in their food are naturally grown by them in their garden area. So it is highly organic as well as
natural. For this they target UK people.
Entrepreneurship is considered as an opportunities for person to enforced their ideas into
practical form (Hannon, 2013). For this, it is an significant for them to adapt beneficial option.
Starting a new venture in not an easy task as for this they required to study all the present origin
for executing efficacious thought into this. Few external source are: Technological factors: Presently, technology enhancement have huge effect upon whole
industry. within restaurant industry, this aids to maximise profitability through obviating
wastage and provide fast services to customers.
 Social factors: This is significant for an entrepreneur to analysis the tastes, choices of
clients for certain goods or services. It will help them to implement its ideas easily so that
they can give effective services in creative ways in order to grab the attention of more
clients. This sources provides a profitable opportunities for new ventures. Moreover due
to changing tastes of people motivate them to open new restaurants.
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Entrepreneur role: Entrepreneur is considered as a person who provides their efficacious
contribution within economic process as well as growing. It launch innovative opinion into its
new venture. It will helps them to obtain various opportunities from targeted market area.
Significant role of businessperson can maximise standard of living within society, it provides
job opportunities to skilled people etc.
Into business organisation, this is significant for its owner for implementing their new
ideas to acquire more advantages (Kirkley, 2016). With the assistance of systematised innovation
seven sources that are developed through Peter Ducker are: Unexpected: The primary purpose of innovation procedures is to ready for whole things
by exploiting efficacious plan of action for facing them in easy way. Through this,
“PAZZA Restaurant” can implement innovation which motivate them to use effective
strategy. Incongruity: It is ascertain as an efficacious model in which people used to think
something creative from each other. By this, “PAZZA Restaurant” can motivate to think
something innovative. Innovation based upon procedures required: Innovation is used to implement new ideas
as well as it should be depends upon requirements of process. Hence, “PAZZA
Restaurant” are motivated to use innovation in their new ideas. Changes in market and industry: Innovation implementation is used for adapting several
changes within market and industry. By this, “PAZZA Restaurant” can execute
innovation by making various changes in market. Demographics: Its depends on establishing new venture within target market area
through providing satisfaction to clients. This motivates “PAZZA Restaurant” to set this
business in target market and satisfy the target audience. Changes in perception: By executing new thoughts into enterprises, an entrepreneur
may modify the purchaser conception . As “PAZZA Restaurant” is executing new
thought into enterprise, they may modify the purchaser conception.
 New Knowledge: Innovation is depends upon new perceptions as well as thought process
of individuals (Kraus and et.al, 2015). This motivates “PAZZA Restaurant” to implement
innovation by in its business.
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TASK 2
P2.
This can be identify while company faced huge gaps among their own services and
market needs. According to this, they can examine their recent position like where it is now
where they want to be in upcoming years. In respect of “PAZZA Restaurant”, they want t
introduce restaurant service that serves dishes made up of natural spices that are grown in their
garden within UK market. Therefore, for them there are requirement to identify technology
enhancement and innovation impact that it have to adapt for decreasing the marketing gap. It can
be examined when firm's clients have several needs from this particular industry.
Identifying customers: Within services sectors, several kinds of clients are there which required
specific services (Lin. and et.al., 2016). Through it, entrepreneur can study their requirements in
simple manner as well as give efficacious services to them. This types of function aids for
making straight interaction with targeted people to grab more advantages.
Marketing segmentation: Behavioural: Its based on believes, values, attitudes of clients. Therefore, new
entrepreneur required for delivering its quality work to targeted consumers according to
their buying behaviours. Geographic: For opening new venture, this is significant to study the requirements of
services within various location. Those region may be rural, urban, or semi urban in
which customers needs can be differentiated from others.
 Demographic: This may be an effectual thought which an enterpriser study this particular
market segment. These activities as per their age, gender, income sources etc. of clients.
Products or services: Tangible: Food products of the “PAZZA Restaurants” are of standard quality and
organic that provides satisfaction to customers and keep them healthy.
 Intangible: For “PAZZA Restaurants”, this is need to facilitate cost efficacious services
to their customers.
Advantage: By it, “PAZZA Restaurants” owner can maximise their image, profit and growth of
their venture.
