This report discusses the different sources of entrepreneurial ideas and innovation, with a focus on Virgin Money. It explores the external environment and Drucker's sources of innovation. It also explains the rationale and market gap for a specific entrepreneurial idea using relevant tools and techniques.
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Table of Contents TASK 1............................................................................................................................................3 P1 Determine & evaluate different sources of entrepreneurial ideas & innovation with examples......................................................................................................................................3 TASK 2............................................................................................................................................7 P2 Explain rationale and market gap for a specific entrepreneurial idea using relevant tools and techniques.............................................................................................................................7 TASK 3..........................................................................................................................................11 P3 Present data required to support gap analysis in evaluation of a particular entrepreneurial idea............................................................................................................................................11 TASK 4..........................................................................................................................................17 P5 SWOT framework to collate an objective assessment of a particular entrepreneurial idea. ...................................................................................................................................................17 P6 Evaluation of competitive and market environments in which idea will be launched to assess potential viability............................................................................................................19 CONCLUSION..............................................................................................................................20 REFERENCES..............................................................................................................................22 2
INTRODUCTION Entrepreneurial opportunities are usually referred as a situation where products and services could be sold at a higher price greater than cost of their production. An entrepreneurial opportunity is defined as a situation and an opportunity where entrepreneurs could take actions to earn profits. Entrepreneurial opportunities come in various forms and are being influenced by socio, economic conditions. As increasingly entrepreneurs are being asked to take a more balanced approach between financial and environmental considerations when they are assessing an opportunity. As there are various to identify various entrepreneurial opportunities by various ways such as listening to potential clients and past leads, listening to needs and requirements of customers, identifying wants and needs of markets and identifying various company trends and insightstobuildvariousopportunitiesofmarkets.Thisreportisbasedonidentifying entrepreneurial opportunities of Virgin money, which is a banking and financial service company operating in United Kingdom. Virgin money is a financial brand which is used by three independentbrand licensesglobally.Virginmoneybrandedserviceswhicharepresently available in Australia, South Africa and United Kingdom. This report includes possible sources for new and innovative business ideas, entrepreneurial idea for investigating and market gap, identification of primary and secondary data, evaluation of entrepreneurial idea in terms of market and competitors and make an assessment of potential viability along with its conclusion. TASK 1 P1 Determine & evaluate different sources of entrepreneurial ideas & innovation with examples. As per the latest market scenario, organisation need to adopt new marketing strategies and use new & innovative business strategies and ideas so that organisation can easily encourage to their employees to use current marketing trends. On the basis of relevant resources and research, organisation identify their customers’ needs and also understand the various resources thatcanhelptoimplementtheirideas.Withthehelpofproperskillsandknowledge, organisation usually convert their innovative idea in to reality (AHMADI, AKHAVAN and MOKHTARI, 2018). To execute the idea, organisation focus on the internal and external environment so that organisation will get high level of opportunity. The description of external environment, Drucker’ssources of innovation of Virgin money are discussed below- 3
External Environment Macro environmental factors are also known as external environmental factors that can help to analyse and evaluate the whole outside marketing situation and also useful to maintain the external elements that directly influenced the organisation.Virgin money is a famous financial service provider and expand their business operations all around the world (Bolzani, et. al., 2019).Virgin money mainly analyse and evaluate the macro environment factors and it is identifiedthatsocialandtechnologicalfactorsdirectlyinfluencetheperformanceand productivity of the organisation. On the basis of economical consideration, Virgin money take various types of challenges so that organisation can easily adopt the innovative features to make easy access of the financial services.Social Factors– These factor involved culture, religion, customer behaviour, education level and purchasing power behaviour of the customers. The main motive of the organisation is to focus on the customer services so that organisation easily attracts the people toward their products and services.Virgin money can focus on the preferences of the people so that it make easy for the organisation to target the large number of customers. With the help of useful consideration of the services, Virgin money easily reduce the socio- culture barrier and also diminish the negative impact on the external environment of the organisation. It can help for the entrepreneur to motivate and encourage their employees and also introducing the innovative products and services. Technological Factors –This factor mainly consider the technological advancement and modification in the technologies. This factor can provide the directly impact on the operations of the organisation(Buli, 2017). New technological development will be helpful to maintain the whole performance of the organisation and also useful to evolve the market position of theVirgin money. With the help of technology, organisation can expand their business effectively all around the world and create the positive brand image. Virgin money can use some advanced technologies so that organisation can easily attract the large number of people. Through technological advancement, Virgin money can promote their products and financial services easily and also address the requirement of the customers via digital technologies. Drucker’s Sources of Innovation 4
