ENT301 Module Report: Identifying Entrepreneurial Opportunities

This report delves into the critical aspects of identifying entrepreneurial opportunities, beginning with an exploration of various sources of innovative ideas. It examines how entrepreneurs can leverage these sources, including the unexpected, incongruities, and market needs, to generate viable business concepts. The report then focuses on explaining the rationale behind a specific entrepreneurial idea, emphasizing the identification of market gaps and utilizing relevant techniques for analysis. It includes gap analysis to evaluate the potential of the idea and interprets information to demonstrate market potential. Furthermore, the report explains the application of the SWOT framework for a comprehensive assessment and evaluates the competitive and market environment to determine the idea's viability. The conclusion summarizes the key findings, providing a comprehensive understanding of the entrepreneurial process from idea generation to market analysis.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
P1 Determination and evaluation about various sources of entrepreneurial idea and innovation
.....................................................................................................................................................3
LO 2.................................................................................................................................................4
P2 Explanation about the rationale and the market gap for a specific entrepreneurship idea
regarding relevant techniques.....................................................................................................4
LO 3.................................................................................................................................................7
P3 Gap analysis in the evaluation of specific entrepreneurial idea.............................................7
P4 Interpretation of information for deliver evidence of market potential.................................8
LO 4.................................................................................................................................................9
P5 Explanation about SWOT framework to collect evidence to support an objective
assessment idea...........................................................................................................................9
P6 Evaluation about the competitive and market environment in which the idea will be launch
to asses potential viability.........................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCE.................................................................................................................................12

INTRODUCTION
An entrepreneurship is the capacity and willingness to organize and manage the business
enterprise. Entrepreneur is a person who start and survive their business along with their own
risk. All profitability and loss of the business bears by the enterprenuer. The major objective of
starting any business is to earn effective income and revenue from business. The current report
provides the detail knowledge and understanding about the entrepreneur idea and innovation.
LO 1
P1 Determination and evaluation about various sources of entrepreneurial idea and innovation
While any entrepreneur starts a new business, then he/she requires some new idea,
creativity, thoughts etc. regarding the business. It is very important for the entrepreneur to select
some unique and different idea and thoughts which differentiate with other ventures in the
market. The idea of the business should be effective and innovative so that it can easily attract
large numbers of customers (Zhang, Song and Zhong, 2016). With the help of good and creative
idea, company can serve the special product and services to its clients in market. Sources of
entrepreneurship idea and innovation play a very significant role within the company. The
development of business idea largely depends upon its sources. There are several sources and
material through which entrepreneur can generate idea and creativity for innovative product and
services. These ideas are discussed below-
The unforeseen – It implies the zone that must be focused by beginning a business. This
incorporates clients, advertise zone, and so on that can be pulled in (Hatak, Harms and Fink,
2015). Thought is by and large about how that zone can be changed over into an opportunity.
What item or administration can be created to pull in them.
The disjointedness – It alludes to error between what current circumstance is and how it can be
changed. Business ought to dependably center around economic situation This will give brief
thought regarding what should be possible to satisfy necessities of clients. It should be possible
by discovering objections or necessities of individuals in possess showcase territory.
Process require It alludes to distinguishing feeble territories of procedure of business with the
goal that it can be enhanced by upgrading them. This implies how business functions or makes
item matter instead of target advertise. It helps in making business more imaginative and

exceptional. For instance, eatery can distinguish that individuals need to sit tight for long time
(Gartner, Carter and Hills, 2016). Along these lines, it can dispense with this by changing its
method for working together.
Industry and market require The market needs relies on how industry can create merchandise that
is satisfying them. They both are interrelated to each other. Business ought to dependably center
around change in these. It will help in making items as needs be. Entrepreneur can make use of
& sources of Innovative opportunity model for bringing out many creative and innovative
business ideas. The 7 sources are: the unexpected, Incongruity, process need, industry and
market structure change, demographics, changes in perception, meaning and mood and new
knowledge.
Unexpected: Entrepreneur needs to effectively study the marketplace and find out the way that
can be exploited and turned into unexpected success.
Incongruity: The best place for looking for incongruity is available in the customers only. The
customer's complaints and unmet desires or wants needs to be met.
Process needs: entrepreneur needs to effectively identify the company's weak spots of process
and ways for correcting and redesigning them.
Industry and market structure change: Entrepreneur needs to continually watch the industry
and market structure as regulation changes and some of the product line expand whereas others
may shrink.
Industrial survey- This is very impressive source of entrepreneur idea and innovation. With the
help of this source, customer needs, wants, thoughts, perception and requirement regarding
particular product and services can be easily acknowledged by business venture. The main point
for a new business idea should be the customers.
Brainstorming- This is a creative problem solving technique that generate the idea and creativity
for the new venture or new product. It is generally started with problem statement and any
questions which arise in the mind of entrepreneur (Schlaegel and Koenig, 2014).
Mass Media- The mass media plays a very crucial role for generation of entrepreneur idea and
innovation. With the help of TV station, cable network, radio, newspaper, internet, magazines
etc. entrepreneur can easily gather good idea and creativity for development of new product and
service.

