Identifying Entrepreneurial Opportunities for Coffee Meet: A Report

This report assesses the entrepreneurial opportunities for Coffee Meet, a coffee house concept focused on health-conscious consumers in the UK, offering black coffee with brown sugar. The report begins with an introduction to entrepreneurship and identifies various sources of entrepreneurial ideas, specifically applying Peter Drucker's seven sources of innovation to the Coffee Meet concept. A rationale for the entrepreneurial idea is provided, emphasizing the health benefits of black coffee and brown sugar. The report then conducts a gap analysis using questionnaires to evaluate the market potential, followed by an interpretation of data to provide evidence of market potential. Finally, a SWOT analysis is used to assess the strengths, weaknesses, opportunities, and threats, and an evaluation of the competitive and market environments is presented to assess the potential viability of Coffee Meet.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Evaluation of different sources of entrepreneurial ideas and innovation.........................3
TASK 2............................................................................................................................................5
P2. Rationale for entrepreneurial idea....................................................................................5
TASK 3............................................................................................................................................5
P3 Gap analysis in the evaluation of a specific entrepreneurial idea....................................5
P4. Interpretation of data to provide evidence of market potential of Coffee Meet...............9
TASK 4..........................................................................................................................................12
P5 SWOT framework to collate evidence to support objective assessment of a specific
entrepreneurial idea..............................................................................................................12
P6 Evaluation of competitive and market environments in which idea will be launched to
assess potential viability.......................................................................................................13
CONCLUSION .............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
An entrepreneur is a person who is capable of taking risk to start a new venture so as to
build their innovation and idea into reality. They develop their concept by carrying out tasks by
using creativity and innovation. Identification of opportunities is essential in this dynamic
environment. The present report is based upon the idea of launching a coffee house in London
whose name is Coffee Meet. It provides Black coffee with brown sugar. They have brought up
this idea for health conscious people. This report is based on exploring sources by which
business can be developed and gap analysis is done. SWOT and market analysis is done to
acknowledge different aspects of market.
TASK 1
P1 Evaluation of different sources of entrepreneurial ideas and innovation.
In dynamic environment, entrepreneurs are looking forward for new and innovative ideas
to gain competitive advantage. This will help them to enhance their productivity. Apart from this
they can use new technologies to implement their ideas (Audretsch, 2012). Entrepreneur of
Coffee Meet is coming up with new idea that is black coffee with brown sugar in United
Kingdom. Herein, entrepreneur has adopted Peter F Drucker's seven sources of opportunity for
innovation to know whether his innovation will be successful or not in competitive market of
UK. These sources are elaborated below:
Unexpected success and failure: Acknowledgement of different reasons for unexpected
success and failure leads to generation of new innovation. To understand this an example can be
considered, IBM build their accounting machines for banks, but later on they discovered that
libraries want to buy these machines. This did not lead to failure despite it lead to new idea.
Unexpected product failure leads to generation of new idea or innovation which can lead to
something which market likes.
Incongruities: It is variance between what it is and what it should be or assumption of
people it to be. This indicates that if things are not happening in same manner as they were
supposed to be then there can be scope of innovation. To understand this an example can be
considered like when number cars increased there came shortage of parking space, this lead to
development of smart cars. They are small cars which can come in small space. Incongruities
acts as important source of innovation.

