Entrepreneurial Ideas, Market Analysis, and Viability Report (BUS 101)

This report examines the identification of entrepreneurial opportunities, focusing on the launch of a new business, 'Hot Cup Cafe.' It explores various sources of entrepreneurial ideas, including trade fairs, mass media, customer surveys, and Peter Drucker's model, analyzing how these sources can inspire innovation. The report then delves into market gap analysis, identifying opportunities and technological advancements to meet consumer needs. A SWOT analysis is conducted to evaluate the cafe's strengths, weaknesses, opportunities, and threats. Finally, the report discusses the competitive marketing environment and strategies to ensure the business's viability. The report provides a comprehensive overview of the entrepreneurial process, from idea generation to market analysis and strategic planning, offering insights into the challenges and opportunities for new ventures in the UK market.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................3
P1 Different entrepreneurial innovation and ideas sources.........................................................3
TASK 2............................................................................................................................................5
P2 Market gap for a specific entrepreneurial idea with the help of different technique and
tools.............................................................................................................................................5
TASK 3............................................................................................................................................7
Covered In PPT...........................................................................................................................7
TASK 4............................................................................................................................................7
P5 SWOT Analysis.....................................................................................................................7
P6 Competitive marketing environment as to gain undertake use of viability...........................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneur is an individual who mainly formulates and creates innovative ideas for
business and always bearing most of the risks along with almost enjoying rewards. On the other
side, entrepreneur is mainly seen as an innovator, a source of different types of goods and
services as well as effective procedure (Dai and Liao, 2019). Therefore, entrepreneurs plays
significant role through using so many skills and initiative to bring unique and good ideas. With
the help of having assorted ideas they can easily identify consumers needs and able to fulfil their
demand at marketplace. It gives them several opportunities so that they can sustain at
marketplace for long period of time. Herein, Budding entrepreneur is going to launch new
business named as Hot Cup Cafe. This cafe is planning to provide Healthy Herbal Coffee with
innovative lightning themes at place. Moreover discussion will based upon evaluation of possible
sources for a innovative and new ideas of business and evaluation of market gap. At last, primary
or secondary data needed to analyse potential market and entrepreneurial ideas in regards with
market and competitors of potential viability will get covered.
TASK 1
P1 Different entrepreneurial innovation and ideas sources
Within the UK, there are lots of businesses who are growing rapidly. In order to maintain
this growth of every firm UK government gives huge support to them so that they can get high
profits and sales in a particular way (Liz, Zhou and Li, 2019). Along with this, at present
scenario there are large number of entrepreneurs who operates their business and some thinking
about to launch new business at marketplace. Whereas, Virgin Money is one of the best financial
service brand which is used by three independent brand-licensees globally. Along with this, it
helps entrepreneur's financially and make them different from others. In order to maintain
business image they are required to think innovative for making better ideas by which business
can get huge success (Scott, 2019). There are several sources of entrepreneurial ideas, those are
going to be discussed below:
Trade fairs and exhibitions:

It is one of the best considerable source which is used by entrepreneurs for developing
best and effective idea for business. Through attending assorted fairs and exhibition entrepreneur
can have good image in their mind towards its business and they could advertise their cafe via
using TV, newspapers, internet as well as as websites (Mobini Dehkordi, 2019). With the help of
this source of entrepreneur is able to fulfil their requirement among Hot cup cafe. Along with
this, they can easily overcome problems and business issues to achieve business goals.
Mass media:
It includes magazines, internet, radio and many more. With the help of these assorted
resources an individual can achieve better opportunities in a proper way. Further improvement
they are needed to focus on their business needs to make innovative business. It helps Hot cup
cafe to gain huge advantages at marketplace (Sattari, 2019).
Interest and hobbies:
According to this source, entrepreneur is able to think about itself by which they can
manage their start up or business through improvising innovative ideas in order to achieve
desired goals (Nyström and Gugenishvili, 2019). Likewise, entrepreneur has interest to launch
Hot cup cafe to achieve targeted goals whereas, an entrepreneur has hobby to make effective
quality of coffee for their customers with huge satisfactions.
Customer surveys:
It is most important source which is considered through an entrepreneur in order to
launch new business with the aim of providing better products and services to consumers. By
conducting this consumer survey an individual can easily determine several needs and wants of
their business and accomplish them by bringing innovative ideas of business. In regards with Hot
Cup cafe for giving better satisfaction to consumers they are required to conduct this survey so
that they can get idea about consumer's taste and able to make kind of products accordingly.
There is another model by which entrepreneur is capable to think more innovative that is
Peter Durcker's model mentioned in beneath:
According to this representative model, entrepreneur is able to make different types of
practical foundations which is used to develop unique business identity. Along with this model,
there are seven sources, that are:
The Unexpected: Within the business context there are so many changes day to day by
which firms are able to establish effective source of inspiration for innovation. Herein,

