Identifying Entrepreneurial Opportunities

This report discusses the process of identifying entrepreneurial opportunities and bringing innovative ideas to the market. It explores the use of tools and techniques to support entrepreneurial choices, such as the STEEP model and Drucker's 7 sources of innovation. The report also includes a market research questionnaire and a SWOT analysis.

Identifying Entrepreneurial Opportunities

TABLE OF CONTENT
INTRODUCTION......................................................................................................................3
P1 Conclude and assess diverse source of entrepreneurial facts and improvement with
specific examples....................................................................................................................3
TASK 2......................................................................................................................................5
P2 Elucidate the justification and the market gap for a precise entrepreneurial idea by
means of relevant tools and techniques to support your choice.............................................5
TASK 3......................................................................................................................................6
P3 Define data essential to support gap test the assessment of a exact entrepreneurial idea.
................................................................................................................................................6
P4 Interpret the data properly by offering evidence of market potential...............................7
TASK 4....................................................................................................................................12
P5 Apply a SWOT structure to collect evidence to hold up an objective appraisal of a
precise entrepreneurial idea..................................................................................................12
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability.......................................................................................................13
CONCLUSION........................................................................................................................14
REFERENCES.........................................................................................................................15
Books and Journals...............................................................................................................15

INTRODUCTION
An entrepreneurial prospect is considered as the procedure where business firm sold their
products and services at relatively higher price. In addition to this, the budding enterprise
wants to grab more opportunities for conversion of the business plan into realism. This report
discuss about Virgin money. In addition to this, they offer finance to the new start-up that
assists them in executing their plan into realism. In the assignment, there is various cause of
modernism and entrepreneurial idea is given with example. Apart from this, SWOT analysis
is used to measure the internal feature which enforces express influences on performance of s
firm. In addition to this, Porter five force models are adopted for gaining rival benefit at
marketplace. In assistance of this, it discuss about different ways to defeat from risk that is
linked to innovative facts.
TASK 1
P1 Conclude and assess diverse source of entrepreneurial facts and improvement with
specific examples.
The newly start-up enterprise wants to grab opportunities for executing innovative
ideas for gaining more and more revenue. In present scenario, it is necessary for firm to
propose innovative goods as well as services for achieving competitive repayment at
workplace. Apart from this, the government of UK offer wide variety of opportunities to
budding enterprise for achieving vision and mission at workplace. They desire to attain a
foremost position within marketplace (Dheer, 2017). Thus, Virgin Money offer fund to newly
started firm that helps them in convert the business plan into reality. The budding enterprise
uses the fund in an effective manner for achieving success within marketplace. In order to
identifying opportunities, STEEP model as well as Drucker’s 7 sources of innovation which
is adopted that is discussed beneath:
Social: Social factor are those which offer opportunities to newly started enterprise
for bring innovative goods as well as services for enhancing the standard of living of
individual person of society. The entrepreneur brings new idea of Biodegradable packaging
which reduces the use of polythene packaging. This idea helps the new enterprise for
influencing the buyer for boosting sales as well as profitability level at workplace (Xie and
Lv, 2016).

.
Technology: Technology is important to achieve leading position for the achievement
of every business organisation. It is important for newly started firm to carry out advanced
technology for manufacturing new products as well as services at marketplace. In current
situation, due to change in customer taste, preference and lifestyle, it is essential for new
enterprise to implement superior technology for contribution innovative goods and services to
its customer. It aid assistance in boosting future sales and profitability level.
Economical: The economic factors are those which include unemployment rate,
inflation and deflation rate and many more . These factors directly affect the business
operations and innovative idea at workplace. For instance, Due to increase in exchange rate
results in boosting the price of importing goods thus it reduces the sales as well as
profitability level at marketplace (Hjalager and Kwiatkowski, 2018). On the other hand, if
entrepreneur provide effective products as well as services to its purchaser at less cost, it
helps them in achieving a leading position in the market.
Environmental: The budding enterprise brings innovative idea within marketplace. It
is necessary to provide those products and services which are best fit to society. It is vital to
offer eco-friendly products in order to protect the environment. Therefore, the enterprise
brings new idea of Biodegradable packaging for achieving most important put at
marketplace. Apart from this, the idea of developing Biodegradable packaging is accepted in
the market because it does not harm the business environment.
Political: These factors include taxation structure, government policies and so on.
The political situation of UK is constant so that it enforces optimistic contact on the
performance of firm. The stable political situation does not enforce the company to change
its policies and procedure. Therefore, it affects the performance of business firm in positive
manner.
Drucker 7 Sources of innovation
Peter F. Drucker is well-known for creator of modern management. He published the
book “Innovation and Entrepreneurship” in which he said, how systematic innovation is
necessary for achieving leading position at marketplace. There are seven kind of innovation
that is discussed beneath::

