Identifying Entrepreneurial Opportunities

This assignment explores different sources of entrepreneurial ideas and innovation, market gap analysis, SWOT framework, and the competitive and market environment in which the idea will be launched. It also discusses the use of tools and techniques to assess the potential viability of the entrepreneurial idea.

Identifying
Entrepreneurial
Opportunities

Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Different sources of entrepreneurial ideas and innovation..................................................................3
TASK 2.......................................................................................................................................................5
P2 Market gap and rationale for a particular entrepreneurial idea with the help of using tools and
techniques................................................................................................................................................5
TASK 3.......................................................................................................................................................6
Covered in PPT.......................................................................................................................................6
TASK 4.......................................................................................................................................................6
P5 SWOT framework..............................................................................................................................6
P6 Competitive and market environment in which idea will be launched to assess potential viability....7
CONSLUSION............................................................................................................................................9
REFERENCES............................................................................................................................................9

INTRODUCTION
Entrepreneur is an individual who generally thinks about innovative ideas and thoughts in
order to run business successfully by bearing numerous risk factors to get huge benefits any time.
Thus, an entrepreneur plays an essential role within the economy and offer numerous job
opportunities to people that maximize their working skills and knowledge as well. On the other
side, budding entrepreneur are those who plays significant role and take helps from Virgin
money firm in order to operate their business within the competitive scenario. This assignment is
going to launch Cool Fresh Juice Bar in which innovative product will be Peanut butter banana
shake will be provide to customer’s at marketplace. Moreover, there are different types of
entrepreneurial ideas by following Drucker’s 7 source models and Porter’s five forces analysis.
At last, gap analysis along with SWOT framework and PESTLE framework will get covered
(Dai and Liao, 2019).
TASK 1
P1 Different sources of entrepreneurial ideas and innovation
Within the UK economy, businesses are frequently increasing in order to achieve targeted
goals and objectives with high sales and revenue. Along with this, there are lots of entrepreneurs
who play crucial role through developing new ides with innovative business, further it helps
them to increase business profit with effective sales and revenue. For maintain business
objectives every entrepreneur needs to think innovative and different to attainment of desired
goals. There are different types of entrepreneurial sources used by respective business, those are
as follows:
Interest and hobbies: According to this type of interest and hobby an entrepreneur think
innovative towards developing better venture or start up so that they can achieve targeted goals.
In relation with Cool Fresh Juice Bar, an entrepreneur has huge interest along with hobby
towards forming best innovative product to achieve desired goals by satisfying demand of
consumers (Scott, 2019).
Mass media: It includes internet, radio, magazine and lots of sources. In order to focus on
these assorted sources an entrepreneur able to achieve numerous opportunities through

developing innovative sources to operate business positively. In relation with respective business
an entrepreneur use several mass media sources to achieve business targeted goals and
objectives.
Exhibitions and trade fairs: It is one of the best interesting aspects by entrepreneur in
which they explore new ideas of business and able to learn new concepts or business strategies.
In regards with respective business they generally attend exhibition or trade fairs by which they
can attain desired outcomes and overcome issues from business.
Apart from this, there is Peter Durcker’s model has been used by Cool Fresh Juice Bar in
order to understand several concepts at marketplace. Those are mentioned in beneath:
The unexpected: In this businesses adopt so many changes every day in order to develop
best strategies for launching new goods and services with innovative ideas. In relation with
respective business an entrepreneur bring few changes by which they can focus on unexpected
things of business and improves them accordingly (Liu, Xu, Zhou and Li, 2019).
Incongruities: In this source of model businesses and firms mainly involves forming
better services and goods without doing any research. Thus, budding entrepreneur requires
conducting proper research so that they can run their business accordingly.
Process need: According to this an entrepreneur needs to determine their targeted
objectives for overcome several issues from their business.
Market and industry structure change: As per this, respective business needs to seek
several changes within industry or structure so that they can build more strong structure of their
business at marketplace.
Demographics: Within this source of model, firm needs to identify so many changes in
their business so that they can achieve desired results. In relation with respective business they
segments their product as per income or age level of customers so that they can give them better
services.

Change in perception: It is essential for know about consumer perception day today
towards each and every product. In regards with Cool Fresh Juice Bar, an entrepreneur considers
customer’s perception first to achieve its desired results.
New knowledge: It is mainly based on technological and scientific changes in which
every business needs to improve their selection system of employees in order to recruit high
skilled and knowledgeable person for firm. It helps respective business as well so that they attain
high growth of their business successfully (Mobini Dehkordi, 2019).
TASK 2
P2 Market gap and rationale for a particular entrepreneurial idea with the help of using tools and
techniques
Forming new business at market area tough generally came from the entrepreneurial
mind set with the aim of developing better revenue with profit. In relation with Cool Fresh Juice
Bar, going to establish Peanut butter banana shake with the help of formulating innovative things
or ideas to make their business productive. Furthermore, their food item includes milk shakes,
smoothies, ice-creams and many more. On the behalf of this they can reach their desired results a
make business effective. Furthermore, they can sustain at marketplace for long period of time.
On the other side, in relation with Cool Fresh Juice Bar as they are going to launch
innovative product to satisfy overall needs and wants to their customers. With the help of this,
they can provide more essential items to their consumers y which they can more satisfy them
frequently. It helps them to achieve competitive advantages within the current period of time.
Apart from this Juice Bar is highly decorated with unique lights and effective sound systems
with unique sitting facility that attracts ample number of customers positively and increases their
value time to time. Due to provide such kind of services to customers is the main reason towards
establishment of new business of this juice bar. On the basis of this consumers can develop their
mind set as per their product and will like the most. Another side, Gap analysis refers to the
different types of competitive market area in which each and every business needed to develop
so many alternatives timely in order to make them attractive (Mobini Dehkordi, 2019). With the

