Entrepreneurial Opportunity Analysis: Pet Grooming Service in UK

This report provides a comprehensive analysis of a pet grooming service as a viable entrepreneurial opportunity in the UK market. It begins by evaluating diverse sources of entrepreneurial ideas and innovation, emphasizing the increasing demand for pet grooming services. The report identifies market gaps and proposes innovative solutions to meet consumer needs. It applies Drucker's seven sources of innovation and the STEEP framework to assess the business idea's potential. The report also includes a SWOT analysis to evaluate the strengths, weaknesses, opportunities, and threats associated with launching the service. Furthermore, it assesses the competitive and market environments to determine the idea's viability and potential for success, concluding with recommendations for the budding entrepreneur.

Identifying
Entrepreneurial
Opportunity

Table of Contents
Table of Contents
INTRODUCTION...........................................................................................................................1
Activity 1.........................................................................................................................................1
Evaluating the sources of dissimilar entrepreneurial thoughts inventiveness.............................1
Critical evaluation and determination of diverse sources of entrepreneurial ideas and
innovation....................................................................................................................................2
Rationale and the Market Gap for Specific Entrepreneurial idea...............................................6
Describing the ways of filling up the market gap through the innovative entrepreneurial
thoughts.......................................................................................................................................8
ACTIVITY 2....................................................................................................................................9
Covered in PPT...........................................................................................................................9
ACTIVITY 3....................................................................................................................................9
Apply a SWOT framework to collate evidence to support an objective assessment of a
specific entrepreneurial idea.......................................................................................................9
Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability............................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
In this contemporary business environment there is need of proper investigation before the
starting of the new venture opportunity as this industry analyses is important aspect through
which the new firm can create the innovative idea and create the creative product and service to
be offer. Following report is regards today building of unique concept that is pet grooming
services in UK this is because the demand of this service it seems a rapid and consistent growth
as a number of domestic pet in in households are increasing day by day in UK (Khodaei, 2021).
Being as a budding entrepreneur coma following business concept need to be convey in meeting
with virgin money UK a who has started its new business branch in London and the virgin
money e is forward seeking for helping the community with the help of budding entrepreneur
how will establish their venture. In order to obtain money for starting new innovative idea
business that is pet grooming service for the customers.
Following report throw light on the diverse source of entrepreneur ideas and innovation
which can be further classified along with the national and market gave in accordance with the
following entrepreneur innovative idea. Following report also discusses the source from which
the innovative and rational decision can come based on the analysis of external market. Even so
SWOT analysis will be discussed which have the business enterprises to understand the strength
and weakness and respect to their ideas
Activity 1
Evaluating the sources of dissimilar entrepreneurial thoughts inventiveness
Entrepreneurial ideas to refer to something that can be transferred for a company or for any
other type of business that will generate income for such an individual or company. Since that
time, there have been many sources identified by the interested party in order to get money, and
sometimes for the benefit of someone else, and so on. Doing business is very important for the
economy, for society, and for the individual. Essentially, a business idea, new inventions, some
sources in which these innovations are developed and innovated . (Ratten and Usmanij, 2020). In
fact, when people have money in their hands and entrepreneurs want it to be in other places,
entrepreneurs can take advantage of it or how to generate more investment But these
opportunities are always surrounded by nature. All entrepreneurs need to do is identify them.
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Therefore, in various sources to become an entrepreneur, entrepreneurs will find many resources
that explain how entrepreneurs can use their ideas and invest.
1. Skill, talent and love
The most important source of ideas for entrepreneurs’ skills, talents, and hobbies.
Business owners have different properties and capabilities. Entrepreneurs should be able to
acquire the skills and competencies to turn idea into a great investment.
2. Social Trends Track:
Cultural and social trends, as well as culture, are the main tool for generating profit from
new business opportunities and ideas. Newspapers, digital platforms, including access to the
Internet, the Internet, etc., allow entrepreneurs to gain knowledge about human trends and their
health.
3. Innovation of a new product or service:
New solutions are always welcome in the company. Thus it means that companies
believe in innovation. they also believes that entrepreneurs do the same work as others, but in a
whole new way. Thus, innovation is the main source of application of new business ideas
anything that can increase the value of an existing product or service (Leong, 2021).
4. Industry research:
Industrial tests were conducted every two years. This is done for a variety of purposes,
including the research goal of being one of them. This is an industrial test that can become a
source of new subjects, strategies, and ideas.
5. Customers complain
Complaints aren't always bad. Sometimes this creates an opportunity for business
engagement. All complaining means is getting rid of one problem, and that means creating
something that will solve the problem. This creates another opportunity for entrepreneurs to do
business.
