Identifying Entrepreneurial Opportunities: Virgin Money Analysis

This report examines entrepreneurial opportunities, focusing on the creation of eco-friendly products. It begins with an introduction to entrepreneurship and the role of innovation, particularly in the context of Virgin Money's support for new ventures. The report assesses various methods for generating entrepreneurial ideas, including exhibitions, mass media, and personal interests. Market research is explored, including primary and secondary research methods, with sample questionnaires and analysis of survey results to identify market gaps. SWOT and PESTEL analyses are used to evaluate the business environment, including strengths, weaknesses, opportunities, and threats, as well as political, economic, social, technological, environmental, and legal factors. The report concludes with a summary of findings and recommendations for the success of the eco-friendly product venture.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Assess various methods related to entrepreneurial ideas & its innovation......................1
TASK 2............................................................................................................................................3
P2. The rationale as well as gap in market for specific entrepreneurial idea........................3
(Covered in PPT)....................................................................................................................3
TASK 3............................................................................................................................................3
P3. Provide data & information which needed to provide support to gap analysis...............3
P4. Understand information appropriately to provide proof of potentiality in market.........4
TASK4:............................................................................................................................................9
P5. Explain SWOT framework...............................................................................................9
P6. PESTEL analysis............................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
The entrepreneur is considered as an individual person that is capable to generate innovative
ideas regarding organisation and bearing risk for accomplish profit in upcoming time period. In
assistance of this, the entrepreneur plays an important role that help in generating employment
opportunity for followers. The entrepreneur is important in introducing innovative products and
services in marketing and bring innovative ideas in target market so that company can capable to
accomplishing goals as well as objective in timely. In addition to this, the entrepreneur focuses
on offering fund to organisation by providing different offers prevailed in market. As it aids
assistance in enhancing skill and competence between individual people then it assists company
to achieve success in target market. In this assignment, the Virgin money provides fund to
budding entrepreneurs so that they start their own venture. Therefore, herein, the new
entrepreneur focuses on providing eco-friendly products to customer for satisfying their need. In
addition to these, there is a discussion regarding different entrepreneurial ideas during the period
of time. The analysis of marketing gap along with PESTEL & SWOT analysis is also discussed
in this assignment (Abdi Jamayran, Sehat and Hossein, 2017).
TASK 1
P1. Assess various methods related to entrepreneurial ideas & its innovation
In given scenario, the organisation is growing that aids assistance to company to start their
organisation at target market and increase profit in future time period. In assistance to this, there
are diverse kinds of business that require entrepreneur to introduce innovative goods and services
and target market so that organisation achieves profit by satisfying requirement of its audience.
In assistance this, the entrepreneur are needed to bring innovative ideas in order to introduce
goods in market so that company can accomplishing goal as well as objective in timely manner.
There are various sources of entrepreneurial ideas of entrepreneur and its innovation that is going
to be mentioned below:
Exhibition and trade fair in this kind of source, the entrepreneur is capable to get
innovative ideas that are applied within organisation strategy in order to launch new goods and
services in market (Shu, Ren and Zheng, 2018).
Mass media the entrepreneur have innovative ideas like radio, magazine as well as other
sources regarding improvement of organisation in target market. Therefore, the budding
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entrepreneur focuses on using this idea in order to increase awareness regarding eco-friendly
products.
Interest and hobbies in reference of budding entrepreneur, they emphasize on increasing
their interest in accomplishing objective in timely manner and they introduce eco-friendly
product that is required by user in market. Therefore, they adopt Drucker’s model to in order to
bring innovative ideas in company that is going to be mentioned below:
The unexpected the organisation perform their work within an environment that is changing
on continuous basis and that provide path to introduce innovative products and services in
market by entrepreneur. These kinds of situation are adopted by budding entrepreneurs to bring
innovative goods as per present demand of user in market. I
Incongruities in this situation, the company trap in two conditions in which they needs to
launch product without conducting any kind of research related to product and services. In
addition to this, the entrepreneur needed to organise research before introducing innovative
product in market.
Process needs the entrepreneur is required to assess goal as well as objective so that they
use alternative methods to reduce errors in executing their work.
Industry structural changes in present time, the technology are changing in market so it is
necessary for organisation to adopt this type of technology for attracting ample of customer at
market place (Al Mamun and Ekpe, 2016).
Demographic in this situation, the entrepreneur focuses on assessing requirement of goods
and services in market. The company required to categorise good as per education as well as
employment of target audience in order to produce right goods in exact places.
Changes in observation the entrepreneur is needed to maintain superior relation along with
audience that help in achieving objective in more profitable manner.
New knowledge in this condition, the company required to possess superior skill of
subordinate that help in accomplishing task in more appropriate manner.
