Identifying Entrepreneurial Opportunities

This document discusses the various sources of entrepreneurial ideas and innovation, the rationale and market gap for specific ideas, and how to interpret data to provide evidence of market potential. It also explores the SWOT analysis of e-retailing and its strengths, weaknesses, opportunities, and threats.

IDENTIFYING ENTREPRENEURIL
OPPORTUNITIES
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Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Determine and evaluate the different source of entrepreneurial idea and innovation............3
P2 Discuss about the rationale and market gap for specific entrepreneurial idea through
relevant tool.................................................................................................................................5
P3 data needed to support gap analysis.......................................................................................6
P4 interpret data to provide evidence of market.......................................................................11
P5 Swot analysis of E retailing..................................................................................................11
P6 Market environment in which product is going to be launched..........................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15
Appendix........................................................................................................................................16
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INTRODUCTION
Entrepreneurship opportunities are innovative ideas which can be turned into business. It
allows in doing market research and finding out problems of people. Thus, a solution is provided
to it in form of starting a business. There lies vast number of opportunity in market (Samo. and
Hashim, 2016). So, it depends on idea that how that opportunity is grabbed. The Report will
focuses on evaluate and determine the various source of entrepreneurial idea and innovation.
Also, it will describe, about the rationale and market gap for specific entrepreneurial idea.
Besides that, SWOT analyse of that idea will be explained along with pestle analysis,
P1 Determine and evaluate the different source of entrepreneurial idea and innovation.
Despite the broad term of opportunity, there is consensus that successful entrepreneurial
opportunity is one that will be triggered the new venture creation or expand into existing
marketplace. Creativity is evolution of opportunity by gathering or collecting new idea within
business development.
Website Flipping innovative idea:
Website flipping is considering as innovative idea that mainly used by new start-up
enterprise (Barba-Sánchez, Arias-Antúnezand Orozco-Barbosa, 2019). Nowadays, everyone
from work at home. Generally, it mainly involved buying already running website, improve its
design and content. Sometimes, it added own product information. it allows to buy e-commerce
website that can further improve content marketing and other tactics. Once site begin to generate
more revenue. It can be listed the for sale on marketplace.
It is based on the innovative idea for start-up business and also included the information of
particular product and services. This will help for customer to purchase own website to use them.
Afterwards, they can promote the share their own product In order to provide online service to
purchase product and service in marketplace.
Drucker’s 7 sources of innovation
 It is based on the framework for managing the valuable resource that applicable in
the business. It helps for improving the demand of innovative idea Website flipping
where each and every information provided through digital technology (Source of
innovation, 2018)
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 Unexpected: the process will help for identifying unexpected failure and success within
business. So as website flipping innovative idea help for resolve complex situation or
condition.
 Incongruities: For start-up enterprise, it is becoming great opportunity to adopt concept of
website flipping while established the coordination with client through distributed online
channels. Sometimes, it has increased the issue within identification of potential client.
 Need for process: it can perform the significant role as task oriented to identify the
current enterprise situation and then make a plan to use innovative idea related website
flipping In order to increase the performance and efficiency of enterprise (Babu, and etal,
2019).
 Market structure change: when implementing innovation idea about website flipping for
start-up enterprise. it is important for establishing suitable market structure to maintain
position.
 Perception change: Nowadays, it has changed the perception of people towards website
flipping because they can prefer to spend less time and purchase suitable products. This
will help for increasing the demand for business (Swan. and Morgan,2016).
Different types of innovation
 Product and process innovation: these are considered as most common innovations. It
may refer to change the product quality while including specific features to attract more
and more customers. On the other hand, process innovation also supports for using
innovative idea of website flipping to purchase running site. Afterwards, adding more
information or data. (Sheth, Karami. and Murphy, 2019).
 Incremental innovation: it is one of the most common form of innovation. It helps for
utilize the existing technology and also increase value of customer within existing
marketplace. In context of website flipping business idea for engaging with large number
of customer. In order to provide the better quality of product and service through online
medium.
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 Schumpeter’s source of innovation: It is based on theory of innovation, primary function
of business to increase profitability as well as productivity in marketplace. According to
Schumpeter, it can be identified the innovation as critical dimension of change economic
condition. That’s why, for start-up retail business, it should be included e-retailing
concept for increasing the visibility in global marketplace.
P2 Discuss about the rationale and market gap for specific entrepreneurial idea through relevant
tool.
Market gap is based on the process which mainly gained more opportunity for e-retailing
entrepreneurial idea. An entrepreneur is always looking for acquiring the more information about
the enterprise. Afterwards, it can easily have utilised the innovation idea to eliminate the
different market gaps (Wu, Liand Zhang, 2019). website flipping is based on the innovative idea
for start-up business regarding different daily usage accessories. This will help for customer to
purchase their daily product through online mode. As per identifying the market gap of website
flipping entrepreneurial idea, which identifying the need and requirement of targeted audience.