The Unexpected: The enterprise is sphere is occupied of uncertainties that inspire the
business firm to bring innovation at marketplace. In addition to this, the uncertain situations
provide opportunities to bring changes in the market.
Incongruities: The newly started firm make research for assessing the taste as well as
preference of customer. But sometime, the customer need is different form the expectation of
business firm. Thus, it downward the sales and profit at marketplace, But, it inspires the
entrepreneur to bring new source of ideas at workplace.
Process Need: It is essential for the business firm to examine the weak point for
assess the method that can be used for improvement. Therefore, the team member brings the
innovative solution at marketplace (Long and Dong, 2017).
Industry and Market structure change: It is essential for new start-up to implement
latest technology for bring innovation at marketplace. In addition to this, the enterprise treats
these changes as an opportunity not like a threat at workplace.
Demographics: Due to change in demographical factor such as age, gender,
employment as well as education forces the business firm to bring innovation at marketplace.
Change in perception: Due to change in perception of customer, it is vital for
enterprise to provide new goods and services for its consumer for fulfilling them. New
Knowledge: Technological as well as scientific management is used by business firm as a
source of innovation. It is compulsory to have knowledge of customer needs in order to bring
innovative ideas within marketplace.
Therefore, these sources of innovation inspired the recently on the go firm to bring
innovative ideas for achieving leading position in the market.
TASK 2
P2 Elucidate the justification and the market gap for a precise entrepreneurial idea by
means of relevant tools and techniques to support your choice.
Explanation of the Business idea
It is necessary for entrepreneur to analyse the market situation in order to implement
innovative ideas at marketplace. In assistance of this, it is necessary to assess the requirement
of its user for bring the new ideas in an effective manner. Therefore, the newly start-up firm

bring the innovative ideas of Biodegradable packaging that does not harm the environment
and decreasing the cost for firm. Apart from this, it is important for industrialist to measure
the concept of marketing and gap analysis that is mentioned below:
Determination of opportunities: The budding enterprise wants to grip opportunities
for implementing innovative facts in the marketplace. The idea of Biodegradable packaging
helps them in increasing sales and profit (Miocevic and Morgan, 2018).
Technological Opportunities: Through the make use of of newest technology, the
entrepreneur brings innovative idea of Biodegradable packaging as per the need and wants of
consumer. It assists them in increasing upcoming success and expansion within marketplace.
STP Model
The entrepreneur adopt STP model for segmentation, targeting and positioning of
products within marketplace. This model is adopted for manufacturing biodegradable
packaging in order to achieve leading position within marketplace.
Segmentation: There are various factors which include age, gender, education and
many more for introducing new products at workplace. The customer is segmented according
to the different geographical factor such as city, state as well as country.
Targeting: It is essential for enterprise to examine the market trends for
implementing innovative plan. Apart from this, the entrepreneur targets the client for
boosting sales as well as profit.
Positioning: Herein, the enterprise emphasised on maintaining affirmative image
front of customer. It helps in increasing the trust of user in future time period.
TASK 3
P3 Define data essential to support gap test the assessment of a exact entrepreneurial idea.
A market research is described as a procedure of gathering, examining as well as
interpreting the data and information in respect of product market of business
firm(Mrożewski and Kratzer, 2017).In the current context of John packaging, the business
firm conduct survey for increasing the awareness of individual person towards Biodegradable
packaging.

