Identifying Entrepreneurial Opportunities

This document discusses the importance of entrepreneurship in economic development and focuses on identifying entrepreneurial opportunities. It explains the rationality and market gap for an entrepreneurial idea using various tools and techniques. It also provides data and statistics for market analysis and evaluates the entrepreneurial idea using the SWOT framework. The document includes a questionnaire to collect primary data and discusses the potential of the entrepreneurial idea.

Unit 27 - Identifying
Entrepreneurial
Opportunities
1

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Covered In PPT. ....................................................................................................................3
TASK 2............................................................................................................................................3
P2 Explain rationality and gap of market for a entrepreneurial idea by using kinds of tools. 3
M2 Elaborate how specific entrepreneurial idea helps in bridging gap. ...............................5
D2 Provide critical evaluation regarding specific entrepreneurial idea by conducting proper
investigation. .........................................................................................................................5
TASK 3............................................................................................................................................6
P3 Provide data and statistics for assisting analysis of gap while analyse entrepreneurial idea.
................................................................................................................................................6
P4 Evaluate and interpret data by collecting evidences from market. ..................................7
M3 Give justification in regards of entrepreneurial idea by identify market potentials. ....11
D3 Evaluate appropriate kind of sources and methodologies for business objectives and
market potential. ..................................................................................................................11
TASK 4..........................................................................................................................................11
P5 Use SWOT tool to identify specific kind of entrepreneurial idea. .................................11
P6 Examine competitive marketplace and business environment while launch idea by
accessing its viability. ..........................................................................................................12
M4 Critically analyse specified entrepreneurial idea in regards of market and level of
competition. .........................................................................................................................13
D4 Provide a valid conclusion and recommendation with justification within competitive
marketplace...........................................................................................................................13
CONCLUSION .............................................................................................................................13
REFERENCES .............................................................................................................................14
2

INTRODUCTION
Entrepreneurship is one of most important act of creating enterprise while building and
scaling it for generating profitability. Entrepreneurship plays very much crucial role in economic
development and enhancement by providing employment opportunities to the people. Respective
report is based on Rowlinson Knitwear which produce durable garments suitable for the
corporates and personalization for schools and clubs. For an organization it is very much
potential to bring something new on regular basis in order to gain sustainability in the
marketplace. In that regards respective organization bring the series of sports wear that are eco
friendly in nature after analysing their consumers needs and demands. Respective report is based
on judgement of assert able sources for the new and innovative business idea by using theories
and models. Further it includes explanation and market gap for the circumstantial kind of
entrepreneurial idea with help of potential tools and techniques for gaining potential outcomes. It
also includes primary and secondary data in order to identify market potential by interpret data
in appropriate manner. Finally it includes the assessment of entrepreneurial idea in context of
market and rival by using SWOT framework and PESTEL analysis in order to gain desirable
outcomes.
TASK 1
Covered In PPT.
TASK 2
P2 Explain rationality and gap of market for a entrepreneurial idea by using kinds of tools.
Market gap is an opportunity helps to a firm in make and sell something that is not
available at yet (Farsi and et.al., 2019). Gap refers to deviation in between supply and demand
for a specified good. In context of Rowlinson Knitwear they feel gap in their product chain as
they only deals in limited products which not helps in fulfilling expectations of consumers
properly. While an organization come up with new business idea it is very essential to analyse
target audience in proper manner.
Target audience:
Target audience of new products of Rowlinson Knitwear is people who are brand
oriented and very much inclined towards saving the environment. In that regards respective
3

