Analyzing Entrepreneurial Opportunities: A Report on Market Research

This report examines entrepreneurial opportunities, focusing on market research and gap analysis to assess the feasibility of new business ideas, specifically in the context of biodegradable packaging. The report begins with an introduction to entrepreneurial opportunities, emphasizing the importance of identifying gaps in the market. It then details the use of primary market research, including a questionnaire designed to gauge consumer preferences regarding plastic products and biodegradable alternatives. The report presents the questionnaire, followed by an interpretation of the collected data, analyzing responses to questions about plastic usage, acceptance of biodegradable packaging, cost reduction methods, and the perceived benefits of biodegradable goods. The analysis reveals insights into consumer behavior, preferences, and the potential market for biodegradable products. The report concludes with an assessment of the entrepreneurial opportunity based on the data collected, highlighting the importance of understanding market needs and consumer perceptions for successful business ventures.

Identifying Entrepreneurial
Opportunities

 Introduction
 Present data need to support gap analysis
 Questionnaire
 Interpret data
Table of Contents

Entrepreneurs are the individuals who manages their business, with very resources and opportunities. Entrepreneurial
opportunities are basically, the situations, chances and possibilities entrepreneurs have a chance to make more profits
by increasing its productivity and reducing cost. Every entrepreneur has this desire and motive to move forward in
their business, grow and become successful, for which they look for new doors to open for them to be most effective
and increase their profit share.
Introduction

Market research is defined as a procedure of gathering, collecting, interpretation and analysing the data or information
about the market regarding the product of the company. A company needs to have good understanding of market in which
it is operating, the reason behind it is to have a successful business in marketplace amongst all competitors (Nieto and
González-Álvarez, 2016). Every kind of business owners, small or big, start-up's or entrepreneurs etc. should have
thorough knowledge of their area of work for knowing about the new opportunities and abilities of business to expand
more and be profitable. There two broad ways by which market research can be conducted effectively which can help
entrepreneur to determined their position and feasibility before involving into any new operation. The methods of market
research for new biodegradable packing are explained below in next section:
Data collection or market research can be done by two ways and categorised in to broad manner Primary and Secondary.
 Primary- This research method is refers to market research when all data is collected for the first time by the
investigator themselves. The information or data which is being collected doesn't exist and encountered by the
investigator for the first time. This is why it is known as primary research (Spigel, 2017).
Present data need to support gap
analysis

Questionnaire
Name:
Gender:
Age:
Address:
Q1 Where do you use plastic products the most?
Home
Outdoor
Q2 Are you comfortable with biodegradable packing in exchange of plastic packing?
Yes
No
Q3 What method can reduce the cost of biodegradable goods according to you?
By choosing cost-effective raw material
By making modifications in the processes
Q4 Can biodegradable packaging help business scenario and environment?
Yes
No
Questionnaire

Q1 Where do you use plastic products the most? Frequency
Home 16
Outdoor 4
Q2 Are you comfortable with biodegradable packing in exchange
of plastic packing?
Frequency
Yes 17
No 3
Q3 What method can reduce the cost of biodegradable goods
according to you?
Frequency
By choosing cost-effective raw material 13
By making modifications in the processes 7
Q4 Can biodegradable packaging help business scenario and
environment?
Frequency
Yes 14
No 6
Interpret data

Continue…
THEME 1 :
INTERPRETATION: Biodegradable products are
increasingly demanded by the individuals and in order to
gain feasibility about the new business ideas a
questionnaire is developed. According to the data collected
16 people out of 20 uses more plastic products at home and
4 make use of plastic goods outdoors. This shows that with
increasing awareness and demand still most of the
population is using non-biodegradable goods. This is a
warning that the feasibility of this business is low as people
still wishes and prefer plastic goods.
Q1Where do you use plastic products the most? Frequency
Home 16
Outdoor 4
16
4
Yes
No
16
4
Yes
No

Continue…
THEME 2:
INTERPRETATION: Once knowledge is gained about
the usage of plastic goods now analysis id conducted about
the comfort zone of individuals about the biodegradable
packing's. Form the research of 20 candidates 17 demanded
biodegradable packing and 3 individuals were not in favour
of this idea. This is an potential opportunity for the
entrepreneur and shows that they have goods chances to be
successful and earn profits.
Q2 Are you comfortable with biodegradable packing in
exchange of plastic packing?
Frequency
Yes 17
No 3
17
3
Yes
No
17
3
Yes
No

Continue…
THEME 3:
INTERPRETATION: In order to gain knowledge about
the public and their understanding about biodegradable
products. A suggestion is asked for reducing the cost of
producing biodegradable goods and 13 people opinion is
that entrepreneur should choose cost-effective methods of
production. On the other hand, 7 candidates said that the
processes should be modified. This states that people have
good knowledge about such goods and expects the to be
available at lower price which is affordable by all classes of
society.
Q3 What method can reduce the cost of biodegradable
goods according to you?
Frequency
By choosing cost-effective raw material 13
By making modifications in the processes 7
13
7
By choosing cost-effective raw
material
By making modifications in the
processes
13
7
By choosing cost-effective raw
material
By making modifications in the
processes

Continue…
THEME 4:
INTERPRETATION: As the environment is being
affected by increasing business and exploitation of natural
resources. The opinion is taken from public about the
usefulness of biodegradable goods for environment and
business. In which 14 candidates said that it is effective and
positive for business and environment to have
biodegradable products. On the other hand 6 people said
that it is ineffective. This implements that biodegradable
goods are demanded but in lower and affordable prices.
Q4 Can biodegradable packaging help business scenario and
environment?
Frequency
Yes 14
No 6
14
6
Yes
No
14
6
Yes
No

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