Business Report: Identifying Entrepreneurial Opportunities and Gaps

This report delves into the process of identifying entrepreneurial opportunities, focusing on the creation of a new venture, the factors required for success, and the sources from which ideas originate. It examines innovation, creativity, and the development of business ideas, including methods and frameworks to maximize benefits. The report analyzes market techniques, such as primary and secondary research, to evaluate the viability of entrepreneurial concepts. It explores the concept of 'Print your shirt' as a case study, analyzing market gaps, customer identification, and the competitive environment using Porter's Five Forces model. The analysis includes data presentation, gap analysis, and an assessment of the business model's strengths and weaknesses, with a focus on online marketing strategies and customer preferences. The report also utilizes SWOT analysis to evaluate the competitive and market environments where the idea will be launched.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Evaluation of different sources of entrepreneurial ideas and innovation...............................1
TASK 2............................................................................................................................................2
P2 Marketing gap for a specific entrepreneurial..........................................................................2
TASK 3............................................................................................................................................2
P3 Presentation of data for evaluating gap analyses of the entrepreneurial idea.........................2
P4 Interpretation of data for providing evidence of market potential.........................................2
TASK 4............................................................................................................................................2
P5 Application of SWOT framework to collate evidence to support an objective assessment of
idea...............................................................................................................................................2
P6 Evaluation the competitive and market environments where idea will be launched..............2
CONCLUSION................................................................................................................................2
REFERENCES................................................................................................................................2

INTRODUCTION
Entrepreneur is one who inculcates all opportunities, threat and personal capacity so as to
convert thoughts into business ideas. Report will focus on idea that is generated to start a new
venture and what all factors are required for the same (Rennemo and Åsvoll, 2014). Through this
researcher will have an understanding about how to establish a new venture and where the idea
came from? Thus, through the concept of innovation and creativity a person will be able to
develop creative abilities. Furthermore, methods and framework to creating venture ideas so as
to get benefits is explained in this report. Other than this market techniques such as primary and
secondary are incorporated in order to evaluate whether the ideas will give maximum benefits or
not.
TASK 1
P1 Evaluation of different sources of entrepreneurial ideas and innovation
Innovation is a concept which assists companies in manufacturing new products that can
creates and values to its commodities. Thus, it can be said that innovation is done to satisfy the
needs and wants to people. This incorporates imaginative thoughts by considering all the
resources available to them (Drucker’s Seven Source of Opportunity, 2015). Creating an idea is
easy but converting them into business idea is a difficult task. There are various external and
internal sources through which an entrepreneur can generate opportunities and these are given by
Peter Drucker who was one of the renowned management consultants henceforth, some of these
are explained below:
Unexpected: Market place is considered as an area with full of opportunities from where
they can have an idea about current trends that is going on. It also helps an entrepreneur in
anticipating whether service will last for longer period of time or not. Therefore, world of
business is full of unexpected things because unexpected situation can give an individual higher
opportunities but it depends on situation (Guerrero, Urbano and Fayolle, 2016).
The Incongruity: This has explained about the nature of most of the companies that they
manufacture goods without knowing what targeted customers wants form their company. Thus,
in some context, company can face a downfall in their business operations.
Process Need: Under this, a new idea is generated but it fully concentrates on task
instead of situations. An entrepreneur manufactures goods according to the needs and demands
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of consumers. Therefore, for making any changes it is necessary to implement innovative ideas
and this leads to innovation.
Change in structure of industry and market: Structure that comes under this can stable
for many years but there are some reasons which they can apply for sustaining in market area for
longer period of time. Because of the change in technological department many companies faces
some or the other difficulty in processing their system (Miles, 2014). Thus, its prime duty of
managers to monitor what is going on in market area so that they can be aware of threats and
opportunities.
Demographics: Change in demographic can have an effect on business operations as
company has to analyse demands of customers at different places. This includes certain factor
like age, employment, education and many more.