Questionnaire
Name:
Gender:
Age:
Address:
Q1 Explain what biodegradable packaging is?
Yes
No
Q2 What is the time duration of biodegradable packaging?
Long term
Short term
Q3 Will you select biodegradable packaging in excess of plastic packaging?
Yes
No
Q4 How can the price of biodegradable packaging be decreased?
By selectingeconomical raw material
By making alterations in the procedures
Q5 Can biodegradablepackaging assists John packaging to gain profit as well as money?
Yes
No
P4 Interpret the data properly by offering evidence of market potential.
Q1 Explain what biodegradable packaging is? Frequency
Yes 15
No 5
Q2 What is the time duration of biodegradable packaging? Frequency
Long term 13
Short term 7
Q3 Will you select biodegradable packaging in excess of plastic packaging? Frequency

Yes 16
No 4
Q4 How can the price of biodegradable packaging be decreased? Frequency
By selecting economical raw material 12
By making alterations in the procedures 8
Q5 Can biodegradable packaging assists John packaging to gain profit as well
as money?
Frequency
Yes 13
No 7
Q1 Explain what biodegradable packaging is? Frequency
Yes 15
No 5
15
5
Frequency
Yes
No

Interpretation: Biodegradable packaging is adopted for wrapping of products that protect
the environment. The uses of Biopolymer for the manufacturing of this kind of packaging as
well as these are the particles which exist in living organism like cellulose and protein. These
can be consumer in safe manner as well as ruined quickly. On the basis of above pie chart, it
has been examined that from 20 respondents, there are 15 persons who understand the idea of
Biodegradable packaging. On the other hand, 5 persons do not understand the concept of
Biodegradable packaging and its advantages.
Q2 What is the time duration of biodegradable packaging? Frequency
Long term 13
Short term 7
13
7
Frequency
Long term
Short term
Interpretation: On the basis of above mentioned diagram, it has been analysed that out of 20
respondents, there are 13 persons believe that biodegradable packaging has long term
duration as well as 7 persons believe that there is a short term duration of this kind of
packaging.
Q3 Will you select biodegradable packaging in excess of plastic packaging? Frequency
Yes 16

No 4
16
4
Frequency
Yes
No
Interpretation: It has been examined form the above given pie chart, the person select the
biodegradable packaging rather than plastic packing. More than 75% persons prefer the
biodegradable packaging.
Q4 How can the price of biodegradable packaging be decreased? Frequency
By selecting economical raw material 12
By making alterations in the procedures 8

12
8
Frequency
By selecting economical
raw material
By making alterations in
the procedures
Interpretation: From the above mentioned diagram, it has been analysed that, there are
different method adopted for decreasing the cost of Biodegradable packaging. Out of 20
respondents, there are 12 persons who believe the price of Biodegradable packaging can be
decreased by choosing economical raw material. Whereas, 8 respondents believes that by
alteration in the procedure will minimize the cost.
Q5 Can biodegradable packaging assists John packaging to gain profit as well
as money?
Frequency
Yes 13
No 7
13
7
Frequency
Yes
No

Interpretation: It has been examined that out of 20 respondents, there are 13 persons who
believes that new idea will assists them in boosting sales as well as profitability level.
TASK 4
P5 Apply a SWOT structure to collect evidence to hold up an objective appraisal of a precise
entrepreneurial idea.
SWOT Analysis
The entrepreneur adopts the SWOT Analysis for analysing strength; opportunities,
weaknesses and threat that enforce both positive and negative influences on organisation
provide Biodegradable packaging to companies. The SWOT analysis is mentioned beneath:
Strength: Before executing new ideas, an entrepreneur identifies the need as well as
requirement of buyer for satisfying them. In addition to this, the company offer those goods
to its user which does not harm the society (Nieto and González-Álvarez, 2016). They
reduce the use of polythene packaging that helps in boosting the sales and profitability level.
The entrepreneur possess patent right that eliminate the authorizing charges and increasing
sales.
Weakness: In addition to strength, there are various weaknesses arise when taking
entrance with new ideas in the marketplace. It is necessary for entrepreneur to assess the
weak points that results in failure of innovative products and services in the market. Thus, the
R & D make effective research in order to identify the opinion towards Biodegradable
packaging in the market. It increases the cost for entrepreneur and downward profitability
level. This is the main cause of failure of goods as well as services can be determined as a
major threat for organisation.
Opportunities: Due to accelerating the acceptance level of Biodegradable packaging,
it assists the enterprise in accomplishing a foremost position within market. It assists them in
enhancing goodwill of business firm in the market(Nijssen, 2017).

