Unit 27: Identifying Entrepreneurial Opportunities

Added on - 11 Nov 2020

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UNIT 27 – IDENTIFYING ENTREPRENEURIALOPPORTUNITIES
TABLE OF CONTENTSINTRODUCTION..........................................................................................................................1MAIN BODY..................................................................................................................................11. Background information about sources............................................................................12. Introduction to Business Idea and information about potential and target customers......23. Competitive analysis of business through use of porter's five forces model.....................24) Gap analysis for the business idea.....................................................................................45. Market research for Fashion Drivers to identify the market potential..............................66. Viability and feasibility of business Idea and Its strength and weakness..........................97. Ways to overcome risk and potential opportunities and growth for business in Future12CONCLUSION.............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONEntrepreneursin order to be profitable are required to identify various opportunitieswhich will helps in setting up their own business.This assignment is based on the business planof clothing store which will provide cloths for men, women and kids. This study will includebackground information aboutthe sources which motivated to set up an own business.Moreover,it will provide understanding about the business idea and the target audience for organisation.Also, this assignment will provide withcompetitoranalysis for business. Furthermore, it willprovide understanding about the objectives of business idea and implementation of gap analysisto reduce the Gap. It will also contain information regarding opportunities for growth anddevelopment in the future.MAIN BODY1. Background information about sourcesThe reasons which motivated for opening up ownbusinessare the industry in which the firmwill operate as enterprise will operate in fashion industry which is most profitable venture and isgrowing tremendously. Moreover, the factors which motivated for setting up own companyincludes interest and hobbies in fashion industry. Furthermore, starting own organisationprovidemore income rather than involved in job. Also, opening up a new business is a dream. Otherfactors which motivated for opening up a new business are as follows:Brainstorming and dreams :Brainstorming is a method of problem solving and it issource of motivation which motivated for this business idea as company focus onoffering solutions to the problems facing the customers. Dreams are other reason whichare the source of developing business ideas. This source may be sometime is not adoptedas business idea as many organisations does not develop ideas for solving customerproblems.Interest and hobbies:Another motivating factor which supported for opening up ownventure is interest and hobbies associated fashion apparels. Choosing a field which theindividual have more interest is more beneficial for them rather than choosing a field ofnon- interest. This a business of in which the person is interested and thus it is the thingwhich motivated to start up own venture.1
Demands of people:The demands of people for the fashion industry is increasing dayby day and thus it is more beneficial business than any other.Personal growth :Operating own business helps in increasing knowledge and skills ofperson which is also a motivating factor for any person that have a desire to open up itsown business.But on the contrary this source may be not so effective as this businessidea may reduce the moral of entrepreneur while the business is in tough situations.Motivated through advertising agency:The advertising agency has provided variousinformation about the trends exiting in this industry and increasing profitability of fashionindustry which has encouraged to start own business in this industry.By readingmagazine etc. Advertises through which business ideas are emerged.Trade fairs and exhibition :It is the another and most effective source of developingbusiness idea. They are usually advertised on internet, radio etc. and by attending thoseevents on regular basis help in developing new business ideas.But the one source which motivate for this business idea is interest and hobbies and thedemand of people which is increasing for this business. Thus, this business ideas of opening afashion store will be beneficial for entrepreneurs. With the help of this source the entrepreneur isbale to develop this idea which will be profitable in the future.2. Introduction to Business Idea and information about potential and target customersThe business idea is about opening of Apparel store as the fashion industry is growingtremendously. The name of the business will be “Fashion Drivers”. The store will provideclothing for women, men and kids. The uniqueness of this clothing store will be that it will alsoprovide customized clothing to its customers on their demand. The business will be located in thecentral area of London, UK. Fashion Drivers will focus more on quality to retain the customersfor long term in business.This business will be involved in the fashion industry and the reason behind opening thisbusiness is that this industry is capable of providing higher profits which will be beneficial forthe entrepreneur. The size of the business will be small as it is the initial stage and due to riskpossibility for business. The store will mainly focus on the people of London and will providethem with the best quality and design of clothes which are not present in the market. Moreover,the focus of the store will to attract more customers towards the store by using various marketingstrategies.2
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