Analysis of Entrepreneurial Opportunities: A Business Report

This report focuses on identifying and evaluating entrepreneurial opportunities, using the example of a proposed "Jungle Cafe." It begins by exploring various sources of entrepreneurial ideas and innovation, emphasizing the role of government support and the importance of identifying opportunities before competitors. The report then delves into the rationale and market gap for the Jungle Cafe concept, detailing its unique theme and the use of market gap analysis techniques, including technological advancements and opportunity identification. Data needed to support the gap analysis, such as questionnaires and surveys, is presented, followed by an interpretation of the data to assess market potential. A SWOT analysis is applied to provide an objective assessment of the business idea, and the competitive and market environments are evaluated to determine potential viability. The report concludes with a summary of findings and recommendations for the successful launch of the Jungle Cafe.

Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION................................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation...................3
TASK 2.................................................................................................................................................4
P2 Rationale and market gap for a specific entrepreneurial idea using relevant tools and
techniques........................................................................................................................................4
TASK 3.................................................................................................................................................5
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea...................................................................................................................................................5
P4 Interpret data appropriately to provide evidence of market potential........................................9
TASK 4...............................................................................................................................................10
P5 Apply a SWOT framework to collate evidence to support an objective assessment of a
specific entrepreneurial idea..........................................................................................................10
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability.................................................................................................................11
CONCLUSIONS................................................................................................................................12
REFERENCES...................................................................................................................................13

INTRODUCTION
Entrepreneur is a person, who establish it's own small business rather then working as an
employee. A person who is innovative or have a new idea, are more probable to being a successful
entrepreneur as comparing to others. An entrepreneur have to identify the risks and opportunities
that will come in business according to the environment where they are going perform their
business. For being a successful entrepreneur in the world, which is full of competition and have a
very fast changing business environment. An individual or a group of people come with such an
idea which is able to make and accept changes according to the needs easily. In this report, some
graduates are coming together for a small start up. Here they all are setting up for launching a cafe
named as “Jungle Cafe”, which have interior design as a forest along with some human friendly
animals ( Audretsch, 2012). This report will explain about the source of idea along with gap
analysis. This also includes the SWOT and market analysis of idea, so that the business get started
successfully.
TASK 1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.
In today's modern world of business, many youngsters are looking up for ideas through
which they can start a new venture. In such cases, government of UK is also playing a vital role for
encouraging graduate youngsters by providing them funds and other resources which are needed by
them. Also, the UK government takes required initiatives for increasing the employment level in
country. These efforts by government use to motivate youngsters, specially which are graduated, to
come with an innovative or a new idea, which can improve quality of products or services. This also
motivate those who have ideas for making current products or services better. New and innovative
idea helps an entrepreneur in starting a new venture easily and also reduce the competition. It is
necessary for an entrepreneur to keep identifying new opportunities and grab them before their
competitors, so that they can gain some competitive advantages (Top 10 Sources of Business ideas
& Opportunities, 2018). There are many sources through which an individual can get some
innovative ideas, some of them are discussed below :-
1. Trade fairs and exhibitions – This is one of the best sources from where an individual can
get some innovative ideas. Visiting such places regularly help an individual to discover
some innovative idea and give them chance to meet with some manufacturers, sales
representatives, distributors, wholesalers, and franchisers. This all can help an individual to
share ideas with them and get suggestions which can make it better. This also increases

opportunities that any of them need a mind like that and can make them their partner for
such product.
2. Mass media – Mass media includes TV, radio, news papers, magazines, and internet. These
all are considered as a good and fruit full source of innovative ideas. As these are the sources
where, a long list of problem is present which helps an individual to think for solutions.
These also provide some ideas and opportunities which can individual can grab or modify
according to needs.
3. Customer survey – This is an open source for collecting information about needs and
problems in society. This also help an individual to identify the trend in market and change
in environment ( Dimov, 2011). This also help them to know that, what is the current
demand of the customers and how the demand will going to be change in future.
4. Interest and hobbies – This is a source where an individual innovate some ideas according
to their interests and hobbies. Persons who use to go with their interest are one of the
successful entrepreneur in the world. As working with hobbies help them to make solutions
for problems very easily and also help them to make some effective changes in business.
TASK 2
P2 Rationale and market gap for a specific entrepreneurial idea using relevant tools and techniques.
Here entrepreneur is going to launch a cafe named as “Jungle cafe”. For this they have
innovated an idea where it is decided that, the theme of the cafe will be according to the name and it
will be Jungle. Here customers can enjoy foods and beverages with an outlet of jungle and some
human friendly animals. This provides customers an open environment where they can play with
some human friendly wild animals, which are highly trained for playing humans. Having trained
animals in premisses will reduce chances of injury. Along with this, the serving style in cafe will be
will be according to the theme. This idea is very effective while dealing with customers of new
generation. As this provide their customers to get interact with culture of jungle and animals, so that
they get feeling for saving environment. Also the entrepreneur have to identify the risks and
opportunities that will occur in future so that they can make effective solutions and strategies for
gaining some competitive advantages. This also help them in achieving changes efficiently in future
that can enhance their working and products ( Fuentes, 2010). Market gap is known as the
introduction of some products and services which are not yet provided by any one in market. The
concept of “Jungle Cafe” involves a theme of jungle which is new in market and not provided by
any one. This allow humans to know the culture of jungle. Market gap is associated with every

