Unit 27– Identifying Entrepreneurial Opportunities.

Unit 27– Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Describe as well as identify the various sources of enterprise ideas with some useful
examples.................................................................................................................................3
M1 Give the elaborate rating of Drucker's 7 source of in order innovation give some examples
................................................................................................................................................4
D1 Identify the benefits and drawback of different approaches.............................................4
TASK 2............................................................................................................................................5
P2.Industry gap for a particular entrepreneurial opinion using relevant tools and method. . .5
M2 Facilitate and give justification how a particular enterprising thought fills a industry gap
using various techniques for gap and competitor investigation.............................................5
D2 Critically evaluate the entrepreneurial idea based on marketplace..................................6
TASK 3............................................................................................................................................6
P3 Existing information require to assist the gap analysis idea.............................................6
M3 Uphold the particular origin and the method of data collection selected to make potential
market.....................................................................................................................................7
P4.Interpret data appropriately to give information of industry potential..............................8
D3 Study suitable specific origin and methods of data to supply justified enterprise objectives
..............................................................................................................................................12
P5 Apply a SWOT model to compare evidence to aid an subjective assessment of a specific
enterprising idea...................................................................................................................13
M4 Briefly identify a particular suggestion for the market and the rivals...........................14
D4 Develop logical reason and justified suggestion on how a specific enterprising thought can
be formed, managed and continuous within the competing industry ..................................15
P6 Describe the competition and market environment with the help of effective decision. 15
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Entrepreneurial is the activity which involves the discovery, evaluation as well as
exploitation of opportunities which is introduced in the new goods and services and way of
organizing, market, process and raw material which organizing the efforts to achieve the desire
goal and objectives in the well define manner (Adel and et., al., 2019). In other words,
Enterprising possibility are usually characterised as the situation where the goods and services
are sold-out at the high value. An enterprise have the opportunity where entrepreneur take action
to make profit. The current report is based upon Virgin money which deals in a financial service
brand used by the three independent brand licensees world wide. They are currently working in
Australia , south Africa and UK. Further the project describe about the detail analysis market gap
as this aid the firm to understand the market and other activities in detail. Along with this it is
important to interpret the data for gathering the information regarding the market in the detail
manner. At last SOWT is taken under account for identifying the strength and weakness of the
company.
P1 Describe as well as identify the various sources of enterprise ideas with some useful examples
Entrepreneurship is mainly know as the set of opportunities for the individual to execute
the plan fore the longer time period. For this it is important to adopt different option and method
for reaching the organisational aims and objectives. In order to set up new venture is tough task
as they need to examine the available source to execute the different ideas for betterment and
growth. Here are some of the changes which are explained down below in a detail manner:
Social factors: This is important for the entrepreneur to examine the preference, choice
and the taste of the consumer for different goods and commodity. This will help to execute the
ideas and opportunities to maintain the demand as well as supply effectively.
Technological factors: In the recent days technological advancement have the large
effect of the business to minimise the wastage and the service to the end user. In order to achieve
target this is crucial for the firm to use new technology which is helpful in making effective
decision for betterment and growth.
Personal experience: Few ideas and chance for flourishing business are the consequence
of the experience in the point of business. For example, an experienced bank manager working
with the major eating place can finally determine to start the business which to hospitality. Hence
this help him to make effective decision which is used to make a better business for the longer

time duration. Further this also help in determining the types of venture should start and
capitalize on them.
M1 Give the elaborate rating of Drucker's 7 source of in order innovation give some examples
This model was given by Peter F. Drucker which is famed as the recent management. It
has made enormous effect in the enterprise world exploit his abiding legacy as the direction and
inspiration to the business leaders and businessperson. Here are some aspect which are explained
in the detail manner.
Unexpected: This kind of situation can be more powerful in the business world ad they
inspire the leaders and innovators to get another perspectives for growth and expansion. So in the
case of Virgin money this is important for the organisation to measure the unexpected change for
better outcomes.
Incongruities: Many of the company fall in the trap of developing the products with the
actual to appropriate research to determine the target customer. There are different aspect which
firm should measure for the betterment and growth in the detail manner.
Proceed needs: Present origin of chance for the creation comes after sensing close at the
process of the organization and characteristic clearly the faint spot and the ways it can be
reinforced. This will aid Virgin money to reduce the risk and uncertainty present in business.
Industry and market structure change: It is important for organisation to be stable as
this aid in making effective decision for the expanding the business in a detail manner. There are
other factor such as leadership quality must be present in the organisation for improving
efficiency.
Demographic: This is based upon creating own enterprise into the target marketplace by
providing various services to satisfy the customer.
Change in perception: By taking new and innovative products in the business the
entrepreneur can modify or alter the change for better and growth.
New Knowledge: This is mainly depend upon the new ideas and the conceptions of
person.
D1 Identify the benefits and drawback of different approaches
There are different advancement such as company can improve the decision which aid to
formulate new product and services in efficacious manner. However there are different changes
in the perception which help in identify the pros and cons and make sure to offer better goods to