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TASK 2
P2. The rationale as well as gap in market for specific entrepreneurial idea
(Covered in PPT)
TASK 3
P3. Provide data & information which needed to provide support to gap analysis
Market research
It is determined as a function of gathering, recording as well as assessing qualitative as well
as quantitative information which is linked to commodity of market. It is considered as an
activity that is used by company to identify opportunities and difficulties in market that influence
organisation. In addition to this, there are various methods of marketing research that is given
below:
Primary marketing research this marketing research is organised by budding
entrepreneurs to collect information for prevailing issue. In addition to this, the research is
conducted by organisation in order to met specific demand of business venture and it produces
conflict to conduct investigation because it requires time, money and so on. Therefore, this type
of research to determines different groups like interviews, observation, questionnaire as well as
group; survey (Capps, 2017).
Interview questions:
1. Do you possess information regarding organisation and goods & services that is provided by
them?
2. Do you believe that organisation should produce innovative products and bring innovation in
order to provide eco-friendly products?
3. Do you think that “Eco-friendly products” will choose by target audiences of budding
entrepreneur?
The budding entrepreneurs organised survey of 30 respondents to assess that their
innovative good named as eco-friendly product will able to capture market appropriately or not
in target market. In addition to this, they required to analyse the market whether product as well
as services help in achieving competitive edge over rivalries in the market. The entrepreneur
focuses on follow questionnaire on sample of market in order to bring appropriate modification
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on goods and services (Clark and Ramachandran, 2019). Therefore, the questionnaire adopted by
budding entrepreneur is going to be mentioned below:
Questionnaire
Q1) Do you like eco-friendly products provided by budding entrepreneur?
(a) Yes
(b) No
Q2) Do you satisfied with quality as well as services provided by entrepreneur?
(a) Yes
(b) No
Q3) What chances grab by entrepreneur in future time period?
(a) Enhance market share
(b) Increases sale
(c) Huge growth in market
Q4) Do you believe that eco-friendly products will be capable to enhance market share in
upcoming 6 months?
(a) Yes
(b) No
Q5) As per your point of view, what types of obstacle can be confronted by organization in
market?
(a) Lack of equipment
(b) Lack of message
(c) All of above
P4. Understand information appropriately to provide proof of potentiality in market
Q1) Do you satisfied with eco-friendly
products provided by budding entrepreneur?
Frequency
Yes 26
No 4
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Interpretation: As per given chart, the innovative product named as eco-friendly product
in which there are 26 respondents agrees that the innovative product must be liked by user and
they purchased them on which they produce eco-friendly products on continuous basis. In
addition to this, there are 4 persons who believes that the innovative product require some kind
of modification in order to satisfy need of user.
Q2) Do you satisfied with quality as well as
services provided by entrepreneur?
Frequency
Yes 23
No 7
Interpretation: As per above given chart, the budding entrepreneur will offer
appropriate services to its user. There are around 23 respondents who believe that the eco-
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friendly product is necessary for increasing opportunity in future period of time. It is also helpful
in increasing brand image or reputation of company in front of customer at marketplace. In
addition to this, there are remaining 7 respondents who do not believe that eco-friendly product
liked by customer during particular phase of time period.
Q3 What chances grab by entrepreneur in
future time period?
Frequency
Enhanced market share 5
Increase sale 20
Huge growth in market 5
Interpretation: On the basis of above given chart, it has been analyzed that the
entrepreneur will capable to increase sale in various location and grow their function within
company in different location. Therefore, they are focusing on enhancing their market share in
target market & in different location. As per survey, it has been analyzed that there are 5
respondents who believes that increasing market share is determined as an opportunity which is
grab by entrepreneur in future period of time. In addition to this, there are 20 respondents to
believe that enhance sales is determined as an opportunity which is grab by entrepreneur in
future time period. Apart from this, there are remaining 5 respondents who believed that the huge
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growth in market is determined as opportunities which is grabbing by entrepreneurs in future
period of time.
Q4) Do you believe that eco-friendly products
will be capable to enhance market share in
upcoming 6 months?
Frequency
Yes 25
NO 5
Interpretation: According to given chart, it is assess that there are 25 individual persons
who believes that eco-friendly product will be capable to increase market share in upcoming 6
month. In addition to this, there are remaining 5 subordinates who agree that eco-friendly goods
will be able to increase market share in upcoming period of time.
Q5) As per your point of view, what types of
obstacle can be confronted by organization in
market?
Frequency
a)Lack of technology 10
b)Lack of communication 10
c)All of the above 10
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Interpretation: As per this graph, it is assessing that there are different kind of barrier arises
for providing eco-friendly product to its customers during particular phase of time period. There
are 10 subordinates who believe that lack of technology is determined as an obstacle that is
confronted by company in market. In addition to this, there are 10 subordinates who agree that
lack of communication is determined as the main obstacle that is faced by organisation in
market. Apart from this, there are 10 subordinate who agree that both these type of barrier that is
confronted by company in the market.
For the gap in the market related to eco friendly product, it is shown by making appropriate
strategy in order to target market and then the owner is capable to increase their sales of
innovative product and services. The company focuses on gathering sample from market
regarding innovative goods and services in which they are emphasized on providing to potential
market. In addition to this, the young individual person is determined as a significant audience
regarding organisation innovative product (JURJ and ODAGIU, 2018).