unexpected success and failures should not be overlooked being opportunities for a change.
Therefore, entrepreneur required to notice every change at marketplace for betterment of
launching business.
Incongruities: In this source of this model, so many firms fall into the trap of
formulating their goods without actually do a proper research to analyse their consumer's
demand. Thus, an entrepreneur needs to conduct research to know consumer's needs and wants
so that budding entrepreneur can get idea towards providing effective products and services
accordingly.
Process Need: With the help of this source it can be said that an entrepreneur should
more focus on task rather than the situation. By doing this analysis they can identify clear goals
and able to achieve huge alternatives within innovative way for perfect solutions.
Industry and Market structure change: According to this structure and source business
can be stable for few years. In order to increase business value of firm an entrepreneur required
to have so many technological change by which Hot cup is able to follow new techniques and
achieve desired goals.
Demographics: Most of the organisations can be influenced by the change of
demographics. These type of change determine the overall demand for products. In regards with
Hot cup cafe budding entrepreneur needed to offer their all over product on the basis of targeting
customers. As demographic changes are based on employment, education and age that directly
affect business task. Therefore, they should use effective tools to achieve desired goals.
Changes in perception: In the real world, there are lots of people who behave
differently. Thus, perception of people changes every time as well as anytime. Due to this Hot
cup cafe business should get involvement the power of social points in order to grow faster. With
the help of this process they can build strong image in front of their customers and achieve
targeted goals or objectives.
New Knowledge: Scientific and technological are considered as the source of innovation
which can't be overlooked by business. In reference with Hot cup cafe business, entrepreneur
needs to improve supply chain in order to hiring the best employees. Therefore, they should use
this source to achieve targeted goals.

TASK 2
P2 Market gap for a specific entrepreneurial idea with the help of different technique and tools
For launching any kind of business at marketplace idea always comes from an
entrepreneurial mind set with the aim of achieving targeted goals. In this assignment an
entrepreneur going to launch Hot Cup Cafe that have effective qualities of coffee with different
types of flavours. Along with this cafe also have several varieties of food items like Pizza,
Burger, Pan cake, cookies and many more. With the help of this type of mind set an entrepreneur
is able to give huge satisfaction to their customers and achieve high sales of growth. This
business will helps them to gain successful growth of this business within the competitive
scenario.
Within the current scenario Hot Cup cafe is going to satisfy all over consumers needs and
wants through providing large number of discount offers on their products as well as pricing
strategies. Through providing huge advantages to customers can increase entire value of business
and encourage them to achieve competitive goals. There are many other facilities will be
provided by this cafe such as high quality of furniture with designer tables, unique decoration,
colourful lights and so on. Therefore, the main reason of this cafe launch is to make
implementations on unique strategical thoughts along with bringing new concept within the
economy. This cafe will change entire mind set of consumer's taste towards fast food and coffee
and they will like it more. With the help of this, cafe would be able to maintain its great image in
front of their customers. If talk about Gap Analysis, so that there are different types of buyers
and sellers at competitive market, for this respective cafe needs to develop better image by
fulfilling gap between them and customers. Therefore, they will always try to keep innovative
thoughts in their mind by which they can implement them if necessary and make their cafe
attractive. Together with they can cope up with customers desire towards appropriate products
and achieve targeted objectives and goals. Thus, there is gap analysis in reference with Hot Cup
Cafe which is developed by an entrepreneur, discussed below:
Identification of opportunities: In order to gain different types of competitive advantages
it is necessary for an entrepreneur to adopt so many things by which they can make their
business attractive. It will helps them to achieve proper goals at right place in a right manner.
Through analysing all over business opportunities they needs to have better ideas to sustain at
marketplace for long period of time.