end user. There are various disadvantage such frequent change in the needs and wants of the
consumer which be ineffective for virgin money to sustain longer for the time period.
TASK 2
P2.Industry gap for a particular entrepreneurial opinion using relevant tools and method
This is crucial for the company to figure out the new business which should be applied to
examine through the different source and target customers. Within firm, management should
develop new and innovative ideas which able to understand the market and the gap. This is
essential to find out these components before creating new ideas as well as product in the market
area. For minimising the market gap, entrepreneur have to determine the aspect which are
explain below:
Marketing segmentation:
Behavioural: These types of activities are totally depend on the values, believes of the
different customers. So in the case of starting new and entrepreneurial opportunities this is
important for the company to understand the behavioural aspect of consumer.
Geographic: This is also consider as the essential aspect for the company for
segmentation. There are different aspect such as location and availability of resource as this
reduces the cost for the single commodity.
Demographic: This is consider as the appropriated ideas which entrepreneur examine
various kinds of market segment. The demographic segment include gender and caste.
M2 Facilitate and give justification how a particular enterprising thought fills a industry gap
using various techniques for gap and competitor investigation
Market gap is define as opportunity for organization to spread out their client base by
increasing the cognisance and creating target offers for publicity the campaigns to reach the
unexploited industry. Identifying the space in the market is crucial step in accretive the market
penetration in effectively manner. For the organisation like Virgin money, management should
focus on identifying the gap which help in making effective decision for the growth and other
opportunities present in market. Therefore firm needs to focus on innovation and technological
changes which able to compete in the market for longer time duration and also able to secure the
place in business.
Gap analysis:

This is described as the different performance among the business and the information
system application to determine company requirements . For the finance firm like Virgin money
this is crucial to figure out the changes with tool like gap analyses as this provide detail
information regarding the allocation of resources and able to find out the best possible outcomes
to expand the business for betterment and growth (Farsi and et., al., 2019). First Virgin money
have to establish specific target by looking at the company mission statement, strategic goals and
improvement objectives. Further organisation have to figure out the current process of allocating
the process. Hence this reduces the risk of uncertainty present in the market.
D2 Critically evaluate the entrepreneurial idea based on marketplace
The fresh enterprise thought is very much applicable for the dynamical world as the user
demand rise day by day so with the aid of individual business to grow and expand the firm in
effectively manner. For new business Virgin money have to open online loan system with instant
credit facilities which help in capturing larger market share in a detail manner. Further it is
important for the entity to indulge in proper research and development activities which help in
reducing the risk and uncertainty present in the market.
TASK 3
P3 Existing information require to assist the gap analysis idea
The present data can be gathered with the help of different tools and techniques which
include gap analysis. The idea of Virgin money is developed which influence the consumer to
invest more in the company and also increase the market share. Further to analyse the market gap
of respective product and service the organisation can collect data with the help of primary and
secondary data are explained below:
Primary Sources:
This is one of the most popular method which is used for collecting the data where the
investigator figure out the people opinion and thoughts. These method help company to identify
the needs and wants of the consumer and also improve the quality of product and services in the
limited time frame. Here are some of the activities which comes under primary source like
surveys, interview and much more. This avail Virgin money to know more about customer and
also help in improving the efficiency for better result.

