Business Idea Analysis: Entrepreneurial Opportunities Report

This report provides a comprehensive analysis of entrepreneurial opportunities, focusing on the identification and evaluation of a business idea, specifically a "Fitness Freak Juice Corner." It begins with an introduction to entrepreneurship and the importance of identifying opportunities, followed by background information on sources of innovation and motivational factors for entrepreneurs. The report then delves into the specifics of the business idea, including its target audience and competitive landscape. It includes competitor analysis, gap analysis, and market research, utilizing primary and secondary research methods. Furthermore, the report assesses the business's viability and feasibility through SWOT analysis and PESTLE analysis, addressing potential risks and opportunities. The report concludes with a summary of findings and references, offering a complete overview of the entrepreneurial process and business plan development.

Identifying Entrepreneurial
Opportunities

Table of Contents
Introduction
Background information about sources and motivated factors
Introduction to business idea and its potential customers and
target audience
Competitor analysis at marketplace
Gap analysis, overcoming gaps and current & future situation
Market research for business idea
Business idea viability and feasibility
Overcoming risks of competition and opportunities
Conclusion
References

Introduction
 In order to start any business by entrepreneur in competitive market, it is
very essential to identify opportunities which are available for them.
 Entrepreneurship is the procedure for launching, designing and running
new business and person who establish those organization is called
entrepreneur.
 They came up with new idea in market along with innovation and
creativity.

Background information about sources and
motivated factors
• Background information about sources and motivated factors Peter
Drucker developed this concept of 7 sources of innovative opportunity in
book called innovation and entrepreneurship.
• The Unexpected
• The Incongruity
• Process Need
• Industry and Market Structure Change
• Demographics
• Changes in Perception, Meaning and Mood
• New Knowledge

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 There are different factors which motivate to become entrepreneur.
 It includes money, controlling each and every work, flexibility in working
pattern according to own, teamwork, bear risk and appreciation which
they get from people for new idea and thought.
 Also, individual get influenced by their family background to become
independent and became entrepreneur and earn more money.

Introduction to business idea
 Business idea is opinion that is used for financial gain which is centered
on goods and services offered for money.
 Idea is regarded as base of pyramid for running of business.
 The features for business idea includes uniqueness and innovation.
 In case of Fitness Freak Juice Corner, it is launching new venture near
gym.
 It is offering health drink to gym going people which helps in burning
calories and workouts.

Competitor analysis at marketplace
 Competitor analysis is identification of competitors and evaluation of
their strategies for determining strengths and weaknesses according to
product and service.
 Competitive analysis is regarded as critical part of marketing plan.
 It helps in providing defensive and offensive strategic approach for
finding of threats and opportunities.

Continue...

Gap analysis, overcoming gaps and current and
future situation
It is important to analyse gap in order to know about scenario of organisation. The gap can
be closed through proper steps which is given below:
 Identification of those areas that need to be analysed and goals to be accomplished
 Establishing ideal future state
 Analysing current state
 Comparison among current with ideal state
 Describing gap and quantifying through differences

Market research for business idea
Market research is organised efforts for collecting information of target customers or
market and regarded as important component of organisation strategy. The market
potential which using a range of sources which could be primary and secondary are
given below:
 Primary Research
 Secondary Research

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Q1. What kind of refreshment drink people like most after
gyming?
Hot chocolate drink Banana shake Diet drink
0
2
4
6
8
10
12
14
16
Column B

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Q2. What kind of services people generally seek under juice
centres?
Sitting facility Proper ambience Timely service
0
5
10
15
20
25
30
Column B

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Q3. How much time people generally spend after gyming under
juice corner?
0-1 Hours
1-3 Hours
More than 3 hours

Business idea viability and feasibility and
strengths and weaknesses
For accessing viability of business report, measures should be taken for
knowing competitors and market conditions which helps in better
decision making. It can be expalined with help of SWOT analysis
which are described below:
Strength-
Weaknesses-
Opportunities-
Threats-

Overcoming risks of competition and
opportunities
PESTLE Analysis
It is tool used by marketers for analysing and monitoring micro
environmental factors that impact an organisation. The PESTLE
analysis of Fitness Freak Juice Corner are as follows:
 Political Factors
 Economic Factors
 Social Factors
 Technological Factors
 Legal Factors
 Environmental Factors

Porter's Five Force Model
It is tool used by market in order to analyse competition of business and
their position. There are five force of industry which are described
below:
 Threats of New Entrants
 Threats of Substitute Products
 Bargaining Power of Suppliers
 Bargaining Power of Buyers
 Competitive Rivalry

Conclusion
From above report, it can be concluded that entrepreneurship is important
factor for organization and individual. For success in marketplace, they
have to understand competitor strength and weaknesses and work
accordingly.

References
Audretsch, D., 2012. Entrepreneurship research.
Management Decision. 50(5). pp.755-764.
Autio and et. al., 2018. Digital affordances, spatial
affordances, and the genesis of entrepreneurial
ecosystems. Strategic Entrepreneurship Journal. 12(1).
pp.72-95.
Barazandeh and et. al., 2015. Investigating the effect of
entrepreneurial competencies on business performance
among early stage entrepreneurs Global
Entrepreneurship Monitor (GEM 2010 survey data).
Journal of Global Entrepreneurship Research. 5(1). p.18.

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