Entrepreneurial Opportunities: Unit 27 Report and Analysis of Ideas

This report provides a comprehensive analysis of entrepreneurial opportunities, focusing on identifying and evaluating ideas within the context of a financial services brand, specifically Virgin Money. It begins by exploring various sources of enterprise ideas, including social and technological factors, and then delves into Drucker's seven sources of innovation, evaluating their benefits and drawbacks. The report then examines industry gaps, utilizing tools like market segmentation and gap analysis to identify opportunities. It also covers data collection methods, including primary and secondary sources, to assess market potential. Furthermore, the report applies a SWOT model to evaluate a specific entrepreneurial idea, including competitor and market environment analysis, and concludes with recommendations for forming, managing, and sustaining the idea within a competitive landscape.

Unit 27– Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Describe as well as identify the various sources of enterprise ideas with some useful
examples.................................................................................................................................3
M1 Give the elaborate rating of Drucker's 7 source of in order innovation give some examples
................................................................................................................................................4
D1 Identify the benefits and drawback of different approaches.............................................4
TASK 2............................................................................................................................................5
P2.Industry gap for a particular entrepreneurial opinion using relevant tools and method. . .5
M2 Facilitate and give justification how a particular enterprising thought fills a industry gap
using various techniques for gap and competitor investigation.............................................5
D2 Critically evaluate the entrepreneurial idea based on marketplace..................................6
TASK 3............................................................................................................................................6
P3 Existing information require to assist the gap analysis idea.............................................6
M3 Uphold the particular origin and the method of data collection selected to make potential
market.....................................................................................................................................7
P4.Interpret data appropriately to give information of industry potential..............................8
D3 Study suitable specific origin and methods of data to supply justified enterprise objectives
..............................................................................................................................................12
P5 Apply a SWOT model to compare evidence to aid an subjective assessment of a specific
enterprising idea...................................................................................................................13
M4 Briefly identify a particular suggestion for the market and the rivals...........................14
D4 Develop logical reason and justified suggestion on how a specific enterprising thought can
be formed, managed and continuous within the competing industry ..................................15
P6 Describe the competition and market environment with the help of effective decision. 15
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Entrepreneurial is the activity which involves the discovery, evaluation as well as
exploitation of opportunities which is introduced in the new goods and services and way of
organizing, market, process and raw material which organizing the efforts to achieve the desire
goal and objectives in the well define manner (Adel and et., al., 2019). In other words,
Enterprising possibility are usually characterised as the situation where the goods and services
are sold-out at the high value. An enterprise have the opportunity where entrepreneur take action
to make profit. The current report is based upon Virgin money which deals in a financial service
brand used by the three independent brand licensees world wide. They are currently working in
Australia , south Africa and UK. Further the project describe about the detail analysis market gap
as this aid the firm to understand the market and other activities in detail. Along with this it is
important to interpret the data for gathering the information regarding the market in the detail
manner. At last SOWT is taken under account for identifying the strength and weakness of the
company.
P1 Describe as well as identify the various sources of enterprise ideas with some useful examples
Entrepreneurship is mainly know as the set of opportunities for the individual to execute
the plan fore the longer time period. For this it is important to adopt different option and method
for reaching the organisational aims and objectives. In order to set up new venture is tough task
as they need to examine the available source to execute the different ideas for betterment and
growth. Here are some of the changes which are explained down below in a detail manner:
Social factors: This is important for the entrepreneur to examine the preference, choice
and the taste of the consumer for different goods and commodity. This will help to execute the
ideas and opportunities to maintain the demand as well as supply effectively.
Technological factors: In the recent days technological advancement have the large
effect of the business to minimise the wastage and the service to the end user. In order to achieve
target this is crucial for the firm to use new technology which is helpful in making effective
decision for betterment and growth.
Personal experience: Few ideas and chance for flourishing business are the consequence
of the experience in the point of business. For example, an experienced bank manager working
with the major eating place can finally determine to start the business which to hospitality. Hence
this help him to make effective decision which is used to make a better business for the longer