organization by considering demand of specified people add features in their product so that
potential outcomes should be achieved.
Segmentation:
For an organisation it is very much important to collect necessary knowledge regarding
consumers before going into marketplace with the help of segment consumers choices that are as
follows:
Behavioural:
Respective segmentation based on the buying patterns of consumers such as usage
frequency, loyalty towards brand, benefits needed and many more (Harima and Freudenberg,
2019). In context of Rowlinson Knitwear they segment consumers needs by providing products
that are eco friendly in nature.
Demographic segmentation:
In context of demographic segmentation consist of various attributes such as age, sex,
gender, religion and educational qualification. In regards of Rowlinson Knitwear they build their
product majorly for young, children and all gender group.
Porter' five force model:
To analyse the competitors strength it is very important to use Porter' five force model that are as
follows:
Buyer Power:
Buyer power reflects about ability of buyers to decrease prices they pay. In context of
Rowlinson Knitwear, that deals in retail manufacturing in which buyer relatively has large force
in comparison to the other clothes shoppers. Consumers possess the alternative locations to shop
for apparel and gain incentives to stay with the particular organization.
Supplier power:
In respective force of competitors consist of suppliers to increase cost of their products
and services (Hsu and Wang, 2019). In context of Rowlinson Knitwear, in cloth manufacturer
industry supplier posses relatively the small and insignificant force. As most apparel
organizations source their products to the third party manufacturer that receive only fraction of
profit.
Competitive rivalry:
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For the cloth and sports wear manufacturer industry the intensity of rivalry is very much
high as there are large no. of retailers who already sell very similar products into marketplace. In
context of Rowlinson Knitwear there are large no. of rival already existed in the marketplace
such as Clarks, Nike, Adidas and Next many more that is leaders of market.
Threat of new entrants:
Accessing threat of new entrants is very much important for an organization to gain the
desirable goals and objectives. In context of Rowlinson Knitwear they bring with new concept in
marketplace that is sports wear that is manufactured without using chemicals and other harmful
material. However, new entries find out the most unique way to gain popularity by using their
products and service. By using social media cleverly they can be able to build distinctive image
in the marketplace that is plays very much crucial role in gaining desirable outcomes.
Threat of substitution:
In the apparel manufacturing industry there is little substitutes clothes are available in the
marketplace (Izadi, Yaghoubi and Ataei, 2020). Respective force is almost negligible in nature
as substitution in respective industry is really just a competition. Since the competition is very
much intense, in which no brand can keep selling and remain always in prime place so the
radical changes is very potential for business in achieving desirable outcomes.
M2 Elaborate how specific entrepreneurial idea helps in bridging gap.
The entrepreneurial idea of Rowlinson Knitwear that is come up with series of sports
wear and apparel that build from dye textiles without using the water and chemicals as part of
process. It has been analyse that competition is fierce in market but consumers demand the sports
wear that are eco friendly in nature. In that regards it is very much potential for them to collect
necessary knowledge and information in regards of their consumers. They found that their target
consumers are majorly youngsters and children and people are more aware about environment
too. So bringing sports wear that build without using water and chemicals.
D2 Provide critical evaluation regarding specific entrepreneurial idea by conducting proper
investigation.
For an organization before launching new product or services into marketplace it is very
much important to analyse the market in proper manner. In context of Rowlinson Knitwear with
the assist of Porter' five force model it has been evaluated that fierce competition existed in
marketplace but no one organization can survive in market for long time without any kind of
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innovation. The major idea of Rowlinson Knitwear is to launch the sports wear in the UK
marketplace that's textile free from chemicals and eco friendly in nature. So respective idea is
very much competitive and helps in gaining sustainability in marketplace.
TASK 3
P3 Provide data and statistics for assisting analysis of gap while analyse entrepreneurial idea.
To analyse the gap it is very much essential for an administration to collect data and
content with help of tools and techniques that are as follows:
Primary method
This is the method of collecting first hand and direct information. There are various ways
through which organisation can collect primary data such as observation, questionnaires,
interview and so on (Miao and et.al., 2019). This is one of the effective method that will help in
collecting more appropriate information about the topic.
Secondary method
This method includes that way through which researcher can collect and analyse data
from various other sources (Rastkhiz and et.al., 2019). Through this researcher can collect
information fast and easy manner. There are many ways through which researcher can collect
information such as online data, internet, books and journals and many more. This method will
support researcher to collect information in accurate manner for taking appropriate decision.
Questionnaire:
Questionnaire is one of most important research instrument that consisted series of
questions for purpose of collecting potential content. In respective project with the help of
respective tool administration can be able to owed necessary information that are as follows:
Q1 : Do you think that consumers are aware about the sports wear series of Rowlinson
Knitwear?
 Yes
 No
Q2: What are major concepts that consumers awaited now a days?
 Cool clothing
 Running shoes
 Trusted fitness trackers.
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Q3 Do you think that consumers feedback and reviews helps in bring positive change in
concept?
 Yes
 No
Q4 Is any requirement of advertising for respective business idea into marketplace?
 Yes
 No
Q5: Is change in organisational hierarchy helps in implementation of new business idea in
positive manner?
 Yes
 No
By collecting data from consumers helps in reaching at potential goals and objectives in positive
manner.
P4 Evaluate and interpret data by collecting evidences from market.
Q1 : Do you think that consumers are aware
about the sports wear series of Rowlinson
Knitwear?
Frequency
 Yes 15
 No 5
Mean 10
Mode 0
Median 10
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Interpretation:
From the above graph it has been analyse that 20 respondents out of 15 acknowledge
about the new business idea and their products.
Q2: What are major concepts that consumers
awaited now a days?
Frequency
Cool clothing 7
Running shoes 6
Trusted fitness trackers. 7
Mean 6.67
Mode 7
Median 7
Interpretation:
8
Yes No
0
5
10
15
15
5 Column B
7
6
7
Cool clothing
Running shoes
Trusted fitness trackers.