Changes in Perception, Meaning and Mood- These are identified with change in discernment,
taste and inclination of individuals. Business should consider around them so as to make due in
the market. It will be gainful in recognising needs of individuals. Change in observation and
inclination of individuals will influence business process. In business can likewise take case of
religion.
New knowledge– Change in innovation has been a central point in achievement of business. It
can assist business with changing in process and discover open doors for development. This
alludes to working together in better courses by enhancing process.
Demographic- It is identified with populace, salary level, age and individual. Along these lines,
business ought to incorporate every one of them with economic situation. It will give information
on both demographic and division of clients. (Mudalige, Ismail and Malek, 2016.) By this,
business can focus on change in these. It will enable business to change its item as needs be.
Tapping the interests: One can effective gather creative and new business ideas by tapping into
the hobbies and interests. Many people successfully have taken up their interests and hobbies and
turned them into successful business ideas.
Types of innovation
Process development- It alludes to improving procedure through which business has been run. In
this, progressions are made in conveying or generation of items with the goal that its cost can be
decreased. Also, by actualizing new systems., programming these progressions are finished. It
helps in expanding capacity of business.
Product innovation- It implies creating items by distinguishing individuals needs and requests.
Around here spotlight on how new items can be propelled in the market with the goal that client
get pulled in towards it (Hmieleski, Carr and Baron, 2015). Business needs to consistently roll
out improvements in items so it can hold its clients This will assist them with surviving for long
run. In this item part, highlights, and so on are adjusted.
Incremental advancement- This incorporates a progression of little changes that is made into
business. Its principle intention is to expand business proficiency. The progressions are done in
process or strategies for creating items. This causes in giving proficiency to profitability and
increasing upper hand in the market.
For instance, innovation refers to introducing something new and creative in the
marketplace and manipulating the existing inventions. Business idea refers to the concept of

making money whereas, product idea refers to evaluating innovative and creative product
development ideas.
LO 2
P2 Explanation about the rationale and the market gap for a specific entrepreneurship idea
regarding relevant techniques
While any entrepreneur starts the new business, then it is very important to identify the
requirement of specific customer's requirement. With the help of proper identification of the
requirement of people, firm can effectively deliver the right commodity and services to
customers. In order to implement idea and creativity along with product and service and in
business, it is very important to identify and acknowledge features of the target market.
Entrepreneur can effectively identify the psycho-graphic, demographic features of markets and
also attitudes, behaviours of targets customers. Needs and problems needs to effectively
identified. While entrepreneur identify the features and characteristics of target market, then it
becomes easy to create a clear image of the customers for whom product will be developed. The
entrepreneur needs to effectively identify the age Following are some methods for identifying
specific entrepreneur idea-
Behavioural- In this, customer's behaviour can be identified by the entrepreneur. By help of this
method, it becomes easy to identify need and requirement of customer regarding product and
services (Fayolle and Liñán, 2014). In addition to this, company can also acknowledge the
condition of the customers’ needs and perception regarding the existing services and product.
Moreover, it is easy for business to generate idea by identifying the behaviour of customer in the
particular target market.
Demographical- This method includes the population, income level, gender, age etc. of the
people in the country. It will give information on both demographic and division of clients. This
gives information and data of individuals that can be dissected before executing thought. It
demonstrates requirements of various individuals regarding their demographics. This is valuable
for business to portion them on premise of their age, sexual orientation, populace and so forth. It
turns out to be simple for business to create items.
Geographical- This is related to the location and region where product and service requires
delivering. It is basic to fragment land zone so further division should be possible in less
demanding way (Fayolle and Gailly, 2015). In addition, it helps in dissecting outside components