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Every organisation need to some kind of sources of innovation which can helpful for the entrepreneurs to identify the specific opportunities and also aid in the development of the organisation. Source of innovation are essential for the growth of the organisation.Virgin money also used specific source of innovation of that organisation can easily maintain their business operationseffectively(Changand Rieple,2018).VirginmoneyuseDrucker’sSourcesof Innovation that is mainly given by the Peter F Drucker. There are seven sources of innovation considered by theVirgin money which are given below-Unexpected –This type of innovation mainly take place undoubtedly that happened by chance and this innovation generally come with the emerging the specific innovation. Virgin money consider this predictable innovation that mainly occur accidently. This innovation can help to mention the new ideas that is required for the implementation and all the things come up randomly and accidently. Incongruities –This innovation comes under the inside source and also known as per the concept of human nature. An entrepreneur who is responsible to solve the incongruities that mainly occur in the organisation with the new source of innovation. With the help of new source of innovation,entrepreneur can stay motivated and constantly search new opportunities so that they can easily introduce new products and services in the Virgin money. Through solving the incongruities, organisation need high recognition of ideas so that they can take more market opportunities(Clark and Ramachandran, 2019). 5
Figure1Searching for innovative opportunities? These 7 sources will boost your creativity, 2019Industry Structure –This innovative source provides the high level of opportunity to see the market innovativeness by which the entrepreneur can proceed the upcoming business growth.As per this scenario of theVirgin money, entrepreneur is utilising the “World Wide Web” to investigate the different information through Google Brower. This can helpful for the cater market & also grab the market opportunities that can be helpful for the development of the organisation(Di Muro and Turner, 2018).Necessity –This source of innovation can useful for the business and help to set the thinking of the entrepreneur in deep manner. This source mainly concerned on consider those opportunities that maintain high success at the marketplace.Virgin money provide financial services nationally and internationally so it is essential for the organisation to 6
take care about the requirement of the customers in an innovative and new way. Researcher can gather the ideas and conduct market research so that it will make easily for the entrepreneur to full fill all the requirements of the customers.Demographics –This innovation source totally dependent on the customers and focus on the lifestyle & need of the customers.Virgin money constantly working to satisfy the requirements of the customers and also find new opportunities to grow their business operation on other areas. This is considered as the best source of innovation because that can help the entrepreneur to provide self-satisfaction and motivation(Ezeahurukwe and Ameh, 2018).Changing Perception–Thissource totallydependsupon theperceptionof the customers and it is main responsibility for the entrepreneur to identify the changing perception of the customers so thatVirgin money can gain more profit advantages. The changing perception of the customers can help the entrepreneur to address the mind-set of the customers so that entrepreneur can easily create the healthy relation with their customers and clients. New Knowledge –This source of knowledge mainly used by those organisations that are in favour to introduce new ideas and innovation. New knowledge considers as the ongoing method in which human skills and new ideas are used for the new areas & dimensions. Entrepreneur ofVirgin money putting new ideas and also work for the new skills and knowledge which are required for the implementation of new idea. The required skills and knowledge help to easy access to emerging the new ideas. TASK 2 P2 Explain rationale and market gap for a specific entrepreneurial idea using relevant tools and techniques. Entrepreneur consider an effective idea so that they can easily recognise the potential customers and also full fill the market gap with the help of various tools & techniques. As per the entrepreneur of Virgin money, some specific requirements and demand of the customers can easily full fill through the offers of the organisation(Gianesini, et. al., 2018). 7
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Identifying Customers In order to identify the requirements of the entrepreneurs, organisation mainly consider the new ideas that can help to launch the new ideas so thatVirgin money can serve the various services to their customers. It is necessary to identify the potential customers and then apply the new idea which can help to create the value on the mind of the customers(Katz and Green, 2018).Entrepreneur continuously try to highlight the idea so that they can effectively gain the attention of the customers and then those customers are interested in their services then they can easily add them in the list of their potential customers. With the help of market research, organisation can identify the preference of their customers. Through survey, entrepreneur can analyse the customers’ requirements and used that data to frame the research methodology so that it will make easily for the organisation to enhance new opportunities at market place. By utilising the clear picture of the market, it