There are various concepts prevails in market that demanded by consumers that are cool
clothing, running shoes and trusted fitness trackers which liked by consumers.
Q3 Do you think that consumers feedback and
reviews helps in bring positive change in
concept?
frequency
Yes 12
No 8
Mean 10
Mode 0
Median 10
Interpretation:
For an organisation feedbacks and taking review from people plays very much important
role to improve quality of products and services. In that regards 12 respondents give positive
remark regarding it.
Q4 Is any requirement of advertising for
respective business idea into marketplace?
Frequency
 Yes 12
 No
8
Mean 10
9
Yes No
0
5
10
15
12 8 Column B

Mode 0
Median 10
Interpretation:
To reach at large no. of consumers advertisement plays very much important role, in
context of Rowlinson Knitwear by using advertisement and sales promotion helps to aware
people about their product. In that regards 12 respondents give positive remark for it.
Q5: Is change in organisational hierarchy helps
in implementation of new business idea in
positive manner?
Frequency
Yes 15
No 5
Mean 10
Mode 0
Median 10
10
Yes
No
0
5
10
15
12 8 Column B
Yes No
0
5
10
15
15
5 Column B

Interpretation:
It has been analyse that organisational hierarchy plays very essential role in
communicating with people while changes occurs modifications in hierarchy is potential. In
regards 15 respondents give positive remark for it.
M3 Give justification in regards of entrepreneurial idea by identify market potentials.
To collect data and information it is very much expected to use both primary and
secondary source of information to gain desirable outcomes (Sagath and et.al., 2019). In context
of Rowlinson Knitwear by using the primary tool in which questionnaire helps to gain potential
outcomes. By using the secondary sources such as books, journals that helps in gaining desirable
outcomes.
D3 Evaluate appropriate kind of sources and methodologies for business objectives and market
potential.
Major business objective of to satisfy consumers needs and wants for gaining
sustainability and competitive edge of market. In that regards administration need to collect
potential knowledge by using primary and secondary sources, with help of questionnaire
organisation can be able to owed potential knowledge about consumers taste and preferences in
order to remain competitive.
TASK 4
P5 Use SWOT tool to identify specific kind of entrepreneurial idea.
Before launching the product and service into marketplace it is very much potential to
analyse the internal environment that are as follows:
Strength:
Strength of respective organisation that possess
positive image with the help of their existing
products.
Opportunities:
The opportunity in front of that they can
expand their business in other countries too by
conducting through research.
Weaknesses
The weakness in front of them that they not
have adequate experience of expansion.
Threats:
The major threat is they only deals in specified
products on other hand there are large no. of
competitors operate in many products.
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It has been analyse that respective idea is feasible and viable as Rowlinson Knitwear concept is
unique in marketplace as well demanding by consumers. As consumers very much conscious
about environment (Sheth, Karami and Murphy, 2019).
P6 Examine competitive marketplace and business environment while launch idea by accessing
its viability.
For an organisation it is very expected to analyse external business environment to
modify the business strategies and tactics accordingly (Wu, Li and Zhang, 2019). Here are the
PESTEL analysis of Rowlinson Knitwear for evaluation of business environment:
Political factor In political factors consist of government regulations, change in business
environment and many more. UK government taking measures in against
deteriorating economy, in 2009 budget, tax rates revised upwards from 45
to 50% that directly influence business and their actions.
Economic factor In economic factors consist of tax rates, interest and government regimes
for gaining desirable outcomes. Due to Brexit, organisation can not able
to recruit potential candidates and it also bring hike in price of products.
Social factor In social factors consist of change in taste and preferences of consumers
that impact on business activities (Xu, 2020). In context of Rowlinson
Knitwear by bringing eco friendly products in their product portfolio able
to enhance consumers experience.
Technological factor In technological factors consist of providing commodity that are highly
advance in nature, in context of Rowlinson knitwear with help of online
and social media they can be able in enlarge business opportunities.
Environmental
factor
Environment factors consist of awareness towards environment and
others factors. In context of Rowlinson Knitwear their new sports series
