Nescot Y/508/0540: Identifying Entrepreneurial Opportunities Report

This report delves into the identification of entrepreneurial opportunities within the cosmetic industry. It begins with an introduction defining the role of an entrepreneur and then presents a case study of a cosmetic company, analyzing market research data to support a gap analysis. The report outlines both primary and secondary research methods, explaining their significance in understanding market dynamics and maintaining competitiveness. It includes questionnaire data and interprets the responses to provide evidence of market potential. The analysis examines customer awareness, product familiarity, satisfaction levels, issues, and online purchasing preferences. The report concludes by highlighting the importance of data-driven decision-making and strategic planning for entrepreneurial ventures. References to relevant sources are also included.

Identifying Entrepreneurial
Opportunities

 Introduction
 P3 Data needed to support the gap analysis in the
evaluation of a specific entrepreneurial idea.
 P4 Interpretation of data to provide evidence of market
potential.
 Conclusion
 References
Table of Contents

An entrepreneur is a person who grabs the opportunity and exploits it to its
fullest. This report has taken an example of Cosmetic Company which
manufactures the beauty products for both men and women. The report
also includes the data which supports the gap analysis along with its
interpretation.
Introduction

 Market research refers to the process of gathering information about the
market situation and scenario. It is considered as an important component
in business strategy. Through market research the company can maintain
the competitiveness and gain the tag of first mover for an opportunity
(Lechler, Edington and Gao, 2012). Market research is of two types,
namely primary and secondary research.
Data needed to support the gap analysis in the
evaluation of a specific entrepreneurial idea.

 Primary research: Primary research is concerned with the
gathering of information and data by observation, survey, self-
experiments and so on. This is the first hand data which a researcher
gathers. This method of market research is quite time consuming and
costly to the investigator. In primary research the chances for wrong
assumptions or results are quite low (Krotov, 2017).
Secondary research: Secondary research refers to the use of researches
which already has been done by some other researcher. There are many
sources available for secondary research like newspapers, journals, books,
surveys, articles and so on. Secondary research is done was a primary
research from someone. This method is very easy, less time consuming and
very cheap to avail.
Questionnaire
Name:

Q1. Do you know about Cosmetic Company?
ANS. Yes 6
No 4
Yes No
0
1
2
3
4
5
6
7
Pole

Q2. Are you familiar to the products of cosmetic companies?
Yes 8
No 2
Yes No
0
1
2
3
4
5
6
7
8
9

Q3. Are they providing satisfaction to you?
Yes 9
No 1
Yes No
0
1
2
3
4
5
6
7
8
9
10

Q4. Do you have any issue with the cosmetic company?
Yes 2
No 8
Yes No
0
1
2
3
4
5
6
7
8
9

Q5. Do you prefer to buy cosmetic from online?
Yes 8
No 2
Yes No
0
1
2
3
4
5
6
7
8
9

Q1. Do you know about Cosmetic Company?
ANS. Yes 6
No 4
Mean: 5
Mode: 5
Mode: 2
Interpretation: From the pole above out of 10 customers 6 respondents known about
the Cosmetic Company and 4 do not know about the company.
Interpretation of data to provide evidence of market potential.

Q2. Are you familiar to the products of cosmetic companies?
Yes 8
No 2
Mean: 6
Mode: 6
Mode: 0
Interpretation: From the pole perform above out of 10 respondents 8 people
are familiar to the products of Cosmetic Company. 8 customers have used
it.


Q3. Are they providing satisfaction to you?
Yes 9
No 1
Mean: 5.5
Mode: 5.5
Mode: 1
Interpretation: From the pole done above, out of 10 respondents 9 customers
are satisfied with the products of cosmetic company.

Q4. Do you have any issue with the cosmetic company?
Yes 2
No 8
Mean: 6
Mode: 6
Mode: 0
Interpretation: From the pole done above, out of 10 respondents 2 customers
have issue with the company else 8 are very much happy with the company.

Q5. Do you prefer top buy cosmetic from online?
Yes 8
No 2
Mode: 6
Mode: 0
Interpretation: From the pole done above, out of 10 respondents 8 prefers to
buy the cosmetic online.

From the report presented above, the business opportunity which an
entrepreneur can find for himself is included. The presentation talks about
the data which helps the business in taking its future business decisions
and strategic planning.
Conclusion

 Davenport, T., 2014. Big data at work: dispelling the myths, uncovering
the opportunities. Harvard Business Review Press.
 Davidsson, P., 2015. Entrepreneurial opportunities and the
entrepreneurship nexus: A re-conceptualization. Journal of business
venturing. 30(5). pp.674-695.
References