Market gap:
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It may be identify at the time company faced huge gaps among their own services and
market needs. According to this, they can examine their recent position like where it is now
where they want to be in upcoming years (Lumpkin and et.al., 2013). In respect of “PAZZA
Restaurant”, they want t introduce restaurant service that serves dishes made up of natural spices
that are grown in their garden within UK market. Therefore, for them there are requirement to
identify technology enhancement and innovation impact that it have to adapt for decreasing the
marketing gap. It can be examined when firm's clients have several needs from this particular
industry. Hence, it is significant for “PAZZA Restaurants”to formulate effective marketing
strategies against competitors for reduce gap.
Moreover, this is important for an entrepreneur to build new ideas for distinguish its work
from another. Within it, they has to analysis its enterprise types as well as clients because this
depends upon services that ware facilitated through restaurants. By it, they can attain its
requirements by efficacious work as well as healthy foods. Whole these functions assists them
for accomplishing marketing gap into easy way. “PAZZA Restaurants” owner have to study
industry environment for improving appropriate strategy to grab more competitive advantage.
All these are better than Restaurant Gordon Ramsay as their products or dishes are made
up of normal spices and ingredient which do not provide that flavour as well as this is not so
much healthy. “PAZZA Restaurants” product and service quality are better then the competitor
as they facilitates food made of natural ingredients and considered each customers tastes,
preferences and so on. But technologies uses in Restaurant Gordon Ramsay are better then
“PAZZA Restaurants”as they are more famous and developed restaurants.
TASK 3
P3.
Analysis of gap may be considered as variations among relevant position. This means
that present position of firm as well as where they wish to be. The starting portion explain that
ventures actual position regarding available assets of firm (Martens and et.al., 2018). That
consists competency, potential and performance of the workers that impact its productivity.
Where as other part focused on expected future from current time. Space where they are in
currently and desired to be in future are known as gap. Because of it, this is known as the gap
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analysis that involves significant means which may be accomplish the gap. It is whole regarding
to analysis target consumers and its current performance.
Upcoming anticipation may be minimised through utilising the investigation report of
marketplace which is expressed in statistical form which shows the development of the thought
(Mitchelmore. and Rowley, 2013). The idea of “PAZZA Restaurant” is created which influence
the food trends that never become outdated. Individuals always wish to try new and healthy dish
because of this it is launch. For examining market gap of their foods and services owner utilise 2
sources:
Primary sources:
Normally, activities of business are depends on primary information accumulation
method where investigation find person thoughts as well as conceptions. Whole those functions
are refers as recommendation for restaurants by that they can do modification into its operations.
For it, researcher may do several action such as examination, study etc.
Data by this can be given below:
QUESTIONNAIRE
Q1. Do you have any idea about “PAZZA Restaurant”?
 Yes
 No
Q2. Do you have any suggestion for “PAZZA Restaurant” in order to execute any changes or
innovation?
 Yes
 No
Q3. What type of promotional approaches have been applied by “pazza restaurant” for its
services?
 B2C
 Internet marketing
 Print media
Q4. Is “PAZZA Restaurants” able to grab the attention of consumers through their products and
services quality?
 Yes
 No
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Q5. Does “PAZZA Restaurant” able to create competitive position at market place among their
competitors?
 Yes
 No
Secondary sources: Few activities depends upon data by this company may obtain new
venture thought (Nieto and González-Álvarez, 2016). Data by this sources can be:
Information by online media: Online media is known as an effectual tool for accumulating
information which involves forums on social media sites which shows clients number that want
to reach restaurant. “PAZZA Restaurant” facilitates various dishes made up of natural
ingredients and species.
Factors GAP Solutions
Business Current client ratio analysis is not more. Plan to launch efficacious marketing
strategies and tactics.
Application Applying the information of the buyers. Organising buyers data for promoting
new apps.
The recent gaps may be minimised through promoting restaurant within clients through
utilising tools which identify recent situation, that is the recent performance then recognise gap
after solution may be identified which built a bridge for attaining goals.
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Illustration 1: Gap Analysis
(Source: Gap Analysis. 2018)
Gap analysis can be accomplish by gap performance which are different from real and
expected performance. Goods or market gap considered as budget and actual sales thereafter
profit gap which includes variances between exact and targeted profit which desired to achieved.
P4.
Q1. Do you have any idea about “PAZZA
Restaurant”?
Frequency
 Yes 12
 No 8
Mode 4
Median 10
Mean 10
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Interpretation:
According to the above mentioned graph, this can be seen that few of the people has
ideas about the services of “PAZZA Restaurant”. Among 20 participants, 12 are having ideas
where as 8 do not have knowledge regarding this.
