Entrepreneurial Opportunities and Market Analysis: Croscett Hotel

This report provides a comprehensive analysis of entrepreneurial opportunities related to launching a new hotel, named Croscett, in London. The report begins by exploring various sources of innovative entrepreneurial ideas, drawing inspiration from Peter Drucker's seven sources, and then delves into the rationale and market gap for the hotel concept, which offers customized accommodation options for guests who book in advance. It utilizes tools and techniques to assess the viability of the business idea. The report conducts a competitive analysis, comparing Croscett Hotel to established competitors like Marriott and Four Seasons, highlighting their strengths and weaknesses. Furthermore, the report undertakes a gap analysis through a questionnaire to evaluate the hotel's current performance against desired future performance. The report concludes with an assessment of the market potential and a SWOT analysis to determine the risk of competition and opportunities for growth and development.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Sources of innovative entrepreneurial ideas.....................................................................1
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques. 3
P3. Gap analysis in the evaluation of entrepreneurial idea....................................................5
P4. Interpretation of data to provide evidence of market potential......................................10
P5. SWOT Analysis to assess the entrepreneurial idea........................................................14
P6. Evaluation of competitive and market environment to assess potential viabilities........15
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
An entrepreneur is an individual who is willing to take risk and start up new business
with their innovative ideas or add value to existing products, services or processes.
Entrepreneurial opportunities is the link between individual's own ideas and economic conditions
which prevails them to work effectively and work on their new ideas. An individual has various
ideas but they should analyse the ways to convert ideas into action (Audretsch, 2012). The
present report is based upon the idea of launching a new hotel named Croscett within London
that provides users who book the hotel one month prior, the option of possible customisation
associated with accommodation. The report will focus on new entrepreneurial ideas and how it
can be funded. Along with that, competitive and gap analysis is conducted to ascertain the extent
to which the business idea is viable and feasible. At last, market analysis is done to evaluate
strengths and weaknesses to determine the risk of competition and potential opportunities for
growth and development.
TASK 1
P1. Sources of innovative entrepreneurial ideas
Establishing business is important for country's economic growth. It assist in creating
employment, development of infrastructure, increasing GDP and many more. In the given
scenario, UK government has encouraged young graduates to take entrepreneurship and increase
employment levels. It will also help in reducing the market dominance by existing business and
promote fair trade practices. Creative as well as unique business ideas encourage entrepreneurs
to launch a new venture in a feasible manner. In addition to this, it is significant that
entrepreneurs keep looking forward to the emerging opportunities within marketplace in order to
take advantage of the entrepreneurial idea (Top 10 Sources of Business ideas & Opportunities,
2018). This facilitates the business idea in gaining a strategic edge over its competitors in the
industry. Seven sources of Peter Drucker that inspired entrepreneur for the idea of Croscett Hotel
are as follows:-
Incongruities: It is the difference between the actual and desired position or state of an
idea. Therefore it is advisable for the entrepreneurs to do relevant and appropriate market
research before introducing a new product or service. Business idea fails when it lacks sufficient

information about the whole idea. The most optimum opportunity to gather information for
incongruities is evaluations of needs and wants of customers within hotel industry so as to fulfil
them to gain an edge while opening Croscett Hotel in London.
The Unexpected: This aspect is associated with discovering the unexpected and
unexplored business idea so as to ensure that the venture project gains significant support from
customers within the marketplace. The needs and wants of consumers keeps on changing as per
the existing market scenario, thus, it is essential that entrepreneur gains knowledge of such
demands and develop business ideas accordingly (Grégoire and Shepherd, 2012). This will help
the entrepreneur in gaining ideas related to opening of hotel with providence of customised
accommodation so that Croscett can be effectively launched in London.
Process need: This aspect is associated with ascertaining the weaknesses of the business
idea. This becomes essential so as to bring modifications or rectification of the identified
entrepreneurial idea to meet the needs and requirements of customers and market scenario. This
reflects that solutions emerge from within the capabilities of business idea and ways of
conducting business. This will assist the entrepreneur in gaining knowledge about the
shortcomings of the business idea related to launch of Croscett Hotel so that it can be optimally
launched in London. After analysing all the conditions and trends identified by the entrepreneur,
it is quite possible to achieve success in least period of time with the help of application of this
process.
Changes in Market and Industry Structures: When changes take place within the
business sector or market, it facilitates entrepreneur to ascertain and launch such venture projects
that are aligned with the latest trends in the industry. This strives to create opportunities for
entrepreneur to gain an advantage in market by gaining suitable and adequate knowledge of the
processes and structures prevailing in the industry. This provides an opportunity for the
entrepreneur to gain knowledge about the advancements taking placing in hotel industry to
effectively launch Croscett Hotel within London along with the facility of customised
accommodations
Demographics: It is largely concerned with changes that take place within the
population, human capital, age groups and income levels of individuals. A successful
entrepreneur pays significant attention to all these aspects so as to ascertain the needs and

demands related to demographics. This facilitates the entrepreneur to launch Croscett hotel that
can substantially gain success in market because this will provides an opportunity to ascertain the
viability of their idea. As due to presence of high per capita income in UK, possible to attain
success in short period of time.
Changes in Perception: With passage of time, there are constant changes in perceptions
and ideologies of people which tend to create opportunities for entrepreneurs to identify the gap
in market and introduce a business idea that can fill this gap (Kohlbacher, Herstatt and Levsen,
2015). This assists the entrepreneur in gaining support from general public and getting success in
market while launching Croscett Hotel. This will provides an opportunity to ascertain the
sustainability of their project is future period of time by properly completing the aspect of gap
analysis.
New Knowledge: In today's modern and competitive world, technological changes as
well as large scale advancements take place increasingly. This tends to create opportunities for
entrepreneurs to tap the advantage of market gap and introduce such products, services or
processes i.e. providence of customised accommodations in Croscett Hotel that can fulfil the
needs and demands of customers within London.
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques
The business idea ascertained and being formulated by entrepreneur is the launch of a
new hotel. This organisation provides guests the facility of bringing possible customisation in
case the booking of room is made one month prior to the actual date of accommodation. The
alterations can be brought only in those components related to accommodation and surroundings
where hotel management can feasibly bring about changes. Such areas are alterations within
rooms like linen, bedding, scenic beauty, flooring, ventilation or changes related to services like
gymnasium, club, adventure activities, room service, entertainment, bedding etc. It is essential
that entrepreneurs consider the consumer behaviour as well as the market to gain a competitive
edge in London. Market gap refers to the process of providing such products and services which
are not yet available within marketplace (Siegel and Renko, 2012). The idea of a hotel with
possible customisation is unique and suit the needs and demands of people in an effective
manner. Market gap a concept related to every business idea and is determined through the
following:-

Technological advancements: In modern world, technical changes and advancements
occur at regular intervals. It is imperative that entrepreneurs are up-to-date about the latest tools
and techniques being used by competitors. This will help them to launch the new venture project
in market feasibly. With this, market gap can be filled effectively so as to fulfil the needs and
aspirations of customers.
Identification of opportunities: It is significant that entrepreneur ascertains and analyses
the opportunities available in market so as to gain an advantage of these to enhance its overall
profitability. Such opportunities assist entrepreneurs in analysing and filling the market gap so as
to stay ahead of its competitors. Also, these largely help in successfully formulating the business
idea of launching Croscett Hotel in London with the option of possible customisation.
COMPETITIVE ANALYSIS
Basis Croscett Hotel Marriott Hotel Four Seasons London
Products and
Services
Provides high quality
rooms and services with
an option of possible
customisation so as to
suit the needs of
customers.
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
It follows functional
structure where work is
divided on the basis of
function to which
subordinate belongs.
Follow departmental
structure where
subordinates of a particular
department takes 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
Customer centric
approach and friendly
staff to welcome and
High quality rooms,
multilingual workforce so
as to communicate in a
Service excellence,
entertainment facilities
and multi-cuisine food

treat guests in order to
retain them for long.
pleasant manner with
clients.
provided within its
restaurant.
Promotional
strategy
They make use of
inserts within local
newspapers, pamphlets,
radio and television as
their promotion and
marketing channels.
Their marketing strategy
comprises of extensive
advertising, website,
mobile application and
their M Live social media
platform.
They deliver high quality
service to gain success by
word of mouth
marketing. Also, they use
flyers and advertising by
social media to promote
their services.
In terms of success there are many opportunities are available in this industry that allows
an entrepreneur to enter and sustain in market. As, technology is the factor which has positive
impact upon the industry which provides an opportunity to the new entrepreneurs to provide
trendy and more luxurious services to customers as per their specifications. Along with that there
are many chances of failures are associated with the concept of technological innovation that
leads in the discontinuation of any kind of business. As, technology aspects are change very
rapidly according to the changes in the behaviour of consumers that automatically leads
obsolescence of the technology which is used by an organisation. Also, it is tough for new
entrepreneur to arrange large amount of fund arrangements in short period of time.
The aspect which they can do differently in this respect is to adopt continuous adaptation
approach which enables them to analyse new and innovative aspects in short period of time as to
sustain for longer time period. Application of this type of approach creates path of growth with
medium amount of risk.
P3. Gap analysis in the evaluation of entrepreneurial idea
Gap analysis is usually carried out by entrepreneurs when they are launching a new idea
within market. This assists them in determining the variances between the current performance
of venture project and the desirable future performance. With regards to launch of Croscett Hotel
in London, there are various factors associated with market scenario that need to be taken into
account by the entrepreneur, these are as follows:-

QUESTIONNAIRE
NAME:
AGE:
ADD:
GENDER:
MAIL ID:
Q1) Are you aware of the unique and innovative services being rendered by Croscett Hotel?
 Yes
 No
Q2) Which is the facility that you generally look upon the most while selecting a hotel for
accommodation?
 Free Wi-Fi
 Hygienic and multi-cuisine food
 Gaming zone
Q3) Are the prices charged by Croscett Hotel effective according to the facilities being provided
within the premises?
 Yes
 No
Q4) Are you satisfied with the customer services rendered by Croscett Hotel?
 Yes
 No
Q5). Recommend some suggestions for improving services of Croscett Hotel.

Theme 1: Croscett Hotel provide effective services
Are you aware of the unique and innovative services being rendered by
Croscett Hotel?
Frequency
a) Yes 32
b) No 18
Yes No
0
5
10
15
20
25
30
35
Column B

Theme 2: Facilitates
Q 2) Which is the facility that you generally look upon the most while
selecting a hotel for accommodation?
Frequency
a) Free Wi-Fi 10
b) Hygienic and multi-cuisine food 14
c) Gaming Zone 16
a) Free Wi-Fi
b) Hygienic and multi-cuisine food
c) Gaming Zone
0
2
4
6
8
10
12
14
16
Column B

Theme 3: Croscett Hotel offer services at effective price rates
Q3) Are the prices charged by Croscett Hotel effective according to the
facilities being provided within the premises?
Frequency
a) Yes 40
b) No 10
Yes No
0
5
10
15
20
25
30
35
40
Column I

Theme 4: Customers are satisfied by Croscett Hotel
Q4) Are you satisfied with the customer services rendered by Croscett
Hotel?
Frequency
a) Yes 32
b) No 18
P4. Interpretation of data to provide evidence of market potential
An entrepreneur gathers information related to launch of a business idea from a number
of sources. This data assists the entrepreneur in gaining data associated with the probable time of
launching the new hotel in London in order to gain attention from people (Park, Sung and Im,
2017). The major sources of collection of data are primary as well as secondary. In this regard,
following information is gained in relation to Croscett Hotel:-
 The new hotel launched by the entrepreneur provides users the facility of bringing about
possible customisation in case of prior booking by one month. This is an innovative
Yes No
0
5
10
15
20
25
30
35
Column E