is important to understand the age, occupation and propriety of the customers. Market Segmentation Market segmentation is a most useful concept that is mainly used by the each and every organisation in order to target the audience. Under this concept, the audience is divided into many segments as per their requirements and characteristics. With the help of marketing segment,thewholepopulationdividedintomanysub-groupsandcustomersaremainly distributed as per market strategies that are mainly applied by the entrepreneur to attract the customers(Korpysa, 2020).Market segmentations is useful for the organisation to gain the customer interest & address the needs of marketing strategies that are implemented at the marketplace in order to meet the organisational objectives. There are many types of segmentation which are discussed below- Demographic Segmentation –This market segmentation is based on the demographic region that include the religion, culture, age, gender, income.Virgin money is a huge financial service provider organisation that mainly divided their market as per the demographical segmentation and prepare the market strategy according to this. This is also coming under the most useful method that can help to provide products and services to the different characteristic people(Lee and Lee, 2017). 8
Geographic Segmentation –This type of segmentation mainly divided on the basis of regional territory. This segmentation is also considered by theVirgin money so that organisation easily expands their business from one location to another. In context of Virgin money, the main attention of the organisation to expand their business in the various location and make more profit. Organisation can use this segmentation to spread and provide the products and services various customers so that organisation can take long term advantage(Maroufkhani, Wagner and Ismail, 2018). Behavioural Segmentation– This market segmentation helps to analyses the behaviour and perception of the customers so that organisation can get the loyalty of the customers. This factor mainly used by theVirgin money so that organisation can analyse the requirement of the customers and also know the point of view about the organisation products and services that are provided by the Virgin money. This segmentation is very helpful to create the brand loyalty and image and also improve the market share of the organisation. Product & Services The description of products and services as per theVirgin money are as follows-Tangible products– These products come under those products which everyone can see and these are also known as physical products and consider some physical existence. Virgin money provide various products that are tangible by nature. These products are offered by the organisation to make more profit and create the effective brand image. Intangible products –This type of products are intangible by nature and these products provide indirect impact on the products and services. These products include, price, promotion, advertisement, marketing campaign activities. As per theVirgin money, there are various services provided by the organisation which considered as intangible products of the organisation(Marques, et. al., 2018). Industry Environment Industry environment influence the social, economic & political external market situation. With the help of Porter's five forces model,Virgin money can easily analyse the industry environment of the organisation. As per the market research, organisation can easily understand the need of appropriate skills which can be use in the implementation of new ideas and innovation as per the 9
industry environment. Industry environment provide direct impact on the business cycle of the organisation(O’Connor, et. al., 2018). Porter's five forces model This model is useful to analyse the potential & appropriate forces that faced by the organisation within industry. As per the market condition, entrepreneur can analyse the condition of the market and evaluate its competitiveness and effectiveness. The explanation of this model in context ofVirgin money are given below-Threats of new entrants-This is considered the most appropriate steps of this model that can help to understand the treat of new business for the organisation. Industry consist some specific technologies & infrastructure in order to generate more profit as compared to their competitors.In the context ofVirgin money,they are considering the free market entry in their industry and contain that there is not as much any type of investment required.Organisation is dealing banking and financial services so that there is high risk of failure and it also consider the least entry barrier(Parhizgar and Keshavarz, 2018).Threats of substitutes –There is moderate force of threat of substitute because every organisation provide various types of products and services to attract the customers and in context of this industry, if any customers trust in their band and become their loyal customer so there is less chance to switch their brand easily.Bargaining power of buyers– The force of bargaining power of buyer is moderate because this organisation comes under the service industry so that there is less probability to bargain. To increase the potential customers,Virgin money provide many offers and discounts so that people can easily have attracted and become their potential and loyal customers. There is less possibility to switch to the other company products and services.Bargaining power of Supplier –The force of bargaining power of suppliers is low and this organisation totally based on the investment and financial and provide loan and insurance to the people of the domestic and foreign countries people. Bargaining power of suppliers totally depend upon the number of suppliers in the market(Puni, Anlesinya and Korsorku, 2018). Competitive Rivalry –The force of competitive rivals is high in term ofVirgin money. It is essential for the organisation to pay more attention to their competitor and also concerned each and every activity so that Virgin money can easily analyse their 10