Secondary sources: There are some of the data which is gathered from the secondary sources
which firm can obtain in order to generate new ideas and business. Here are some of the
information through which sources are can be collected are given below:
Information from online media: This media is consider as one of the most effectively
method to gather the information with the assistance of social media who are in need of loan and
other financial activities. There is vast scope present online as this help in making understanding
the needs and wants of the user which help in making differences present in the market.
Factors GAP Solutions
Business Identify the present consumer which is
less of which must be change for
effective outcomes.
There are different kinds of planning
which must be implemented in order to
reduce the risk and uncertainty.
Application Using the detail information about the
purchase and the information present in
the organisation.
Making purchase information for
making ease for the consumer to avail
loans effectively.
The gap present in organisation can be minimized with the help of promoting the goods
and services with the proper help of tool and techniques. Along with this, it also help in
understanding the flaws and aid in evolving new ideas and generation through which Virgin
money can gain competitive advancement among the rivals present in the market.
M3 Uphold the particular origin and the method of data collection selected to make potential
market
The sources of method which is collected for Virgin money is primary and secondary
data which help in identifying the present actual performance of the company. These two
methods help in making effective decision for growth of the company in present market. The
most common method is used in questionnaire which is briefly explain down below:
QUESTIONNAIRE
Q1. Do you know about the services of Virgin money ?
 Yes

 No
Q2. Is there any need for Virgin money to execute new and advanced ideas in their business
practices ?
 Yes
 No
Q3. Which is consider as suitable content action adopted by Virgin money to boost their
enterprise services in front of customers ?
 Internet marketing
 B2C
 Print media
Q4. Do Virgin money can easily attract the services which is provided by the company?
 Agree
 Disagree
Q5. What kind of services are provided by the company?
 Credit services
 Instant Loan
P4.Interpret data appropriately to give information of industry potential
Q1. Do you know about the services of Virgin money ? Frequency
 Yes 10
 No 10

Interpretation:
From the above data it has been identified that 10 people were aware about the Virgin
company whereas other 10 were not familiar with the company or never heard about it. The
company deals in financial services to the consumer.
Q2. Is there any need for Virgin money to execute new and advanced
ideas in their business practices ?
Frequency
 Yes 18
 No 2
Yes No
0
2
4
6
8
10
12
Column B
Yes No
0
2
4
6
8
10
12
14
16
18
20
Column B

Interpretation:
This is important for the company like Virgin money to have use new technology which
will help company to capture new market segment. Further this will help firm to build the brand
image and along with goodwill for the longer time duration. From the above graph this has been
identified that 18 people were in the favour of innovation and other 2 were disagree on this
statement.
Q3. Which is the most suitable promotional action adopted by Virgin
money to promote their business services in front of end users ?
Frequency
 Internet marketing 10
 B2C 5
 Print media 5

Interpretation:
From the above chart it has been cleared that 10 agreed to promote the product through
internet marketing. Where as other 5 said through business to business as this create a better
impact on the minds of customer. And remaining 5 told that print media is the most effectively
tool to promote the product as it covers the large market segment of different age group people.
Q4. Do Virgin money can easily attract customer by services provided
by the company?
Frequency
 Agree 15
 Disagree 5
Internet marketing B2C Print media
0
2
4
6
8
10
12
Column B

Interpretation:
Virgin money can easily attract the customer by availing new services to the end user.
The firm deals with the different activities such as finance and the credit for the people. Hence, it
is essential for the firm to offer better quality services in order to satisfy the customer. From the
above description it has been analysed that 15 were in the favour that company can attract the
customers with there new product and services. Where as another 5 were not agreed to that
organisation can earn profit or can expand the business.
Q5. What kind of services are provided by the company? Frequency
 Credit services 12
 Instant Loan 8
Agree Disagree
0
2
4
6
8
10
12
14
16
Column B

