Analysis of Entrepreneurial Opportunities for Matrix Hotel, London

This report presents an analysis of entrepreneurial opportunities for a new hotel, named Matrix Hotel, in London. It begins by identifying sources of innovative business ideas and then focuses on the rationale and market gap for the hotel concept, which centers on offering customizable accommodation options for guests who book in advance. The report utilizes tools and techniques to assess the market gap, including technological advancements and competitor analysis, and incorporates a gap analysis to evaluate the hotel's potential. Data interpretation from surveys and questionnaires is used to provide evidence of market potential, followed by a SWOT analysis to assess strengths, weaknesses, opportunities, and threats. Finally, the report evaluates the competitive and market environment to determine the viability of the business idea, concluding with recommendations for successful implementation. The report emphasizes the importance of technology, quality of services, and customer satisfaction in achieving business success and sustainability.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
P1. Sources of innovative entrepreneurial ideas.....................................................................1
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques. 2
P3. Gap analysis in the evaluation of entrepreneurial idea....................................................3
P4. Interpretation of data to provide evidence of market potential........................................9
P5. SWOT Analysis to assess the entrepreneurial idea........................................................11
P6. Evaluation of competitive and market environment to assess potential viabilities........12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
An entrepreneur can be referred to as a person who is willing and capable of taking risk
to start a new venture so as to create a new idea or process of conducting things in a business
environment or bringing improvements in the existing procedures. Entrepreneur develops his
concept of carrying out tasks by using innovation and creativity. Identification of entrepreneurial
opportunities is essential for an entrepreneur while starting a new venture project (Dimov, 2011).
Also, in this competitive and fast changing world, any person starting a business possess various
idea which may seem potential but it is necessary to ascertain one feasible idea that can be
launched successfully in marketplace. The present report is based upon the idea of launching a
hotel in London named Matrix Hotel which provides the option of possible customisation in
relation to accommodation in case of prior booking by guests. This report will explore the
sources through which business idea can be evolved along with gap analysis. Also, it will include
the SWOT and market analysis of the entrepreneurial idea so as to start the venture successfully.
P1. Sources of innovative entrepreneurial ideas
In today's modern and digitalised world, many people are looking for ideas so as to create
a startup in the marketplace. The economy of UK is especially very supportive in terms of
providing assistance to new business persons and small businesses and ventures. Also, UK
government takes every initiative to accelerate employment levels the in the country. Especially,
government focuses upon young graduates who are willing to take up a new project. This largely
motivates the citizens of country to come up with new and innovative ideas in relation to
development of a product or service, or bringing improvement in the existing processes and
commodities. Unique and creative business ideas aid the entrepreneurs to feasibly start a new
venture project in an efficient and effective manner. Also, it is essential that entrepreneurs keep
looking out for new opportunities in market so as to tap the advantage of converting the idea into
a business venture ahead of competitors in industry (Siegel and Renko, 2012). Some of the most
innovative sources through which the idea of commencing a business can come in an
entrepreneur's mind are briefed below:-
Online Sites: In modern era, there are a number of websites present on web that assists
an entrepreneur in getting a feasible business concept around which a venture can be started.
MakeUseOf.com, kickstarter.com, entrepreneur.com and quirly.com are some of the most used
1

and famous websites to gather new and innovative ideas about developing a business project
(Websites For Creative Business Ideas If You Want To Be An Entrepreneur, 2018). Information
available on these websites is relevant and authentic and thus, this can be considered as a
powerful source for developing entrepreneurial ideas.
Business Opportunities and Ideas: This is a blog where various bloggers give their
views and opinions about the latest trends and techniques used by companies persisting in
market. Here, an entrepreneur can discover and explore various business ideas to establish a new
venture in UK and gain success in marketplace.
that covers topics about business opportunities and ideas. Here you can find a category related
to business ideas where you can explore them.
Brainstorming: This is an innovative technique through which problems faced by the
people in society are solved by creation of new ideas and processes. Here, normally, generation
of one idea gives rise to various more new ideas. The major objective, here, is to come up with
maximum ideas so as to select the most feasible one and develop a business start-up around that
(Top 10 Sources of Business ideas & Opportunities, 2018). The principle is to successfully
launch a business idea in marketplace in an effective and efficient manner with minimum use of
resources.
Business Idea Forum: Another source through which business idea can be developed is
business idea forum. It is an online website where users can discuss, post and discover new and
potential ideas. Also, this is a place where entrepreneur can meet potential partners and explore
business concepts for commencing a start-up.
Mass Media: Television, radio, commercial magazines, journals and newspapers can
also be an effective source for generation of a business idea (Kohlbacher, Herstatt and Levsen,
2015). By going through all these, entrepreneurs can gain an insight into the current market
situation and then bring an effective solution to the problems of consumers in terms of product,
service or process in marketplace.
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques
The business idea that is proposed by entrepreneur is about launch of a new hotel. This
entity would provide the guests an option of possible customisation. This reflects that the
customers who book the hotel room atleast one month prior to the actual date when the
accommodation will take place, would be eligible to get the option of bringing modifications in
2

