A Comprehensive Report on Identifying Entrepreneurial Opportunities

This report, titled "Identifying Entrepreneurial Opportunities," delves into the core concepts of entrepreneurship, focusing on the creation and evaluation of new ventures. It begins by exploring various sources of entrepreneurial ideas and innovation, including economic, social, and technological factors, alongside the role of the entrepreneur and different types of innovation. The report then assesses Peter Drucker's seven sources of systematic innovation and critically evaluates the benefits and drawbacks of identifying entrepreneurial ideas. A significant portion of the report focuses on analyzing the rationale and market gap for a specific entrepreneurial idea, including identifying target customers, market segmentation, and industry environment. The report also explores how a specific entrepreneurial idea can fill a market gap and presents data needed to support gap analysis. Furthermore, it applies a SWOT framework to collate evidence and evaluates the competitive and market environments to justify business objectives and identify market potential. The report concludes with insights on how to develop, manage, and sustain a specific entrepreneurial idea, providing a comprehensive overview of the entrepreneurial process.

IDENTIFYING
ENTERPENURE
OPPORTUNITES

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation..............1
M1 Evaluation of Drucker’s 7 sources of systematic innovation..............................................2
D1 Critically evaluate the benefits and drawbacks to identify entrepreneurial ideas ...............3
TASK 2............................................................................................................................................4
P2 Rationale and the market gap for a specific entrepreneurial idea..........................................4
M2 Justification of how a specific entrepreneurial idea fills a market gap.................................5
D2 Critically evaluate a specific entrepreneurial idea based on interpretation and
investigation................................................................................................................................5
TASK 3............................................................................................................................................6
P3 Present data needed to support gap analysis in the evaluation.............................................6
P4 Interpret data appropriately to provide evidence of market potential....................................7
M3 Justify specific sources and methods of data collection......................................................8
D3 Justified business objectives and identify market potential..................................................8
ASK 4...............................................................................................................................................8
P5 Apply a SWOT framework to collate evidence to support an objective...............................8
P6 Evaluate the competitive and market environments............................................................10
M4 Critically evaluate entrepreneurial idea in the context of the marketplace and competition
...................................................................................................................................................10
D4 How a specific entrepreneurial idea can be developed, managed and sustained...............11
CONCLUSION..............................................................................................................................11
REFERENCES .............................................................................................................................12