time duration. Further this also help in determining the types of venture should start and
capitalize on them.
M1 Give the elaborate rating of Drucker's 7 source of in order innovation give some examples
This model was given by Peter F. Drucker which is famed as the recent management. It
has made enormous effect in the enterprise world exploit his abiding legacy as the direction and
inspiration to the business leaders and businessperson. Here are some aspect which are explained
in the detail manner.
Unexpected: This kind of situation can be more powerful in the business world ad they
inspire the leaders and innovators to get another perspectives for growth and expansion. So in the
case of Virgin money this is important for the organisation to measure the unexpected change for
better outcomes.
Incongruities: Many of the company fall in the trap of developing the products with the
actual to appropriate research to determine the target customer. There are different aspect which
firm should measure for the betterment and growth in the detail manner.
Proceed needs: Present origin of chance for the creation comes after sensing close at the
process of the organization and characteristic clearly the faint spot and the ways it can be
reinforced. This will aid Virgin money to reduce the risk and uncertainty present in business.
Industry and market structure change: It is important for organisation to be stable as
this aid in making effective decision for the expanding the business in a detail manner. There are
other factor such as leadership quality must be present in the organisation for improving
efficiency.
Demographic: This is based upon creating own enterprise into the target marketplace by
providing various services to satisfy the customer.
Change in perception: By taking new and innovative products in the business the
entrepreneur can modify or alter the change for better and growth.
New Knowledge: This is mainly depend upon the new ideas and the conceptions of
person.
D1 Identify the benefits and drawback of different approaches
There are different advancement such as company can improve the decision which aid to
formulate new product and services in efficacious manner. However there are different changes
in the perception which help in identify the pros and cons and make sure to offer better goods to

end user. There are various disadvantage such frequent change in the needs and wants of the
consumer which be ineffective for virgin money to sustain longer for the time period.
TASK 2
P2.Industry gap for a particular entrepreneurial opinion using relevant tools and method
This is crucial for the company to figure out the new business which should be applied to
examine through the different source and target customers. Within firm, management should
develop new and innovative ideas which able to understand the market and the gap. This is
essential to find out these components before creating new ideas as well as product in the market
area. For minimising the market gap, entrepreneur have to determine the aspect which are
explain below:
Marketing segmentation:
Behavioural: These types of activities are totally depend on the values, believes of the
different customers. So in the case of starting new and entrepreneurial opportunities this is
important for the company to understand the behavioural aspect of consumer.
Geographic: This is also consider as the essential aspect for the company for
segmentation. There are different aspect such as location and availability of resource as this
reduces the cost for the single commodity.
Demographic: This is consider as the appropriated ideas which entrepreneur examine
various kinds of market segment. The demographic segment include gender and caste.
M2 Facilitate and give justification how a particular enterprising thought fills a industry gap
using various techniques for gap and competitor investigation
Market gap is define as opportunity for organization to spread out their client base by
increasing the cognisance and creating target offers for publicity the campaigns to reach the
unexploited industry. Identifying the space in the market is crucial step in accretive the market
penetration in effectively manner. For the organisation like Virgin money, management should
focus on identifying the gap which help in making effective decision for the growth and other
opportunities present in market. Therefore firm needs to focus on innovation and technological
changes which able to compete in the market for longer time duration and also able to secure the
place in business.
Gap analysis:

This is described as the different performance among the business and the information
system application to determine company requirements . For the finance firm like Virgin money
this is crucial to figure out the changes with tool like gap analyses as this provide detail
information regarding the allocation of resources and able to find out the best possible outcomes
to expand the business for betterment and growth (Farsi and et., al., 2019). First Virgin money
have to establish specific target by looking at the company mission statement, strategic goals and
improvement objectives. Further organisation have to figure out the current process of allocating
the process. Hence this reduces the risk of uncertainty present in the market.
D2 Critically evaluate the entrepreneurial idea based on marketplace
The fresh enterprise thought is very much applicable for the dynamical world as the user
demand rise day by day so with the aid of individual business to grow and expand the firm in
effectively manner. For new business Virgin money have to open online loan system with instant
credit facilities which help in capturing larger market share in a detail manner. Further it is
important for the entity to indulge in proper research and development activities which help in
reducing the risk and uncertainty present in the market.
TASK 3
P3 Existing information require to assist the gap analysis idea
The present data can be gathered with the help of different tools and techniques which
include gap analysis. The idea of Virgin money is developed which influence the consumer to
invest more in the company and also increase the market share. Further to analyse the market gap
of respective product and service the organisation can collect data with the help of primary and
secondary data are explained below:
Primary Sources:
This is one of the most popular method which is used for collecting the data where the
investigator figure out the people opinion and thoughts. These method help company to identify
the needs and wants of the consumer and also improve the quality of product and services in the
limited time frame. Here are some of the activities which comes under primary source like
surveys, interview and much more. This avail Virgin money to know more about customer and
also help in improving the efficiency for better result.

