Entrepreneurial Opportunity Report: Electric Kettle Business Analysis

This report provides an in-depth analysis of an entrepreneurial opportunity in the electric kettle business. The introduction defines the concept of entrepreneurial opportunity, emphasizing profitability through market analysis and customer needs. The report then describes the chosen domain of industry attractiveness, analyzing its relevance to the electric kettle business in the UK market, where the product's widespread use is noted. The application of the industry attractiveness domain involves assessing the potential for success, considering technological advancements, and the need for promotional strategies for a new brand. The report further examines the impact of Porter's Five Forces on the electric kettle business, including the threat of new entrants, supplier power, buyer power, threat of substitutes, and competitive rivalry. The conclusion summarizes the importance of considering various factors that directly influence the business and highlights the use of strategies such as promotion and technologically advanced products to manage threats and capitalize on opportunities. The report references several journals and books to support its findings.

Entrepreneurial
opportunity

Table of Contents
INTRODUCTION ..........................................................................................................................3
Description of your individual domain.......................................................................................3
Application of your individual domain ......................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................5
.........................................................................................................................................................5

INTRODUCTION
Entrepreneurial opportunity is considered to be the one with the help of which the
products and services of the company are sold by them in such a manner that the prices which
are charged are more that the cost of production and thus it ensure profitability of the
organisation (Jarvis, 2016). For this the opportunity within the market has to be analysed by the
entrepreneur in such a manner that they offer products as per the needs and expectations of the
customers. In this report the domain used by the start up business of electric kettle is discussed
with the help of which the attractiveness of the business can be identified.
Description of your individual domain
I have taken into consideration various domains related to the business as they enabled
me to identify various opportunity within the market. On the basis of this I could analyse that the
consumers of the electric kettles within the market of UK has been incarcerating as the product is
used in each and very household. For deciding the opportunities I considered the industry
attractiveness domain of the business as with the help of this I chances of success within the
market is analysed along with changing technology which is most preferred by the customers
in UK. I took into consideration various other major domains such as sustainable advantage,
attractiveness of the market, level of competition, target segment attractiveness and ability to
execute various critical success factors. But for this industry attractiveness is more suitable as
with the help of this I could analysed that the industry of electric kettle earns a fortune due to
which it is worth investing within the industry. As the product which will be launched by the
business will be unfamiliar with the consumers as it will be launched under new brand name of
which the customers do not have any understanding. For this I had to plan significant
promotional strategies for the business as it will create awareness among the target market
regarding our electric kettles.
Application of your individual domain
The industry attractiveness domain enables the business to identify the potential within
the market in terms of profitability or the returns for the investment made in the business. The
domain enables the business to understand the attractivenesses of the business at both micro and
macro level as with the help of the opportunities within the market and the ability to garb such
opportunists can be identified by the business (Rastkhiz, 2019).

With the help of industry domain the level of competition can be identified by the
business along with the impact of various industry factors which can directly affect the
performance of the business such as the impact of the buyers, suppliers, competitors, new
entrants and substitutes. They are the macro factors upon which the company has no control and
this implies that they consider the influence of all of them on the business environment while
planning for the start-up. The analysis of various forces of the industry with the help of porters
five forces are given below so that the influence of such forces on the electric kettle business can
be analysed:
 Threat of Entry (High): The threat of new entrants on the business enables them to
determine the chances of competition that they will be facing in near future and this
defines the level of profitability of the business in the coming year. The industry is quite
attractive and with better technology new players can efficiently enter into the market and
they can easily ensure that the customer in UK market prefers their products because new
technology is easily accepted by them (Parker, 2018).
 Supplier power (High): The bargaining power of the suppliers within the industry of
electric kettle is low and this implies that the business will not get affected by this in the
near future. It is because of the fact that number of suppliers for the required material is
sufficient due to which they will not change the prices that has been decided.
 Buyer power (High): The bargaining power of the customers are high as their needs and
wants keeps on changing and for ensuring the profitability of the business the products
provided to the customers has to be as per their expectations. This implies that the
business of electric kettle will be affected by the buyers and this has impact of the
profitability of the business as per their own terms and conditions (Read, 2016).
 Threat to substitutes (Low): The threat of the substitutes to the products and services
has direct influence on the performance of the business as well as its profitability. The
business of electric kettle will not get directly affected by any substitute and this will
imply that the policies in context of them need not to be emphasised.
 Competitive Rivalry (High): The level of competition within the business has to be
managed as it has direct impact on the profitability of the business because the
competitors offers products with innovative features due to which the customers tends to
shift. For the business of electric kettle it is important to take into consideration various

rivals in the UK and the features that they have in their products as accordingly changes
and new features can be introduced by the start-up business.
With the help of this analysis it can be identified that the impact of these five forces on
the business is high and due to this the business has to take into consideration such policies that
can enable them to target their customer efficiently.
CONCLUSION
It is concluded from the above report that the business need to take into consideration
various factors that has direct impact and influence on their business. With the help of such
analysis they can formulate various strategies such as the industry attractiveness enable them to
identify the opportunities and the related threats which can be managed by them with strategies
such as promotion, technologically advanced product etc.
REFERENCES
Books and Journals
Rastkhiz, S.E.A., and et. al. 2019. A new approach to evaluating entrepreneurial
opportunities. Journal of Small Business and Enterprise Development.
Jarvis, L.C., 2016. Identification, intentions and entrepreneurial opportunities: an integrative
process model. international Journal of entrepreneurial Behavior & Research.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Read, S., and et. al. 2016. Effectual entrepreneurship. Taylor & Francis.