entrepreneurial idea and is ascertained through the following :-
1. Technological advancements : In today's world, change in technology is very fast.
Therefore, it is very essential for an entrepreneur to keep them self updated with changing
technology. For a person who is going to start a new venture have to study about new
technologies which can help them in their business, as this can help in giving a good
launching of venture. This also make them to fulfil customer's demands effectively. Making
business technically friendly, will help entrepreneur for gaining an advantage in competitive
environment.
2. Identification of opportunities : For ensuring the growth and sustainability of cafe, the
entrepreneur have to identify and analyse the opportunities which will avail in future.
Grabbing such opportunities can help them in getting some competitive advantages. As this
lead them to keep their self one step ahead of their rivals and meet the goals and objectives
in relation to gaining some profitability and generate revenue ( Grégoire, 2012). This will
help entrepreneur in successful execution of cafe in the environment of London while they
have least resources and money.
TASK 3
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial idea.
Gap analysis are generally done by the entrepreneurs who are going to introduce new
business ideas or concepts in business place. In this, they analyse the current performance of
business entities with respective of desired future performance. While launching a new cafe there
are various aspects related to market scenarios which are needed to be consider by entrepreneur.
Some of them are explained below :-
1. Technology : An entrepreneur must have to be technically strong or otherwise have to listen
the employees which have technological knowledge and aware of technologies used in
market. Technologies like automatically open and close of doors, mobile application for
booking of services ( Kohlbacher, 2015). They also can use some graphics in their premisses
for making it more attractive.
2. Competitors : London is a big city and capital of UK as well, there are several cafes in city
which are very much popular. As London also welcomes those who have any innovative
idea for business. Entrepreneur having new venture need to understand the strategies and
techniques used by other cafes for attracting customers. Entrepreneur have to apply those
strategies and techniques with some enhancements so that customers also get attracted

towards their products and services.
3. Quality : Quality is an important aspect for a cafe, as if the quality of services or food are
not good then no customer will be willing to come back in cafe. This will lead to loss in
business as well as corporate image in market ( Siegel, 2012). Quality is referred to the
services provided by entrepreneur.
QUESTIONNAIRE
NAME:
AGE:
ADD:
GENDER:
MAIL ID:
Q1) Are you aware with innovative services provided by Jungle Cafe?
 Yes
 No
Q2) What type of accommodation you generally want more?
 Natural beauty
 Semi natural beauty
 Artificial beauty
Q3) The price rates demanded by Jungle cafe as per services are effective or not?
 Yes
 No
Q4) Are you satisfied with the customer services provided by Jungle Cafe?
 Yes
 No
Q5). Recommend some suggestions for improving services of Jungle Cafe...

Theme 1: Jungle Cafe provide effective services
Q1) Are you aware with innovative services provided by Jungle Cafe? Frequency
 Yes 32
 No 18
Theme 2: Accommodations
Q2) What type of accommodation you generally want more? Frequency
Yes No
0
5
10
15
20
25
30
35 32
18
Column B

 Natural beauty 26
 Semi natural beauty 14
 Artificial beauty 10
Theme 3: Jungle Cafe offer services at effective price rates
Q3) The price rates demanded by Jungle Cafe as per services are effective or
not?
Frequency
 Yes 40
Natural beauty Semi natural beauty Artificial beauty
0
5
10
15
20
25
30
Column B

 No 10
Theme 4: Customers are satisfied by Jungle Cafe
Q4) Are you satisfied with the customer services provided by Jungle Cafe? Frequency
 Yes 32
 No 18
Yes No
0
5
10
15
20
25
30
35
40
40
10
Column B
Yes No
0
5
10
15
20
25
30
35 32
18
Column B

