Report: Identifying Entrepreneurial Opportunities - Business Ideas

This report explores the process of identifying entrepreneurial opportunities, focusing on the development of a burger take-out outlet, "Burger Mania." It begins by examining various sources of entrepreneurial ideas, including customer problems, personal skills, and market gap analysis, along with Drucker's sources of innovation. The report then delves into the rationale and market gap for the specific entrepreneurial idea, utilizing tools like the McKinsey 7S framework and percentage rules for market analysis. It presents primary data collected through surveys to support gap analysis, interpreting customer preferences and purchase frequency. Furthermore, the report evaluates the competitive market and conducts a SWOT analysis to assess the viability of "Burger Mania," concluding with an overview of the key findings and recommendations for the business venture.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
P1 Determine and evaluate different sources of entrepreneurial ideas along with innovation3
TASK 2............................................................................................................................................5
P2 Rational and market gap for specific entrepreneurial idea using tools and techniques....5
TASK 3............................................................................................................................................7
P3 Data which is needed to support gap analysis in evaluation of entrepreneurial idea........7
P4 interpreting data to provide evidence of market potential...............................................11
TASK 4..........................................................................................................................................12
P5 SWOT analysis to collect evidence to support an objective assessment of specific
entrepreneurial idea..............................................................................................................12
P6 Evaluation of competitive market in relation to access potential viability.....................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurs play a vital role in UK market in which there is need to introduce new
business ideas that can contribute in development of countries economy. They are the one who
are there continue searching new ideas to create change in market. UK is the country where there
are large scope for entrepreneurs to perform their activities without any type of constraints in the
process. In this business idea where there is new idea in mind of entrepreneur which is there need
to identify, analyse and to implement their idea in market to earn profit along with to contribute
in community. In report includes the different sources which are the for entrepreneur ideas
“Burger Mania” which is a burger take out outlet with large variety of products. There is
discussion about the rationale and market gap for specific entrepreneur idea using tools and
techniques. There is also discussion about the support gap analysis in relation to evaluate
entrepreneurial idea. There is use of SWOT framework in relation to collate evidence to support
objective assessment (Lerner, 2016).
MAIN BODY
P1 Determine and evaluate different sources of entrepreneurial ideas along with innovation
Entrepreneurs are the one who continually searching for new ideas from various
resources. There are many sources which are there can help entrepreneur to develop an idea for
new business. There are different article and journals which are able provide different new idea
about some business or any industry. There are some of the sources like customers problem,
government, personal skills and experience, research and development, focus groups,
brainstorming, checklist method, market gap analysis, life-style analysis method etc. which are
there going to be discussed further.
Personal skills and experience- There are many personal skills and experiences which
are there able to generate different new ideas there in mind of entrepreneur. These new ideas are
able to get better in business which is there due to having experience and skills. Personal skills
are there able to help them generate new ideas (Wood, 2017).
Customer problem- there are different problem which are there common and there are
no solution regarding this. Those problem which have no solution there in market leads o
generation of new ideas in mind of entrepreneur. There are many examples there in market

which is there due to in response of customer problem and able to lead in business industry due
to introduction of that innovative idea in market.
Brainstorming- This is one of the most ideal one which is able to generate new ideas in
mind of entrepreneur which is there due to stimulation of greater creativity which assist and
leads to generation of different idea which further goes to create an innovative ideas. There
should be follow of some rules like during brainstorming like there should not be any type of
criticism or any negative comments. Freewheeling should be encouraged (Tran and Von
Korflesch, 2016).
Market Gap analysis- This one is a powerful method which is used to uncover areas
which is there in market and there is gathering effect which is there converting everyday
information in which there are few gaps in service are there.
Drucker's 7 sources of systematic innovation
According to Drucker, there are seven different resources which are there for innovation.
Those seven resources are going to be discussed further.
Unexpected- This is the one which is there able to find out the reason or cause of
difference in expectation or reality which is there in demand of any product. In this, there is
need to ask question why there is change in those expectation. Or why there is any unexpected
success is there in market.
The incongruity- There is an evaluation which is there during innovation of ideas which
leads to be the idea to be implemented to earn profit. In this, there is change in reality which is
there expected by entrepreneur to get the business but there is change in the reality which is
actually demand in market of any product which is there innovated or idea has been generated.
Process need- in this, there is process need in any innovation which is there can have
better implementation of ideas there in business. In this, problems are solved by applying
innovative process which is able to resolve the problem (Devine, 2016).
Industry and market structure change- There are different changes which are there
temporary due to regular evolution in industry.
Demographic- There is change in population which is regarding the age structure,
income, educational status.
Change in perception, meaning, mood- in this, there is innovation in such things which
are there for sometime and according to time there is going to change.

New knowledge- There are different according to knowledge which is there able to
innovate some new idea.
Using Drucker’s model Benefits and drawbacks of different approaches and sources which
leads to identification of entrepreneurial ideas
There are different benefits and drawbacks of different approaches using Drucker’s
model along with sources that can lead to identify entrepreneurial ideas that are discussed further
(Roundy, 2018).
Approaches and Sources Benefits Drawbacks
Process need Result at same time Each process for each issues
Industry change New business Less time for preparation
Demographic High benefit and customer
base
Time consuming
Change in perception,meaning,
mood
Provides flexibility Fail to achieve requirement
New knowledge New for market Needs funding
TASK 2
P2 Rational and market gap for specific entrepreneurial idea using tools and techniques
The rationale- There are different motivation behind opening of business which is able
to provide earning for the live hood. This business is able to help others to get better business to
live their live hood which is there without depending on others for this. In this, customer are able
to treated differently when there is establishment of this business. This could be an advantage in
competitive market.
Rationale for Personal skill and experience- This is highly helpful in providing
knowlege and idea about the correct way for implementing strategy in real. This helps to solve
the issues and helps in implementing ideas effectively.
Rationale for customer problem- Knowing the customer problem and better experience
highly helpful in delivering and executing idea accordingly for successful business.

Rationale for brainstorming- This can help entrepreneur for developing unique idea for
business which is highly necessary for new idea generation and innovation of new business.
Rationale for Market Gap analysis- There is need to find proper market gap there in
market which is there in order to add value by implementation of new ideas. When there is no
proper knowledge about the market gap in better manner, then there is not going to run business
in well manner. There is need to use some tools like Mckinsey 7s framework or market analysis
which can be helpful to find the market gap by entrepreneurs (Kim, 2018).
McKinsey 7S framework- by using this model entrepreneur are able to find out proper
market gap which is there in order to add value by using new ideas. After finding out market gap
there is need to find out either they are able to implement their idea to fulfil the gap. By using
structure, system, style, staff, skills, strategy, shared value are the elements which are there can
help to get better understanding of gap in market.
After analysing these seven elements an entrepreneur is able to find out the market gap
which can be fulfilled by implementing different ideas.
The percentage rule- This rule can be used by beginners who are there use of very
common rule to analyse the market gap. There is requirement of information there which is there
by collection of using primary and secondary data. This is able to motivate entrepreneur that they
can go further with that business plan or idea. This rule is traditional in nature but is very
effective and can be analysed easily about the market gap.
Justification about how entrepreneurial idea can full fill market gap using different technique
for gap and competitive analysis
After searching the market gap there is evaluation that either entrepreneur are able to
fulfil the market gap by there ideas or not. When they are able to fulfil the gap then there is
implementation of the idea by proper planning with using appropriate strategy. This can help to
fulfil the market gap in market which is by using different techniques in which there is need to
first find out the gap. Then there is need to find out when there is no any solution, then there is
needed to focus on that area to find out the solution. There is need to return to past which is there
to get the old solution which is there can get better solution (Urbaniec, 2018).
Evaluation of specific entrepreneurial idea based on interpretation of competitive market
place

In this competitive market there are different business which are there selling their burger
as a product. So, in relation to this, there needs to evaluate the market in relation to get profit and
better business. There is need to open take out shop where there are very less or no any shop who
provides better taste of burger. Due to having different variety in Burger business is able to get
high profit with better business.
TASK 3
P3 Data which is needed to support gap analysis in evaluation of entrepreneurial idea
Using primary data that can support gap analysis- primary data is refers to the authentic
sources of information which is there for the collection of data or information regarding any
research. In this, there is collection of data which is like views of customers responses directly in
market. When outcomes of primary data looks positive then there is chance of getting the
business idea to implement in market as a business. There are some of the collected information
about the Burger Mania related to customer along with market (Ramoglou, and Tsang, 2017).
 Do you like to have Burgers as fast-food?
Response Surveyed number of people
Yes 200
No 50
Occasionally 20
200
50
20
Yes
No
Occasionally

Interpretation
From chart, there can be said that there are almost all people like to have burger as a fast
food item. There are participants eats burger occasionally. In this, the customer who like to have
burger occasionally can be directed to regular customer when there is better marketing strategy.
For example- when there is heave off on burger purchase or any membership card can influence
them to have burger and there are many people who like to have burger on regular basis and
some of people thinks that burger is not in list of fast-food (Manesh, 2019).
 How many times you purchase burger in week?
Responses Responder number
Once 50
Twice 90
More than two 100
Interpretation
There is research and founded that there are many customer who like to have burger more
than thrice a week which says that people love to have burger as a fast-food. There are also some
people who like to have burger once a week and twice a week.
 Are you satisfied with the services which are provided by burger shop?
Responses Survey people number
50
90
100
Once
Twice
More than two

