Analyzing Happy Republic Inn Hotel: An Entrepreneurial Idea Report

This report presents an analysis of the entrepreneurial idea for the Happy Republic Inn Hotel, a proposed hotel in London that differentiates itself through its focus on guest wellness and fitness. The report begins with an introduction to the entrepreneurial concept and identifies sources of innovative business ideas, drawing upon Peter Drucker's seven sources of innovation. It then presents the rationale for the hotel, highlighting the market gap for hotels that cater to health-conscious travelers, and utilizes various tools such as competitive analysis. A gap analysis is conducted, evaluating the hotel's potential in terms of performance, product/market, profit, and manpower. Data collected through questionnaires is interpreted to demonstrate market potential, and a SWOT analysis is performed to assess the hotel's strengths, weaknesses, opportunities, and threats. Finally, the report evaluates the competitive and market environment to assess the viability of the Happy Republic Inn Hotel, concluding with recommendations for future development.

Identifying
Entrepreneurial
Opportunities
1

INTRODUCTION...........................................................................................................................3
P1. Sources of innovative entrepreneurial ideas..........................................................................3
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques......5
P3. Gap analysis in the evaluation of entrepreneurial idea..........................................................7
P4. Interpretation of data to provide evidence of market potential...........................................12
P5. SWOT Analysis to assess the entrepreneurial idea.............................................................16
P6. Evaluation of competitive and market environment to assess potential viabilities.............17
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................21
2

INTRODUCTION
An entrepreneur is an individual who weigh up opportunities, evaluates threats, analyse
personal capacity and translates opportunity into a unique and defined business idea.
Entrepreneur plays a key essential role in an economy (Audretsch, 2012). Thus, it becomes
important for nation's worldwide to encourage entrepreneurial instinct as to spark success in their
economic development. Present report has been conducted on introducing a new business idea by
launching Happy Republic Inn Hotel in London provinces. This hotel offers a unique and
appealing feature which is linked with healthy well being of individuals. Hotel offer its unique
service which is combined with wellness concept, in this they provide rooms with special
workout zone in which they provide yoga mat, stability ball, cardio machines, a bench for seated
exercises and free workout videos as per according to customers demand. In this report,
formative discussion has been made on concept of entrepreneurial ideas along with gap analysis
to evaluate feasibility of viable business idea. Lastly, report includes SWOT analysis to find
strength and weakness for further growth.
TASK 1
P1. Sources of innovative entrepreneurial ideas
Start-ups and entrepreneurial business acts as a one the major source that contributes in the
country's economy. It not only helps in generating employment but also increase level of
country's infrastructure, GDP and more. In present case scenario, Government of UK encourages
young graduates to consider entrepreneurship. It helps in promoting fair trade practices while
reducing dominance of existing ventures. Thus, by continuous evolution of new business
opportunities help entrepreneur to develop effective entrepreneurial idea (Top 10 Sources of
Business ideas & Opportunities. 2018). Mentioned below, there is concept of Peter Drucker
seven sources that acts as an inspiration of launching Happy Republic Inn Hotel idea:
Incongruities:
In order to understand actual state of an idea, it is essential for entrepreneur to effectively
conduct market research before bringing any new service and product in a marketplace. Best
possible source to evaluate related data of incongruities is to analyse actual prevailing demands
on consumers in Hotel industry. This will help in gaining strong edge while launching Happy
Republic Inn Hotel.
3