Change in perception, meaning and mood: With the change in course of time people's
perception has changed. One of the main reasons of this is implementation of new technologies
which has made life easier. Henceforth, companies should look out the recent trends that are
going in the market.
New knowledge: Innovation of new technologies should not be overlooked if they want
to operate their business effectively. Thus, it is important that company adopts changes so that
they can have appropriate growth. Henceforth, new knowledge always help organisation in
improving supply chain so as to select suitable employees for their firm (Noyes and Linder,
2015).
Schumpeter’s sources of innovation
Product: Under this kind of approach company try to make new products. Therefore, for
an entrepreneur it is essential that they know market trends so that they can manufacture a
complete fresh and new commodities.
Process: For manufacturing goods there are always certain procedures which company
follow but by making some innovation company can produce innovative goods and
commodities.
New market: This is the prime role of companies that have adequate information about
the market area. This will help them in delivering goods in speculated time frame and its end
customers as well (Lima and et. al., 2015).
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New sources of inputs: New products always attract a large number of customers so
company should look for new suppliers who can provide them with raw materials at reasonable
cost.
New organisation: Now a day’s investors are more interested in investing their money in
new organisations or entrepreneurs. Reason behind this is that they implement new and
innovative ideas (Green, J. V., 2015).
TASK 2
P2 Marketing gap for a specific entrepreneurial
Now a day’s people are very much focusing on trying new and innovative things, “Print
your shirt” is going to start a new business in market area. Therefore, some of the factors are
explained below that company can incorporate for fulfilling market gap:
Identification of customers:
Targeting: “Print your shirt”, there are majorly focusing on the young people who want
to work with a motive of earning money. They can use their new ideas and thoughts in printing
various shirts. So, company is focusing on earning more and more money by printing creative
and innovative shirts.
Behavioural: According to the current market scenario, now a day’s people are
preferring to earn money and spending them on things that are not required. People are
celebrating many occasions and they are gifting valuable things to their beloved (Renko and et.
al., 2015). So, printed shirt is the best options as one can get these at reasonable rates.
Demographic: “Print your shirt” for establishing their business they are focussing on
major cities. So, they are identifying the places from where they can get better outcomes. Thus,
they are focussing on young people who want to do something innovative and creative in their
life.
Geographic: Environmental is the biggest concern for most of the organisation. Along
with this, it includes factors that includes climatic condition, population etc., thus, in terms of
“Print you Shirt” they are using ozone-friendly stuffs for printing process. Therefore, it is
attracting more and more customers towards their organisation (Jarvis, L. C., 2016).
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Understanding environment of industry: For having an effective growth company “Print your
shirt” is going through all the factors which can help them in gaining maximum benefits. It
includes external and internal element that can have an effect on business operations.
Porter's five force model:
Buyers power: In this competitive world, power is in the hands of customers so their
chance of buying products are higher. This is because they have a variety of options to buy
commodities from anywhere as a large number of substitutes are available in the market area. In
terms of “Print your shirt” they have launched their own mobile application from where
customers can purchase their commodities as per their needs and wants consumers (Wilson and
Martin, 2015).
Suppliers power: Under this category, suppliers don't have power as there are various
options available from where customers can buy commodities. But if company are providing
offers in their goods than in such case they can have some sort of power as their sales and
profitability will be increased.
Threat of substitution: Now a days as most of the companies are establishing their
business with innovative ideas so there is a possibility that existing organisation's works can get
hampers. So, it is important that company makes alteration in their business on a regular basis
according to the current market situations. Through this, an increase in the growth scan be seen
in business operations (George and et. al., 2016).
Competitive Rivalry: There are many organisations that are working in domestic and
international level in United Kingdom. For example: Airbnb is a renowned company and it is
holding a strong position at market area. Thus, in context with “Print your shirt”, Airbnb is
becoming one of the potential competitors. So, in order to grow it is important that “Print your
shirt” uses innovative ideas and thoughts as a result it will assist them in sustaining a better
position at market area.