Highly satisfied 100
Satisfied 85
Dissatisfied 116
Highly dissatisfied 22
Interpretation
Form analysis, there are % of responders get satisfied with the services which are
provided by the burger shops in current time. According to responders, service quality is not
better enough but is satisfactory sometimes. When there is high quality of service will provided
then there is higher chances of getting higher customer for burger. Form this analysis it can be
said that there is a market gap which needs to be fulfilled properly (Campopiano, 2016).
 Do you like to buy burger online?
Responses Survey people number
Yes 220
No 60
Probable 35
100
85
116
22
Highly satisfied
Satisfied
Dissatisfied
Highly dissatisfied

Interpretation
In this survey, there is also a question which is regarding the online purchase where there
are different and many people like to have burger by using online services.
These data are able to identify the potential of market regarding this business which is
able to provide the information about the customer interest and the gap which is there due to not
having any other outlet nearby area which is a big advantage for the business to establish this
outlet for earning high profit.
P4 interpreting data to provide evidence of market potential
There is collection of primary data which is there discussed above. Now there is
interpretation of data which is by using mean.
 Do you like to have Burgers as fast-food?
Mean= [200+50+10]/3= 87
There mean value is 87 people. There is highly repetitive item is yes. So, almost people like to
have burger.
 How many times you purchase burger in week?
Mean- [50+90+100]/3= 80
Mean value is 80 people. Here, most repetitive answer is more than twice.
 Are you satisfied with the services which are provided by burger shop?
Mean=[100+85+116+22]= 81
220
60
35
Yes
No
Probable

Mean value is 81. Here, There are many people who are dissatisfied with service.
 Do you like to buy burger online?
Mean=[220+60+35]= 105
Mean value is 105. here, most of the customers like to purchase burger online (Kuckertz and
Gaudig, 2019).
Justify specific sources and different method of data chosen
Market analysis is done through the primary data collection in which data is collected by
asking questions by different customer base to different questions. Using collected data and by
interpreting them able to give better understanding of market potential.
Justification of business objectives to identify market potential
There are different people who like to have burger but due to not getting better services
they prefer something else which is there market gap. And Burger Mania is able to provide the
better services to their customer which can attract large customer base.
TASK 4
P5 SWOT analysis to collect evidence to support an objective assessment of specific
entrepreneurial idea
SWOT analysis is the framework which is used to analyse the internal market evaluation
where there is finding out the strength, weaknesses, opportunities and threat of company or
organisation.
SWOT analysis of entrepreneurial idea:
Strength
 Able to provide different variety of burger.
 Better service.
Weaknesses
 Having high number of competitors.
 People like to have organic food instead of
fast-food.
Opportunities
 Not having many outlet who serve variety
of burger.
 Large customer base to attract.
Threat
 Not accepted by customer.

P6 Evaluation of competitive market in relation to access potential viability
There is is evaluation of competitive market like competitor with same type of product
and offering same price range and brand recognition are having high potential for competition.
Competitors are threat for any business. There are many competitors like McDonald’s
who serve burger which can lead to give too high competition. This analysis can help the
entrepreneur to take the best decision which is based on this analysis for better outcome.
Customer have high potential to buy product buy due to less reachability and less burger
outlet customer like to prefer something else (Mustafa, 2016).
Specific entrepreneurial idea for marketplace and competition
There is need to reach the local area where there are very less outlet of burger and there
should be use of less expensive product which can help to get large number of customer to get
better profit. This can give other competition and can help to achieve better business.
Justification and recommendation
There is need to get the business in such place where there are high reachability of
customer and that place there has no or less number of burger outlet. This can help to get better
business and also help to get fast and immediate customer for Burger.
CONCLUSION
From above discussion, it an be concluded that entrepreneurs need to think so carefully
before implementing any of the business idea in market. There is need to take action when they
are convinced enough that their idea is going to succeed after implementation in market.
Entrepreneur are the one who play a big role in development of countries and are able to
innovate something which is there required in the market. Their ideas are so innovative that their
idea made huge difference in market and are powerful enough to create a huge market which is
just by their innovative ideas. In this, report there is introduction about the new and innovative
business ideas. Along with this, there is also discussion about the specific entrepreneurial ideas
which is there in market gap.