Identifying Entrepreneurial Opportunities

Identifying Entrepreneurial Opportunities
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Contents
INTRODUCTION...........................................................................................................................3
P1 Description on various sources of entrepreneur ideas and innovation...................................3
P2 Explain entrepreneur idea with use of USP and define why there is market gap for idea....5
P3 Conduct the questionnaire to show that there is requirement for Fast food item or services,
research similar fast food item to show that there is a gap for this idea......................................7
P4 Analyse the gap for fast food item and how it will be different from other, better than its
competitors................................................................................................................................12
P5 Describe the use of SWOT analysis Fast food item and explain the why it will be achieved
success.......................................................................................................................................14
P6 Use PESTLE analyse to critically evaluate the market in which product and services will
be operating in...........................................................................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
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INTRODUCTION
Entrepreneurial opportunities termed out as situation in which product and services can
be sold at price greater than cost of production. In this, entrepreneurs can take action to make
profitability (De Zubielqui, Lindsay and O’CONNOR, 2014). It is crucial task that must be
performed effectively to bring out number of innovative opportunities within market. Therefore,
entrepreneur needs to carefully monitor the internal and external environment to investigate
potential and threats that have wide impact on enterprise present and future.
The present study is based on topic as to identifying entrepreneurial opportunities to
enhance profitability and productivity. Furthermore, report will cover ways that coming with an
entrepreneurial idea to evaluate Ducker's 7 source of systematic innovation. Also, Unique selling
position of entrepreneur idea will be defined to analyse market gap. Lastly, SWOT and PESTLE
analysis will be carried out to analyse the market in which product and service will be operating
in.
P1 Description on various sources of entrepreneur ideas and innovation.
Sources of business ideas-:
This is defined as term that supports to determine that how customer uses to heard about
hotel in terms to undertake further expansion of marketing and promotion efforts to maximise
profitability (Varis and Littunen, 2010). Thus, idea to business can be come from personal skills,
experience, mass, media and talents and many more.
Various sources of opportunities-:
Peter Drucker termed out as to be father of management. He is one of the effective
modern management investors that has effective knowledge of the innovation, leadership and
entrepreneurship. Henceforth, there are seven sources of innovative opportunities that taken by
Drucker are outlined as-:
The unannounced- In the present era, there are number of entities who are coming with
innovation. In addition to this, the enterprise world is inundated with unexpected success and
failures (Mazzarol and Reboud, 2020). This is inclusive of the both success and failure of the
enterprise. In order to invest the success, the organisation must bring some invention and
innovation.
Incongruities- This is crucial to understand the needs and wants of customers. Henceforth, the
differentiation must be taken as what is and what is supposed to be as this can be greater source
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of inspiration of innovation. This aids to conduct the business practices in effective and advanced
manner.
Industry and market structure changes- In the enterprise, the leaders need to keep eye on the
change within the enterprise and treat such change not as threat but considered them as an
opportunity to enhance profitability and productivity.
Changes in the perception- Using high technical advancement and social networks the
perception of individual can be changed about products. Henceforth, changes in perception leads
towards road of innovation of undertaking development in new product and services.
New knowledge- With use of knowledge and innovation the entity can come up with knowledge
and idea to bring innovation and invention in commodities. Fresh ideas aids to develop and
innovate product and services.
Demographics- Change in demographical condition impacts the working of enterprise in huge
context (Zanabazar and Jigjiddorj, 2020). Therefore, some changes affect demand, quantity of
the commodity and buying habits. Sociology changes in employment age, education highly
affects the business, and this opens door for innovation.
Process needs- The chances of carried out invention ejaculate after looking over the process of
enterprise and to clearly distinguish the points that affects the business profitability.
Role of entrepreneur-:
Entrepreneur is defined as individual that seeks to spread between need of customers and
to deliver the services accordingly. They must be flexible and risk taker to adapt business
changes effectively and efficiently. He must have aura to grab the opportunities and to deal with
changes in techniques or demographical change in perception of consumers (Pérez-Hernández,
2019).
Types of innovation-:
Product innovation, invention, architectural innovation incremental innovation, radical
innovation, disruptive, big band are common 5 source of innovation.
Discrimination between product and business idea-
Business ideas revolves around for commodity for selling and making firm while product
idea means to develop and innovate innovative commodity.
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Exploring creativity-:
The innovation and invention assist to business activities to grow their business activities
effectively. With help of undertaking the activities as mind mapping, six thinking hats and
picture association.
P2 Explain entrepreneur idea with use of USP and define why there is market gap for idea.
Entrepreneurial idea termed out as an idea that can be turned into business. However, this
is process that has ability to bring improvement in standards of living. Herein, we have decided
to start the new business venture such as fast food service, this needs to establish in London. The
entity will be named as “organic treasure”.
With the implications of new financial and banking regulations the requirement for
accounting and audit service is increasing day by day. Therefore, entity needs to handle business
practices in effective and efficient manner.
Identification of customers- To investigate the target market, this is crucial to investigate
specific group of customers (Tóth and Rizzo, 2020). With help of selecting some specific group
of customers, enterprise can able to meet out the needs and wants of customers effectively and
efficiently. By analyzing the needs and wants of customers, the whole process of entity can able
to become effective, affordable and efficient. With help of putting focus on need of specific
customers, the enterprise can easily deliver appropriate service to meet out the demands.
GAP and competitive analysis-:
Herein, the analysis can be done with use of SWOT technique such as are-:
Strength- London is one of best tourist destination. By establishing fast food service within
location can be helpful to attend competitive advancement within market.
Weakness- The Fast Food outlet is yet to established. In case of limited resources, the entity
cannot able to undertake the process of innovation effectively. This can be considered weakest
point of fast food restaurant.
Opportunities- The firm operations need to take place in area where there is presence of wide
range of tourist attraction (Zanabazar and Jigjiddorj, 2020). Thus, entities can be open near the
areas where-:
 A new office complex is opening nearby.
 A new housing development being built that can also be a good opportunity.
 At the place or area when new competitor has closed.
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Threats- One of major threat that exist can be termed out rivalries in market. If a competitor has
lowered their prices and started a price war to expand their profitability. New restaurant opening
within area can be considered threat as this can affect the selling of entity.
Interpretation-:
This can be done with help of interpreting the following-:
 Quality- The quality and dedication shown by entity to its customers.
 Identification- This helps to identify that how much entity is known in marketplace and
what the position it holds.
 Image- The brand image of entity needs to be identified. Whether, it is positive or
negative.
 Issue- It needs to be identified that how entity handles the bad scenario within
marketplace.
Furthermore, market gap can be determined with opportunities avail to business and can
be used to execute an innovative idea in relation to expand business. This can be done with help
of capturing large market share. Henceforth, entity will be named as “organic treasure”. It will
have the use of different target segments to investigate best suitable market. All are outlined as
below contested manner as-:
 Behavior segmentation- It can be termed out as way of distributing the whole market
within small homogeneous groups that based on buying behavior of customers. “organic
treasure” will segregate their target customers as per purchasing habits such as brand
loyalty and frequency etc. This can aid to attract large number of customers and to retain
them with help of offering quality food commodities.
 Demographic segmentation- It is segment that is divided based on age, gender, family,
income and education and other factors of customers. “organic treasure” divided their
individuals based on demographic to identify them more effectively and accurately
(Mazzarol and Reboud, 2020). Additionally, various social economic attributes of
consumer can assist restaurant to target such individuals.
 Geographic segmentation- This is type of segment in which the market is divided based
on geographic conditions. Herein, division will be done with focusing over areas, city,
state and region etc.
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