Report on Identifying Entrepreneurial Opportunities for Grandeur Inn

This report examines the identification of entrepreneurial opportunities for a proposed hotel business, Grandeur Inn, in London, UK. It begins with an introduction to entrepreneurship and the concept of filling market gaps, followed by an analysis of innovative entrepreneurial ideas, drawing on Peter Drucker's sources of innovation. The report then details the tools and techniques used for entrepreneurial development, emphasizing market gap identification through competitive analysis. A comprehensive gap analysis is presented using a questionnaire to assess market potential. Data interpretation provides evidence supporting the entrepreneurial idea, followed by a SWOT analysis to evaluate the business's strengths, weaknesses, opportunities, and threats. The report concludes with an assessment of market competition and its impact on the viability of the proposed business venture.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Innovative entrepreneurial ideas and sources...................................................................1
P2. The tools and techniques for the entrepreneurial development along with the rationales of
market gap..............................................................................................................................2
P3. Gap analysis for the entrepreneurial idea evaluation......................................................3
P4. Interpretation of data to provide evidence of market potential........................................8
P5. SWOT Analysis to assess the entrepreneurial idea........................................................12
P6. Assessment of competition in the market and its environment for identifying potential
viabilities..............................................................................................................................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
An entrepreneur is defined as the person who possesses risk taking as well as innovative
nature, having the motive of coming up with solutions through which market gap can be filled.
Entrepreneurial opportunities are tapped by entrepreneurs to develop business entity with the aim
of solving issues faced by the orgsnisation at an extent. The following report takes into account
the procedure of emergence of an entrepreneurial idea at the peak and the initial analysis done
before setup of a business entity. The idea that has been proposed to be converted into a business
entity is acknowledged to be a hotel offering the feature of possible customisation in case the
booking is done by Clients 10 days prior to the actual date of accommodation (Ren, 2008). This
entity will be launched under the name of Grandeur Inn within the confines of London, UK. The
project consists of source of entrepreneurial idea together with competitive analysis & gap
identification. Further, SWOT of the entrepreneurial idea is included.
TASK 1
P1. Innovative entrepreneurial ideas and sources
Establishment of an entrepreneurial business entity is a risky task that holds equal
chances of success as well as failure. In this relation, it has been identified that there are a
number of sources from which an entrepreneur derives the idea of setting up a business entity
(Atılgan, 2020). Such ideas are discussed in light of Grandeur Inn with the help 7 sources of
innovation that were developed by Peter Drucker are as follows:-
Incongruities: This can be defined as the difference underlying between the desired and
actual position of an entrepreneurial idea . Thus, effective market researching needs to be done in
order to ensure that the business entity does not fail after launch into the market place. In this
relation, the entrepreneur of Grandeur Inn should strive to analyse the Client needs in order to
provide an edge to the business entity.
The Unexpected: This is linked to the discovery of unexplored business ideas for gaining
support on the part of people prevailing in the market. The constantly changing needs and
demands of Clients should be taken into account by the entrepreneur of Grandeur Inn so as to
launch more of features like possible customisation and appeal to them in an effective manner.

Process need: It is linked to ascertainment of weakness of an idea. This provides
assistance in modifying the entrepreneurial idea in order to meet the needs of market. With this,
the entrepreneur of Grandeur Inn will be able to recognise the shortcomings of this hotel
business entity and thereby ensure its sustainability at market place for a long period of time.
Changes in Market and Industry Structure: Each and every corporate sector witnesses
changes over the course of time. Such changes need to be taken into account so as to appeal to
public at large in an effective manner (Rosvall, 2020). Thus, it is essential for the entrepreneur of
Grandeur Inn to consider the progressions of hospitality sector so as to implement the same
within the business entity and boost its profits.
Demographics: This source is linked to the alterations taking place within the domain of
demographics (Malik, and et. al., 2020). These need to be taken into due consideration by the
entrepreneur of Grandeur Inn so as to select the target audience within London and ensure their
needs are met by the business entity in an effective and efficient manner.
Changes in Perception: The efflux of time results in changes taking place within the
ideologies as well as perceptions of individuals prevailing in market place. Thus, the
entrepreneur of Grandeur Inn would be conducting constant market research in order to gain
knowledge of the ideologies possessed by people and thereby introduce services that can
significantly appeal to them.
New Knowledge: Technology is progressing with the constant evolution of time creating
opportunities for business entity as well as upcoming business entity to take due advantage of it
(Nizami, 2020). Thus, with the execution of gap and competitive analysis, the entrepreneur of
Grandeur Inn would be able to identify the difference underlying between strategies of respective
hotel and its rivals. As a result of this, Grandeur Inn would also be able to fill the gap existing
within the market place.
P2. The tools and techniques for the entrepreneurial development along with the rationales of
market gap
The business idea that is proposed to be launched by the entrepreneur within London is
the launch of a hotel business entity having the option of possible customisation in case of
booking in 10 days advance. Market gap can be defined as the procedure of provision of