P4 Interpret data appropriately to provide evidence of market potential.
Here, entrepreneur will collet data from different sources related to launch of cafe. This data
will help entrepreneur to know when it will be feasible for them to launch their cafe in London, so
they can gain attentions of customers and can get a good profitability and high revenue with a view
to sustain in market for a long run. The biggest source of information collection is primary as well
as secondary. Where, primary source includes survey and questionnaire for collecting data and
secondary sources includes nooks, articles, online sites, journals etc.
Interpretation of above data:
Theme 1:
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation 1 : From the above statistical data of 50 respondents, it is interpreted that people are
very much aware to the services provided by Jungle Cafe. In order for promoting the business in
other markets, they have to use social media.
Theme 2:
Central Tendency Data
Mean 13.34
Median 13
Mode 10
Standard Deviation 3.05
Interpretation 2 : From the above standard data, it is interpreted that more than 50% of people are
attracted towards natural beauty and love go such places which are full of natural beauty.
Theme 3:
Central Tendency Data
Mean 25
Median 25

Mode 0
Standard Deviation 21.22
Interpretation 3 : From the above standard of collected data, it is clear that the products and
services provided by Jungle Cafe is very much affordable in price rates. This can help the in making
their customer base stronger.
Theme 4:
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation 4 : From the above data, it is clear that customers are very much happy with services
they get in Jungle Cafe, but some changes are required in management to make them better.
TASK 4
P5 Apply a SWOT framework to collate evidence to support an objective assessment of a specific
entrepreneurial idea.
It is very essential for an entrepreneur to identify the major strength of their idea which they
are going to launch in market. SWOT analysis is the powerful tool that Jungle Cafe can use for
identify the strengths and weakness of their idea ( Suddaby, 2015). This also help them to identify
the threats which will come in future, so that hey can make some strategies for solving those. Along
with this, this tool also explain about the opportunities which they can grab in future for the benefit
of their business. SWOT of idea is as follow :-
 Strength – The core strength of an idea help an entrepreneur to launch it business in market
place. In this proposal cafe is offering their customer to enjoy the natural beauty along with
facilities of cafe. This is a unique idea which is not yet proposed by any other, and that is the
only major strength of this idea. This idea help customers to enjoy the fun of jungle along
with some animals which are well trained and human friendly. Here the also get service
according to the ancient time, which help customers to experience the life in ancient time.
Launching of such a unique idea can help a entrepreneur to get a good start.

 Weakness – For any business it is very important to identify the loop holes in the project, so
that they can fill up them and launch with least errors in idea. In the above proposal the
entrepreneur have to keep animals in their premisses and this can be one of the biggest
weakness for them (Tang, 2012). As dealing with animals is not easier although they are
well trained by some time any miss happenings can happen and may be possible that
animals can hurt some one. For this they have to follow a set of government permissions and
also need to hire some one who can handle the animals. This all is a time consuming
process, which can delay the launch of cafe.
 Opportunities – Here entrepreneur find the opportunities that will come in future and can
help them in increasing their profitability. Entrepreneur of Jungle Cafe can make a regular
study of the market, so that it will help them in making some effective changes in their
premisses.
 Threats – These are the points which are analysed by entrepreneur to identify the problems
that they can face in future ( Welter, 2015). Here, in proposed idea there are some problems
that the entrepreneur can face while launching the idea. Some of the major threats are, not
getting permission to keep animals in premisses, high maintenance cost of animals, higher
cost of expert which is hired to maintain animals.
P6 Evaluate the competitive and market environments in which the idea will be launched to assess
potential viability.
It is very important for an entrepreneur who is going to launch a new venture in market to
analyse the market conditions and industry environment. This will help them to gain the knowledge
of latest trends and techniques which are used by their competitors. The execution and
implementation of idea must be effective so that they can gain maximum acceptance and
satisfaction of people.
Competitive market : It is very important for an entrepreneur to to carry out a research and to
study all the external factors of business. This will help them in getting some competitive advantage
and sustaining and growing in market for a long term duration of time. Study of tools and
techniques used by rival cafes will help them in gaining knowledge of latest tools ( Autio, 2018).
They can implement these tools and techniques in their cafe so that they can increase some
profitability. This also help the in improving their functionality and services.
 Substitutes - Entrepreneur have to keep their knowledge updated in respect to the services
and products offered by their rivals, along with their prices so that they can make changes in
their products and services accordingly.