Identifying Entrepreneurial Opportunities

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:
4