Entrepreneurial Opportunities: Data Analysis and Market Potential

This report focuses on identifying entrepreneurial opportunities by analyzing data and assessing market potential. It begins by discussing the importance of recognizing and developing viable business ideas. The report then details the use of primary data, gathered through customer surveys, to support gap analysis. Examples include survey questions and responses related to face wash usage and customer satisfaction. The data is interpreted using statistical tools such as mode, mean, and standard deviation. The report concludes by emphasizing the importance of careful consideration and strategic planning for entrepreneurs, highlighting their role in introducing new ideas and contributing to economic development. The provided data illustrates the process of evaluating market potential and making informed business decisions.

Identifying
Entrepreneurial
Opportunities

• Present data required to support gap analysis
• Interpret data for providing evidence of market potential
Content

INTRODUCTION
According to studies entrepreneurs they identify various business
opportunities of creating and delivering number of values for
stakeholders in addition to perspective ventures. The resources which are
well perceived and recognized they cannot become viable business
without the process of development.

Present data needed to support gap analysis
For the support of gap analysis using primary data- The primary data, this
is one of the effective and strongest source of all authentic information, in
this process all the information's are collected directly from the potential
customers. In order to conduct a primary data collection it becomes very
essential to evaluate customers response by performing activities of
survey.

Cont…
Response created Number of individuals surveyed
Yes 500
No 10
Occasionally 50
•Do you prefer face wash as a good item?

Cont…
Response created Number of respondents
Once 70
Twice 150
Thrice 100
How often you use face wash in a week?
70
150
100

Cont…
Do you think that service provided by the cosmetic
shop for face wash is it sufficient?
Response generated Number of individual surveyed
Highly satisfied 90
Satisfied 70
unsatisfied 120
Highly unsatisfied 20

Interpret data for providing evidence market potential
Response generated Number of people surveyed
Yes 300
No 50
Occasionally 20
Interpreting data – In the above section primary information's are
already collected now further would be trying to interpret data by
utilising statistical tool such as mode, mean, and standard deviation.
Do you prefer face wash as a good product?

Cont…
Response generated Number of respondents
Once 70
Twice 120
Thrice 100
More 105
How often you buy face wash in a week?

Conclusion
As per discussed above, the report describes that every entrepreneur they
must be careful and thinks carefully before implementing any idea for
business. They should bring their ideas into action while any business has
true prospects. Entrepreneurs they play a vital role in the market, because
they introduce their new ideas or new business further which are
contributed for the development of economy.