Identifying Entrepreneurial Opportunities

Unit 27
Identifying
Entrepreneurial
Opportunities
Table of Contents
INTRODUCTION ..........................................................................................................................3
Determine and evaluate different sources of entrepreneurial ideas and innovation providing
specific examples....................................................................................................................3
Explain the rationale and the market gap for a specific entrepreneurial idea using relevant
tools and techniques to support your choice...........................................................................4
Present data needed to support gap analysis in the evaluation of a specific entrepreneurial idea
................................................................................................................................................5
Interpret data appropriately to provide evidence of market potential....................................6

Apply a SWOT framework to collate evidence to support an objective assessment of a
specific entrepreneurial idea.................................................................................................10
Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability.......................................................................................................11
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14
INTRODUCTION
Entrepreneurial opportunities are defined as a process in which goods and services of
business organisation are sold at high price. New start-up needs various opportunities by which
they convert their idea into reality. For this purpose, budding entrepreneurship need finance and
wealth (Al Mamun and Ekpe, 2016). In this report, Virgin group is a financial service provider
that gives fund to the newly start-up companies that helps them in implementing their ideas into
reality.
This report is based on different sources of entrepreneurial ideas along with examples. In
addition to this, Porter framework as well as SWOT analysis is also considered in this report.
After this, it defines various ways to get over from the risk that is connected with execution of
innovative and new ideas.

Determine and evaluate different sources of entrepreneurial ideas and innovation providing
specific examples
Every entrepreneur identifies opportunities for implementing new ideas in order to
achieve profit. In present context, it has been analysed that unique and specific goods and
services are required in order to gain a competitive advantage in the marketplace. New start-up
assesses the opportunities in order to gain more and more revenue and profit. In addition to this,
UK government provides a lot of opportunities to new companies in order to accomplish goal
and objective in the workplace. It assists them to become a successful entrepreneur in the market.
Therefore, Virgin Money provides financial services to the newly start-up company that helps
them in implementing its ideas into reality (Aloulou, 2016). The entrepreneur uses this finance
in an appropriate manner in order to achieve success in the market. For assessing opportunities,
STEEP model is used which is going to be discussed below:
Social: It is an important factor which provides opportunities to entrepreneur to bring
innovative products that helps in increasing the living standard of people in the society.
Biodegradable packaging is very necessary because people purchase those goods which do not
have a polythene packaging. The use of Biodegradable packaging helps the companies to attract
the customer in order to increase their sales.
Technology: Technology plays a very important role in every organisation. The
implementation of latest technology is necessary for producing unique as well as innovative
products and services. It is essential to provide specific and innovative products to its customer
in order to increase profitability and sales of the business organisation within a specified time
period. In assistance of this, through implementation of advanced technology entrepreneur can
reach to the number of companies within short period of time.
Environmental: It includes those factors which is according to the best interest of
society. The products provide by the business organisation should be eco friendly and does not
harm the environment. The use of Biodegradable products provides opportunities to
entrepreneur in order to achieve success in the marketplace. The idea of producing
Biodegradable packaging is well accepted at the marketplace because it does not impose
negative impact on the society.
Economical: It includes those factors such as interest rate, inflation rate, exchange rate
and many more. Economic factor imposes direct impact on business activities as well as their

decision for executing innovative ideas within the marketplace. For example, Currency rate
increase overall cost of importing products which imposes negative impact on the profitability. If
entrepreneur offer its services at affordable price it will attract many companies that helps in
increasing profitability as well as sales of the company.
Political: Political factor are those which imposes direct impact on operation of business
activities. It involves different element such ad government interferences, political stability,
taxation policy and so on. The political condition of UK is highly stable which helps
entrepreneur to get a good position in the marketplace.
Explain the rationale and the market gap for a specific entrepreneurial idea using relevant tools
and techniques to support your choice
Explanation of the Business idea
It is essential for entrepreneur to assess market trends and conditions before executing
new idea in the marketplace (Dheer, 2017). In addition to this, it is important to identify the
needs and wants of consumer in order to implement new idea in an appropriate manner. The
companies easily accept the idea of Biodegradable packaging which is new and innovative that
helps them in protecting the environment as well as reduce the cost. Along with this, it is
necessary for entrepreneur to identify gap analysis and concept of marketing which is going to be
discussed below:
Determination of opportunities: For the growth and development of company, it is
necessary for entrepreneur to assess those opportunities which helps them in implementing
innovative ideas. Through the use of Biodegradable packaging the entrepreneur can execute new
ideas that helps them in increasing profitability as well as productivity level.
Technological opportunities: In present context, Technology plays a very important role
in execution of new as well as innovative ideas at the marketplace. The use of latest technology
can change the attitude and behaviour of customer they choose unique good and services. By
the use of advanced technology in the production process of Biodegradable packaging , it helps
entrepreneur in accelerating profit as well as reducing cost. In assistance of this, they will
achieve a good position in the market during a short span of time.
STP Model: