Gap Analysis: Evaluating Electric Solar Bike Entrepreneurial Idea

This report identifies and evaluates entrepreneurial opportunities within the electric solar bike market. It presents data supporting a gap analysis of the business idea, interpreting data to demonstrate market potential, and justifying the sources and methods of data collection. The analysis covers marketing opportunities in the UK, cost reduction activities, and the impact of government regulations on petrol vehicles. The report concludes that launching an innovative product that meets market demand is essential for gaining a competitive advantage. Secondary data from journals, research papers, and UK government sites are used to assess the growth of the e-bike industry and to provide justified business objectives for the new venture.

Identifying
Entrepreneurial
Opportunities

2
Table of Content
• Introduction
• Present data needed to support gap analysis in the evaluation of a
specific entrepreneurial idea
• Interpret data appropriately to provide evidence of market
potential
• Justify specific sources and methods of data collection chosen and
how data relates to identifying market potential
• Analyse appropriate specific sources and methods of data to
provide justified business objectives and identify market potential
• Conclusion
• References

3
Introduction
• It is essential for every
entrepreneur to identify
whether they have
appropriate resources and
funding availability or not.
• A proper business plan can
help them to identify their
each opportunities and
threats for the business.
• The following report covers
an innovative business plan
for an innovative business
idea.
• Hence, an electric solar bike
is a new business idea carried
by budding entrepreneur.

4
Present data needed to support gap analysis in the
evaluation of a specific entrepreneurial idea
• Continue to develop new models and designs of the
bikes with high technology to attain high brand value
in market.
• There are few factors which can support the
entrepreneurial idea to achieve their international
growth for their product.
• Business objectives-
• To offer sustainable and innovative product to customers.
• To gain competitive advantage by offering unique bikes in
the market.
• To gain customers attention and high brand recognition to
earn high revenue.

Marketing opportunities for the entrepreneurial idea growth-
UK is having fast growth of electric bikes in the industry. Around
50,000- 60,000 electric bikes were sold per year in UK and they
reach overall 3 million sales of electric bikes (THE E-BIKE
FORECAST, 2021).
Cost reduction activities- UK is having high cost of raw
material. Hence, the low or no trading restriction policy in UK
for UK based companies will help the company to export their
raw material through trading (Trade sanctions, arms embargoes,
and other trade restrictions, 2022).
5
Continue..

6
Interpret data appropriately to provide evidence of market
potential
• Market potential is the entire size of the
market for a product at a specific time
and it is evaluated in quantitative
measures.
• For example, the total number of sales,
market shares, industrial revenue and
many others. In context of the
entrepreneur idea of electronic solar
bikes, some of the facts and figures about
the industry which can help them to
achieve their target are mentioned below-

7
Justify specific sources and methods of data collection chosen and how data
relates to identifying market potential
• Secondary data is opted for
collecting data related to analysing
potential market for electric
sustainable bikes.
• Internet sources such as journals,
research papers and government sites
of UK are used to gather the data
related to the growth of e-bike industry
in UK.

Primary as well as secondary data is collected by
various sources such as surveys, questionnaires, internet
sources and government sites to analyse the growth of
e-bike industry and to reach the objective of new
business idea.
UK government is focusing to implement the
regulations and restrictions for using petrol vehicles.
Hence, it is a good scope for the business to grow high.
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Analyse appropriate specific sources and
methods of data to provide justified business
objectives and identify market potential

It is essential to launch an innovative product to customers which further help a
company to gain competitive advantage. The launching product should fulfil market
demand and help customers to fulfil their needs. Market potential is the entire size of
the market for a product at a specific time and it is evaluated in quantitative measures
9
Conclusion

Online-
THE E-BIKE FORECAST, 2021 [Online] Available Through:
https://blog.halfords.com/the-ebike forecast/#:~:text=Electric%20bike%20sales%20
are%20on,over%20the%20next%2030%20years.
Trade sanctions, arms embargoes, and other trade restrictions, 2022 [Online]
Available Through:
https://www.gov.uk/guidance/current-arms-embargoes-and-other-restrictions/
Dug-Up In China: The World’s Critical Raw Materials, 2022 [Online] Available
Through:
https://www.chinawaterrisk.org/resources/analysis-reviews/dug-up-in-china-the-w
orlds-critical-raw-materials/
UNITED KINGDOM E-BIKE MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND
FORECASTS (2022 - 2027), 2022 [Online] Available Through:
https://www.mordorintelligence.com/industry-reports/united-kingdom-e-bike-mark
et/ 1
References

THANK-YOU !!