BUS101: Identifying Entrepreneurial Opportunities Homework Assignment

This assignment focuses on identifying entrepreneurial opportunities, specifically through gap analysis and data interpretation within the context of launching Coronus Motors, a hypothetical business venture in London. The introduction defines entrepreneurship and entrepreneurial opportunities, emphasizing the link between ideas and economic factors. The assignment details the data needed to support gap analysis, explaining its role in identifying discrepancies between current and desired business performance. It includes a questionnaire designed to gather primary data on customer awareness, preferences, and satisfaction regarding biogas-powered vehicles. The assignment then interprets the collected data, categorizing responses into themes related to biogas awareness, customer decision-making factors, economic sustainability, and product satisfaction. The conclusion highlights the importance of understanding market opportunities in a competitive and technologically advanced environment for entrepreneurial success, and includes a list of relevant references.

IDENTIFYING ENTREPRENEURIAL
OPPORTUNITIES

 Introduction
 Data needed to support gap analysis
 Interpret data appropriately
 Conclusion
 References
TABLE OF CONTENT

An entrepreneur is a person who is willing to initiates a new business venture or add some value in their
existing goods and services and take risks. Whereas, entrepreneurial opportunities refers to the link
between person's idea and economic factors that prevails them to efficiently work on their own business
and innovative idea.
INTRODUCTION

Gap analysis defined as a effective concept which is used by an entrepreneur while they planning to
launch new business idea within the marketplace. It will assist them in ascertaining several variances
between current as well as desired future performance of a business idea. Within the context to launch of
Coronus Motors in London, as there are numerous aspects that are related to the market scenario which
require to be considered by an entrepreneur.
DATA NEEDED TO SUPPORT GAP ANALYSIS

CONTINUE…
QUESTIONNAIRE
NAME:
AGE:
GENDER:
Q1) Are you aware about the use and scope of biogas in vehicles that being manufactured by the Coronus Motors?
 Yes
 No
Q2) What is the factor that you generally look upon the most while purchasing car?
 Environment friendly
 Effective waste management
 Low price
Q3) Are you think that offerings of Coronus Motors economically sustain?
 Yes
 No
Q4) What factor influence most while making purchasing decisions?
 Income
 Safety standards
 features of car
Q5) Are you satisfied with the innovative products of Coronus Motors?
 Yes
 No
Q6). Recommend any suggestions for the betterment of Coronus Motors.

 An entrepreneur collects informations from the different sources while launching a new business idea.
These data helps businessman in gathering informations with the appropriate time of introducing new car in
London to get huge attention and interest of people. There are mainly two sources of data collection which
is primary and secondary. In respect of Coronus Motors following data is gathered such as follows:
 The new and unique car launched by a businessman facilitates customers the innovative features and use of
biogas in running their vehicles along with the various different aspects. It is considered as an innovative
idea because not yet launched by other businesses till now or the only few companies that manufactures
buses and coaches to choose biogas as an alternate choice of fuel such as Scania. Thus, the Coronus Motors
facilitates with an opportunity to satisfy customers demands and flourish in the market.
INTERPRET DATA APPROPRIATELY

Interpretation of the questionnaire:
 Theme 1: Awareness about the use and scope of biogas in vehicles.
CONTINUE….
Q1) Are you aware about the use and scope of biogas in vehicles that being
manufactured by the Coronus Motors?
Frequency
 Yes 25
 No 15

 Theme 2: Reason that influence customer decisions.
CONTINUE….
Q2) What is the reason that you generally look upon the most while purchasing
car?
Frequency
 Environment friendly 12
 Effective waste management 7
 Low price 21

 Theme 3: Economic sustainability of offerings.
CONTINUE….
Q3) Are you think that offerings of Coronus Motors economically sustain? Frequency
 Yes 23
 No 17

 Theme 4: Factors for making buying decisions.
CONTINUE….
Q4) What factor influence most while making purchasing decisions? Frequency
 Income 12
 Safety standards 15
 features of car 13

 Theme 5: Customer satisfaction.
CONTINUE….
Q5) Are you satisfied with the innovative products of Coronus Motors? Frequency
 Yes 32
 No 8

It can be summarised from the above discussion that in the modern world, competition and technological
advancement is very fast so entrepreneurs have huge market opportunities which can be considered as an
advantages of being successful by launching a new business idea.
CONCLUSION