Critical evaluation and determination of diverse sources of entrepreneurial ideas and innovation
Entrepreneurs are people who are looking for business opportunities. This possibility can be
defined as a situation in which various goods and services are identified and sold at a price that
exceeds their value. Entrepreneurs are considered as people who, using new ideas and initiatives
to implement a business plan, have support in generating the organization's income. Emerging
entrepreneurs often aim for a new concept and know-how to increase the company's share and
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market position, as well as create new businesses and improve the growth of their own people.
Traders often set a goal to contribute their new ideas to the implementation of various small-
scale, cash-generating programs. investment. From Drucker's seven sources of new ideas and
STEEP method, company owners often have different job opportunities for all members of the
community. In this case, an PET Grooming Servicerice branch open by the Virgin Money in
London the budding entrepreneurs who are designed for beginners and co-owners alike
(Wibowo, 2019). Employees should use different strategies from other businesses to build
different structures for entrepreneurs’ business. With the creation of a new enterprise, PET
Grooming Service in London, the Drucker's seven sources of new ideas play an important role in
this. Due to the use of STEEP method, it often leads to different employment opportunities for
the population in the UK. Entrepreneurs, often using different methods to help them plan
different business structures. When implementing the new business concept in Peter Drucker's
service, 7 new substances can often play an important role in creating a company. The seven
main factors influencing business development are listed below:
There are several sources of new business ideas, some of which are listed below:
Drucker's sources of Innovation
Incongruity:
This is the key to success in global business, but it is very difficult. It is considered to be
the key to success in the international market, but it is also very important. This feature is
designed to properly deliver services by the commission, in line with consumer expectations. In
search of solutions to problems that, as an entrepreneur, can be arranged. For example, if the
number of Pets in the house is not a disadvantage in the provision of services as a result of the
ideas that were developed for use in the implementation of services in the field of pet grooming
service (Israelsen, Mitchell and Lim, 2018). A pet Grooming service is a place where people are
busy with work, and the pet owner does not have time to groom thier Pets and this is where a
variety of pet groomer services for dogs, cats, rabbits, etc. This is due to a gap in eligibility for
services provided in accordance with the customer service manual. Participates in procedures to
provide various pet groom services.
Process need:
New findings are often based on bright and fresh, new ideas. The human mind tends to
think of new ideas, each of which can be effective in meeting existing needs. Managers will not
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be able to identify opportunities for new business opportunities and processes, and the main
focus will be on the territory of business processes. In this process, Pet Grooming Service are
considered an ever-growing need for families in the current UK environment. People in the UK
tend to thoroughly clean and disinfect their pets on a daily basis (Demircan, 2020). Usually,
have a pet that they need to groom every day for a month; in this regard, the budding
entrepreneur has already started with rules and regulations regarding pet grooming service to
meet the needs of customers.
Industry and market structures:
The existing market structure can also provide opportunities for new discoveries. The
trend in the fitness industry is very big, and it is now in action compared to countries where
companies are expanding their services to other countries. Both in the business world and in the
industry structure, which can survive for several years, but many companies are located and
almost immediately destroyed by technology. Any changes should be accepted by the leaders,
which can be seen as a challenge, but as events unfold. The Pet Grooming Service is often seen
as one of the business opportunities the government tries to help you achieve market and profit.
Demographic
In modern conditions, in order to reach the highest level of company development, some
changes in their business operations are made to meet the needs of the organization. A budding
entrepreneur can, in order to generate ideas, due to the fact that he has to look at changes in
people's income, education level and age. Drucker felt that changes in social and demographic
data, such as age, non-discriminatory market positions, and geographical changes, were the most
reliable predictors of the future and opportunities for innovation (Ghamkhari, 2020). However,
the entrepreneur decided to start with an Pet Grooming Service to make it easier for
professionals and families who are busy and don't take up much time for their pets, as well as
wanted that their pet should be a good groomed. So, the targeted income group is for high and
medium range detection.
Changes in perception and mental thinking:
The natural essence of management is to receive feedback from consumers, which will
help with the production of a new type of consumer cosmetic products in order to maximize
profits.
New Knowledge:
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Budding entrepreneurs should have to get feedback from consumers that is precisely in
developing and producing new services for the customer to maximize profits. It also analysed the
use of new and innovative technologies that will be used by other companies that are in
competition within the UK, management and analysis of competitiveness with competitors.
Unexpected:
It is this factor that identifies the market as an important area to consider for an opportunity.
Be an active entrepreneur in market research often. Knowing the needs of the market for
products and services for private clients, entrepreneur need to conduct market research. As an
entrepreneur, it is important to translate their ideas into creating new opportunities for everyone
in London.