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TASK 3
P3 Presentation of data for evaluating gap analyses of the entrepreneurial idea
Customers now a day’s people have become more selective in terms of buying
commodities and they are choosing what is best according to their standards. Custom printed
shirts are gaining maximum benefits. According to the survey around $1.2 billion people are
buying t-shirts online and an increase of 10% in business has been seen. The above graph gives
us an evaluation of how many people are buying printed t-shirts (Jaskiewicz, Combs and Rau,
2015). Therefore, it has been identified that around 49% people are buying through customised
shops whereas 48% through distributors and online. Thus, in case of “Print your Shirts”, they are
using mobile application and giving advertisement in various mediums so as to attract more and
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more people. Through online process company are getting maximum benefits as people prefer
this because it is cheap as compared to traditional form of marketing.
Gap analysis
For every organisation it is essential that they evaluate the places or position on which
they are standing in the market area. This will help them in illustrating gap between own
business model and real system. There are some factors that are incorporated by companies:
Gap between model and requirement: Company “Print your shirt” has implemented
various models but current model that they are using is through online process. For this,
company has launched a new application and they are giving all related information to its
customers through this. Therefore, those people who are interested for the same are purchasing
their products according to the needs. Furthermore, they are providing discount offers in certain
commodities as a result it is assisting them in improving their sales and profitability in
speculated time frame (Suddaby, Bruton, and Si, S, 2015). Customers who are purchasing their
products through online process are giving them high ratings but some drawbacks are also there
and to fix this they need a technical person who is best in doing this job or developing effective
applications.
Gap between requirements and real system: There are various resources that have been
optimised by 'Print your shirt' but real system is different from all others. For gaining popularity
company utilises a huge amount of funds for giving advertisements in television or any other
sources. Apart from this, firm is spending a large amount of money during their initial years on
discount coupons and vouchers. As a result an increase in sales has been seen. Therefore, in
context with “Print your Shirt” they don’t need people who are best in marketing so that they can
promote activities of the organisation rather than high technical experts. As according to the
current market scenario, new technologies and tools has made promoting system convenient and
easy (Karimi and et. al., 2016).
Gap between model and real system: Current model of companies and real model are not
same as they constitute a gap between them. In terms of “Print Your Shirt” as company is not so
big because of which they have limited financial resources. So, company are in a dilemma
whether they should invest in developing quality or in promotional activities. There is a
difference between “Print your shirt” and other rival companies as former is charging for the
services they are providing to its customers so as to increase their sales and revenues whereas
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other firms are not charging any penny for services they are providing. Therefore, to sustain in
the market for a longer period of time, company must make certain strategies which they can
incorporate for getting effective results (Kohlbacher, Herstatt and Levsen, 2015).
Management of “Print Your Shirt” had formulated questionnaire to examine gap analysis.
This technique helps them to get information from people about performance of company. For
this, 50 respondents are selected for analysis of quality of products and services.
Questionnaire
Name
Age
Address
Contact No.
Q1. Does Print Your Shirt provide good products?
A. Yes
B. No
Q2. Are you satisfied by services provide by “Print Your Shirt”?
A. Yes
B. No
Q3. Which is the best part of “Print Your Shirt”?
A. Slogans printed on shirts
B. Quality of printing
C. Customer service
Q4. Which is factor that affect sales of “Print Your Shirt”?
A. Presence of rival firms
B. Poor marketing tools
C. Ineffective customer services
Q5. Provide recommendation to Mobique Point by which its sales performance can
increased...
Theme1. “Print Your Shirt” provides you good products
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Q1. Does “Print Your Shirt” provide good
products?
Frequency
A. Yes 32
B. No 18
8
A. Yes B. No
0
5
10
15
20
25
30
35
Column D

Theme 2. Customers are satisfied by services
Q2. Are you satisfied by services provide by
“Print Your Shirt”?
Frequency
A. Yes 34
B. No 14
9
A. Yes B. No
0
5
10
15
20
25
30
35
Column C