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movements and strategies so that it will make easily for the organisation to prepare strategy and take more competitive advantage. Organisation need to analyse the risk that mainly occur from their rivals and also work according to this(Shepherd and Patzelt, 2018). TASK 3 P3 Present data required to support gap analysis in evaluation of a particular entrepreneurial idea. In order to analyse the need of the analyse, it is important to understand perception of group of people. To get more success, it is essential for the organisation to conduct the market research and gather the data and specific information that can help in the development of the organisation. With the help of research and analysis, it makes easily to understand the syntactical view of the concept. Entrepreneurs can task help to the researcher to conduct the research task and identify the latest trends and requirements and point of view of the customers related to the products and services of the organisation. Virgin money is looking forward to conduct research in the market and analyse the preference of the customers. There are various steps involved for the completion of the research successfully which are given below- Type of Research Research are essential to identify the new facts and figures which can help to measure the current position and scenario of the organisation at the marketplace. There are two types of research used to make research task success. Primary research and secondary research are two kind of research that can help the researcher to conduct the study in an appropriate manner. with the help of primary and secondary research, research can collect relevant and appropriate data for the study. The description of primary and secondary research is given below- Primary Research– This is considered the most useful and appropriate type of research that can help to collect first hand data and it is also known as original research that directly collected by the target population. Primary data can be collected directed with the help of questionnaire and survey. Research can get the clear point of view of the respondents and use in their study. The main advantage of this type of research is that it can provide the valid information and data to the researcher. For this study the sample size is selected is 15. Secondary Research–This type of research also known as second handed research that can already analysed and interoperate by the another person. The main motive of this type of 11
research is to understand the whole concept of the research topic in an appropriate manner. This research helps to provide the in-depth knowledge and understanding about the research topic. This research considers the point of view, observation and perception of the targeted population. Questionnaire Name - Age - Address - Q1) Is products and services of Virgin money is known to you? Yes No Q2) Are you familiar about financial services that provided by Virgin money? Yes No Q3) Are you satisfied with products and services of this organisation? Yes No Q4) Did you experience any kind of problem while using their products and services? Yes No Q5) Are you interested in the online marketing of this organisation products and services? Yes No P4 Interpretation of data to provide evidence of market potential. The interpretation of the data analysis helps to provide the effective market research and also useful to maintain the market scenario. As per the research, the data that is collected by the researcher are given below- Q1) Is products and services of Virgin moneyFrequencies 12
is known to you? Yes11 No4 Interpretation –It is analysed from this research survey that all the products and services of Virgin money is known well known by the people. Out of 15 respondents, overall 11 employees responded that they are aware about the product and services of this organisation. Only 4 employees responded that they do not know that products and services of this organisation and they are not even heard about this. Q2) Are you familiar about financial services that provided by Virgin money? Frequencies A) Yes12 B) No3 13
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Interpretation –From the investigation of this study, it can be said that most of the people are familiar about financial services that provided by Virgin money. Over all 12 respondents responded out of 15 employees that they all are very familiar with the banking and financial services of this organisation and they are also happy to become the part of this. Only 3 respondents responded that they are even know about the services of this organisation. Q3)Areyousatisfiedwithproductsand services of this organisation? Frequencies 14
A) Yes10 B) No5 Interpretation –It is analysed from this research that out of 15 respondents only 10 respondents respondedthattheyaresatisfiedwithproductsandservicesofthisorganisationand5 respondents responded that they are not satisfied with the services of this organisation. Q4) Did you experience any kind of problem while using their products and services? Frequencies A) Yes9 B) No6 15
Interpretation –From the above research it can be investigated that overall 15 people, 9 respondents responded that they do not experience any kind of issue while using the products and service of this organisation. Only 6 people responded that they are facing some issues related to the products and services of Virgin money. Q5) Are you interested in the online marketing of this organisation products and services? Frequencies A) Yes13 B) No2 16
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Interpretation –With the help of this survey it is analysed most of the people are interested in the online marketing of this organisation products and services. As per this research overall 13 respondentsrespondedthattheyareinterestedfortheonlinemarketingservicesofthis organisation and only 2 respondents responded that do not have any idea about this. TASK 4 P5 SWOT framework to collate an objective assessment of a particular entrepreneurial idea. Every organisation need to understand the strengths and weaknesses so that it makes easy for the organisation to deal with the adverse competitive circumstances. Every entrepreneur need to understand the requirement of the business and address modification according to the demand of the current scenario(Srivastava and Misra, 2018).To know the strength and weakness of the organisation it is very prominent to conduct the SWOT analysis which can help to know the plus point and minus point of the organisation and also useful to consider that in which area organisation want to do some change and how to get good opportunities and how to overcome threats. The discussion of SWOT analysis ofVirgin money is discussed below- StrengthsWeakness This organisation is very highly capable & efficient that can explore into the The presence of this organisation is not more in many foreign countries that is 17