help of this they can accomplish each gap with firm and achieve targeted goals. There are
different types of reasons behind following gap analysis used by Juice Bar, those are as follows:
Technological advancement: According to technological advancement firms are able to
fulfill their gap through developing best techniques that increase their targeted objectives.
Therefore, it is essential for entrepreneur to adopt new technologies every day so that they can
achieve targeted goals. Along with this, they can easily identify their targeted goals and
formulates innovative ideas to sustain at marketplace (Davari, Emami and Seyedi, 2019).
Identify opportunities: In order to attain competitive advantages, it is essential for
entrepreneurs to adopt so many changes so that they can achieve business determined objectives
in a perfect way. By identifying their entrepreneurial opportunities they can accomplish gap and
remove few obstacles that develop negativity. Therefore, it is essential for an entrepreneur to opt
such kind of strategies.
TASK 3
Covered in PPT
TASK 4
P5 SWOT framework
It refers to the strategic planning technique which is used to help a firm or person to determine
their strength, weakness, opportunities and threats in regards with any kind of business
competition as well as project planning (Patel, 2019). In regards with respective business an
entrepreneur has been used this framework, explained below:
Strength Weakness
Budding entrepreneur always able to manage
their work through applying ample number of
methods and borrow the fund from Virgin
money by which they can achieve their goals,
In order to establish new business within the
market of UK an entrepreneur can face so
many issues like location, transportation and
many more. In the context of juice bar

Thus, with the help of such kind of strength
respective juice bar able to provide job
opportunities for people and make their
innovative product attractive in front of
customers. It helps them to achieve desired
goals on time (Poblete, Sena and Fernandez de
Arroyabe, 2019).
sometimes, customers can face transportation
issues as they have good location but it is far
from the people, Thus, this is the major
weakness of this juice bar.
Opportunities Threat
Budding entrepreneurs commonly have
opportunities through expansion of their
business at marketplace. In relation with
respective Juice Bar they can get have
opportunity through developing best research
tools that helps them to achieve targeted and
increase their chances to grab huge attention of
their customers.
Launching new business develops huge issues
within the market place for an entrepreneur.
Therefore, in relation with Juice bar, it is
essential for them to beat competition in order
to overcome threats from their business.
Moreover, budding entrepreneur needed to
focus on each strategy of business to achieve
targeted goals.
With the help of conducting SWOT analysis Cool fresh juice bar is able to know their
strength, weakness, opportunities and threats by which they can manage their system accordingly
and achieve targeted goals. Along with, they can successfully develop more techniques to
achieve specified goals.
P6 Competitive and market environment in which idea will be launched to assess potential
viability
PESTLE analysis considered is one of the best elements used by so many firms in order
to have accurate information towards market situation of UK. On the other side, it refers to the
specific approach which is used to identify political, economic, social, technological, legal and
environmental factor (Goel, Jones and Karri, 2019). In regards with an entrepreneur of Cool
fresh juice bar going to establish business in UK Thus, it is necessary for them to conduct this
analysis by which they can achieve completive advantages, those are mentioned in beneath:

Political factor: Within the UK, political factor is stable by which businesses are able to
achieve their goals without any issue. In relation with Juice Bar, this factor is essential to follow
by which they operate their business accordingly and achieve its targeted goals and objectives on
time.
Economic factor: According to this actor firms mainly focus on their inflation rate and
taxation rates in which they observe overall market condition and make appropriate strategies. In
relation with respective juice bar they focus on cost strategies in order to maximize their revenue
and sales in a profitable manner (Dias, Rodrigues and Ferreira, 2019).
Social factor: It is based on different type of culture and those factors which directly
related with consumer’s taste and preferences and many more. In relation with respected
business, as there are large numbers of people within UK so that they are needed to focus on
those factors by which they can satisfy their people needs and wants in an effective manner.
Therefore, they generally segmented people as per their income level and age as well.
Technological factor: Within the advancement of techniques it is essential for respective
business to develop more technological change in order to achieve specific goals. Along with
this, there are so many technological tools followed by them by which they attract the customers
all the time.
Legal factor: It involves so many rules and legislations which is imposed by government
of UK. In regards with respected juice bar, they are required to follow them in order to offer
services at marketplace accordingly.
Environmental factor: It directly influence several activities of business and have
negative impact on them. Sometimes die to weather conditions firms are not able to offer
services to customers accordingly. Therefore, respective juice bar needed to consider that entire
thing to accomplish goals and offer better services to their customers (Leppänen, McKenny and
Short, 2019).

CONSLUSION
As per the above mentioned assignment it has been concluded that, an entrepreneur
always needed to determine their opportunities at marketplace by which they can achieve their
goals in regards with particular business venture or any start up. Moreover, in this file an
entrepreneur has been used ample number of innovative tools and techniques along with so many
sources to represent their business at marketplace in a perfect way. It increases their business
value and goodwill in front of their customers. Along with this there are SWOT & PESTLE
framework has been used to identify every situation of market so that they can easily sustain with
that business in UK. Thus, entrepreneurial opportunities increase economy satisfaction and
successfully achieve their goals.

REFERENCES
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