Q2. Do you have any suggestion for “PAZZA
Restaurant” in order to execute any changes or
innovation?
Frequency
 Yes 18
 No 2
Mode 0
Median 10
Mean 10
8
Yes No
0
2
4
6
8
10
12
12
8
Column C

Interpretation:
From the above graph, this have been seen that “PAZZA Restaurant” required suggestion
to execute changes and innovation in its business procedures so that it can create appropriate
modification into its enterprise operations. For it, 18 are saying yes and 2 are not.
Q3. What type of promotional approaches have
been applied by “PAZZA restaurant” for its
services?
Frequency
 B2C 6
 Internet marketing 8
 Print media 6
9
Yes No
0
2
4
6
8
10
12
14
16
18
18
2
Column C

Mode 0
Median 6
Mean 6
Interpretation:
From the above representation, this have been analysed that among 20 respondents, 8
are in favour of internet marketing in its business in order to promote their services or products
in efficacious ways. Rest of the applicants are in favour of print media and B2C.
Q4. Is “PAZZA Restaurants” able to grab the
attention of consumers through their products
and services quality?
Frequency
 Yes 15
 No 5
10
B2C Internet marketing Print media
0
1
2
3
4
5
6
7
8
Column C

Mode 0
Median 10
Mean 10
Interpretation:
As per the above graphs, this have been examined that from 20 applicants, 15 are saying
that they can grab the attention of clients according to their products or services. 5 are against
this.
Q5. Does “PAZZA Restaurant” able to create
competitive position at market place among
their competitors?
Frequency
 Yes 12
 No 8
11
Yes No
0
2
4
6
8
10
12
14
16 15
5
Column C

Mode 4
Median 10
Mean 10
Interpretation:
From the above graph, this have been examined that among 20 respondents, 12 are
responding towards “PAZZA Restaurant” able to create competitive position at market place
among their competitors and rest 8 are against it.
TASK 4
P5.
SWOT analysis is refers as examining the internal factors of the firm that consists
positive and negative aspects of “PAZZA Restaurant”. Its stands for strength, weaknesses,
opportunities and threats (Todeschini and et.al., 2017). SWOT analysis of respective restaurant
are:
Strengths:
12
Yes No
0
2
4
6
8
10
12
12
8
Column C

 There are various positive aspects that attract consumers like their dishes variety.
 Ingredients and species used by respective company in their food are naturally grown by
them in their garden area this provides different flavours in its dishes.
 Safety rules and hygiene are to be obey by their staff and also they are restricted to do so.
Weaknesses:
 “PAZZA Restaurant” needs several resources during launching it so tha their opening
will be efficacious.
 Employees those who are working there needs training for improving its skills like how
to deliver services to customers, how to communicate with them and so on.
 “PAZZA Restaurant” do not use advance technology that can hamper their services in
effectual way.
Opportunities:
 While obtaining advantage of changing trends they can offer variety of healthy and
flavoured dishes that people like to prefer.
 They effort to offer dishes made up of natural ingredients that can be beneficial for
people health.
Threats:
 “PAZZA Restaurant” is a new venture within the market of UK so the large scale
business may be the threats as they have more than sufficient goodwill.
 Investors can pull off their funds in case they do not see any kinds of growth.
 Targeted customers has their favourite are where they spends its money, hence bring
them into new place is little bit tough.
P6.
For an entrepreneur who is planning to launch new venture which is “PAZZA
Restaurant”. This is significant for them to examine the market as well as competitive
environment so they has performed Porters five forces model and PEST analysis which are given
below:
Porter's five forces model:
This is the techniques which are applied to examine the competition of the business
(Wang, Ellinger. and Jim Wu, 2013). This involves five forces which are explained below
:
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 Threats of new entrants: In the economy, there are several types of foods company that
provides varieties of dishes and efficacious services to the customers. Hence, for new
venture it required to study their marketing impact for developing effectual strategy for
this. Bargaining power of buyers: Buyers are refers as the clients who buy product or avail
services. Hence, for it an entrepreneur required to provides the efficacious services at low
priced . By it, they may develop relations with its targeted audiences for long time. This
can be appropriate strategy for acquiring competitive edge. Bargaining power of suppliers:Within restaurant sectors, suppliers may be refers as
distributors who provides raw material, vegetables as well as another things. In context of
“PAZZA Restaurant”, bargaining power of suppliers is low as they grown many things
by their own. Moreover, entrepreneur required to analysis several areas before purchasing
items from market. Threats of Substitutes: within restaurant industry, there are several rivals available rather
than substitutes. Hence, for this owner required to make efficacious strategies for existent
competitors.
