PDF- Identifying Entrepreneurial Opportunities

Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
1) Background information about sources and motivated factors for set up your own business3
2) Introduction to business idea and its potential customers and target audience.......................5
3)Competitor analysis at marketplace along with failures and successes and differentiation....5
4) Gap analysis, overcoming gaps and current and future situation along with business
objectives.....................................................................................................................................7
5) Market research for business idea and identify primary and secondary market potential......8
Interpretation.............................................................................................................................11
6) Business idea viability and feasibility and strengths and weaknesses..................................11
7) Overcoming risks of competition and opportunities for growth and development in future
...................................................................................................................................................11
CONCLUSION..............................................................................................................................13
REFERENCES .............................................................................................................................14

INTRODUCTION
In order to start any business by entrepreneur in competitive market, it is very essential to
identify opportunities which are available for them. Entrepreneurship is the procedure for
launching, designing and running new business and person who establish those organisation is
called entrepreneur (Audretsch, 2012). They came up with new idea in market along with
innovation and creativity. Before establishing entity it is essential to know need and demand of
customer and accordingly start venture. There are various requirement which should be known
by entrepreneur. As per scenario given in report, young graduate entrepreneur are planning to
start new venture in London named at Fitness Freak Juice Corner for gym going people. This
assignment covers entrepreneurial ideas and source of information and motivation behind it.
There are gap between entrepreneurial ideas and supported through data. SWOT analysis,
competitive and market environment has been analysed.
1) Background information about sources and motivated factors for set up your own business
In order to expand market in better ways it is essential to evaluate different opportunities
and future want and demand of customers. Entrepreneurship helps in creating different
employment opportunities for both organization and individual. Here, Fitness Freak Juice Corner
identify new opportunities and launch new product that is fitness drink for gym going people.
The entrepreneur will launch venture near gym as those required healthy drink in order to burn
calories and work out. There are different sources of entrepreneurial ideas which can be
described through Drucker's seven source of innovation such as:
Drucker's Seven Source of Systematic Innovation
Peter Drucker developed this concept of 7 sources of innovative opportunity in book
called innovation and entrepreneurship. The following are sources of innovative opportunity
which are given below:
The Unexpected- It is essential for entrepreneurs to identify unexpected failure or
success of products for generating opportunities to create innovation (Autio and et. al., 2018). As
business world has many surprises where not only unexpected failures occurs but unexpected
success come across to organization which is source for innovation and inspiration. Both
unexpected should be noticed and looked for opportunities. This situation can help Fitness Freak
Juice Corner as it inspire innovators and leaders to take advantage of opportunities which arise in
business.

The Incongruity- In order to develop new product, it is essential to do proper research to
kn ow about customer need and demand. The organization which fall to do research for new
product cannot survive in market. Here, Fitness Freak Juice Corner has done analysis of market
to know about concept of gym going people regarding fitness juice. Also they took feedback,
customer review and complaints for determining incongruity.
Process Need- It is regarded as task focused approach than situation based. The
opportunity comes for innovation through process used by company and identifying weaknesses
and ways for improving it (Barazandeh and et. al., 2015). Identification of capabilities of
organization helps in creating innovative and effective solutions for problems. The process used
by Fitness Freak Juice Corner is unique as it contain all pure ingredients for producing juice to
gym going individuals.
Industry and Market Structure Change- For certain period of time, market structure
and industry can remain stable but technology development leads disruption in business. It is
very important for entrepreneur of Fitness Freak Juice Corner to keep eyes on changes and work
accordingly.
Demographics- Due to change in demographics factors, companies are affected highly as
their need and want changes which leads to change in products they used. There is change in
education, age, employment affect direction where business is operating. The opportunities need
to be identified so that proper decision can be made.
Changes in Perception, Meaning and Mood- There is change in the perception of
people over time due to technology and social networks. Individual can change perception about
brand, product, industry. This help business to do innovation for products, develop unique goods
and service which can meet perspective of consumers.
New Knowledge- New knowledge can be gained through scientific knowledge and
technological factors (Dimov, 2011). Organization refusing to adopt new technology and
changes has to bear loss and fail to survive in competitive market. It is significant to apply new
knowledge in every enterprise in order to learn more about customer through improving supply
chain and hire suitable staff for adopting those changes.
There are different factors which motivate to become entrepreneur. It includes money,
controlling each and every work, flexibility in working pattern according to own, teamwork, bear
risk and appreciation which they get from people for new idea and thought. Also, individual get