STEEP Factors
Social:
This focuses on the different ways in which people need to be able to understand the
meaning of each of the technologies. This is a prerequisite for getting started in the business
world of financial situation, businesses need to be efficient. After Brexit, several changes in laws
and regulations indicated that there are many people who do not know this, and this will lead to
an understanding of different systems (Contreras Cruz, Messeghem and Catanzaro, 2018).
Economy:
It was an efficient and stable environment for major infrastructure investments. It is
associated with annual income in a high ratio to GDP, indicating that this is a stable economy,
the state of the world. This is also a good time for the company to take advantage of this Site
idea.
Technology:
In this case, the use of various technologies leading to the creation of more opportunities
for citizens of the Member States. A new company was created, with the goal of increasing the
growth rate of this technology and providing high-quality self-cleaning products Payment for
services (Enthoven, Jong and Ünal, 2019). It was a long process of adaptation, which often
helped to perform various types of work in the production of cosmetics.
Environment: -
The company should focus on the environment of the local area of the plant location. .All
practical steps will be taken in this type of analysis to perform various tasks, while you are
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performing various activities, all precautions should be taken during various activities to ensure
proper care. "
Types of innovations in context to Pet Grooming service idea for the budding entrepreneur
Unique vision and innovation are often important areas of growth and benefit to an organization.
Firms are increasingly focused on innovating and using those ideas that are not compatible with
using this concept as a tool to promote your brand in the market. There are several types of new
designs, which are described in detail below:
Different types of innovations
Products and processes Innovation.
Product design is the creation of something new and unique in the market based on an
analysis of whether the market is experiencing an increase in demand for any issue. It can also be
other factors that can make it a real product, different from other products in the composition
(Nicholls-Nixon and Valliere, 2021). On the other hand, it is a new process that involves
developing a new process or service in the marketplace to make it or deliver goods to customers.
Incremental VS Big Bang:
Under this entrepreneur can see both the development of small series and the introduction of
changes to existing products, both in the sector and in the new Big Bang, the introduction of a
wide range of innovative products that by transforming existing products and launching the
product to a new market.
Schumpeter source of innovation
It is regarded as an important concept that plays an important role in enhancing their
performance and operations. With the veterinary service, grooming service can be another
strategically tool which is of great opportunity to provide service to the busy professional who
are unable to groom their pets.
Rationale and the Market Gap for Specific Entrepreneurial idea.
It is absolutely clear that companies are in constant development to adapt to various changes in
the organization of the external business environment. The main goal of each of these
movements is to create a new plan and art, as well as actually doing the same thing. As a result
of many major events, such as the UK's withdrawal from the European Union and
various changes and modifications within the UK legal system. However, as a result, people who
are not fully aware of the changes that have occurred since the beginning of this activity will
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have a negative impact. Thanks to Brexit, it will negatively affect a wide range of activities. In
this regard, there is a wide range of opportunities that can be created for companies with a
thorough analysis of its environment. Desipte these things, the innovative idea always grasp the
opportunity despite all these obstacle, hence the identified rational entrepreneurial idea can be
understand in following manner-
Introduction of the concept:
As of this new business of the Virgin Money the new Pet Groomingand will be released
in the UK, under the name of Pet Groom, UK, in order to provide a high-quality customer
service. The operator strives to achieve customer satisfaction by providing services in the field of
mobile grooming service at home and limiting the provision of services (Jalil, Irfan and Hamrin,
2019). This service is available both offline and online and will be available in many locations
where there are 5-10 specialists to provide high-quality services to clients. It is also a measure to
develop and expand industrial enterprises in the country in order to ensure an appropriate
response from the population.
Reasons for starting a business:
The decision to launch the new Pet Grooming was made by entrepreneurs, due to the
growing demand of local families and individuals who need to see their pets groomed, well-
behaved, well-trained. Innovative ideas of starting the Pet Grooming business is quite appealing
as many pet owner due to their busy schedule are unable to groom their pet and this is where the
unique capability with entrepreneurs experience which helps in attracting customers and hence it
also gain market share. They are interested in getting grooming services as soon as possible,
because it takes less time. The company will also employ local residents to improve social and
environmental awareness. Thanks to the high quality of products and attractive price, the
company has a competitive advantage.
Market Gaps:
Marketing gaps analysis is a tool which were used to distinguish or classifies the
difference amid the expected performance and the actual performance for the Pet grooming
service business. Following aspect is useful to examine the performance below production
possibility frontier. Identifies and analyzes the business and market gap between the number of
services to be offered and the demand for pet grooming services in London. PET Groom UK
with various strategies for gathering information about how the current market redevelopment is
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going (Bendell and Ornstein, 2020). This helps the company take action on an increasing
number of customers with a level of customer satisfaction. This is the key to separating the
market measurement methods located below:
Percentage Rule
With access to and use of data from primary and secondary sources, it was possible to start a new
business as quickly as possible. It will be used by the employer to make a decision about starting
a new business. This allows them to successfully navigate with their thoughts and ideas in
analyzing interest rate results.