textiles water and chemical less so that there products not proved harmful
for environment.
Legal factors In legal factors consist of laws, regulations and regimes that impact
business activities, in context of Rowlinson Knitwear various HR
practices that are obligatory in UK marketplace such as equal wages for
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equal work, discrimination and minimum pay act and many more that
helps to coordinate business work of respective smoothly.
M4 Critically analyse specified entrepreneurial idea in regards of market and level of
competition.
It has been analyse that entrepreneurial idea of Rowlinson Knitwear is very much
positive and helps in gaining the desirable goals and objectives (Yang and et.al., 2019). From the
collected information it evaluated that consumers demand as they are very much conscious about
environment. In that regards their sports products and their textiles are without water and
chemicals consuming helps to protect environment.
D4 Provide a valid conclusion and recommendation with justification within competitive
marketplace.
From the collected data and information it has been analyse that organisation always need
to collect potential data and information for reaching at justified decision. Organisation to
improve results need to use various theories and practices before apply it into wider
marketplace.
CONCLUSION
From the above report it has been concluded that entrepreneurship plays very much all
important role for economy as well as for individual to provide employment opportunities to
them. It is very much essential for an entrepreneur to collect necessary cognition and information
before expanding their business activities in wider marketplace. To gain potential outcomes it is
important for organisation to use various tools to analyse the internal and external business
environment.
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REFERENCES
Books and journals:
Clark, K. and Ramachandran, I., 2019. Subsidiary entrepreneurship and entrepreneurial
opportunity: An institutional perspective. Journal of International Management. 25(1).
pp.37-50.
Clough, D.R. And et.al., 2019. Turning lead into gold: how do entrepreneurs mobilize resources
to exploit opportunities?. Academy of Management Annals. 13(1). pp.240-271.
De Bernardi, P. and Azucar, D., 2020. The Role of Universities in Harnessing Entrepreneurial
Opportunities. In Innovation in Food Ecosystems (pp. 27-71). Springer, Cham.
Evansluong, Q. and Ramírez Pasillas, M., 2019. The role of family social capital in immigrants’
entrepreneurial opportunity creation processes. International Journal of
Entrepreneurship and Small Business. 36(1/2).
Farsi, J.Y. And et.al., 2019. Identifying factors of fitness between business model and
entrepreneurial opportunity for effective opportunity exploitation. Revista Gestão &
Tecnologia. 19(5). pp.71-86.
Harima, A. and Freudenberg, J., 2019. Co-creation of social entrepreneurial opportunities with
refugees. Journal of Social Entrepreneurship, pp.1-25.
Hsu, C.Y. and Wang, S.M., 2019. Social entrepreneurial intentions and its influential factors: A
comparison of students in Taiwan and Hong Kong. Innovations in Education and
Teaching International. 56(3). pp.385-395.
Izadi, N., Yaghoubi, A. and Ataei, P., 2020. Determinants for Entrepreneurial Behavior among
Members of Virtual Agricultural Social Networks. Journal of Entreneurship and
Agriculture. 6(12). pp.48-58.
Miao, Q. and et.al., 2019. Ceo entrepreneurial leadership and performance outcomes of top
management teams in entrepreneurial ventures: The mediating effects of psychological
safety. Journal of Small Business Management. 57(3). pp.1119-1135.
Rastkhiz, S.E.A., Dehkordi, A.M., Farsi, J.Y. and Azar, A., 2019. A new approach to evaluating
entrepreneurial opportunities. Journal of Small Business and Enterprise Development.
Sagath, D. and et.al., 2019. Identifying design principles for business incubation in the European
space sector. Journal of Business Venturing Insights. 11. p.e00115.
Sheth, M., Karami, M. and Murphy, K., 2019. SUSTAINABLE ENTREPRENEURIAL
OPPORTUNITIES AND INNOVATIONS IN THE QUEENSTOWN FOOD
SECTOR. Managing Sustainable Innovation.
Wu, J., Li, Y. and Zhang, D., 2019. Identifying women’s entrepreneurial barriers and
empowering female entrepreneurship worldwide: a fuzzy-set QCA
approach. International Entrepreneurship and Management Journal. 15(3). pp.905-928.
Xu, X., 2020. Identify Entrepreneurial Opportunities. In Introduction to Entrepreneurship (pp.
95-118). Springer, Singapore.
Yang, J., Erhua, Z., Caiyun, L. and Ruiqing, P., 2019. Entrepreneur Information Scanning and
Identification of Innovative Opportunities: The Moderating Roles of Intuition and
Environmental Dynamism. Foreign Economics & Management. 41(08). pp.29-42.
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