Analysis of Entrepreneurial Opportunities for Virgin Money

This report examines entrepreneurial opportunities from the perspective of Virgin Money, focusing on sources of ideas, innovation, and market analysis within the financial industry. It explores customer surveys, mass media, and trade fairs as sources of entrepreneurial ideas, evaluates Drucker's 7 sources of systematic innovation, and analyzes the benefits and drawbacks of each approach. The report then presents a gap analysis, utilizing a questionnaire to gather data on customer preferences and market trends. This data is interpreted to assess market potential, followed by an application of the SWOT framework to evaluate a specific entrepreneurial idea and assess its viability within the competitive and market environments. The report aims to provide a comprehensive understanding of identifying and analyzing entrepreneurial opportunities for business growth and innovation.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Sources of entrepreneurial ideas and innovation with specific examples .............................3
TASK 2............................................................................................................................................5
Covered in PPT...........................................................................................................................5
TASK 3............................................................................................................................................5
P3 Information and data to fill the gap and fulfil of entrepreneurial idea...................................5
P4. Interpretation of the data for providing evidence of market potential................................10
TASK 4..........................................................................................................................................14
P5 SWOT framework to collate evidence to support an objective assessment of a specific
entrepreneurial idea...................................................................................................................14
P6 The competitive and market environments in which the idea will be launched to assess
potential viability......................................................................................................................15
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

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. These report is written from perspective of Virgin money which is performing there
work in financial industry. Virgin money provides there services in South Africa, Australia and
United Kingdom. Moreover, this report highlights on different sources of entrepreneurial ideas
and innovation and provides rational market gap for a specific entrepreneurial idea. With the
relevant tools. Current data and information will also included in this report to understand and
support gap analysis. In the last, SWOT framework is highlighted in upcoming report.
TASK 1
P1 Sources of entrepreneurial ideas and innovation with specific examples
Entrepreneurship is consider as the motive of implementing new and feasible thought or
ideas for satisfying the needs of customers and wants. There are various entrepreneurs among all
over the world perform and convert their idea into a business. Some sources for innovation and
business ideas are mention as follow: Customer surveys- The main motive of an organisation to start a business relates with
clients and customers. With the enhancement of companies at global level it is identified
that with fulfilment of customers needs it is easy for organisation to stay in market for
longer period. Virgin money perform there work by analysing customers needs and
market conditions. This refers it is easy for management to gain long term results for
increase sales of company products. Further, for innovation respective organisation
management is increase value in existing products to increase sales of customers needs. Mass media- There are various task are performed by management which leads company
to perform work as per mass media. Television, newspapers, radio, magazines and
internet are most effective sources for identify new entrepreneurial ideas. Example- With
monitor of business magazine an individual monitors the ideas encourage them to work
with new ideas. Moreover, in context of innovation it is used for completion of all task

and objectives with business practices and ethics. Like, internet provides more
information to an individual for improvement of products and services. Virgin money
implement utilise mass media source to improve process. Trade fairs- Exhibitions, trade show and fair are the most essential source for an
individual or organisation to formulate new business idea. It is usually advertised to
perform work with motive of gaining ideas as per consideration to perform work in order
to gain long term results that is used to discover more services and products.
Management of Virgin money is more active to participate in Trade show because it
helps them to arrange meetings with stakeholders of company. Along with this trade fair
and exhibition also help organisation to perform work. In the present scenario, sound
business ideas to work with people.
 New knowledge- According to present market conditions the industries and companies
face competitive conditions in business. Technological knowledge, skills improvements
and recruitment of right employees leads an individual to perform all work with motive
of achieving long term results. Virgin money operates there business in finance industry
which is a crucial aspect for individual and organisation. This also refers that all task and
operations are performed with invest of monetary. So with implement of new knowledge
such as to pay with cashless transactions. Similarly, digital payments is an example of
implement of new knowledge.
Evaluation of Drucker’s 7 sources of systematic innovation
Systematic innovation and its evaluation start with Incongruities this is the difference
between the current and desired position. So it is advised to all entrepreneurs for making relevant
and appropriate research to introduce new products and services. So it work as a positive point
for company to work with new ideas. Another aspects relates with innovation source is
unexpected which is useful to identify new idea by monitoring all perspective. Along with this
needs and wants of customers is too dynamic so it is essential to perform work as per existing
market conditions. Process need relates with identification of ascertain needs such as ineffective
business idea creates complexity to perform task. Therefore, it is mandatory to implement new
idea process in effective manner. Changes or modifications it is essential for organisation to
design new structure which facilitates organisation to complete task as per current trends.
Demographic aspects consider those changes which take place in population, age-group, income