 Competitive Rivalry: “PAZZA Restaurant” is a new venture, therefore for it they
required to study current competitors into market area. These kinds of activities aids them
to provide idea to their owner for making efficacious strategies to get profitable success.
Moreover, this helps them to run its venture for long duration within that market place.
PEST Analysis:
This is an strategic techniques that is need to study the environment of market. It includes
political, economic, social and technological (Woodand McKelvie, 2015). All of them are
explained below: Political Factors: In this, “PAZZA Restaurant” have to comply whole standards and
rules which are enforced by the government of UK. In this case, if they are doing changes
then they have to be assure that overall set regulations are to be obeyed. Moreover, they
can obey corporate governance within their business. Economical Factor: As economy changes, this impact the restaurant industry negatively.
The slow as well as stable economic growth are the grate threats for this sector. Hence,
“PAZZA Restaurant” owners have to examine the UK economy.
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 Social Factor: Society is an significant factors. Therefore, “PAZZA Restaurant” is a new
venture have to perform in cooperation with the system of society for obtaining effective
image and reputation among people. Hence, they has to facilitate healthy foods and
quality services to societies.
 Technology Factors: Technology can provide a competitive edge. As they are enhancing
rapidly so it have impact upon whole industry. “PAZZA Restaurant” is a start-up venture
so they can utilise new machinery they can facilitate quick as well as quality services that
aids them to obtain competitive edge. s
CONCLUSION
From the above assignment this have been concluded that an entrepreneur is a person
who take risk during launching new ventures within market area. Its main aim is to gaining
profitability as well as growth by its personal thought, ability. For this, they have to analysis the
requirements of the customers so that it can provide quality services and healthy foods to them.
Moreover, by it they can improve the its brand image within competitive market area and sustain
for the long duration.
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REFERENCES
Books and Journals
Baltar, F. and de Coulon, S., 2014. Dynamics of the entrepreneurial process: the innovative
entrepreneur and the strategic decisions. Review of Business & Finance Studies. 5(1).
pp.69-81.
Hannon, P. D., 2013. Why is the entrepreneurial university important?. Journal of innovation
management. 1(2). pp.10-17.
Kirkley, W. W., 2016. Entrepreneurial behaviour: the role of values. International Journal of
Entrepreneurial Behavior & Research. 22(3). pp.290-328.
Kraus, S., Richter, C., Papagiannidis, S. and Durst, S., 2015. Innovating and exploiting
entrepreneurial opportunities in smart cities: evidence from Germany. Creativity and
Innovation Management. 24(4). pp.601-616.
Lin, D. and et.al., 2016. International knowledge brokerage and returnees’ entrepreneurial
decisions. Journal of International Business Studies. 47(3). pp.295-318.
Lumpkin, G. T. and et.al., 2013. Entrepreneurial processes in social contexts: how are they
different, if at all?. Small Business Economics. 40(3). pp.761-783.
Martens, C.D.P. and et.al., 2018. Linking entrepreneurial orientation to project success.
International Journal of Project Management. 36(2). pp.255-266.
Mitchelmore, S. and Rowley, J., 2013. Entrepreneurial competencies of women entrepreneurs
pursuing business growth. Journal of small business and enterprise development. 20(1).
pp.125-142.
Nieto, M. and González-Álvarez, N., 2016. Social capital effects on the discovery and
exploitation of entrepreneurial opportunities. International Entrepreneurship and
Management Journal. 12(2). pp.507-530.
Todeschini, B. V. and et.al., 2017. Innovative and sustainable business models in the fashion
industry: Entrepreneurial drivers, opportunities, and challenges. Business Horizons.
60(6). pp.759-770.
Wang, Y. L., Ellinger, A. D. and Jim Wu, Y. C., 2013. Entrepreneurial opportunity recognition:
an empirical study of R&D personnel. Management Decision. 51(2). pp.248-266.
Wood, M. S. and McKelvie, A., 2015. Opportunity evaluation as future focused cognition:
Identifying conceptual themes and empirical trends. International Journal of
Management Reviews. 17(2). pp.256-277.
Online
Gap Analysis. 2018. [Online]. Available Through: <https://businessjargons.com/gap-
analysis.html>
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