Process needs: This stage involves identification of weak points of organisation and
redesigning them. Source of opportunity for innovation comes from this. An innovator can think
out of box so that weak links can be removed. An example can be considered in this context like
motel was short on help and was facing issues related with laundry, for this they installed washer
and dryer in room which is behind receptionist desk (Dimov, 2011). In spare time, reservation
clerk can do towels and sheets. This helped to solve problem.
Changes in industry and market structure: Changes in market and industry are prime
sources which must be acknowledged. Emergence of new and fast growing segments provides
different scope for innovation. An example can be taken to further understand this like tablets,
cell phones etc. Before Google, search engines were not optimised and perfect. Google shaped
them by making information searchable.
Changes in demographics: Organisations are affected by change in demographics.
These changes strongly affect market as it helps to find out demand of services. Innovation can
be based on certain demographics like age, employment, education, etc. Lifestyle needs are not
small and their fulfilment is important.
Changes in meaning and perception: Altering or changing perceptions in respect to
certain things also lead to innovation. An example can be considered in this context like medical
and cosmetic industries have changed. Like people who are of 50 appears to be of 45 or younger.
It is necessary to acknowledge services and products which can alter perceptions.
New knowledge: It can also act as source of innovation. It can be understood by this,
whether it is artificial intelligence, biotechnology or nano-technology, new knowledge in any
specific area can provide innovation (Fuentes and et. al., 2010). This knowledge can be used to
develop new, innovative products. Innovations can be risky as emergence of new knowledge and
their conversion into usable technology and there can be gap before product is launched within
market.
These sources helped to gain new inspiration in leading business growth and having an
innovative idea to enhance productivity in specific sector.

TASK 2
P2. Rationale for entrepreneurial idea.
Depending upon needs and tastes of individuals, Coffee meet is opting for providing its
services in Coffee sector. Coffee Meet is a new venture which is providing black coffee with
brown sugar. This idea came into mind as people have became more health conscious and are
opting for options which do not have any negative impact on their health. For this they mostly go
for green tea and do not have many options available with them. Herein, an entrepreneur is
coming up with this innovation in new market place of United Kingdom. Entrepreneur is
focusing much on health conscious people such as youngsters, professional workers and fitness
freaks. The main objective of this innovation is to bring healthy lifestyle in busy working
schedule of a person. They opted for this product as black coffee boosts up memory, enhance
performance during workouts, helps to fight out with different liver problems, promotes weight
loss, reduction in risk of diabetes, stress level can be reduced and many more. Brown sugar helps
to prevent obesity, they are chemical free, energy is boosted naturally, digestion can be
improved, provides relief from cold, prevents asthma and many more. These are some benefits of
black coffee and brown sugar independently. When these both will be combined then they will
provide enhanced benefits. As people are health conscious, it will provide them various benefits
and will not not lead to any kind health issues.
TASK 3
P3 Gap analysis in the evaluation of a specific entrepreneurial idea.
Gap analysis is method for assessing difference between business information system to
analyse whether business needs are met or not. It is strategic tool for identifying gap between
target and expected result (Grégoire and Shepherd, 2012). It deals with space between present
state and target state.
It helps Coffee Meet to identify and define their needs in present context and in future context,
it will also help them to determine which skills are required so that they can gain competitive
advantage and enhance their performance and gain profit.
Primary Research: It is conducted by company itself or someone is hired for this who
can do this. It includes going to sources prospective customers or usual customer within target
market. It includes interviews which can be telephonic or face to face, surveys either mail or

online, questionnaires or visit competitors' locations. Questionnaires method is used by Coffee
meet are so that they can find out and analyse gap in company. By this they can work on specific
gap and accomplish it. Questionnaire is shown below.
Secondary Research: It is kind of research which is already gathered, compiled,
published and organised by others. It includes studies and reports made by trade associations,
government agencies or other businesses within same industry (Kohlbacher, Herstatt and Levsen,
2015). This data can also be collected from institutes, books or journals. It requires lot of time
and cost so Coffee Meet is not using this.
Questionnaire
Q.1. Are you are aware about products of Coffee Meet?
Yes
No
Q.2. Does Coffee Meet provides unique ingredients as per demand customers?
Agree
Disagree
Q.3. Do Coffee Meet provide services at effective rate?
Yes
No
Q4. Are you satisfied with the customer services provided by Coffee Meet?
Agree
Disagree
Q.5. Does Coffee Meet can gain attention of target market customers?
Yes
No
Theme 1: Coffee Meet provide effectual services
Q.1. Are you are aware about products of Coffee Meet? Frequency
Yes 22
No 18

Theme 2: Services
Q.2. Does Coffee Meet provides unique ingredients as per demand
customers?
Frequency
Variety of drinks 10
Wi-Fi services 14
Premises 16
Yes No
0
5
10
15
20
25