Interpretation:
There are different kind of financial services are provided by the Virgin money such
credit facilities and instant loan which help the company to earn more revenue in the lesser time
period. From the given chart it has been identified that credit services are the most used financial
services by the customer whereas instant loan was the second used services used by the
company.
D3 Study suitable specific origin and methods of data to supply justified enterprise objectives
It is essential for the organisation like Virgin money to do correct investigation and
development program as this assist the firm to minimize the risk and certainty exist in the
market. The sources through which information was collected are primary and secondary
method. This symbolise primary thinking, reports the findings or the event through which they
can share the information. Often these sources are created at the time through which event
occurred which is used for the growth and expansion. Primary sources include questionnaire,
interview which aid in providing better insight regarding the product as well as services.
Secondary sources involve analysis, with the help of internet and social media. This is
mostly widely used method as this is consider as convenient and easy in gathering the
information single handedly. There are other aspect which include Scholar articles and journals
comes under secondary education. These sources are often not mixed and depend on the study
and research which has been taken under consideration. For Virgin money management have to
focus in providing use such kinds of resources as this help in making effective decision which is
consider beneficial for the company. Hence it is important for the company to have better and
Credit services Instant Loan
0
2
4
6
8
10
12
14
Column B

other activities which is useful in making quality decision for betterment and growth (Monfared
and et. al., 2019).
P5 Apply a SWOT model to compare evidence to aid an subjective assessment of a specific
enterprising idea
SWOT is consider is to analyse the intrinsic factors for the organization which relate to
the pros and cons of the product as well as of company. Further this help in making effectively
decision and also help in understanding the market and changing environment present in the
market. Hence this is crucial for the company to use such method as this reduces the risk and
uncertainty present in the market. Here is the SWOT analysis which is describe below briefly:
Strength Weakness
 The main strength of the company is
that they are highly capable of efficient
parent company and also explore the
banking division like priority banking.
 Along with this, it offer wide range of
financial product due to which they can
add more and more money in the well
define manner.
 Further this is supervised by the
prudential regulation authority which
offers finance, banking and mortgages.
 The major weakness for the company is
that they have less or few presence in
the company which reduces the brand
and goodwill of the company.
 Apart from this, company have not
listed in the stock exchange as this
reduces the chance of raising the funds
for the company.
 There are some of the conflict and also
have slow customer services which
leads towards downfall and also
minimize the revenue for the company.
Opportunities Threats
 The opportunities for the company is to
acquire the form of strategic alliance
with the other giant firm as this will
help in increasing the banking business.
 Company should move towards Asian
and European market as this provide
new people to avail the product and
 The major threat to the company are the
rivals present in the market. There are
several companies such as HSBC ,
Barclays and many more who provide
financial services to the consumers.
 The company is moving towards global
expansion which tend to maximize the

services to the consumer.
 Beside this company can launch IPO
which help the firm to expand the
business in order to achieve
organisational goal in a well define
manner.
risk and also offer slow down the sales
present in the market.
 Further the sales of the company is
reduced by not focusing on the quality
and demand of the product which
hamper the sales and productivity of the
company.
M4 Briefly identify a particular suggestion for the market and the rivals
This is crucial for the entrepreneur to act upon the idea and also help in making the
organisation successful in the minimum time frame. Sometimes business people get excited and
make mistake regarding the decision which towards making risk which is present in the market
(Sagath and et., al., 2019). There are different kinds of stages which must be focused and taken
care off for making healthy decision present in the market. Hence this is crucial for the company
to make effective decision and also move towards innovation which help in improving the
quality which help in increasing the brand image of the company. There are other steps which
must be taken to care of which help in creating idea which is explained below:
The idea stage: For some entrepreneur the idea generation is the ideal stage where
market research is done for the growth and expansion present in the market. They are often
passionate about there ideas and make sure to achieve these kinds of ideas into betterment and
growth opportunities present in the market. The idea formation can be done by the identifying
the needs and wants of the consumer and try to satisfy by offering better services in the well
define manner.
Analysis of marketplace: After the idea stage, analysis plays an vital role in the
development and growth of the company effectively. Hence for the company like Virgin money
this is essential to make effective decision which help and conduct market research as this help in
improving the sales as well as revenue of the company in the well define manner. The
competition is high and it should to be done properly so it able to reduce the risk and uncertainty
present in the market.
Check out the competition: Assuming the research process it has helped to uncover the
competition which needs to find out the decision which help creating brand image in the market.