another banking divisions such as priority banking. This organisation offer many range if financial products & services so that they can easily connect with lots of customers every year. Virgin money also consider as a under a popular conglomerate. This organisation mainly supervised by the prudential regulation authority. Virgin money offered various services related to the finance, mortgages & banking. also a big weakness of this organisation. It is very difficult for this organisation to raise capital in an adverse situation. OpportunitiesThreats This organisation can acquire strategic alliances with another giant to improve the level of banking business. There is a massive opportunity for this organisation to expand their business in Asia,Europe(TurnerandGianiodis, 2018) . Thereisalsoabigopportunityfor Virgin money to launch the IPO & raise the capital for the obtain the business goals. This is also considered the big threat fortheorganisationtoconduct unsuccessful international operations in Australia. The presence of giants such as HSBC, Barclays can lead the cannibalization of the profit. 18
P6 Evaluation of competitive and market environments in which idea will be launched to assess potential viability. It is essential to measure and evaluate the market environment which can help to gain more profit advantage as compared to their organisation. Organisation need to focus on each and every activities so that it make possible to the organisation to focus on the latest trends and changes of the market structure as per the requirement of the customers. Market environment can be analysed and evaluated by the micro & macro environmental factors that are mainly formed by the because of competitor. The main purpose to analyse the market structure to identify and analyse the requirement of the facts as per the current market situation. With the help of PESTLE analysis, Virgin money can easily measure and evaluate the market structure of the organisation which are given below-Political Factors –This factors include the various factors like government policies, political stabilities, trade regulations, fiscal policies and taxation. Virgin money providing the financial services to the people and also operating business in various locations so that it is essential for the organisation follow all the government policies and maintain good business relation with the other countries(Zheng and Musteen, 2018).Economic Factors –This factor include economic growth of the country , recession, trade restriction, minimum wages. This factors directly provide the impact on the developmentandprofitoftheorganisation.Sometimevirginalsofacedvarious economical challenges that can affect the functions of the organisation. It is essential for the organisation to take care of the FDI and maintain the monitory factors.Social Factors -This factor consider the cross cultural activities, behaviour of the customers, buying habits of the customers, culture and other social factors that directly influence the pe4rformance of the organisation. Virgin Money need to explore the the various business operations as per the demographic and analyse the preference of the population and also provide various offers for the convenience of the people.Technological Factors –This factors involved the technology modification and adopt the latest technologies. Virgin money need to consider all the technological advancement to increase their marketing at the marketplace. With the help of technology, organsiation 19
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can target the large number of customers and provide the high quality services so that they can easily access and take the advantage from that organisation.Environmental Factors –This factor contain the climate and environmental changes. Virgin money need to focus on the green environment and also promote the positive consideration for the climate change so that organisation can create the positive impact on the mind of the customers and clients(Zhu and Lin, 2019). Legal Factors -These factors involved the legal consideration, policies, laws and influence of government on the operations of the organisation. Virgin organisation always take care about the government policies and laws so that it can help to easy access of the organisation operations. CONCLUSION From above report it has been concluded that entrepreneurial opportunities are considered to be an essential element for carrying entrepreneurial activities effectively in order to earn profitability and revenues. It has been analysed that in order to carry effective business practices smoothly it is important to identify and determine various marketing opportunities so that they could be grabbed and needs and requirements of customers could be fulfilled. This report carries a brief explanation about entrepreneurial ideas. There is a rationale of market gap and use of various tools and techniques are explained. There is support gap evaluation which is required by company to carry their business practices. This report identifies interpretation of data provided to have a evidence of market potential for grabbing opportunities. This report identifies a SWOT framework in collatingobjectiveassessmentof business idea.There isan evaluationof competitive market environment by which ideas will be launched in order to assess potential viability of customers in order to generate profitability for businesses. 20
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Shepherd, D.A. and Patzelt, H., 2018.Entrepreneurial cognition: Exploring the mindset of entrepreneurs. Springer Nature. Srivastava, S. and Misra, R., 2017. Exploring antecedents of entrepreneurial intentions of young women in India.Journal of Entrepreneurship in Emerging Economies. Turner, T. and Gianiodis, P., 2018. Entrepreneurship unleashed: Understanding entrepreneurial education outside of the business school.Journal of Small Business Management,56(1), pp.131-149. Zheng, C. and Musteen, M., 2018. The impact of remittanceson opportunity-based and necessity-based entrepreneurial activities.Academy of Entrepreneurship Journal,24(3), pp.1-13. Zhu, Z. and Lin, S.F., 2019. Understanding entrepreneurial perceptions in the pursuit of emerging e-business opportunities: The dimensions and drivers.Computers in Human Behavior,95, pp.252-261. 23