McKinsey 7s Framework:
In this part of the market gap analysis, includes The McKinsey model is to determine the correct
results. As a rule, it looks at the structure of the company, in business, in relation to the actual
strategy of the company.
Survey:
The Budding Entrepreneur has conducted research in different parts of the UK for
vulnerability analysis, and it is the basis of competitive research. This study allowed the
researcher to gather raw data and gain access to accurate information in the business. Based on
the results of this study, business owners can find a huge demand for pet cleaning services in
London (Alvin, Hosseinpour and Ganjizadeh MoradLo, 2018). Entrepreneur has collected a
number of ideas to be more attractive in order to make an analysis of the competition conditions.
Market Matching Technique
Budding entrepreneur determined that these are different business opportunities to improve
product availability and performance, to increase awareness among the target group.
entrepreneur seek this market support and segregation, and customer orientation and service
positions, and businesses must be in a market that is based on income, knowledge, education,
and age.
They also target specific groups of people in the community so that they can meet your needs.
By providing reliable service, the company is able to maintain its positive attitude towards
customers, which contributes to the well-being of the organization.
Describing the ways of filling up the market gap through the innovative entrepreneurial thoughts
To fill the gaps in the market, which is important for all business entities, it should be recognized
that there is a serious disadvantage on the part of companies that can become an obstacle to
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normal operation leading to business closure. The size of the market is one of the most important
factors for success, because opportunities in this area usually depend on the size of the market.
The instructions need to identify market needs and customer purchasing behavior in order to
support the company's sales, which will lead to an improvement in the organization's financial
condition and brand image.
Brainstorming refers to a problem-solving strategy that is known to be one of the leading
sources of business ideas, as each organization is working on approaches that will help
effectively solve customer problems. Using this technology is focused on issuing a certificate
and asking who will help management to find out a possible solution based on the problems and
organizational requirements. Each of the concepts, so you can create one or more innovations
and contribute to a whole range of entrepreneurship opportunities.
Entrepreneurship thought and action, and refers to the methodology of social and organizational
change caused by the problems of both the company and social problems effectively. The
experience, knowledge, and skills that people need to
Identify entrepreneurial ideas are the right ones. Every successful business should be designed by
the customer, even if your service or product that is sold to customers meets their needs and
desires (GHAFARI and et. al., 2020). Therefore, in the case of discovering requirements, it is
very important to attract more customers, psychologically speaking, those who will help you
with management, to increase the number of loyal customers, which will lead to an improvement
in your overall performance. This is a detailed study of the business cycle, indicating that the
company has the "ability" to get some fresh ideas, it is necessary to think critically. Originality
allows the individual to take creative forms that give the company many advantages, at the time
of normal business conduct.
ACTIVITY 2
Covered in PPT
ACTIVITY 3
Apply a SWOT framework to collate evidence to support an objective assessment of a specific
entrepreneurial idea.
The SWOT analysis method was used to determine the time and current
market conditions today. There is also a SWOT analysis for Pet Groomer which are as follows-
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Strength
Strength highlights the potential of organizing power. These are the strengths of the company,
brand and its products, customer loyalty, stakeholders, and so on. Some of the other core
competencies strength of the business are as follows-
 Wide range of resources which increases the core competencies of the business
 Experienced staff and well trained employees which are capable to perform the task
effectively (Kumar, 2020).
 Online payment system, and mobile grooming Van which fascinate grooming service at
door to door anywhere.
Weakness
Weaknesses indicate the absence of an organization: the organization is in a difficult situation.
This is the only aspect of the organization, which means we have to analyze it. Some of the
identified weakness of the idea are as follows-
 Limited size of approximate size of the authorized capital
 Fewer supplier in the market
 Services are high that no lower middle class section people are capable to afford.
Opportunity
This means something, of course, or outside the organization that uses by using organization's
strength few are the identified opportunity for the Pet Groomer UK which are as-
 Fully automated and digital system for the hassle free service
 There are limited number of the competitor in the market so Pet Groomer can penetrated
market with effective marketing and management practices (Rahimi and et. al., 2020).
 Expansion of the business globally.
Threats
Threats means that it is in nature, which can be dangerous for the company in the future, if the
cause is a problem with the management of the enterprise. Following are the recognised threats
which are as follows-
 Change in customer choice
 Rising labour costs
 Low pricing strategy adoption by the competitors.
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