This presentation focuses on identifying entrepreneurial opportunities by presenting data to support gap analysis. It discusses the potential market growth and how to interpret data for market potential.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Identifying entrepreneurial opportunities
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
P3 Present data to support gap analysis •E tailoring is a start up which provide online tailoring services to people. •There are variety of services offered like stitching, selection of design, clothing material, embroidery work, etc. in this it services offered will be for both men and women. •Moreover, customers will have to request for service through app by selecting their address.
CONT.. •It has been evaluated that many working class people do not get enough time to visit a tailor shop. Besides, they have to buy cloth from one shop and then send it for stitching. Thus, it consumes time and rises cost. •There are some particular data and information which support gap analysis. UK clothing industry will grow by 16.6% in 5 years. There will be£51.2 billions. •However, there will be rise in manufacturing cost as well. The menswear market will grow by 21.2% till 2022 in UK and womenswear by 5.8%.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
P4 Interpret data to find out market potential •From above data it is stated that there is high potential for growth of new business ideas and concepts in technological era. •This has resulted in rise in SME in different markets and successfully contributing in offering high quality products and services to people. There is rise in 24% in 2007 to 28% in 2011 in online business. Other than this, an average person spends timeon internet is 16 hours in 2011. •This shows shift of people towards online shopping and use of App. The clothing will grow at 16.6% expected over the next 5 years as compared to 12.7% in last 5 years.
CONT.. •The online clothing market is forecast to grow by 55.3% in the five years to 2022, accounting for 34.2% of the market, up from 13.5% in 2012. •Young clothing shoppers have the higher purchase frequency, with 58.1% of 16 – 24’s buying clothing at least once in 1 month, boosted by fast fashion trends and desire shopping to buy new and latest trends items. In comparison, just 14.6% of 65’s years buy clothing at least once in 1 month.
REFERENCES Books and journals •Harima, A.andFreudenberg,J.,2019.Co-creationofsocialentrepreneurialopportunities with refugees.Journal of Social Entrepreneurship, pp.1-25. •Peiris, I., Akoorie, M. and Sinha, P., 2020. Entrepreneurial opportunities and the role of contextual embeddedness. InResearch Handbook on Entrepreneurship in Emerging Economies. Edward Elgar Publishing. •Teach, R., Tipton, E. and Sidhu, T., 2019, March. Entrepreneurial Opportunities. InDevelopments in Business Simulation and Experiential Learning: Proceedings of the Annual ABSEL conference(Vol. 46).
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.