relation to their stay at hotel. These modifications would only include those aspects where hotel
can possibly bring changes. Such areas are modifications in relation to rooms like linen, scenic
beauty, bedding, flooring or any other possible change and in relation to services like
entertainment, gym, club, bar or fun activities within hotel premises. It is important that
entrepreneurs take into consideration the market situations so as to successfully tap the
advantage of such new and innovative feature in hotel industry. It is also essential for
entrepreneur taking up this business idea to assume all the risks that are associated with launch of
hotel in London. Also, it is imperative that entrepreneur gains an insight into the strategies and
techniques that used by competitors so as to bring changes in own procedures and gain a
strategic edge in marketplace. Market gap is referred to as the provision of such products or
services to customers which are not yet available in marketplace (Grégoire and Shepherd, 2012).
The concept of hotel which offers customisation is a new and innovative idea not yet proposed or
being used by any of the existing hotel. Market gap is associated with every entrepreneurial idea
and is ascertained through the following:-
Technological advancements:- In today's era, changes in relation to technology takes
place at a rapid pace. It is essential that entrepreneurs keep an updated knowledge about this
while introducing a new venture project. By doing so, market gap can be filled and customer
demands can be met effectively. Also, by making the business technologically viable,
entrepreneur can aim at sustainability and staying ahead of customers by gaining a strategic edge
over competitors.
Identification of opportunities: It is essential that entrepreneur identifies and analyses all
the opportunities that are available in hotel industry or marketplace so as to tap the advantage of
these and ensure the sustainability and growth of business for long duration of time (Tang,
Kacmar and Busenitz, 2012). These opportunities can help the entrepreneur in staying ahead of
rivals and meeting the goals and objectives of business in relation to demand and generation of
revenues as well as profitability in a timely manner. These aspects can largely help the
entrepreneur in successfully executing the business idea of hotel in London while making use of
least money and resources.
P3. Gap analysis in the evaluation of entrepreneurial idea
Gap analysis is generally conducted by business persons when they are introducing a new
business idea or concept in marketplace. This helps them in ascertaining whether the current
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performance of business entity is in accordance with the desired future performance. In relation
to launch of hotel, there are various aspects in relation to market scenario which needs to be
considered by entrepreneur. These are explained below:-
Technology: Entrepreneur should be technically sound or hire employees who are aware
of technology used in market. Automatic technology should be used for check-in and check- out
to increase efficiencies. For this mobile check-in and check-out should be implemented, app
should be used to open and close door (Suddaby, Bruton and Si, 2015). Robots can be
implemented for cleaning rooms and providing guests better experience. Various technology are
present in market which can be used in the hotel that is going to be launched in London.
Competitors: Wide range of hotels are present in London as it is the capital of UK. This
city largely supports new and innovative businesses and offer lucrative features to attract guests.
Entrepreneur analyses the techniques used by other hotels and implement the techniques in
accordance with the industry and rivals so that they can get a strong customer base and ensure
viability in market for a longer time. Business strategies are to be developed in such a way that
they can attract large number of persons and stay in market for long. Also, they should be up-to-
dated with technology that they are using.
Quality: Services offered by any entrepreneur are foremost factors which will depict
quality of individual's business. Quality is an important quotient for hotel as if quality is not
good, it would reflect that customers will not be willing to come again and it will lead loss of
business and corporate image in market. Everyone is treated nicely by staff, customer services
are provided at all times, technology are some of basic amenities which entrepreneur should
provide.
QUESTIONNAIRE
NAME:
AGE:
ADD:
GENDER:
MAIL ID:
Q1) Are you aware with innovative services provided by Matrix Hotel?
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 Yes
 No
Q2) What type of accommodation you generally want more?
 Variety of healthy food items
 Wi-Fi Services
 Gaming zone
Q3) The price rates demanded by Matrix Hotel as per services are effective or not?
 Yes
 No
Q4) Are you satisfied with the customer services provided by Matrix Hotel?
 Yes
 No
Q5). Recommend some suggestions for improving services of Matrix Hotel...
Theme 1: Matrix Hotel provide effective services
Q1) Are you aware with innovative services provided by Matrix Hotel? Frequency
 Yes 32
 No 18
5

Theme 2: Accommodations
Q2) What type of accommodation you generally want more? Frequency
 Variety of food items 10
 Wi-Fi services 14
 Gaming Zone 16
6
Yes No
0
5
10
15
20
25
30
35
Column B

Theme 3: Matrix Hotel offer services at effective price rates
Q3) The price rates demanded by Matrix Hotel as per services are effective
or not?
Frequency
 Yes 40
 No 10
7
Variety of food items Wi-Fi services Gaming Zone
0
2
4
6
8
10
12
14
16
Column B

Theme 4: Customers are satisfied by Matrix Hotel
Q4) Are you satisfied with the customer services provided by Matrix Hotel? Frequency
 Yes 32
 No 18
8
Yes No
0
5
10
15
20
25
30
35
40
Column I

P4. Interpretation of data to provide evidence of market potential
Here, entrepreneur collects data related to launch of hotel from various sources. This data
can be used by entrepreneur to assess when would it be feasible to launch hotel in London so as
to gain maximum attention from customers and generate high revenues with a view to sustain in
market for a long run (Barazandeh and et. al., 2015). The major sources for collection of
information are primary and secondary. While primary resources consists of surveys and
questionnaires to gather data, secondary sources are inclusive of books, online sites, journals,
articles etc.
 The hotel launched by entrepreneur has an option of possible customisation on prior
booking which helps in gaining acceptance from public in marketplace. It builds
customer loyalty as the organisation runs in a way that best suit the needs and demands of
customers.
 The major emphasis of this hotel is upon meeting the preferences and requirements of
customers in relation to rooms, linen, surroundings, scenic beauty. This helps in gaining
attention of a large number of people.
Interpretation of above data:
Theme 1:
9
Yes No
0
5
10
15
20
25
30
35
Column E

Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation 1: It has interpreted from this statistical data, that people are much aware of
services offered by Matrix Hotel. In order to promote business in other market era, this company
needs to use social media.
Theme 2:
Central Tendency Data
Mean 13.34
Median 13
Mode 10
Standard Deviation 3.05
Interpretation 2: As per this statistical data, customers are attracted more towards those hotels
who offered gaming zone facilities for their entertainment.
Theme 3:
Central Tendency Data
Mean 25
Median 25
Mode 0
Standard Deviation 21.22
10