Nescot - Unit 27: Identifying Entrepreneurial Opportunities Report

This report, prepared for Nescot's Unit 27 on Identifying Entrepreneurial Opportunities, delves into the core concepts of entrepreneurship and the process of recognizing market opportunities. It emphasizes the importance of market research, differentiating between primary and secondary methods, and providing examples such as surveys and questionnaires. The report uses a case study of the Coffee Tree Cafe to illustrate how data analysis can be used to identify market gaps and assess the potential for new products like French Vanilla Coffee. The analysis includes interpreting survey results, conducting gap analysis, and understanding the role of entrepreneurs in driving innovation and business success. The report concludes with a summary of the key findings and references supporting literature. The report aims to demonstrate how an entrepreneur identifies opportunities through market research and data interpretation to offer evidence of market potential.

Identifying Entrepreneurial
Opportunities

Table of Content
•Introduction
•Present data that required to support gap analysis
•Interpret information effectively to offer evidence of market potential
•Conclusion
•References

INTRODUCTION
The entrepreneur is a person who are able to create new ideas and innovation about the
business while bearing the risks and gaining the rewards in terms of profits in the
long run. In the other words, the entrepreneur have a important role in creating job
opportunities for its followers as he helps in increasing the skills and knowledge
among the people. The entrepreneur helps the organisation to get success in the
target market places.

Market Research and Data required supporting gap
analysis
Market research
It is an activity of systematic collecting, recording and
determining qualitative and quantitative information that
associating to market commodities and facilities. There are
several methods and tools of marketing research are as
below:
Primary market research- This market research is conducted by
the enterprise to gather pure and first hand information for
the existing issues.

Contd...
Interview questions:
• Do you have information about the company and the commodities and services
that are offered by it?
• What do you think that company should produce new products and make
innovation in its coffee product time to time?
• What do you think that “French Vanilla Coffee” will like by target audiences of
Coffee Tree Cafe?

Contd...
The coffee tree cafe have conducted the survey on the 30 responded to examine that their new
product French vanilla coffee will capture the market effectively or not in the target market.
The owner needs to study the market whether their goods and services will take the
competitive advantage in the market.
Questionnaire
Q1) Do you like the new product French Vanilla Coffee offered by this café?
(a) Yes
(b) No
Q2) do you like the quality and services which are offered by the café?
(a) Yes
(b) No

Continue...
Q3) What opportunities this new café will have in coming year?
(a) Increased market share
(b) Enhance the sale of cafe
(c) Huge market growth
Q4) Do you think that coffee tree café will be able to boost its market share into next 5 months?
(a) Yes
(b) No
Q5) According to you, what kind of obstruction can be faced by this business at market?
(a) Lack of technology
(b) Lack of communication
(c) All of the above

Interpret information effectively to offer evidence of
market potential
Q1) Do you like the new product
French Vanilla Coffee offered by
this café?
Frequency
Yes 26
No 4

Continue...
Q2) do you like the quality and
services which are offered by the
café?
Frequency
Yes 23
No 7

Continue...
Q3) what opportunities this new
café will have in coming year
Frequency
Increased market share 5
Enhance the sale of cafe 20
No 7

Continue...
Q4) Do you think that coffee tree
café will be able to boost its market
share into next 5 months?
Frequency
Yes 25
NO 5

Continue...
Q5) According to you, what kind of
obstruction can be faced by this
business at market?
Frequency
a)Lack of technology 10
b)Lack of communication 10
c)All of the above 10