Secondary sources: There are some of the data which is gathered from the secondary sources
which firm can obtain in order to generate new ideas and business. Here are some of the
information through which sources are can be collected are given below:
Information from online media: This media is consider as one of the most effectively
method to gather the information with the assistance of social media who are in need of loan and
other financial activities. There is vast scope present online as this help in making understanding
the needs and wants of the user which help in making differences present in the market.
Factors GAP Solutions
Business Identify the present consumer which is
less of which must be change for
effective outcomes.
There are different kinds of planning
which must be implemented in order to
reduce the risk and uncertainty.
Application Using the detail information about the
purchase and the information present in
the organisation.
Making purchase information for
making ease for the consumer to avail
loans effectively.
The gap present in organisation can be minimized with the help of promoting the goods
and services with the proper help of tool and techniques. Along with this, it also help in
understanding the flaws and aid in evolving new ideas and generation through which Virgin
money can gain competitive advancement among the rivals present in the market.
M3 Uphold the particular origin and the method of data collection selected to make potential
market
The sources of method which is collected for Virgin money is primary and secondary
data which help in identifying the present actual performance of the company. These two
methods help in making effective decision for growth of the company in present market. The
most common method is used in questionnaire which is briefly explain down below:
QUESTIONNAIRE
Q1. Do you know about the services of Virgin money ?
 Yes

 No
Q2. Is there any need for Virgin money to execute new and advanced ideas in their business
practices ?
 Yes
 No
Q3. Which is consider as suitable content action adopted by Virgin money to boost their
enterprise services in front of customers ?
 Internet marketing
 B2C
 Print media
Q4. Do Virgin money can easily attract the services which is provided by the company?
 Agree
 Disagree
Q5. What kind of services are provided by the company?
 Credit services
 Instant Loan
P4.Interpret data appropriately to give information of industry potential
Q1. Do you know about the services of Virgin money ? Frequency
 Yes 10
 No 10

Interpretation:
From the above data it has been identified that 10 people were aware about the Virgin
company whereas other 10 were not familiar with the company or never heard about it. The
company deals in financial services to the consumer.
Q2. Is there any need for Virgin money to execute new and advanced
ideas in their business practices ?
Frequency
 Yes 18
 No 2
Yes No
0
2
4
6
8
10
12
Column B
Yes No
0
2
4
6
8
10
12
14
16
18
20
Column B

Interpretation:
This is important for the company like Virgin money to have use new technology which
will help company to capture new market segment. Further this will help firm to build the brand
image and along with goodwill for the longer time duration. From the above graph this has been
identified that 18 people were in the favour of innovation and other 2 were disagree on this
statement.
Q3. Which is the most suitable promotional action adopted by Virgin
money to promote their business services in front of end users ?
Frequency
 Internet marketing 10
 B2C 5
 Print media 5

Interpretation:
From the above chart it has been cleared that 10 agreed to promote the product through
internet marketing. Where as other 5 said through business to business as this create a better
impact on the minds of customer. And remaining 5 told that print media is the most effectively
tool to promote the product as it covers the large market segment of different age group people.
Q4. Do Virgin money can easily attract customer by services provided
by the company?
Frequency
 Agree 15
 Disagree 5
Internet marketing B2C Print media
0
2
4
6
8
10
12
Column B

Interpretation:
Virgin money can easily attract the customer by availing new services to the end user.
The firm deals with the different activities such as finance and the credit for the people. Hence, it
is essential for the firm to offer better quality services in order to satisfy the customer. From the
above description it has been analysed that 15 were in the favour that company can attract the
customers with there new product and services. Where as another 5 were not agreed to that
organisation can earn profit or can expand the business.
Q5. What kind of services are provided by the company? Frequency
 Credit services 12
 Instant Loan 8
Agree Disagree
0
2
4
6
8
10
12
14
16
Column B