Entrepreneurial Opportunities: Market Gap Analysis and Strategies

This report provides a comprehensive analysis of entrepreneurial opportunities, focusing on the identification of market gaps and the development of effective business strategies. It begins by defining entrepreneurship and exploring various sources of entrepreneurial ideas, including surveys, training, experience, and individual strengths. The report then delves into Drucker's 7 Sources of Systematic Innovation, highlighting the importance of factors like the unexpected, incongruities, and process needs. It examines the benefits and drawbacks of different approaches, emphasizing the significance of market gap identification for achieving competitive advantage. The analysis includes a case study of 'Eat and Treat,' employing tools like the McKinsey 7S model and a comparison with competitors to assess market position. Data presentation, SWOT analysis, and primary research findings on customer preferences are also included, culminating in actionable recommendations for business growth and sustainability. The report emphasizes the role of personal and professional development in achieving business success.

IDENTIFYING ENTREPRENEURIAL
OPPORTUNITIES

Introduction
 Entrepreneurs are individuals who runs their own organization by taking
risks and pursue entrepreneurial opportunities.
 It is the process in which individuals contributes their efforts to make their
business renowned at market place. In this, the government of country also
helps entrepreneurs by providing them funds in their start-ups.
 Entrepreneurs are also seen as innovator or a source of new imaginations,
ideas, etc.

Evaluate Different Sources Of Entrepreneurial
Ideas
 To run a successful business organization, there are various
entrepreneurial ideas and innovation which are used to attract customers
and gain competitive advantage. Some ideas are as follows
 Surveys
 Training
 Experience
 Strength

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 Surveys: The initial idea to start a business and achieve growth is by doing
surveys. It is an important aspect for an individual who wants to run a business
enterprise.
 Training: An entrepreneur can also attain various innovative ideas through
training sessions.
 Experience: The another basic idea to set up business is experience. It also aid an
entrepreneur in accomplishing their business goals and objectives.
 Strength: In order to achieve goals and launch in new business, strength of an
individual considered to be a very important aspect.

Drucker's 7 Sources Of Systematic Innovation
 To set up new business company should adopt Drucker's 7 sources or model which helps
company to innovate new business ideas.
 This model is given by Peter F. Drucker who has made tremendous impact on business world.
 The author also guides and inspires organization leaders and entrepreneurs to set business and
achieve goals.

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 The unexpected: According to the author, this can be a great source to inspire
entrepreneurs for innovation.
 Incongruities: As per this source, many organizations introduce their products
without doing market research and analyses customers preference.
 Process need: The another source of innovation is process. The entrepreneur of
company should focus on process adopted by them

Benefits And Drawbacks Of Different Approaches
 There are some advantages of Drucker's 7 sources or model which helps owner of company
to bring new innovative ideas in setting up their business.
 It also inspire employees or other staff members to develop new and innovative products
which helps them to enhance business performance.

Market Gap
 Identification of market gap is essential for an entrepreneur to set and run
its business effectively. By this, an individual can gain competitive
advantage at market place and attain their goals and objectives.
 In reference with 'Eat and Treat' the owner of company should adopt some
relevant tools and techniques to analyses market gap.

McKinsey 7s Model
 This model is given by Robert H. Waterman, Jr. and Tom Peters which is
beneficial to understand gaps which appear in business and to boost
performance.
 In this, they have divided model into two elements such as, hard and soft
element.
 Hard element
 Soft elements

Specific Entrepreneurial Ideas Fills A Market
Gap
 Market gap create between customers and organisation when company can
not able to fulfil demand of buyers.
 Due to this, gaps are developed between both entities which results in
decreasing company's sales margins and productivity levels

Presentation Of Data
 In order to support gap analysis, it is crucial for organization to determine
cost of products which their competitors are serving to their customers.
 By this, company can analyze their level and quality of products as
compared from their rivals.
 The owner of Eat and Treat analyze gap by comparing its business with
their competitors.

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Basis of comparison Eat and Treat Competitor enterprise
Competition in market The owner of Eat and Treat provides superior quality foods and
snacks to its customers at affordable rates from their
competitors. Their prices of foods products is $6000.
The competitor company offers their products at 8% more
prices than Eat and Treat. By this, buyer prefers less to buy
products as prices are highly in comparison from other firms.
New entrances in industries The entrepreneur of Eat and Treat provides its product at
locations mostly and easily approachable by their customers.
The prices of new industries are high compared to Eat and Treat
which are fixed at $12000.
Power of supplier The suppliers also provides provides products to company at
low costs that is $1500 as comparison with rivals of Eat and
Treat.
The suppliers of other companies charge higher rates in
comparison to Eat and Treat.
Power of buyer The entrepreneur of Eat and Treat also satisfy buyers demands
by providing health and oil free products at affordable rates
(Welter and Smallbone, 2011).
The main motto of competitors is to maximize more profits. In
this, they do not give much preference to customers demand.
Threat of substitute In order to overcome with such threats, company should
provide customized products according to their requirement. By
this, more buyers attracts towards restaurant and retain for
longer period of time. The company also charge less
subscription fee which is $400 as compared to their rivals.
The rivalry firm charges higher subscription fee that is $800
from Eat and Treat which affects buyers. Due to this more buyer
are changing their brands or companies.