Secondary market research the investigation provides support to specific research that is
executed in past time; assess interpretation as well as summarisation. In this kind of research,
there is not any kind of pure information and it is the information that is already collected by
some other researcher and easy to gather. The information that is collected through articles,
reports, government agency, mass media such as internet as well as newspaper and many more.
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TASK4:
P5. Explain SWOT framework
The entrepreneur is required to assess the strengths; weaknesses along with opportunities
as well as threats prevailed in atmosphere in order to make appropriate strategy for company that
aids assistance in achieving goal and objective in more appropriate manner. In addition to this,
the company adopt SWOT analysis in order to introduce innovative product as well as services
in market.
Strengths
The entrepreneur possesses different methods to handle financial aspects such as
adopting virgin money. Therefore, the budding entrepreneur focuses on providing Eco-friendly
products to its customer in order to attract them towards their product that help in increasing
profit margin in future period of time. And, it is considered as a main strength for budding
entrepreneur during particular phase of time period (Lee and Lee, 2017).
Weaknesses
To bring innovative product in market that is risky for entrepreneur because they do not
conduct appropriate research according to need of user and assessing right market in order to
find such kind of product. It involves money or fund to launch innovative good and also
analysing new location otherwise it can erode the image of entrepreneur at market place.
Opportunities:
The budding entrepreneurs are looking for innovative opportunity to introduce innovative
products in target market. For this process, they organised research on various segment related to
market through SWOT framework in organisation so that they are capable to assess strength in
addition with opportunity that is present in atmosphere in order to accomplishing favourable
outcome in future period of time. Herein, the budding entrepreneurs focus is on taking money
from virgin money in order to expand their business and adopt innovative technology in order to
provide eco-friendly product to its user that help in accomplishing competitive edge over
rivalries in the market.
Threats:
There is high level of competition in market as different organisation focuses on launching
innovative product in most appropriate manner so that it is not easy for entrepreneur to assess
target user for their product during the period of time.
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Therefore, it is analysed that SWOT Analysis is adopted by entrepreneur to assess the
strengths; weaknesses along with opportunities as well as threats prevailed in atmosphere in
order to make appropriate strategy for company that aids assistance in achieving goal and
objective in more appropriate manner.
P6. PESTEL analysis
The entrepreneur of eco-friendly product focuses on introducing innovative product and
services in market of UK for which they required to assess competitive atmosphere in order to
successfully introduced their product in market (Katz and Green, 2018). Through PESTEL
analysis, a company is capable to assess external environmental factor that impose direct effect
on company. To assess the external environmental factor, they required to adopt PESTEL
analysis that is going to be mentioned below:
Political factor the budding entrepreneur focuses on starting their business in market of UK
and due to having a stable political condition. In present scenario, the budding entrepreneur
focuses on follow rules that is prevailed in market of UK to possess appropriate operations of
organisation during particular phase of time period (Renko, 2017).
Economic factor in this factor, there are different kind of things that is considered such as
inflation, deflation, interest rate so that the budding entrepreneurs can execute their work in an
appropriate manner. In addition to this, all these factors considered by budding entrepreneurs in
order to launch their eco-friendly products for its customers that help in increasing sales in future
period of time.
Social factors the market of UK provides eco-friendly product with customer that helps in
accomplishing competitive advantage over rivalries at market place.
Technological factor it is significant to use advanced technology for offering specific
facilities to user. Therefore the entrepreneur emphasis on using advanced technology for offering
unique goods and also helpful in attracting ample of customer in respect of their goods and
services during the period of time.
Environmental factor in this situation, it is necessary for budding entrepreneurs to provide
Eco-friendly products to its customer in order to satisfy their needs. Therefore, the budding
entrepreneur focuses on follow environmental laws in order to satisfy the needs and wants of
user at marketplace.
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Legal factor The budding entrepreneurs focus on following law laws that are adopted by
nation in order to operate their business in different legal areas (Mrożewski and Kratzer, 2017).
On the basis of above given PESTEL analysis, a company is capable to assess external
environmental factor that impose direct effect on company. To assess the external environmental
factor, they required to adopt PESTEL during particular phase of time period.
Recommendations
The company can place their product by assessing potential market in order to fulfil need
and want of customer and the organisation focuses on increasing profit in long run. Trail period
is adopted by company in order to analyse taste as well as preferences of user and offer them
new product during particular phase of time period.
CONCLUSION
On the basis of above given discussion, it is analyse that entrepreneur is important in
introducing innovative products and services in marketing and bring innovative ideas in target
market so that company can capable to accomplishing goals as well as objective in timely. In
addition to this, the entrepreneur focuses on offering fund to organisation by providing different
offers prevailed in market. The entrepreneur is considered as a person who is capable to generate
innovative ideas regarding organisation and bearing risk in order to accomplish profit in future
period of time. In addition to this, the entrepreneur plays an important role that help in generating
employment opportunity for followers. Furthermore, there is also a discussion regarding SWOT
& PESTEL analysis that assists in accomplishing objective of organisation in most appropriate
manner. In addition to these, there is a discussion regarding different entrepreneurial ideas during
the period of time.
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REFERENCES
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