Theme 3: Coffee Meet offer services at effective price rates
Q.3. Do Coffee Meet provide services at effective rate? Frequency
Yes 30
No 20
Theme 4: Customers are satisfied by Coffee Meet
Q.4. Are you satisfied with the customer services provided by Coffee Meet? Frequency
Variety of drinks Wi-Fi services Premises
0
2
4
6
8
10
12
14
16
Yes No
0
5
10
15
20
25
30

Yes 22
No 18
Theme 5: Coffee Meet can gain attention of target market
Q.5 Does Coffee Meet can gain attention of target market customers? Frequency
Yes 32
No 18
Yes No
0
5
10
15
20
25
Yes No
0
5
10
15
20
25
30
35

P4. Interpretation of data to provide evidence of market potential of Coffee Meet.
Entrepreneur needs to collect data for launching their venture and for this they have
collected data from different sources. Entrepreneur can use this data to find out when coffee
house can be opened so that they can gain attention of customers and sustain within market for
longer time (Siegel and Renko, 2012) . Primary and secondary sources have been used to collect
data. Coffee Meet has options to provide products which are healthy and do not have side affects
on their customers. Apart from this they can customise their drinks as per preferences and taste
of customers. This will help to build customer's loyalty for their products. By this they will be
able to attract health conscious customers.
Interpretation of above data:
Theme 1:
Central Tendency Data
Mean 20
Median 20
Mode 4
Standard Deviation 2.828
Interpretation: From above interpretation, it has been found that people are aware about
services being offered by Coffee Meet. Furthermore, they can use social media to create more
awareness of their products among their target customers.
Theme 2:
Central Tendency Data
Mean 13.333
Median 14
Mode 10
Standard Deviation 3.055

Interpretation: From above interpretation, it is found that customers are more attracted to
premises in which provide effective services. Coffee Meet has provided open roof top, from
where customers can have a pleasant view.
Theme 3:
Central Tendency Data
Mean 25
Median 25
Mode 10
Standard Deviation 7.071
Interpretation: From above interpretation it is clear that customers finds value for their money,
apart from this it has been analysed that Coffee Meet is providing their services at reasonable
amount.
Theme 4:
Central Tendency Data
Mean 20
Median 20
Mode 4
Standard Deviation 2.83
Interpretation: Customers are satisfied by services being offered to them by Coffee Meet. It has
been that 22 respondents have given their positive feedback.
Theme 5:
Central Tendency Data
Mean 25
Median 25

Mode 14
Standard Deviation 9.899
Interpretation: As per 32 respondents Coffee Meet is able to attract customers towards
themselves. Furthermore they can provide more drinks to health conscious customers.
The competitors of Coffee are local coffee stores and other stores that are offering black
coffee with brown sugar. Moreover, an entrepreneur of Coffee meet are adopting various
strategies such as equivalent pricing strategy, offering premium quality of product and services
in order to attain success in the competitive marketplace. Furthermore, they are operating on
large market scale of United Kingdom so the risk potential is relatively higher then other
competitors. As they are new in marketplace the need to make huge efforts in attaining
sustainability in competitive marketplace.
Gap analysis:- Coffee Meet is a cafe which is offering black coffee with brown sugar
which is healthy and tasty. They conduct gap analysis to identify opportunities and requirement
which is required by them in future. For achieving future goal and objective they develop various
strategies and plans, adopt marketing methods and so on. This will help them in achieving
objective ion effective manner. They can adopt techniques like advance promotional techniques,
introduce new products according to demand and need of customers time to time and many
other.
TASK 4
P5 SWOT framework to collate evidence to support objective assessment of a specific
entrepreneurial idea.
SWOT analysis is used for determining competitive position of organisation by
determining their strengths, weaknesses, opportunities and threats. This helps them to work on
certain factors and gain opportunities available within market. Coffee Meet is new venture which
is opting to serve in Coffee industry (Suddaby, Bruton and Si, 2015). SWOT analysis is done so
that they can identify their strong points which can make them different from their competitors,
their weakness so that they can overcome those, find out their opportunities and analyse their
competitors present within market. SWOT analysis of Coffee Meet is presented below: