Entrepreneurial Idea Evaluation and Market Gap Analysis Report

This report provides a comprehensive analysis of entrepreneurial opportunities, focusing on the identification and evaluation of entrepreneurial ideas and market gaps. It begins by defining entrepreneurship and outlining the skills required for success, using Buymywardrobe as a case study. The report explores various sources of entrepreneurial ideas, including social, economic, and technological factors, and discusses different types of innovation such as product, process, and place innovation. It then delves into the rationale behind entrepreneurial ideas and market gaps, emphasizing the importance of market research and segmentation. The report applies Porter's Five Forces model to Buymywardrobe, analyzing its competitive landscape and evaluating the bargaining power of suppliers and buyers. Finally, it addresses market gaps related to trends, new technologies, and customer demand, offering insights into how Buymywardrobe can adapt and succeed. The report incorporates data analysis, SWOT analysis, and an evaluation of the competitive environment, culminating in a conclusion that summarizes the key findings and recommendations.

IDENTIFYING
ENTRPRENEURIAL
OPPORTUNITY

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation...............1
TASK 2...........................................................................................................................................4
P2 Explain the rationale as well as the market gap for a particular entrepreneurial idea ...........4
TASK 3............................................................................................................................................6
P3 Presenting data to support gap analysis and evaluation..........................................................6
The questionnaire is as following:...............................................................................................8
P4 Interpretation of data...............................................................................................................8
TASK 4..........................................................................................................................................13
P5 SWOT analysis to assess the entrepreneurial idea...............................................................13
P6 Evaluation of competitiveness and market environments....................................................13
CONCLUSION.......................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
The first course is touches on the definition of the entrepreneurship there is different
entrepreneurship, that is main object is how countries measure growth of entrepreneurship
activity, and how to identify ideas and business opportunities. An entrepreneur is people who
observes opportunity with in a business environment and arrange necessary resources to
capitalise on the same in an effective as well as efficient manner. An entrepreneur performs
various duties and functions and it is not possible for any individual to become an entrepreneur.
The various skills as well as the entrepreneur will poses are leadership skills, coordination
management resiliency, focus invest for the long term, find and manage people, sale, learn, self
reflection, self reliance etc. These are measure skills of entrepreneur success skills. An
Entrepreneur can help an economy in different ways like opening new innovation giving
employment to individuals, contributing to the taxation of the country. An entrepreneur is giving
a standard life of peoples (Gartner, Carter and Hills, 2016). ‘BUYMYWARDROBE’ is devoted
making the experience of buying and selling fashion existing, There mission is build trust in
among people where buyers and sellers can connect. Any company there is main objective is
TRUST and QUALITY. Buymywardrobe started in August 2012 in London. Kal, Founder and
CEO.
TASK 1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.
Entrepreneur is the person who is responsible for making right of path and frame plans to
capture the necessary opportunities prevailing within the environment. A person who set up a
business or business a taking on the financial risk in the purpose of profit. Entrepreneurship is
process of the designing, running and launching of a new business and innovation.
Entrepreneurship has been described of the capacity and willingness to develop of the business
along with any risk and make of profit, due to high risk in launching of a new start up. So it
means in a new start up there is high risk involve. Like lack of funding bad decision of the
business lack of market demand- or a combination of all these. Social Factor: Basically, this factor would mean to have a clear understanding of the
social structure of the surrounding in which want to start a business a venture. Social
factor can go a long way in encouraging entrepreneurship. In fact it was the highly
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helpful of the society. Strongly affect the entrepreneurial behaviour and contribute of the
entrepreneur growth and social setting among the people grow; shapes there basic believe
and value. Economical Factor: Economic environment is the most direct and immediate influence
on entrepreneurship. The economic factors that affect the growth of entrepreneurship are
the following- Capital, labour, raw material, market and infrastructure (Krabel, Siegel
and Slavtchev, 2012). An entrepreneurship various ideas can be drawn from the
economical factors that are available within a country, for example an increase in taxation
would be beneficial for some companies and negative for other. Technological Factor: Technological factors are one of many external factors that can be
affect business of the outside and there is integral part of pestle analysis. Technological
implementation can lead to creation of lot of opportunities for the people as well as
companies. For the purpose of managing these innovative factors of technology.
Buymywardrobe is leading fashion resale site. Buymywardrobe is a company which is
involved in the online business and the growth of online business is directly related with
the implementation of technologies and technological environment that prevails.
 Political Factor: Fashion itself is a reflection of political changes and others, it expresses
modernity and symbolising the spirit of the times and last sometimes ago luxury industry
has been completely focused on profitability and quality. It is quite important that right
kind of analysis of political conditions is done, so that it can be estimated that how
policies will be turn out in future and thus frame strategies according to the relevant
conditions. Buy my wardrobe is a site which is engaged in the business of buying and
selling through its websites (Valliere, 2013). Environment Factor: Environmental properties of a successful business in the fashion
industry impact on the entrepreneurship and management performance. Entrepreneurship
was significantly related to financial performance risk taking and innovativeness of
entrepreneurship. It’s likely the first time in London political history a leader’s outfit
choice has inspired delight in popular boutique. They want to build deeper connections,
by matching human with similar testes and styles, regardless of their life styles.
Buymywardrobe for expanding its market reach over period of time. These are discussed
as follows:
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 Incongruity: It is basically means selling goods and services based on the needs as well
as desires of the customers in an effectively and efficiently. Process Needs: focus on improving its processes and there product so that the needs as
well as demands of individuals can be met in a effective as well as efficient way. Industry and Market Structure Needs: the fashion industry is one of the most dynamic
and thriving industries in the world it combines a most variety of activities, the proper
production of products like clothing, shoes and accessories, among others (Tumasjan and
Braun, 2012). A change is perception, meaning as well as mood: The management of Buymywardrobe
is make a profit to gained and give proper feed back to their customers. New Knowledge: Focus on the knowledge base construction of a garments
manufacturitong expert system by the any textile technology Centre. Focus on garments
manufacturing and the feasibility and benefits of experts systems. Company shall make
sure that right kind of investment is done in and innovative knowledge. Types of Innovation:
Innovation plays a very important role in overall growth as well as development of firm.
The different types of innovation can be described as follows: Product: A product innovation is the introduction of a product or service that is
significantly improve and new features added to the product or to make a differentiated
product from competitors (Kibler, 2013). Process: This would mean a new and innovative way to produce a product. A product
process is introduction of goods or service and improves of the new product in the market
with some new technical specifications, components and materials.
 Place innovation:: Innovation can be defined simply as a new idea, product or new
method innovation take place the provision and more effective products like technology
services and business models. Innovation can be defined something original and more
effective and efficient in the market when innovation is problem solving of a technical or
scientific nature.
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TASK 2
P2 Explain the rationale as well as the market gap for a particular entrepreneurial idea
Somewhere between scribbling idea on a napkin and actually starting a business. It is
very obvious that business are changing day by day keeping in mind the end goal to adjust to
different changes that are occurring in outside condition of organization. The moments when the
amazing the possibilities of a given idea and find out of the idea is viable. Sometimes the idea
works anyway in lack of market research unfortunately the idea crashes and burns. So
researching your business idea those are what you need to keep your business goals and tracks
that is main idea stage of the business for an entrepreneur definitive point of different
organizations is to make imaginative and innovative thoughts and a legitimate execution of the
same. Because of some enormous occasions like Exit of Britain from European association there
have been different changes and change that includes occurred inside the enactment procedure of
London. Research plan should spell out the objective then create a list of questions you need to
answer in your research, to create a plan for answering them. Planning and conducting research
and session (Messersmith and Wales, 2013). That is help you develop statistically valid samples
and write questionnaires and provided objective and source of information there information is
you will be gathering depend on the types of the product or services. The demand of consumers
is expected to rise. Such an idea will also develop fresh and innovative environment within
Buymywardrobe and will ensure its overall success as well as growth. The various types of
Entrepreneurial idea can be listed down as follows: An example for all: A new product development or an idea is always a curious kind of
thing among market and peoples, which includes both competitors as well as customers.
If the idea is differentiated than other competitors within the market then it can set an
example for others to follow the company and their strategies.
 Creation of benefits for all: A new product or an idea would help in creation of benefits
for all the way in the business. It will be beneficial for consumers, it helps of employment
for people because it is usually understood that new kind of idea will require Market Segmentation: market segmentation is the process of the dividing and wide
customer or business markets their overall aim is high yield of segmentation for the most
profitable and growth. This would help company in analysing its customers and their
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needs and demands in an effective way, and that would enable company to raise its sales
as well as profitability. The different types of segmentation are as follows: Behavioural Segmentation: behavioural segmentation is basically process of the
dividing of all over market and based on customer buying behaviour and some patterns of
usually customers frequency. Demographic Segmentation: demographic segmentation is the market segmentation
according to education, family size, religion, age etc.demographic can many market to
help of the target market of the organisations. That can be categorized the need and want
of the customers (Beynon, Jones and Pickernell, 2016).
 Geographic Segment: basically Geographic is a common strategy in the particular area
of the customers and wide target audiences and located this market segment is more
common and small range of the businesses.
Porter's 5 Forces model on Buymywardrobe
Competitors: Buymywardrobe is a company, which is engaged in the business of providing
online services to its customers, Buymywardrobe merges with HEWI as resale trend
accelerates but the level of competition is quite high in this sector YOOX group is a top
competitor of buymywardrobe. Yoox group was founded in 2000, Mr. Porter, brown
fashion, luisavirona style bop etc.
Threat of Substitute: A threat of substitutes is the level of risks and company will faces
replacements and other threats. There is increase of the risk. And customer have many
options. And then its also easy to establish a online business (Zamberi Ahmad and Xavier,
2012).
Bargaining power of suppliers: Companies that supplies products to companies are big
companies which continuously sell their products and services through buymywardrobe
websites. The company is fairly new and therefore the big multinational buyers do have the
bargaining power towards buymywarobe.
Bargaining power of Buyers: reduce the profit potential in an industry. Buyers increase
competition within an industry like price, bargaining quality and some of more services.
Buymywardrobe is a fairly new company within the market (Dahala, Jaafar and Rosdi,
2013).
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The main gap analysis of Buymywardrobe are as follows:
Trends and New Technology: The trends and new technology are moving very fast on daily
basis. If Buymywardrobe does not accept latest trends and fashion then it has to face lots of
problem which is market gap. As people demand is different and industry providing goods and
services is different so market gap occurs in business. It is very important for industry to adopt
new trends and technology in order to survive in market.
Creative Combinations: It is essential for Buymywardrobe to create creative combination of
goods and products in market. This can help to reduce market gap among organisation so that
they can provide products to consumers. Therefore, if business does not provide unique goods
and service then it can create market gap for organisation.
Hidden Industry Opportunities: There are many hidden opportunities available in market
which organisation need to adopt it so that they can fulfils need and demand of consumers. If
such are not adopted then they have to face market gap among current and future needs.
TASK 3
P3 Presenting data to support gap analysis and evaluation
Businesses runs in a society, skill gap is one major source of your organisation to
achieving of the performance and systematic of the business and all over operations and observe
of their jobs which is quite dynamic in nature and therefore it is very important to frame policies
keeping in mind the dynamic nature of overall society and its elements Because the level of
competition is high in the market, and lot of competitors are entering market, Buymywardrobe
are as follows:
Basis Company Competitive company
Competition within market The main advantage that
Buymywardrobe the ultimate
luxury fashion consignment
website where people are easily
make buying and selling your
pre loved pieces and experience.
The pricing of companies like
yoox group. There price is very
high there quality is excellent
but price is very high quite high
because of the fact that they
incur heavy expenditure on
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They are specialised in designer
clothing and shoes. They are
providing in vip service in the
easiest way (Dohse and Walter,
2012).
various advertising and
promotional campaigns and
thus have to recover the same
from consumers. The prices are
usually higher than
buymywardrobe.
New Entrance in Industry This organization offers many at
less expensive rate toward
brand. People say there website
is excellent. And give simplicity
of the client moving of the
brands
The New entrance in the
industry then competition is
very high because there price is
very higher than
Buymywardrobe.
Power of Supplier The cost of product to
Buymywardrobe for suppliers is
quite low because
Buymywardrobe does not
charge much profit margin from
its suppliers (Becker,
Knyphausen–Aufseß and Brem,
2015).
The cost of suppliers is quite
high as they have to pay a
higher price to its marketer like
farfetch, Mr. Porter, etc.
Power of Customer Every day consumers make
purchase decisions so there is
large set of similar product
available in here and higher
customer satisfaction is there
Qualitative recruitments of
consumer groups, depth &
online panels. More weightage
is given to profits than anything
else.
Threat of Substitute The existences of substitute’s
customer want to different
product and services to other
companies. A threat is one of
the forces that is effective and
The current players experienced
persons that they do not get
scared from investment made
by any small players in the
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competitive structure and risk in
the enterprise (Overholm, 2015).
industry.
The questionnaire is as following:
QUESTIONNAIRE
Q1. Are you aware of Buymywardrobe Company?
a. Yes
b. No
Q2. Are you satisfied with the quality of products and services offered by Buymywardrobe?
a. Yes
b. No
Q3. What is your opinion regarding quality provide by Buymywardrobe?
a. High Quality
b. Normal
c. Poor
Q4. Do you think Buymywardrobe offers something new that exceed customer expectation?
a. Yes
b. No
Q5. What are you mainly seek to get from Buymywardrobe?
a. High quality of products
b. Affordable rates
c. Innovations in delivery system
P4 Interpretation of data
Theme 1: Awareness of the organisation
Q1. Are you aware of Buymywardrobe Company? Frequency
a. Yes 21
b. No 9
Mode 3
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Median 15
Mean 15
Interpretation: As per the above graphical representation it has been analysed that out of 30
respondents, 21 have appropriate knowledge about Buymywardrobe whereas 9 participants does
not have.
Theme 2: Satisfaction with the quality of products and service
Q2. Are you satisfied with the quality of products and services
offered by Buymywardrobe?
Frequency
a. Yes 18
b. No 12
Mode 6
Median 15
Mean 15
9
a. Yes b. No
0
5
10
15
20
25 21
9 Column C