level etc. So for respective company it is essential for management to consider all aspects to
achieve more success in market. Change perception and new knowledge work as a positive point
that is leading company to implement right changes in new digital services.
Benefits and drawbacks for each approach
Customer survey work as a positive point for an individual which leads management to
complete all task and objectives by understanding perspective of customer needs. The drawback
for this approach is that it is complex to understand customer needs because they are dynamic in
nature. Mass media also provides various benefits to organisation by improving there
performance to search and evaluate ideas from large sources. On the other side, drawback of
mass media is that it is only a one-way interaction. Trade fair offer benefits to company that it
help company to gather idea from global level. On other side, drawback of organisation is that
trade fair are not so effective.
TASK 2
Covered in PPT
TASK 3
P3 Information and data to fill the gap and fulfil of entrepreneurial idea
With regards to launch of Croscett Hotel in London, there are various factors associated
with market scenario that need to be taken into account by the entrepreneur, these are as
follows:-
Gap analysis perform different task that usually work to perform all task with motive of carry
better results that assist to launch new idea. This is also used for determining all variances related
with current performance and project. It is also analysed within the organisation that most of
leading financial institution are working with motive of implementing new projects. This is also
used by management to control prices which is impacting on prices of organisation. Virgin
money is implementing right results to perform work with motive of managing work in
minimum period.
QUESTIONNAIRE
NAME:
AGE:

ADD:
GENDER:
MAIL ID:
Q1) Are you aware about changes that relates with monetary transactions and services in
organisation?
 Yes
 No
Q2) Which are the major sources that attracts you for collect and pay the monetary transactions?
 Low service charges
 Flexible in policy
 Secured payments
Q3) Cost and prices which relates with international transactions are low in market to trade or
not?
 Yes
 No
Q4) Are you satisfied with the safety of transactions and services offered by the organisation?
 Yes
 No
Q5). Recommend some suggestions for improving services of Virgin money?
Q1) Are you aware about changes that relates with monetary transactions and
services in organisation?
Frequency
 Yes 32
 No 18

Q2) Which are the major sources that attracts you for collect and pay the
monetary transactions?
Frequency
 Low service charges 10
 Flexible in policy 14
 Secured payments 16
Yes No
0
5
10
15
20
25
30
35 32
18
Frequency

Q3) Cost and prices which relates with international transactions are low in
market to trade or not?
 Yes 40
 No 10
Low service charges Flexible in policy Secured payments
0
2
4
6
8
10
12
14
16
Frequency

Q4) Are you satisfied with the safety of transactions and services offered by
the organisation?
 Yes 32
 No 18
Yes No
0
5
10
15
20
25
30
35
40
40
10
Series1

Q5). Recommend some suggestions for improving services of Virgin money?
P4. Interpretation of the data for providing evidence of market potential
Entrepreneur are those persons who are investing huge amount of money into a new idea
for earning good amount of returns from them. There are various task relates with business
performance which is leading company to gain top position in market. This data assist an
entrepreneur for gaining all information which is related with new task of organisation. It also
determines that it is mandatory for the new firms to manage and deal with all problems which
impacts on management of Virgin group. Major source for collection of all data and information
is used to complete task for developing better relations in future.
 It is an innovative concept introduced by Virgin group which offers individuals to make
international transactions from there convenient place.
Yes No
0
5
10
15
20
25
30
35 32
18
Series1

 New digital services are launched by entrepreneurs for offering right facility to bring
positive outcomes from operations and functions of company.
Interpretation of above data:
Theme 1:
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation- From the above data it is interpreted that all individuals are aware about services
that is provided by organisation for attracting more number of customers. Along with this it is
also used for promoting business in market areas with help of social media.
Theme 2:
Central Tendency Data
Mean 13.34
Median 13
Mode 10
Standard Deviation 3.05
Interpretation- According to this data buyers are attracted towards those financial institution
which lead to manage work with less formalities.
Theme 3:
Central Tendency Data
Mean 25
Median 25
Mode 0
Standard Deviation 21.22

Interpretation- As per this data, management is more concerned about completion of task and
projects at minimum prices to manage work at low cost operations. This results management is
able to increase there work size.
Theme 4:
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation- According to the present data and information, customers are able to perform
work as per services which is used to manage work. It is also used as per management concern
which is used to perform work as per services in organisational work.
GAP ANALYSIS
Basis Current condition Desired condition Action plan
Products and
Services
With better
infrastructure it is easy
to complete task in
minimum time.
Virgin group is
focused to approach
international market.
The provision relates
with rules and laws of
international trade are
consider by
management to
perform all task in
ethical manner.
Cost The operating cost to
manage business is
high due to expansion
of business.
Company is focused to
reduce the prices of
there operations that
increase its profits.
With devised pricing
strategy it is easy to
compete with
competitors.