Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Different sources of entrepreneurial ideas and innovation..................................................................3
TASK 2.......................................................................................................................................................5
P2 Rationale and market gap for particular entrepreneurial idea using appropriate relevant methods and
tools.........................................................................................................................................................5
TASK 3.......................................................................................................................................................6
TASK 4.......................................................................................................................................................6
P5 SWOT analysis...................................................................................................................................6
P6 Market and competitive environment in which idea will be launched to assess potential viability....7
CONCLUSION.........................................................................................................................................10
REFERENCES..........................................................................................................................................11
Appendix...................................................................................................................................................13
Curriculum Vitae....................................................................................................................................13

INTRODUCTION
Entrepreneur refers to the person or individual who always able to create new ideas of
business along with bearing huge risks factor and enjoy their rewards or benefits any time.
Therefore, entrepreneur plays significant role as they commonly provide job opportunities to
people along with increase their skills or knowledge in an effective manner. Herein budding
entrepreneur considered as most important factor that take helps from virgin money company to
run their business successfully (Dai and Liao, 2019). Present assignment is going to produce
Coffee Tree Café with the aim of having French Vanilla Coffee with innovative offers for
customers. Additionally, several kinds of entrepreneurial ideas follow Porter’s five forces model
and Drucker’s 7 source model. After this, marketing gap analysis along with SWOT and
PESTLE analysis in regards with business will get identified.
TASK 1
P1 Different sources of entrepreneurial ideas and innovation
According to the economy of UK businesses are speedily growing day to day that
manages overall growth of firms. With the help of this they can achieve targeted goals and
objectives with huge profits. Apart from this, there is large number of firms in which
entrepreneur’s plays significant role in order to launch new products or businesses at
marketplace. Therefore, every entrepreneur required to think innovative so that they can make
better decision towards achievement of goals. There are so many sources of entrepreneurial
ideas, those are as follows:
Exhibitions and trade fairs: It is most considerable source for entrepreneurs by which
they can develop best ideas for businesses. Through attaining ample number of trade fairs or
exhibitions they can learn new concepts or able to implements on different innovative ideas to
get better outcomes. It also helps them to overcome issues and achieve targeted goals (Liu, Zhou
and Li, 2019).
Mass media: It consist radio, internet, magazine and many more sources. By attaining
these assorted sources entrepreneurs are able to achieve huge opportunities used to make

innovative decision of business. In regards with Coffee Tree Café, they can achieve advantages
through using this source.
Interest and hobbies: In this, entrepreneurs able to think high in order to manage their
business ventures or startups to achieve targeted objectives. In regards with Coffee Tree Café
they have interest to achieve fixed goals and their hobby is to launch qualitative French vanilla
coffee for satisfying customer’s needs and wants.
There is another way to understand the concept of different sources to bring innovation at
workplace by entrepreneurs. Herein, Peter Durcker’s model has been used, mentioned in
beneath:
The unexpected: According to business there are huge changes every day so that they
can form new goods and services through following this source for innovation. This source of
model should not use by an entrepreneur as changes are so much Thus, entrepreneur needed to
focus on several changes so that they can grow accordingly (Scott, 2019).
Incongruities: According to this source firms are generally fall into trap of establishing
their services without do a proper research on that. Herein, budding entrepreneur needed to
conduct research to launch their business properly.
Process need: In this entrepreneurs needed to identify their goals so that they can get
such alternatives to reduce errors from business.
Market and industry structure change: In this source business should focus on the
technological change in order to make attractiveness of business in front of customers.
Demographics: These types of changes identify needs of product at marketplace. In
regards with respective business they should segment their goods as per the education,
employment and age level so that they can target their goals on time (Mobini Dehkordi, 2019).
Change in perception: In this respective business needed to involve within few social
points so that they can increase business growth properly. Bringing changes build strong relation
with customers so that they can attain predetermined goals.