Porter’s Five Force Model
This model will help for representing the current competitive situation or condition of
website flipping business in marketplace.
 Threat of New entrants: When new start-up company enter into market by using website
flipping idea. In order to offer the large variety if product within better price and also
reduced the market share of tradition retailers. Threat of new entrants is higher because
start-up enterprise provide discounts, offers.
 Supplier’s power: it means that more supplier of firm less power they possess as
company can easily shift from one to another. Thus they have less power and vice versa.
It is depending on the concentration of different suppliers towards sale and threat.
Website flipping can be used program to sale their product in marketplace. The supplier
power is low.
 Threat of substitutes: this means number of products which can be used as substitute.
there is high threat of substitutes in the market because increasing the demand of website
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flipping into marketplace (Wei, S.U.N., 2016). nowadays, it has rapidly increasing
demand of website flipping because everyone work from.
 Consumer’s power: it means that more customers of firm has less power they possess as
customer can easily shift from one to another. It has rapidly changed the consumer
buying power because of innovation of new technology in the start-up retail business.
Many people can use them to purchase item. In this way, it can be identified that higher
purchasing power of consumers.
 Competitive rivalry- it means that existing competition among companies in it. So, in e
retail industry there is no such intense competition among firms.
P3 data needed to support gap analysis
Here, market gap is that there is no such concept in which people can buy products from
single website. They have to search on internet for various product. Thus, there exist market
gap. It is necessary to identify the market gap by collecting of data and info. with that it becomes
easy to develop products and fulfil people needs. Thus, the data is
Theme 1 there is enough growth of e retailing in future
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Q-1 do you think that there is enough growth of e retailing in future? Frequency
Yes 13
No 4
Not sure 3
Total 20
Interpretation–it can be interpreted that out of 20 customers, 13 said there is growth of e retail
in future. 4 said no and 3 was not sure. So, customer also views that e retail will be at high
growth. Also, they will prefer to buy from it as all needs are fulfilled easily. In addition, physical
business model will not be useful in future. Thus, e retail will emerge as new way of retailing
business. This is because of use of technology and e commerce business in it.
Theme 2 e retailing help in fulfilling all demands of customers in effective way
Q-2 does e retailing will help in fulfilling all demands of customers in
effective way?
Frequency
Yes 14
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No 2
Not sure 4
Total 20
Interpretation–from above graph it is stated that there are 14 customer said that e retail will
fulfil all demand in effective way. 2 said no and 4 was not sure. Thus, it is stated that with this
customer all needs is fulfilled. they get all variety of products to choose from. Hence, their
demands are fulfilled easily by buying products from e retail website. Alongside, all product info
is available on it.
Theme 3 buy all products from one platform in recent time
Q- 3 Are you able to buy all products from one platform in recent
time?
Frequency
Yes 5
8

No 15
Total 20
Interpretation–the graph shows that out of 20 respondents, 5 said that they are able to buy all
products from on platform whereas 15 said no. Thus, e retailing business will enable people to
buy from one platform. This shows that there is no such business idea exist where all product are
available on 1 platform in retail sector. Through that it is found that e retail can grow rapidly in
market. It will fulfil market gap and customer needs.
Theme 4 e retailing able to offer high quality of products
Q-4 is e retailing will able to offer high quality of products? Frequency
Yes 12
No 8
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Total 20
Interpretation– by analysing the table it is evaluated that out of 30, 12 said that e retailing will
offer high quality products as compared to brick and mortar system. Whereas 8 said no. So, there
is little chance that in e retailing quality of product offered is similar. However, people said that
quality offered in e retail will be high. Also, customer prefer quality over price. Therefore, e
retail will ensure product quality as well as its value
Theme 5 e retailing is best for you
Q-5Why e retailing is best for you? Frequency
Availability of all products 8
Ease in purchasing 4
Low prices 8
Total 20
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Interpretation- it is analysed from table that 8 customer said e retailing is best as all products
are easily available in it. while 8 said that prices are low in it and 4 said ease in purchasing in it.
Therefore, it is evaluated e retail will consist of all product at affordable prices. Customer can
easily buy it online through App.
P4 interpret data to provide evidence of market
The viability of business is that it is unique and new concept in market. The people get
a new platform as it provide ease in buying products. All info is available easily. It is identified
that with technological advancement there has been shift in doing business. It has led to rise in e
commerce sector in rapid way. With rise in market there will be increase in global growth in
trillions of e retail till 2025. (Mrożewski. and Kratzer,2017). So, there is high market potential
for this idea.
E-retailing has limited small contributor to retail where accounting 0.4% of entire
marketplace. it has rapidly growing business consider 2.3 billion e-retailing market in 2014. It
will reach 3 % of other market. Also, the frequency of online usage has increased in global
marketplace. it can be identified that percentage rate customer access various online channel of
retail business that has increased more than 3 times a week and grew to 28% of total user in 2011
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from 24% in 2007. Thus, there is high potential of growth of this business in future. Besides that,
due to covid 19, there is high increase in e commerce sales and revenue.
P5 Swot analysis of E retailing
It has been identified that doing internal analysis will give insight about strength and
weakness of business idea. Moreover, it will state what are opportunities and threat in it.
Strengths
Financial Operations- Here the financial operations can be done by the electronic payment that
is fast, easy as well as can be done from all over the world.
Communications- Direct costumer interaction is taking place when the costumer order is placed
as well as when the ordered has shipped.
Marketing
The advertising of the product online is more effective as compare to the offline system. Thus
there are several marketing internet marketing tools in order to promote their brand such as SEO,
SMM, target emailing and many more.
Price- The goods are selling directly to the consumers at much lower price as compare to the
market value. It can be accomplished through decreasing the number of the distributors.
Geographical aspect- Capacity to expand the consumer base as well as business activity all over
the world.
Entry barriers- Start-up cost for the online retail are consider as much lower as compare to
consistent offline business (Mrożewski. and Kratzer,2017).
Weakness
Shipping cost- Within some areas the shipping cost is much higher as compare to the product
cost.
Personal aspect- A great number of the consumers focuses to buy a product personally visiting
within market instead than purchasing by internet.
Psychological Impact- Because of the absence of the direct communicate between the seller and
consumer makes impossible to impact the decision making.
High expectations of consumer- Some of the costumers expect the same level of services that can
be expect from large firms and this leads to the dissatisfaction of the consumer.
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Global impacts- Even if a firm begins to work within online alongside local market, as e-
commerce provides a capacity to spread the actions all over the international market (Kuntze.
and Matulich, 2016).
Opportunities
24/7 Availability
Selling on the internet enables taking orders all the time as well as every day.
Global Impacts-Even if the firm begins to work online in a local market then the component of e-
commerce provides it a capacity to spread an activity all over the international market.
Market growth- Each and every day the internet user is increasing rapidly as according to the
year 2011 there were around 2.3 billion people are online that is around 32.7% population of all
over the world.
Threats
Fraud- Some of the costumers have really worried about the misuse and fraud about their
financial data.
Privacy concerns- Some customers are not to provide any type of the financial data due to the
fear that the data can be misused as well as also leads to spam email (Ratten, 2020).
Competition- Here the low barriers are allowing easy entry within market, it increases the level
of the competition level as well as causes a decrease within profit margin and prices.
Future legislation – Focusing on the growth of e- commerce as well as amount of tax revenue
lost to it. To impose tax, government can write legislation regarding online sales.
P6 Market environment in which product is going to be launched
It is necessary to analyse the external environment in which idea is being launched. This is
because it gives info that what factors can impact on it. So, according strategy and plans are
made to minimize its impact. Thus, for e retail idea pestle analysis is been done to analyse
market. It is as follows
Political factors- The politicians and government work within collaboration to devise within
rules as well as regulations, the retail and business industry has to obey them. Various laws can
also take seriously influence the profit as well as revenue stream of the business. If the
government of the nation raise sales tax, then it might be enhance within the prices of the goods
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as well as services. As people becomes choosy that means less sales less profit (Kuntze. and
Matulich, 2016). The company will overcome risk by forming of flexible trade policies so that
it can deal after impact of brexit easily.
Economy- this factor is related to fluctuation in change in GDP, economic, growth, currency
rate, etc. of nation. So, it highly impact on business growth and expansion. So, here risk of
economic growth will be deal with change in price of products. Here, new markets are
identified and then business is expanded.
Social factor- Nowadays people are developing trends regarding shopping habits, their
behaviour, habit may changes as well as transform due to several factors. Such as if the people
are educated then their preferences and choices might be different. Within such cases, they can
prefer goods as well as services of various multinational brands with their logo within it. Rural
consumers can also buy food items that can be relied on their taster. Peoples who are educated
study about the vitamins and calories of the food items as well as also decide relied on one’s diet
requirements. Several demographic factors are such as gender, age, race, education and income
level of consumers impact the business of retailers. Preferences and choices also vary with age,
gender as well as several factors. Such as educated aged people and ladies might comfortable
goods and young people needs exciting and adventurous products. Thus, risk will be reduced by
providing new products. With that more customers can be attracted (Raudsaar and et.al., 2020).