Threat: The big organisation possess own patent right for manufacturing of
Biodegradable packaging that eliminate the cost. Therefore, it is not possible for the budding
companies to possess own patent thus it downwards the sales.
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability
Porter’s analysis
The porter five force model is given by Michael Porter in 1979 in order to assess the
competition level at marketplace. For executing innovative ideas of producing Biodegradable
packaging boosting the sales and profit which is mentioned below:
Threat of New entrants: The threat of new entrants imposes adverse force on the
presentation of firm. The level of competition is increased day by day thus it affects
productivity of firm in adverse manner (Sedkaoui, 2018). For the production of
Biodegradable packaging, the budding enterprise needs finance in order to implement their
innovative idea in better way. Therefore, the business firm produce large quantity of product
and offer discount to the enterprise that aid assistance in sustaining helps them marketplace
for longer time period.
Threat of Substitutes: There is wide variety of substitute products available at
market. Thus, the industrialist bring unique business plan at relatively less for gaining
competitive benefits in the market.
Bargaining power of supplier: Herein, the Bargaining power of supplier is quite
low. There are ample of supplier offer the material like minerals at relatively less price at
marketplace. Therefore, the buyer has a choice to purchase the raw material at comparatively
less price.
Bargaining power of Buyer:The bargaining power of buyer is quite high.The
consumer purchases the product and services at low cost. Therefore, there are ample of
business firm who offer innovative products according to their need and wants. Therefore, the
entrepreneur can attract the large number of buyer by providing those good and services at
low cost (Srivastava and Misra, 2017).
Competitive Rivalry: There are ample of competitive firm offer inventive products
as well as services to its user. But there is less number of competitors of Biodegradable

packaging at workplace. Therefore, the entrepreneur grabs the opportunity to achieve a
leading position in the market.
Different ways to overcome from the risk of competition
 An entrepreneur can offer inimitable and new goods to its user that helps in
eliminating the risk at marketplace.
 With the use of promotional technique, the firm can attract the large number of buyer
that assists in increasing revenue as well as turnover.(Thursby and Berbari, 2016)
CONCLUSION
From the above discussion, it has been analysed that industrialist make effective
research for analysing the customer need and wants in order to implement new ideas at
marketplace. In assistance of this, STEEP model is used to measure the external
environmental thing that imposes straight force on the innovative idea of firm. Beside from
this, Porter five force models are adopted to accomplish rival position at marketplace.

REFERENCES
Books and Journals
Dheer, R.J., 2017. Cross-national differences in entrepreneurial activity: role of culture and
institutional factors. Small Business Economics. 48(4).pp.813-842.
Hjalager, A.M. and Kwiatkowski, G., 2018. Entrepreneurial implications, prospects and
dilemmas in rural festivals. Journal of Rural Studies.63.pp.217-228.
Long, D. and Dong, N., 2017.The effect of experience and innovativeness of entrepreneurial
opportunities on the new venture emergence in China. Journal of Entrepreneurship in
Emerging Economies.
Miocevic, D. and Morgan, R.E., 2018. Operational capabilities and entrepreneurial
opportunities in emerging market firms. International Marketing Review.
Mrożewski, M. and Kratzer, J., 2017. Entrepreneurship and country-level innovation:
Investigating the role of entrepreneurial opportunities. The Journal of Technology
Transfer.42(5).pp.1125-1142.
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.
Nijssen, E.J., 2017. Entrepreneurial marketing: an effectual approach. Taylor & Francis.
Sedkaoui, S., 2018. How data analytics is changing entrepreneurial
opportunities?. International Journal of Innovation Science.
Srivastava, S. and Misra, R., 2017.Exploring antecedents of entrepreneurial intentions of
young women in India. Journal of Entrepreneurship in Emerging Economies.
Thursby, M.C. and Berbari, M., 2016. Identifying and Evaluating Market Opportunities',
Technological Innovation: Generating Economic Results (Advances in the Study of
Entrepreneurship, Innovation and Economic Growth, Volume 26) (pp. 33-58). Emerald
Group Publishing Limited.
Xie, X. and Lv, J., 2016. Social networks of female tech-entrepreneurs and new venture
performance: the moderating effects of entrepreneurial alertness and gender
discrimination. International entrepreneurship and management journal. 12(4).pp.963-983.