Technological advancements: Within the modernising world day to day individual's
demand and needs are increasing rapidly along with they also want to aware towards new
techniques. In order to minimise gap an entrepreneur of respective restaurant is able to adopt
such kind of techniques by which cafe will satisfy consumer's needs and it fills market gap and
give better opportunities to them in an effective manner.
TASK 3
Covered In PPT
TASK 4
P5 SWOT Analysis
It is important aspect for an entrepreneur for identifying overall strength, weakness,
opportunities and threats of overall business idea (Khoshmaram, Shiri and Savari, 2019). Herein,
an entrepreneur is responsible to conduct SWOT analysis by which they can aware with current
and future trends of market and able to provide such kind of products those attracts the customers
most. Establishing new business named as Hot Cup Cafe, to looking forward for giving better
quality of goods and services to customers in an appropriate manner. For this, SWOT analysis
will help them to know in which aspect of services they are needed to change. This analysis is
mentioned below:
Strengths: Budding entrepreneur has lots of option to arrange funds from so many
sources like in UK Virgin money organisation helps them a lot towards giving lots of fund to
them so that they can easily launch their new business and able to achieve sustainable growth.
Another strength is this business Hot Cup Cafe has been selected good location wherein,
anybody can approach them and people can enjoy their food and coffee services.
Weaknesses: In order to form new business an entrepreneur is required to think about
area and many other weak point by which they can get lose in their business. For this, Hot Cup
cafe as it will launch into the good place of UK but on the other side transportation issues could
be raise as transportation of UK is huge expensive.
Opportunities: In order to grab huge opportunities at marketplace budding entrepreneur
is needed to focus on those factor by which they can successful achieve their goals. Herein, qan
entrepreneur of Hot Cup Cafe required to market research as well as survey to know market
situations very well for best opportunities.

Threats: Within competitive scenario there are different types of firms and businesses
who are bringing latest technology that directly influence and attract customers. Therefore,
budding entrepreneur is needed to make affordable pricing strategies so that business can achieve
competitive goals.
P6 Competitive marketing environment as to gain undertake use of viability
Market Environment:(Macro)
There are so many factors of within the competitive marketing environment in which
budding entrepreneur is focusing for successfully achieve goals. That are:
Political: In order to successfully sustain at market place an entrepreneur who is
launching Hot cup cafe, needed to follow each and every laws or regulations which is given by
the UK government.
Economical: To make business effective and attractive an entrepreneur needs to
implements on low pricing strategies so that they can achieve market goals (Poblete, Sena and
Fernandez de Arroyabe, 2019).
Social: For launching business an entrepreneur needs to measure overall needs and
demand among consumers in UK so that they can make services and goods accordingly.
Technological: Adoption of new techniques always makes attractive value of business.
Thus entrepreneur is needs to be focus on their target through launching business effectively.
Micro environment:
According to this, an entrepreneur is required to keep effective and clear vision, mission
and values of their launching business by which they can get huge profits with high sales.

CONCLUSION
From the above representative report it has been analysed that, entrepreneur plays
important role within every humans life as they always develop better ideas and though for the
business through focusing on consumer's needs and wants. Therefore, an entrepreneur is
considered as an significant aspect for economy. In this report budding entrepreneur has been
launched their business named as Hot Cup Coffee, for gaining better image at market of UK
entrepreneur takes money from Virgin financial industry and SWOT analysis PEST has been
conducted to know entire situation of marketplace. With the help of this they can improve and
measure marketing gap and satisfy consumer's wants.
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