ENTR101: Report on Identifying Entrepreneurial Opportunities and Ideas

This report examines entrepreneurial opportunities, focusing on identifying market gaps and generating business ideas. The report uses the Virgin Money case as an example to illustrate how entrepreneurs can capitalize on opportunities in the global market, particularly in the context of cashless transactions. It discusses the importance of technological changes, market opportunities, and competitive analysis. The report highlights how entrepreneurs can develop strategies to gain a competitive edge by assessing opportunities and addressing gaps in the market. It concludes by emphasizing the significance of analyzing the macro environment, including the use of SWOT analysis to evaluate a company's internal environment and develop effective strategies. The report also references various academic sources to support its findings.

Identifying
Entrepreneurial
Opportunities

Content
 Introduction
 Rational and market gap
 Entrepreneurial idea which fill market gap
 Specific entrepreneurial ideas
 Conclusion
 References

Introduction
Entrepreneurship can be defined as the process by which new business
is developed, planned, studied by an individual. This persons is known
as the entrepreneur who understand risk to earn good amount of profits
from organisational operations. Entrepreneurial opportunities leads an
individual to complete all task and operations according to market
conditions and customer needs. This work as an advantage which is get
by an entrepreneur in terms of product and services.

Rational and market gap for a specific
entrepreneurial idea
Business idea is used to ascertain that is formulate by the entrepreneur
for the launch of new digital services to make payments in global level.
There are various task are performed by management of Virgin group
which leads organisation to perform work and make customisation in
current levels of company. Website and application are important
aspects for Virgin group with digital mode of payments. Management
considered that all changes relates with company goals so alterations
are done with motive of developing user-friendly website and
application.

Continue…
Technological changes- In the present scenario, there are various task are
performed by management that relates with technological advancements
and alterations to perform work as per regular intervals. Entrepreneurs
perform all of its work to manage all task as per latest tools and
techniques. It is also beneficial for organisation because it leads company
to launch new projects with feasible basis. Along with this it is used to
perform work with enhancement of overcoming gap to gain desired
position.

Continue…
Opportunities- Entrepreneur work with motive of ascertaining and
analysing of all opportunities that exists in market. There are various
opportunities assist in market which is used by management to
increase profitability of organisation. Along with this by analysing
opportunities management is also able to fill the gap in order to gain
competitive edge in market. Virgin money is predict opportunities for
making transactions at global level so it is motivated towards
generating payments in global market.

Continue…
Basis Virgin money Lloyds bank
Products and Services Company and
employees offers various
services for satisfying
needs of customers that
includes investment to
earn good amount of
profits.
There are various
services offered by
company such as
opening of saving
account and providing
financial services to
manage task in proper
manner.
Organization structure Functional structure is
followed by organisation
so it work as a positive
aspect through which
company perform all task
in organised manner.
Lloyds bank is
performing there work in
different nations. So
management implement
departmental structure
as it helps manager to
formulate right report.

Entrepreneurial idea which fills market gap
The main motive of an entrepreneur is to earn more amount of profits for
living a comfortable and standard life. Virgin money concern about
completion and fill of gap related with monetary transactions. The major
concern for organisation is to manage all of their task and operations
which is leading management to complete all task with implement of
new strategy in an organisation. There are three major countries under
which organisation is performing operations so with implement of new
policy and strategy such as promotional techniques leads organisation to
perform all task and operations with concern of approaching large
number of customers.

Specific entrepreneurial idea based on
appropriate interpretation and investigation.
With the idea of cashless transactions organisation are performing and
managing there trade activities easily in global market. By
investigating global market it is identified that management face
challenges from international rules and regulations. Therefore, all
companies must complete there work with evaluating and monitoring
performance of other competitors through which it is easy to gain
sustainability in market.

Conclusion
In the last, with the above report it is concluded that existing market
conditions of market is too competitive and dynamic. Entrepreneurs is
also beneficial to perform work as a wide range of market opportunities
to gain successful results. This is also used by company to launch all
products and services in a successful way. Along with this it is also
analysed that entrepreneurs must analyse and evaluate macro
environment to make a business successful. SWOT is also used by
management for evaluating internal environment of company and to
make strategy as per internal conditions.

References
Chang, W.L., Liu, W.G.H. and Chiang, S.M., 2014. A Study of the
Relationship between Entrepreneurship Courses and Opportunity
Identification: An Empirical Survey. Asia Pacific Management
Review, 19(1).
Di Muro, P. and Turner, J.R., 2018. Entrepreneurial opportunity pursuit
through business model transformation: a project perspective.
International Journal of Project Management, 36(7), pp.968-979.
Douglas, E., 2017. Perceptions: Looking at the world through
entrepreneurial lenses. In Revisiting the Entrepreneurial Mind (pp.
41-59). Springer, Cham.

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