offerings that are not yet presently offered in market (Farida, Thomas, and Prihandono, 2020).
Competitive analysis is done beneath to identify the gap in market place.
Basis Grandeur Inn Marriott Hotel Four Seasons London
Products and
Services
Gives effective Client
service together with
the service of possible
customisation in case of
10 days prior booking.
Provides impeccable &
24*7 Client service and
luxury rooms.
Irreplaceable services
provided by the hotel
management at all the
times together with well
developed infrastructural
facilities.
Organization
structure
Functional structure to
be followed hereby.
Departmental structure is
followed hereby.
Matrix organisational
structure is followed
hereby.
Major
Attractions
Client centred approach
together with amiable
employees
Multi lingual employees
together with rooms
equipped with lavish
services.
Service excellence along
with multi cuisine food.
Promotional
strategy
Newspaper inserts and
broadcast media would
be leveraged to create
awareness among
people.
Mobile app, M Live Social
Media platform and
website advertising.
Word of mouth publicity
as well as social media
marketing is leveraged by
Four Seasons London.
P3. Gap analysis for the entrepreneurial idea evaluation
Gap analysis is executed by an entrepreneur while launching any idea into the
marketplace. This helps in ascertainment of difference underlying between actual and desired
performance of the business entity. In relation to Grandeur Inn, the gap analysis is done with the
help of questionnaire presented as beneath:-

QUESTIONNAIRE
NAME:
AGE:
ADD:
GENDER:
MAIL ID:
Q1) Do you have knowledge of the pioneering services offered by Grandeur Inn?
 Yes
 No
Q2) Which factor or service comes to your mind while making choice of hotel for staying?
 Game Zone
 Multi cuisine, hygienic food
 Free Wi-Fi
Q3) Do you think the new service of possible customisation within Grandeur Inn will increase
the profits for the hotel?
 Yes
 No
Q4) Is impeccable Client service an essential factor that should be considered by Grandeur Inn?
 Yes
 No
Q5) Give some recommendations for Grandeur Inn through which the hotel can appeal to a
larger Client base.
Theme 1: Knowledge of the pioneering services offered by Grandeur Inn
Q1) Do you have knowledge of the pioneering services offered by Grandeur
Inn?
Frequency
a) Yes 32
b) No 18

Theme 2: Factor or service comes to mind while making choice of hotel for staying
Q2) Which factor or service comes to your mind while making choice of
hotel for staying?
Frequency
a) Free Wi-Fi 10
b) Hygienic and multi-cuisine food 14
c) Gaming Zone 16

Theme 3: New service of possible customisation within Grandeur Inn will increase the profits
for the hotel
Q3) Do you think the new service of possible customisation within Grandeur
Inn will increase the profits for the hotel?
Frequency
a) Yes 40
b) No 10

Theme 4: Impeccable Client service is an essential factor to be considered by Grandeur Inn
Q4) Is impeccable Client service an essential factor that should be considered
by Grandeur Inn?
Frequency
a) Yes 32
b) No 18
P4. Interpretation of data to provide evidence of market potential
An entrepreneur gathers information related to launch of a business idea from a number
of sources (BHINEKAWATI, NELLOH, and ABDURAHMAN, 2020). The major sources of
collection of data are primary as well as secondary. In this regard, following information is
gained with respect to Grandeur Inn:-
 The new hotel to be launched by the entrepreneur provides users the facility of bringing
about possible customisation in case of 10 days prior booking. This service is unique and
not yet being provider by any hotel currently.

 The primary emphasis of Grandeur Inn is upon fulfilment of Client demands through
provision of unique and impeccable Client services.
Interpretation of above data:
Theme 1: Knowledge of the pioneering services offered by Grandeur Inn
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation 1: In accordance with the above data, it can be said that majority of the people
possess knowledge of the unique and innovative services being rendered by Grandeur Inn at
market place. To increase the brand awareness, the hotel management can leverage social media
marketing.
Theme 2: Factor or service comes to mind while making choice of hotel for staying
Central Tendency Data
Mean 13.34
Median 13
Mode 10
Standard Deviation 3.05
Interpretation 2: In accordance with the data presented above, it can be said that Clients are
usually moved by those hotels which offer multi cuisine and hygienic food as food is their first
priority.

Theme 3: New service of possible customisation within Grandeur Inn will increase the profits
for the hotel
Central Tendency Data
Mean 25
Median 25
Mode 0
Standard Deviation 21.22
Interpretation 3: As per the above analysis, it can be said that people believe the new and
innovative service of possible customisation would lead to increment in profits for Grandeur Inn.
This would even enhance their Client base.
Theme 4: Impeccable Client service is an essential factor to be considered by Grandeur Inn
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation 4: As per the above analysis, it can be said that Clients believe that Client
services is an important aspect to be considered by the management of Grandeur Inn, however,
there are other services also that must be paid attention upon.
GAP ANALYSIS