Home's Cake: Evaluating Entrepreneurial Opportunities in the UK Market

This report provides a comprehensive analysis of entrepreneurial opportunities for Home's Cake in the United Kingdom. It begins by evaluating various sources of entrepreneurial ideas and innovation, including product and service invention, brainstorming, customer feedback, industrial surveys, franchising, and mass media. The report then delves into market gap analysis using behavioral, demographic, and geographic segmentation, along with tangible and intangible features of the product. Porter's Five Forces analysis is applied to assess the industry's attractiveness. Furthermore, the report presents data to support gap analysis through primary and secondary research, including questionnaire results. A SWOT analysis is conducted to assess the strengths, weaknesses, opportunities, and threats of Home's Cake. Finally, the report evaluates the competitive and market environments to assess the potential viability of the entrepreneurial idea. The report concludes with a summary of findings and recommendations for Home's Cake's entry into the UK market.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Evaluating different sources of entrepreneurial ideas and innovation ..................................3
P2 Analyzing market gab using relevant tools and techniques ..................................................4
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea..............................................................................................................................................6
P5. SWOT of Home’s Cake to support an objective assessment of a specific entrepreneurial
idea:-............................................................................................................................................7
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability..............................................................................................................9
CONCLUSION..............................................................................................................................12
REFRENCES.................................................................................................................................14

INTRODUCTION
Entrepreneurship is activity of setting up business, taking on financial risk in hope of
profit. A person who creates own ideas into a business are called Entrepreneur. It has been
described as willingness to develop, organize and manage business value along with risk in order
to generate profit (Vesper, Reinaand Gentile, 2015). It is important because path breaking
offerings by entrepreneurs, in form of extra ordinary goods and services that result in way of new
employment. Herein, it can produce or may not produce cascading effect or victorious circle in
economy. In this assignment is going to introduce a unique idea of Home’s Cake in market of
United Kingdom. This report is going to evaluate different sources of entrepreneurial ideas and
innovation that attract youngsters and create employment opportunities. Moreover, analyzing
market gab by using relevant tools and techniques that are beneficial in idea and innovation.
Interpreting data in an effective and appropriate manner for market potential. Further, identifying
its SWOT and competitors in market environment to assess potential viability.
P1 Evaluating different sources of entrepreneurial ideas and innovation
Entrepreneur occupies a unique position in a market economy. They are spark plug in
economy engine, activating and stimulating all economic activities in new shape of ideas and
innovation in it (Woodward, Wojnickaand Pander, 2012). Moreover, its success depends on
nation worldwide is resulting of encouraging and rewarding entrepreneurial. Herein, some of the
different sources of ideas and innovation that help Home’s cake to analyses its opportunities.
Invent a new product and service: It is very essential for an entrepreneur to come up
with new invention of product and services that attract customer. To develop winning market
Home’s cake need to analyses or concentrate on their specific target market and analyzing
brainstorming of its idea. Moreover, main key to arrive at its business ideas they need to identify
united kingdom’s market very keenly.
Brainstorming:Brainstorming is a creative and unique problem solving techniques. From
this technique Home’s cake will be benefited as it usually helps an entrepreneur to analyses the
needs and wants of customers. Such as implementing their ideas of Home’s cake to arrive at best
possible manner in market of United Kingdom.
Listing up customers Complaints: Complaints and frustration on part of product and
services have led to many new ideas and innovation. When customer complain badly or bitterly

concerning a product and services as having wish to have some different that is more potential.
This would create an opportunities for Home’s cake to know what exact a customer is demand in
their products that would create a different mindset in customers of United Kingdom.
Industrial Survey: Business success all depends on customer needs and wants that
provide rational product and services. It can only be ascertained by proper survey. Home’s cake
should need to survey in market of United Kingdom to know what types of product and services
they are looking forward. Such as conducting surveys both formally and informally by speaking
with people usually through interviews or suing questionnaire or through observation.
Franchising: A franchise is moreover just an arrangement whereby manufacture or sole
distributor of trade mark of product or services for exclusive righto sell their product. Home’s
cake can adopt this method in market of United Kingdom. Herein, they can look over good
companies in existing country and tie up with them with their innovative ideas.
Mass media: Mass media is a wonderful source of information, ideas and often create
opportunities. Before launching in United Kingdom’s market Home’s cake can make use of
different sources of mass media to create awareness of their product and services. Moreover,
introducing themselves, their motive to bring healthy cake from different occasion.
These are some of sources and ideas that create an opportunity for Home’s cake to launch their
innovative ideas of cake with high quality in market of United Kingdom.
P2 Analyzing market gab using relevant tools and techniques
Market gap basically represents opportunities for companies to expand their customer
base by increasing awareness and creating targeted offers or advertising campaigns to reach
untapped market (Catalina, 2013). Home’s cake has used specific customer’s type for targeting
their potential customers are as follows:
Behavioral Segmentation:Behavioral segmentation is practice of dividing customer into
groups according to following attributes, awareness and purchase pattern of a customer. Home’s
cake can use this segment in varieties of ways such as creating awareness of their product and
services. Moreover, bringing loyal for their product from prospective customers to build a
relation with brand.

Demographic segmentation: This segment is used in business to business markets.
Home’s cake may use these segments to know their potential customer by analyzing market
survey of United Kingdom. Moreover, targeting customer who are looking or high quality of
cakes for different occasion such as birthday’s, anniversary and many more.
Geographic segmentation: Geographic segmentation is practice of segmenting a
campaign’s target audience based on where they are located. Home’s cake is launching their
product in market of United kingdom to attract potential customer with their high standard
quality of cakes along with varieties.
Tangible and intangible features and benefits of product and services
Home’s cake are providing great features of product such as tangible features like
different appearances, designs and shape of product. Whereas intangible such taste of their
product, different types of flavors according to need and demand of potential customer.
Moreover, Home’scakes are providing high qualities of cakes with attractive design according to
occasion. Such as birthday’s, anniversary’s and business proposal celebrations etc.
Porter’s Five Field Analysis
Among with target Segmentation Home’s cake had implemented porter’s five field analysis the
attractiveness of their industry in new market (Hangark and Hangarki, 2012).According to
porter’s, analysis of five forces gives an accurate impression of study and easy from an
entrepreneur to know its competitive edge in new market.
Intensity of industry rivalry: The number of participants in same industry and respective
market share area direct representation of competitiveness of industry. Home’s cake have to
make sure that their product is much more differentiated from products of existing bakery’s shop
in United Kingdom.
` Threats of potential entrants: It is easy to enter an industry but company’s faces lot of
problems such as risk and potential customer. Home’s cake has to be more focused on their
quality of product and services to attract customer from their high quality of their cakes. Then
only they will able to attain competitive advantage in market of United Kingdom.

Bargaining power of suppliers: If Home’s cake relies on small number of suppliers that
they will able to enjoy a considerable amount of bargaining power of customer in competitive
market of United Kingdom. Further it would be possible if they do not influence their quality of
product and services.
Bargaining powers of buyers: Here bargaining power lies with customer. If buyer’s or
consumer enjoys product and quality of Home’s cake, then they are in position to attain market
share. Moreover, with better quality or additional services and discounts to their customers.
Threat of substitute goods / services: Industries are always competition with another
industry of same product line. Home’s cake can only competitor in market by lowering their
prices along with better and additional quality of services in their product offerings. This would
help to attain competitive advantage in market along with potential customer of United
Kingdom.
From above discussion it has been concluded that porter’s five force analysis will help
Home’s cake to attain sustainability in launching the shop in market of United Kingdom.
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea
Gap analysis is strategic tool which is use for analysing the gap between target and
anticipated result, by evaluating the extent of task or work and ways, in which gap may be
bridged (Achmad Saputro and Handayani, 2016). In other word it involves comparison between
the present performances levels of business with standard established by them previously. It
helps Home’s Cake to refine and define their needs for now and in the future, it also help bakers
to identify what critical skills they need to grow so that they can enhance their performance and
earn more profit.
Primary Research: - It can be conducted by company itself or hire someone to do it to
carry out to answer, specific issue or questions. It involves questionnaires, survey or interview
with individual or small group. Home’s Cake use questionnaires methods to identify and analysis
gap in company, so that they can work on it and fulfil the gap. The questionnaire which is made
by Home’s Cake is given below:-

Secondary Research: - It involves the summary, collation and/or synthesis of existing
research. Secondary research is contrasted with primary research, it use primary research sources
as a source of data analysis. It is the data which is collected by someone else other than
researcher. This data can be gathering from government records, books, trade associate, nationals
or international institutes, etc. Home’s Cake can use Secondary market research because it is cost
and time effective, extensiveness of data and it is made on the basis of primary research.
QUESTIONNAIRE
Q.1. Are you are aware about Home's Cake product ?
 Yes
 No
Q.2. Does Home's Cake provide unique and different ingredients as per the customers demand?
 Agree
 Disagree
Q.3. Is there any requirement of training and development sessions for employees of Home's
Cake?
 Yes
 No
Q.4. Do you think Home's Cake can easily get high competitive advantages in the target market
place ?
 Agree
 Disagree
Q.5. Does Home's Cake can gain attention of target market customers by their unique services?
 Yes

 No
Q.1. Are you are aware about Home's Cake product ?
Yes 35
No 15
Mean 25
Median 25
Yes No
0
5
10
15
20
25
30
35
35
15 Column E
Interpretation: It can be stated that there are around 35 respondents who are agree on that they
know Home' cake products which is tasty and delicious. On the other hand, there are around 15
respondents who are disagree on this statement. This can be analyzed that mean and medium is
25.
Q.2. Does Home's Cake provide unique and different ingredients as per the customers demand?

Agree 28
Disagree 18
Neutral response 4
Mean 16.6666666667
Median 18
Mode 0
28 18
4
Agree
Disagree
Neutral response
Interpretation: As per the above table, it can be analyzed that Home's cake products deliver and
supply unique and attractive goods and services in the market place for their customers. It will
help them in analyzing their desired needs and demand in proper manner. There are around 28
respondents who are agree on this consideration and rest of the 18 respondents are disagree on
this statement that they are provide unique and quality based goods and services. The mean and
medium value is around 16 and 18. Along with this, mode value is 0.

Q.3. Is there any requirement of training and development sessions for
employees of Home's Cake?
Yes 45
No 5
Mean 25
Median 25
Yes No
0
5
10
15
20
25
30
35
40
45
45
5
Column E
Interpretation: It can be stated that it is required for Home's cake company is to provide and
conduct training programs to their employees which help in enhancing their skills and
knowledge. There are around 45 respondents who are agree on this statement and rest of the 5
respondents are disagree on this consideration with effective manner. Both mean and medium is
25 by calculating this.
Q.4. Do you think Home's Cake can easily get high competitive advantages in the target market
place ?
Agree 32

Disagree 18
Mean 25
Median 25
Agree Disagree
0
5
10
15
20
25
30
35 32
18
Column H
Interpretation: It can be stated that Home's cake firm can easily gain higher competitive
benefit to the target customers in the large market place. There are around 32 respondents who
are agree on this statement that they are gain competitive advantages in the market place and
remaining 18 respondents are gain attention of large number of customers towards desired goods
and services.
Q.5. Does Home's Cake can gain attention of target market customers by their
unique services?
a) Yes 33
b) No 2
c) No need 8

Mean
14.33333333
33
Median 2
Mode 1
33
2
8
a) Yes
b) No
c) No need
Interpretation: As per the above table, it can be analyzed that Home's cake are mainly gain
attention of their target customers to offer them unique and differentiated products in better
manner. There are around 33 respondents who are agree on this statement and rest of the 2
respondents are disagree on that they are targeting desired customers who are willing to purchase
their goods and services. Rest of the 8 respondents does not agree on that consideration.
P5. SWOT of Home’s Cake to support an objective assessment of a specific entrepreneurial idea
SWOT analysis is helps company to focus on their strength, minimize threats, identify its
weaknesses so that they work on that and capture greatest possible advantage of opportunities
available to them in market (Lushi, 2013). Home’s Cake which is the new venture in bakery
industry do SWOT analysis to analysis their internal and external factors to its strength which