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Unit 27 – Assignment on Identifying Entrepreneurial Opportunities

   

Added on  2021-01-02

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Unit 27 – IdentifyingEntrepreneurialOpportunities

Table of ContentsINTRODUCTION...........................................................................................................................11. Background information about the sources which inspired to set- up new business.........12. Introduction of a business...................................................................................................23. Explaining the competitor analysis for a business.............................................................34. Presenting the gap analysis.................................................................................................55. Market researches to support the viability of a business....................................................66. Presenting why the business idea is viable and feasible.....................................................77. Presenting strategies in order to overcome the risk and potential opportunities................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONEntrepreneurial opportunities are the central for a theory and it is a situation where anentrepreneur can take action to make a profit for a firm. The present study main aim is to focuson new business start- ups by the entrepreneurs. The new start up firm for this report is “Chowrestaurant” in UK and restaurant idea is unique as it will provide moon light rooftop facility anda sense of pop culture. The report determines and evaluate different sources of an entrepreneurialideas and innovation and explain the rationale and the market gap for the business idea by usingtechnique. Further, report also describe the market research which supports the viability of abusiness and also identifying the market potential. Moreover, report also justify why thisbusiness is viable by identifying the strength and weaknesses and it also describes the strategiesin order to overcome the risk of competition and the potential opportunities for the growth anddevelopment in a future. 1. Background information about the sources which inspired to set- up new businessThe idea for start up a new restaurant is such that the restaurant is moonlight rooftop,bringing people together, pop culture and others which helps to develop good relationship withothers. To set-up a new business, the seven sources of innovative opportunities help to motivateme personally in wishing to set up a business. These are as follows:The unexpected: in this, the market place has a number of opportunities and throughconstantly studying the market, it has been realised that the demand of the customers areincreased regarding food and that is why I start opening a new food restaurant name Chow.The incongruity: By good market research, it has been found that the market did notoffer products as per the customers needs and that is why this concept also motivates me toprovide those services which none of the small firm offer (7 sources of innovative opportunities,2018).Process need: This is a task focused rather than situation focused such that as myconcept is to start up a new restaurant and generally it has been found that customers have towait so long and to overcome this, can hire new chef to speed up a creation times.Industry and market structure change: As the regulations change, then many existingproducts lines will expand while other shrink. Therefore, a firm should continually be on watch,in the same way, by analysing the market it has been realised that Chow Restaurant should be1

focused on new technologies because the existing firm did not easily opt those because ofincurring extra expenses. Thus, the industry and the market are in constant flow. Demographics: As it is another source which also motivates to start up this particularconcept such that during market research, constantly changes occur in population, income levelsand education (Horkoff, Maiden and Asboth, 2019). Thus, the new restaurant concept helps tomeet out these changes because it did not require high investment and it provides low rates ofdelicious food as compared to other firm.Changes in perception: In this modern and competitive world, the people's moodconstantly changes and whenever they find a new concept, they easily switch their mind. Thus,this idea also motivates me to draw attention of many towards my new Chow Restaurant.New knowledge: It is one of the most affecting idea, such that a new business is entirelybased upon the new techniques and it will also help me to increases number of opportunities.Through this, it will help to gain new knowledge to start a firm with new chances. Thus,innovation and coping with new techniques also help to take a business at further level ODFsuccess.2. Introduction of a businessChow restaurant is a new restaurant which is introduced by identifying the needs of thecustomers. The restaurant is quite different from other it has a moonlight concept in which thecustomers are seated on roof- top and enjoy draft coffee. The restaurant also has a separateplaces for couples and common area for old age group peoples. The main concept of ChowRestaurant is to start creating interaction of different caste people and creates a familyenvironment. Moreover, the restaurant also offer the self serve beer for those who are interestedand also provided a separate place for it as well. Apart from this, the Chow restaurant also havepop culture in which all caste peoples are allowed to enjoy and they can share their experienceand can feel like a family environment (Knackstedt, Bräuer and Schoormann, 2019). The target audience for this restaurant are young people, old age group peoples andfamilies because it has separate places for all kind of people and also offer new Peruvian MarriesAsian and Latin flavour dishes which differentiate it from others. For this, the potentialcustomers are youngsters.2

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