Identifying Entrepreneurial Opportunities

Unit 27 : Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Sources of innovative entrepreneurial ideas.....................................................................3
TASK 2............................................................................................................................................5
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques. 5
TASK 3............................................................................................................................................8
Covered in PPT ......................................................................................................................8
TASK 4 ...........................................................................................................................................8
P5. SWOT Analysis to assess the entrepreneurial idea..........................................................8
P6. Evaluation of competitive and market environment to assess potential viabilities..........9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
An individual who seeks to take the necessary risks and perform certain types of
business activities inclusive of products and services that are totally desirable by the market. Te
opportunities of entrepreneurship are the determined ideologies and innovations that creates a
connecting bond between the individual and commercial market (Siegel and Renko,2012). The
report paper here is prepared on the dimensions of a new hotel. This hotel is about to launch in
upcoming period of time, the name is decided as West Inn and it will be established in London,
England. Its main objective will be to provide the unique and special services to its customer, to
capture the effective proportion of accommodation oriented market positively. The star service
of this venture would be possible customisation in case of one month prior to actual
consumption.
The project on this subject will consist the major principles of entrepreneurial ideas, the
evaluation of market gap and findings for the whole idea will be discussed. Along with that
essential informations will be provide to overcome the barriers of market gap. The other element
of this report will be of internal analysis of its strengths, weaknesses, objectives and threats. That
will take place by evaluating the conditions through SWOT model. The environment within the
respective region has a heavy influence of its current competitor. Thus all these measures will
give an idea to respective entrepreneur to formulate a effective plan of action for attainment of its
desired goals and objectives. This would help the said organisation to gain more profitability the
business would prove as successful.
TASK 1
P1. Sources of innovative entrepreneurial ideas
The major aspect within the growth and development of a nation are its businesses, which
are operating their business domestically as well as internationally. The corporations of a
country directly plays the role of essential element in its growth by contributing in its
infrastructure and boosting its rates of income and GDP (Kohlbacher, Herstatt and Levsen,
2015). It promotes a culture of industrialisation in the respective nation. Thus it became
necessaries for the new entrepreneurs to understand the need and demand of market and
introduce their own offering in to the market. This will provide an effective alternative to the
co0nsumers as well as it will also support the economy of nation. With all such importances of
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entrepreneurship in the country it is significantly essential to determine the sources of
entrepreneurship ideas. These ideas are the foundation of any entrepreneurial business. Thus for
the responsible authorities in the nation it became quite helpful to influence young and potential
candidate for the generation of entrepreneurial ideas and promote their process and overall
functions for the betterment of individual, society, and country.
The ideas for the creative and innovative approach to be understand by the potential individual
are determined by seven sources of famous management consultant Peter F Drucker which are as
follows :
The Unexpected: The source is considered as the unexpected and the innovative
approach of that unexpected idea is justified as the uneventful placement of any activity (Tang,
Kacmar and Busenitz, 2012). The outcome from these activities are generally more effective and
helpful in terms of evolution as the demand and need of an existing market helps new individual
to perform the experiments with new innovation, that can give a permanent solution to the
consumers and establish the business.
Incongruities: These are the gap of understanding between what exists in the current
state of market and what is the need of market. Thus the incongruence of the business scenario
gives a scope to new entrepreneur to fill the gap of incompatibilities of consumer share of
market. This tendency of completing the missing factors in the existing offerings of market helps
entrepreneurial ideas to take place and nurtured in a way to increase the profitability of their
potential product and services.
Process need: The process need factor emphasises on the overall aspects of ideas and
process of entrepreneurship within the range of each and every step of procedure that take place
in the business operations. It is a crucial type of evaluating the entrepreneurial idea as the
common errors of the process can be rectified and major problems are eliminated by this
activity. This creates an impact on the effective practice of the business idea in the real scenarios
of market.
Changes in Market and Industry Structures: The certain changes in the market aspects
that gives an opportunity to entrepreneurs to introduce the offerings and other services in respect
of the current trend of market. These changes within the industries and markets facilitates the
potential new comers to grow with the flow of market as it is not effective for the giant
commercial organisations as they cant adapt these changes frequently.
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