that can influence business thought. Additionally, by this it is anything but difficult to decide
how much effect business will have on that zone.
Tangible and intangible characteristics of product
Tangible product refers to the commodity which can touched and seen by other people.
On the other hand intangible product refers to the items which can not touched and seen rather
than it can only be felt. Tangible product is like vehicle, computer, mobile etc. On the other hand
intangible product is like any kind of services such as banking, saloon etc.
The business condition accept a critical part in advance or disillusionment of business. It
chooses how far business can create and make. The area of new business much of the time
impacts condition. It is in light of the fact that if there are more obstacles of new members then it
will be difficult to enter in that industry. What's more, what existing business are there and their
bit of the pie give thought on level of contention. In this way, new competitors must be powerful
if industry is having versatile condition.
Porter five force model- It is an aggressive power that aides in breaking down industry condition.
It helps in discovering effect of industry condition on business .
Competitive rivalry- It demonstrates the current level of rivalry in the business. In the event that
there are more business there will be exceptional rivalry. Then again, low level of rivalry will
pull in new contestants to enter in it.
Risk of substitute-It alludes to discovering distinctive method for fulfilling need. Individuals
dependably have a choice of substitute in the event that they feel to change item.
Bargaining power of buyers- It alludes to number of purchasers that can impact business to let
down its cost. Likewise, it indicates how clients can without much of a stretch change starting
with one item then onto the next (Drucker, 2014). In addition, more number of purchasers will
exceedingly impact item costs .
Supplier power- It alludes to number of providers that can impact business to build its cost.
Additionally, it demonstrates how providers can impact client conduct. Besides, more number of
providers contain more power. New participants must know what number of providers exists.
This will assist them with controlling provider and cost of item.

Risk of new entry- It is most normal method for entering in new market. It alludes to how new
contestants can affect the business. It is simple for them to enter and impact rivalry among
business. Another participant will dependably endeavor to draw in clients. They can break down
how industry is influencing (Charness, 2014)
Industry life cycle-It is an instrument that portrays advancement of industry in each stage. This
aides in discovering how industry can keep up its development. It comprises of four stages that is
characterized as:-
Start up-It is a phase which includes advancement and showcasing or items or administrations.
Industry makes open doors for business to develop and create. In this item data is come to just
set number of individuals. A considerable measure of costs are brought about on promoting and
advertising of items. Incomes and deals are low and now and again it can likewise be negative.
Growth– In this stage client becomes more acquainted with about item or administration of
industry. They ended up mindful about highlights and advantages of it. This prompts increment
popular of item and producing deals (Cherny And et.al., 2016). It begins giving contending in the
market and picking up piece of the overall industry. An industry tries to procure however much
as could be expected in this stage. For this procedure are enhanced that aides in expanding
industry proficiency. Development is done everywhere level.
Maturity- In this stage industry development backs off. It begins influencing industry
maintainability, Due to this industry can't survive. The development achieved its most extreme
level. The concentration shifts from winning benefits to keeping up income and piece of the pie.
The value rivalry progresses toward becoming premise of contrast between various enterprises.
Decline- In this stage product comes on the decline condition. The business profits and sales
gradually starts falling at this point. In this stage, prices of the product and services can cut down
from the previous.
It helps the entrepreneur in identifying the important needs and requirement of the
business. These business needs are the core requirements in which a business can transform itself

to achieve set growth and development. It helps the idea to flourish because the business needs
are identified it can achieve set growth and development.
Customer needs are important because without being aware of the customer needs, it is
hard for any entrepreneur or the business to achieve set growth and development. Identifying the
customer needs helps the entrepreneur to develop an opportunity where growth can be promised.
There are 20-25 providers are there for subletting estate agents, because the market of the
entrepreneurship is huge. The online providers are huge and the business tends to seek growth
because of the online dominated market. It is important that the market which is online
dominated can achieve growth and development.
The competitors of the business can be in general identified by looking what core
products and services the business is selling. The businesses can identify what businesses are
selling the same products and services.
As per the Porter Five Forces it can be seen as the market gap can exploit the basic needs
of a what the business wants. It is important for the business to have such opportunities in place
where its basic needs are fulfilled. The power of competitors, the power of suppliers, are huge
for the business of the entrepreneur. It can allow the business to grow and achieve set objectives
perfectly because it is one of the most important aspect to identify the power of suppliers in the
market.
LO 3
P3 Gap analysis in the evaluation of specific entrepreneurial idea
While any entrepreneur enter in the market for start the new business then it is very
important to collect the information about market. Data collection and interpretation is very
important for the entrepreneur so as effective idea and creativity can generate regarding product
and services (Dooley and Kenny, 2014,). With assistance of the collection and analysis of the
information, entrepreneur can able to find up the gaps that exist between the business idea and
market condition. Data collection and analysis assist to the entrepreneur in collecting information
about customer taste, preferences, market condition, available competitor and other several
components of business environment. Furthermore, it helps in minimize the risk of business
failure and find out new opportunities for new business expansion. The information regarding the
business can collect by primary and secondary research which are discussed below-