Technological factor- Whether it is a physical shopping mall or an online retail store, technology
has impacted them both fairly and equally. E-commerce stores benefitted from technology most.
By the help of the internet, online advertise and retailers their products as well as services all
over the world without any restrictions. Here, risk of technological change will be reduced by
use of new system and software in it. this will help in future growth
Legal factors- With the help of the legal environment a retail store operates within a nation.
Thus, it has to follow the prevailing excise and taxation regulation, prevailing local labour laws
as well as other business laws. When a brand plans to go internationally the rules as well as
regulations becomes complex as every nation has several trade, copyrights as well as tariff laws.
Here, risk of change in laws will be overcome by following of all laws in effective way.
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Environment- Some of the retail gives the food items as such items needs to remain fresh for a
long period within an specified environment. As there is a time limit for all food items because
after that food item will be contaminated or expired (Harima. and Freudenberg,2020). By
following CSR practices future growth is done.
CONCLUSION
From the above it had been concluded that there are different sources of innovation that are
about Drucker’s 7 sources of innovation, that are unexpected, incongruities, market structure,
perception change, etc. the porter five force is done to find out market analysis of business
idea. The market gap exist as people are not having any software of such concept. Thus, the idea
will help in fulfilling their needs. Moreover, SWOT analysis of idea is done. its strength is
technology based. The opportunity is it can be expanded into other markets easily. The pestle
analysis state idea will be grow and develop in various market with technological change.
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REFERENCES
Book and Journals
Babu, D.R. and et.al., 2019. Identifying Opportunities to start Industries on the Food Production
Potential in Telangana and Andhra Pradesh, India. International Journal of Engineering
and Advanced Technology (IJEAT). 8(5).pp.2189-2193.
Barba-Sánchez, V., Arias-Antúnez, E. and Orozco-Barbosa, L., 2019. Smart cities as a source for
entrepreneurial opportunities: Evidence for Spain. Technological Forecasting and Social
Change. 148. p.119713.
Harima, A. and Freudenberg, J., 2020. Co-creation of social entrepreneurial opportunities with
refugees. Journal of Social Entrepreneurship. 11(1). pp.40-64.
Kuntze, R. and Matulich, E., 2016. Exploring cognitive bias in entrepreneurial startup
failure. Academy of Entrepreneurship Journal. 22(2). p.54.
Mrożewski, M. and Kratzer, J., 2017. Entrepreneurship and country-level innovation:
Investigating the role of entrepreneurial opportunities. The Journal of Technology
Transfer. 42(5). pp.1125-1142.
Ratten, V., 2020. Entrepreneurship as Empowerment: Knowledge spillovers and entrepreneurial
ecosystems. In Entrepreneurship as Empowerment: Knowledge Spillovers and
Entrepreneurial Ecosystems. Emerald Publishing Limited.
Raudsaar, M. and et.al., 2020. The Role of University-Level Entrepreneurship Education in
Creating New Enterprises. In Entrepreneurship Education (pp. 59-76). Springer, Cham.
Samo, A.H. and Hashim, N., 2016. The impact of entrepreneurial alertness on entrepreneurial
intentions. Journal of International Business Research and Marketing. 1(6). pp.7-11.
Sheth, M., Karami, M. and Murphy, K., 2019. SUSTAINABLE ENTREPRENEURIAL
OPPORTUNITIES AND INNOVATIONS IN THE QUEENSTOWN FOOD
SECTOR. Managing Sustainable Innovation.
Swan, C.D. and Morgan, D., 2016. Who wants to be an eco-entrepreneur? Identifying
entrepreneurial types and practices in ecotourism businesses. The International Journal
of Entrepreneurship and Innovation. 17(2). pp.120-132.
Wei, S.U.N., 2016. Mechanism of College Students' Entrepreneurial Decision Making:
Entrepreneurial Alertness, Psychological Capital and Knowledge Sharing. Journal of
Yangzhou University (Higher Education Study Edition). (1). p.15.
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.
Online
Source of innovation, 2018. [online] available through : <
https://notesmatic.com/2016/09/sources-of-innovation/>
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Appendix
Questionnaire
Q-1 do you think that there is enough growth of e retailing in future?
Yes
No
Not sure
Q-2 does e retailing will help in fulfilling all demands of customers in effective way?
Yes
No
Not sure
Q-3 Are you able to buy all products from one platform in recent time?
Yes
No
Q-4 is e retailing will able to offer high quality of products?
Yes
No
Q-5 Why e retailing is best for you?
Availability of all products
Ease in purchasing
Low prices
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