There are many other firms such as HSBC and Barclays which deals in financial services which
become harder for the Virgin money to have offer better product and services for sustaining
longer time period.
D4 Develop logical reason and justified suggestion on how a specific enterprising thought can be
formed, managed and continuous within the competing industry
This is very much important for the company to bring out new ideas as this lead towards
expansion and growth. The idea can be generated by knowing the market and its needs as well as
wants of the consumer in the detail manner. The idea which is created is consider as the
effective tool which leads towards expansion and growth and also able to help in grab the larger
market share in the minimum time frame. The instant loan facilities will able to attract more and
more customer along with the services which leads to improve the sales and market present in
the organisation. Apart from this, to create the market it is essential for idea generation to
understand the customer and there needs so that firm can offer better services and product in the
well define manner. However this is also essential to interpret the market research as use new
technology which help in making better product and services to the end user.
P6 Describe the competition and market environment with the help of effective decision
For the entrepreneur who tend to launch new product or the service it should be done to
make effective decision which help in overcoming the challenges and hurdles present in the
market. For Virgin money management this is crucial for the firm to have understand the market
because it is consider as a versatile in nature which help in making strong image in the minds of
consumer. Here is the Pest analyse which help in describing the market effectively (Urbano and
et., al., 2019).
PEST analysis:
This tool is widely use in for planning as well as management tool which help in reducing
the effect and tool for the company to improve the sales and growth effectively. This method can
help Virgin money UK to identify the major external environment and the forces which shapes
the strategies as well as competitive landscape which supports the decision and policies making
in well define manner.
Political factor: This factor exert the powerful influence on the lengthy term suitability
and profit of virgin money holding UK plc. The existence at global stage help in increasing the

company sensitivity to change in the political environment. The current government is stable and
legislation bodies support the firm to expand and grow in the well define as this help the firm to
grow and expand in the well define manner. Further the policies of UK are in the favour of
company which help in reducing the risk and loss to some extent. Further the company can enter
to low taxation policies which help can benefits the company to make high profit which can be
invested in the research and development activities in the well define manner.
Economical factor: This is very crucial for the company like virgin money to figure out
the economic factor which include her foreign exchange rate, interest rate, labour and the market
condition as well inflation rate and saving rates. This all determine economic environment of the
company. The country like UK is well stable and people have high per capita income which
become the plus point of Virgin money to expand the business. The GDP and growth rate
determine the virgin money holdings to peruse the long term growth. Along with this labour and
market condition of nation describe the spending. Hence virgin money can take the advantages
of labour and improve there productivity.
Social factor: company culture derives the powerful determinant from the social
standard, belief and trends. Understanding the demographic trends as well as the power culture
can help in making effective decision which help improving the productivity as well as the
growth rate effectively (Clark and Ramachandran 2019). Hence this is essential for the company
to maintain the culture and also a healthy relationship with the company which reduces the risk
and other productivity present in the market. Further the company should focus on the market
trends and the business of the marketing trend is also trends is also influenced by the company
performance.
Technological trends: Technological is the most essential aspect which must be carried
by every employees as this improve the efficiency as well as the productivity of the company.
The rapid change in the technological advancement and technological diffusion across to the
globe which increased the information and provide better product to the consumer. A detail
analysis of the technological environment which help virgin money to capture the technological
tendency to accomplish certain business and benefit in such as accelerative profit and rise the
innovation procedure to enhance the functional efficiency.
Environmental factor : The increasing situation factor and changing climatical status
have made the situation to figure out as the crucial part of this analysis. The environmental

standard, laws require the regulation across the different market. The international presence of
Virgin money holding require the organisation to consider these kind of differences to avoid
undesire circumstance carefully. Further the firm should provide detail environment analysis
which is instant ahead to get in in the new market.
Legal factor: This is the most important factor which is consider in the market and also
reduce the risk which comes under the law. This is important for the company like Virgin money
to follow all the rules and regulation along with the structure of the new customer market. There
must be careful evaluation of legal aspect should be done and it require to get into some trouble.
This also reduces help in risk of rights violation and intellectual property rights in the well define
manner.
CONCLUSION
As per the above discussion it has been analysed that, entrepreneur must take risk which
help in making firm to expand and grow in the well define manner. Further this is crucial for the
organisation to make sure that there are effective measure which must be taken care of such as
market trends which help the company to offer better product and services to the consumer in the
effectively manner. Along with this, SOWT analysis has been done to identify the strength and
weaknesses in a better manner.

REFERENCES
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