The Unexpected:
This factor is linked with evaluating unexpected and unexplored ideas in order to make
sure that business project will gain effective support from population in a marketplace. With the
evolving need and demands of customers, it becomes essential for entrepreneur to have proper
knowledge of customer demands. It will help them to launch Happy Republic Inn Hotel
effectively in London Province.
Process need:
This factor is linked with evaluation of weakness associated to business ideas. For this,
best effective solution is regular modification in entrepreneurial idea as to effectively fulfil
marker and customers demand. After proper evaluation, entrepreneur can able to identify
shortcomings related with launching of Happy Republic Inn Hotel and gain possible success.
Changes in Market and Industry Structures:
It is essential for entrepreneur to align their business launching with changes in market
and related industry structure. It will benefit them to gain more opportunities and advantages. By
analysing knowledge related to structure prevailing in marketplace and industry, entrepreneur
can remarkably able to launch Happy Republic Inn Hotel in London along with fulfilling actual
demands and needs of customers.
Demographics:
It is important for an entrepreneur to effectively evaluate changing demographics needs
related to income level of individuals, human capital and age group as to gain success in a
marketplace and gain more developmental opportunities. Per capita income level in UK is
relatively high which benefits entrepreneur to launch Happy Republic Inn Hotel in London in
effective way.
Changes in Perception:
Perceptions keep on changing with the passage of time (Park, 2017). Thus, in order to fit
business idea with people ideologies, it is essential for entrepreneur to fill the gap with proper
market analysis. It benefits them to gain effective support of local public and conduct business in
more decent way.
New Knowledge:
In this modern dynamic world, technology keeps on regularly changing. For this, it
becomes essential for entrepreneur to have proper knowledge related to new technological
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advancements related to products and services. This will benefit entrepreneur to provide more
advanced work out tools and equipments in Happy Republic Inn Hotel and satisfy consumer with
best.
TASK 2
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques
Entrepreneur plans to enter into the market place of London with the business idea of
launching a new hotel (London living standards the best in the UK. 2018). This hotel will offer
guests with the extensive facility of work out equipments that include, provide stability ball,
cardio machines, yoga mat, free workout videos and bench for seated exercises. Currently in UK
there is no such hotel that emphasise on health and fitness. In order to run this idea effectively
on track, it is essential for entrepreneur to analyse behaviour of customers along with market
feasibility so as to gain more advancements in the competitive scenario. In addition with this, it
become important for entrepreneur to evaluate market gap which is related to offering those
products and services that are not provided yet. With the help of this unique idea, entrepreneur
can effectively able to fulfil health related demands of customers in best effective way.
Mentioned below there is a market gap concept that are related to each and every business idea:
Technological advancements:
Technology is regularly evolving and changing that leads to some products getting the
tag of 'outdated'. Thus, in order to be up-to-date, it is essential for entrepreneur to take advantage
of numerous set of tools and techniques and adopt new advanced technology and to conduct
business with actual market and customers demand without getting outdated. Technology
benefits in analysing market gap and lead towards accomplishing demands so customers can be
satisfied in best effective manner.
Identification of opportunities:
In order to compete with rivals and fulfil dynamic needs of customers and market, it is
essential for entrepreneur to keep on evaluating opportunities in order to gain more
advancements and profitability. This will provide effective assistance of entrepreneurs to analyse
gap and fill those with gap in order to stay one step ahead from their competitors.
COMPETITIVE ANALYSIS
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Basis Happy Republic Inn
Hotel
Marriott Hotel Four Seasons London
Products and
Services
Hotel will offer rooms
with well equipped
services along with
workout equipments in
order to effectively
satisfy health related
needs of their
consumers.
This hotel provides
unmatchable experience to
customers by way of their
high quality rooms, 24*7
customer services and
excellent infrastructure.
The rooms and services
provided within this hotel
possess immeasurable
quality, constant
innovation, service
excellence and effective
staff.
Organization
structure
Functional structure
will followed in Hotel
where management
divide work on
formative basis of
functions from where
the subordinates
actually belong (Siegel,
and Renko, 2012).
Follow departmental
structure where
subordinates of a particular
department take orders and
commands from manager
of that respective
department only.
They follow matrix
structure where roles and
duties are allotted to
employees on the basis of
functions as well as
product.
Major
Attractions
Major attraction that
will holds by hotel is
their consumer centric
approach along with
friendly gesture of their
staff and they way they
treat their guest.
High quality rooms,
multilingual workforce so
as to communicate in a
pleasant manner with
clients.
Service excellence,
entertainment facilities
and multi-cuisine food
provided within its
restaurant.
Promotional
strategy
They will make use of
inserts within local
newspapers, pamphlets,
radio and television as
Their marketing strategy
comprises of extensive
advertising, website,
mobile application and
They deliver high quality
service to gain success by
word of mouth
marketing. Also, they use
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their promotion and
marketing channels
(Suddaby, 2015).
their M Live social media
platform.
flyers and advertising by
social media to promote
their services.
these factors, entrepreneur can able to conduct their operations in best effective way. In
order to gain high end advancements, it is essential for entrepreneur to take advantage of more
possible opportunities that are present in a marketplace. In addition with this, it is essential for
entrepreneur to effectively consider concept of technological innovation as lack in this lead
towards business failures. For this, entrepreneur is required to implement continuous adaption
approach with the help of which they can easily able to adopt continuous evolving technology.
In addition with this, it is hard for start up entrepreneur to arrange large funds in short span of
time. For this, they are required to keep looking for government schemes for funds that are being
offered to new entrepreneurs. By considering all these factor entrepreneur can able to launch
their business idea in successful way.
TASK 3
P3. Gap analysis in the evaluation of entrepreneurial idea
Gap analysis is a strategic tool that is being considered as to analyse gap in between target
and predictable results. In context with the launching of Happy bhawana.yRepublic Inn Hotel,
entrepreneur effectively analyse gap related to performance gap, product or market gap, profit
gap and manpower gap with London provinces:
QUESTIONNAIRE
NAME:
AGE:
ADD:
GENDER:
MAIL ID:
Q1) Are you attentive with the innovative services being offered by Happy Republic Inn Hotel?
 Yes
 No
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Q2) Which is the facility that you generally look upon the most while selecting a hotel for
accommodation?
 Hygienic and multi-cuisine food
 Healthy environment
 Workout Zone
Q3) Are the price range presented by Happy Republic Inn Hotel is worth of facilities that are
being offered by them?
 Yes
 No
Q4) Are you pleased with consumer services offered by Happy Republic Inn Hotel?
 Yes
 No
Q5). Suggest a number of suggestions in order to improve services of Happy Republic Inn
Hotel.
8

Theme 1: Happy Republic Inn Hotel offer valuable services
Q1) Are you attentive with the innovative services being offered by Happy
Republic Inn Hotel?
Frequency
a) Yes 25
b) No 5
9

Theme 2: Facilitates
Q2) Which is the facility that you generally look upon the most while
selecting a hotel for accommodation?
Frequency
 Hygienic and multi-cuisine food 10
 Healthy environment 5
 Workout Zone 15
10

Theme 3: Happy Republic Inn Hotel provide services in an affordable range
Q3) Are the price range presented by Happy Republic Inn Hotel is worth of
facilities that are being offered by them?
Frequency
a) Yes 25
b) No 5
11

Theme 4: Consumers are pleased by Happy Republic Inn Hotel
Q4) Are you pleased with consumer services offered by Happy Republic Inn
Hotel?
Frequency
a) Yes 28
b) No 2
P4. Interpretation of data to provide evidence of market potential
In order to effectively launch a business, it is essential for an entrepreneur to gather
information’s and related essential data from numerous sources. It will benefit them to
effectively evaluate and analyse data in provided time along with gaining attention of wide range
of population in London. Primary and secondary source of data collection method is being
effectively considered as to allocate related necessary information related to Happy Republic Inn
Hotel:
 Entrepreneur will offer their customer a healthy facility in which they provide workout
equipments such as, yoga mat, cardio machines, stability ball, free workout videos, a bench
12