Primary research- This is very effective method of data collection by which researcher can
easily collect information from primary sources such as interview, questionnaire, survey,
observation etc. This method helps to researcher in collecting information about current market
condition (Castello, Barbera and Vaara, 2016). With help of primary research, entrepreneur can
collect fresh information about the subject. With help of this method, entrepreneur can collect
customer taste, preferences, requirement and perception about existing product and services.
Secondary research- In this method information can collect from the secondary sources such as
books, journal, online blogs, articles etc. With help of secondary research, entrepreneur can
collect published data about the subject.
Questionnaire
1 Which kind of changes have occurred in the market in the recent time ?
 Alteration in the customer behavior
 Alteration in the price
 Alteration in the features of commodity
2 At how much level the condition of market has been changed ?
 Very high
 Medium
 Low
3 Which kind of business you are doing recently ?
 Retail
 Supplier
 Wholesaler
4 From how long you are doing business ?
 1-2 year
 2-5 year
 More than 5 year
The done online research showcases that the house prices have been rose from 20% to
25%. It is because people are making use of new markets which are allowing them to move to
houses which are pleasant and fulfilling their needs.
People which are moving to London have also seen a growth because in United Kingdom
there a lot of people are looking for opportunities where they can grow themselves financially.

London is having a vast sector of services and products which are being sold by the markets
across the United Kingdom. It is important to make use of effective services in order to achieve
required growth and development and ensure success.
P4 Interpretation of information for deliver evidence of market potential
From information gathered it is discovered that 15 individuals out of 30 are working
together in retail division. They have been occupied with this for 3-5 years. Likewise, they
believe that the significant change that has happened in advertise is identified with change in
purchasing conduct of individuals. It has constrained them to roll out improvements in item. So
showcase is having capability of new contestants that can give compelling administration at low
cost. The business specialists need to investigated that, in UK settlement industry, different
amounts of shoddy nourishment business are running enough and creating tremendous measure
of salary by serving exceptional and different kinds of sustenance organizations.
In London city, broad assortment of solicitations are growing in regards to having unique
help of sustenance from my outlet. By far most of the understudies would be client of my
sustenance things, it is ordinary that, creation and improvement in lousy nourishment things
which make more excitement inside our things and organizations which has potential for
growing bit of the pie of my business. Social orders of the city is asking for more remarkable
things and innovative things in speedy sustenance outlets which is boosting up their tendencies
towards utilization of different kinds of flavour sustenance. In London city, by far most of
understudy is asking for eating for Pizza, Burger, bites, Sandwich et etcetera so every one of
these things must be incorporated into menu summary of my outlet which cover more client
construct of my centred in light of gatherings of spectators.
It helps the customers to be more inclined towards the products and services sold by the
outlet. It helps my food outlet for gain respect and achieve development. It also provided me
with new development options for my retail outlet. The customer experiences became better and
I developed more potential to be a good business person.
The other important aspect here is to deliver growth to the organisation and the
entrepreneur as well. Effective growth is one of the core aspect because without it the
organisation cannot thrive and it becomes difficult for it to achieve set growth and development.
It allows the organisation to achieve new growth and development and ensure better care for its
people.

LO 4
P5 Explanation about SWOT framework to collect evidence to support an objective assessment
idea
While any business person enters in the market and actualize business thoughts in the association
then it is imperative to evaluate and recognize quality and shortcoming of that specific business
thought (Carraher and Paridon, 2015). Through this, the assessment business thought should be
possible. It is improved the situation specific region. It indicates how thought can be debilitated
by a few elements. By examining industry and its condition it is anything but difficult to assess
accomplishment of business thought. The assessment of components is given underneath :-
SWOT analysis It is a powerful that aides in understanding qualities and shortcoming of
business. By utilizing this business can distinguish territories in which they are solid and frail. At
that point, additionally measures are taken to enhance frail regions. The SWOT analysis helps in
effectively identifying the Strengths and opportunities that needs to be captured by the
entrepreneur by effectively applying the strategies. The identified weaknesses and threats helps
entrepreneur to tackle the problems and negative outcomes.
Strength- It portrays territory in which business is having exceptionally solid upper hand over its
adversaries. It gives the reason what item includes makes business solid in particular region. In
this quality is considered from both inner and outside point of view. It incorporates client,
contenders, and so on (Carland, Carland and Stewart,2015). So for business thought of cleaning,
it is been expressed that it will give powerful administrations to individuals at their place. It will
assist individuals with getting access of administration just by a single tick. No different business
around there is giving cleaning administration. In this manner, it is gainful to execute business
thought.
Weakness- It indicates territory where business is deficient. This offers contenders to exploit this
opportunity. Alongside this, it portrays how business can enhance that territory by taking viable
measures. It is distinguished by taking input from clients (Bruni, Gherardi and Poggio, 2014.).