INTRODUCTION
Entrepreneurship is a creativity of an individual to start a new venture by their own ideas
and skills. There can be huge options for an entrepreneur that help to make them success but it is
required that they analyse future advantages and opportunities from them to getting desired
success easily (Farmer, Yao and Kung‐Mcintyre, 2011). For an entrepreneur, it is required that
they build a effective empire in market that assist to getting long term benefits and advantages.
In this process, it is required that they create direct connection with customers by analysing their
requirement and need toward firm. After this entrepreneur needs to build impactful strategy to
accomplish customer's demand in effective manner. This report is based on a new start up named
“The delicious”. The ventures is established with a small idea and create their huge image in
market by their own services. This report represent different sources of entrepreneurial ideas and
innovation, Rationale and the market gap for a specific entrepreneurial idea and authenticate data
that needed to support gap analysis. At last it covers SWOT framework to collate evidence and
specific analysis for competitive and market environments.
TASK 1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation
Entrepreneurship is a opportunity for an individual in order to implement their own ideas
and creative thoughts in it. For this, it is require that they opt a beneficial option between several
varieties. Launching a new restaurant is not a easy task because for this require to analyse
available sources to implement effective ideas in it. Some of the external environmental sources
of change also aid to create new opportunities as -
 Economic and social factors – For an entrepreneur, it is require to analyse taste, choice
and demand of customers for specific services. Through this they can easily implement
innovation to provide quality services differently to capture their attention easily. These
kind of sources provide higher opportunities for a new start up (Duru, 2011).
 Technological factors – Now a days, advance technology has vast impact on each and
every sector. In restaurant services, such advancement helps to maximise profitability by
reducing wastages and providing timely services to users.
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Role of entrepreneur – Entrepreneur is an individual who sever their appropriate contribution in
economy development and growth. They introduce new ideas in their new start-ups. Through
this they grab several opportunities from target market. Major role of an entrepreneur are -
 An entrepreneur enhance standard of living in society.
 They are the create of wealth.
 New start-ups, they provide employment opportunities to skilled candidates.
Types and scope of innovation – For an entrepreneur, it is required to use different types of
ideas to provide quality services to their customers as Product and process innovation. This is
basically uses to represent quality product in front of customers easily. Scope of this innovation
is that organisation can easily get long term benefits and advantages through this.
Innovation and invention – Innovation and invention are two different terms. Innovation is a
procedure that is use to make effective modification and changes in different services on the
bases of creative ideas and thoughts. Invention is a used to establish a new product and services
through own observations (Grégoire and Shepherd, 2012).
M1 Evaluation of Drucker’s 7 sources of systematic innovation
In a business organisation, it is required that its owner implement new and innovative
ideas to getting maximum advantages easily. 7 sources of systematic innovation are introduced
by Peter Drucker as -
 Unexpected – Main objective of innovation procedure is to be ready for anything by
using proper strategy to face them easily.
 Incongruity – It is determine a effective method in which an individual used to think
differently than others.
 Innovation based on process need – Innovation is used to implement new ideas and
though that should have to be based on process need.
 Changes in industry and market – Implementation of innovation is used to adopt
several changes in industry and market.
 Demographics – It is based on creating own business in target market by providing
higher satisfaction to consumers.
 Changes in perception – Through implementing new ideas in business, an entrepreneur
can change perception of buyer.
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 New knowledge, both scientific and non-scientific – Innovation is based on new ideas
and creative thoughts of a individual.
D1 Critically evaluate the benefits and drawbacks to identify entrepreneurial ideas
As per the words of Fuentes and et. al., (2010) entrepreneur is an individual who taking
risk in order to making money. For this they uses different types of ideas to accomplish their
future targets and goals as well. These ideas can be a product or service idea as well as business
idea. They all are very different to each others as -
Product or services idea Business idea
This is based on customer's requirement and
need for specific thing. For this entrepreneur
needs to implement their ideas in
manufacturing procedure for providing quality
goods and services to customers.
These kind of ideas are based on new
innovation that is uses to exploit changes to
grab several opportunities by various business.
Benefits Drawback Benefits Drawback
Through this, an
entrepreneur can build
strong relation with
consumers to getting
long term benefits
easily.
It is required that
consumers of an
organisation should
have to be satisfied
with their products
and services others
wise it can impact
negatively on firm's
goodwill
These ideas provide
freedom to buyers to
choose a specific
option between several
varieties.
New start-up requires
a specific time and
appropriate cost in
development
procedure.
TASK 2
P2 Rationale and the market gap for a specific entrepreneurial idea
The target market of a new enterprise should have to specifically analyse by entrepreneur
to filling gap easily. In this procedure, they can use innovative ideas and creative thoughts to
identify their target customers, their requirement, needs and available competitors. It is required
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to identify such elements before launching a new idea and product in market. To reduce marking
gap entrepreneur requires to analyse-
Identifying customers – For a services sector, different type of customers are available who
want specific service. Through this, an entrepreneur can easily analyse their requirement to
provide appropriate services to them easily. These kind of activities aid to build direct
connection with target users to getting higher business advantages easily.
Marketing segmentation -
 Behavioural – These kind of activities are based on culture, values, lifestyle and believes
of user. A new entrepreneur requires to provide their effective services to target audience
on the bases of their buying behaviour (Korsgaard, 2013).
 Demographic – It can be a effective ideas that a entrepreneur analyse demographical
segmentation of market. These kind of activities are based on age, gender, income
sources of customers.
 Geographic – For a new start-up, it is require to analyse requirement of services at
several places. These areas can be hill, rural and urban where demand and need of
customers can be different to others.
Product or services -
Tangible Intangible
Food products and services of organisation
should have to be effective quality that
provide higher satisfaction to customers.
For The delicious, it is required to provide
cost effective services to their customers.
Benefits – Through this, entrepreneur of The delicious can easily maximise their business
growth and income. This is a only toll that aid to build direct connection with target customers.
Industry environment -
 Industry competitors – The delicious restaurant is a new start up, so for this it is require
to analyse existing competitors in market. These kind of activities aid to provide idea to
an entrepreneur for making impactful strategy to getting effective success easily. This
type of activities help to run for a long time in market (Nassif, Ghobril and Silva, 2010).
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 Bargaining power of suppliers – In food and restaurant sector, suppliers can be
distributor who provide raw material, vegetables and furthers ingredients. Entrepreneur
requires to analyse several areas before purchasing such items in market. For them it is
require to use quality material to provide satisfy services to clients.
 Bargaining power of customer’s – Customer's are the last buyer of products and
services. So for this an entrepreneur requires to provide them effective services on
affordable cost. Through this they can easily build long term relation with target users. It
can be a specific and impactful strategy for getting competitive advantages.
 Threats of substitute – In food industry, number of competitors can be available rather
than substitute. So for this, entrepreneur requires to build their effective strategy for
existing competitions.
 Threats of New entries – In a economy different type of food and beverages
organisations are available that provide effective services to customers. So for a new
start-up, it is require to analyse their marketing impact to make proper strategy for this.
Market Gap:
This process can be identified while organisation faced a major gap between their own
services and market demand. On the basis of this, an organisation can easily examine their
current position where they are and what they supposed to see themselves in future. In respect of
“The delicious”, organisation basically wants to introduce restaurant services in the market.
Thus, for them it is required to identify impact of technological changes and innovation that they
require to adopt for reducing market gap easily. The market gap can also be identified when
customers of the firm have different demands and need from the business services. Thus, it is
required for “The delicious” to consider the aspects of market and strategies of rivals properly in
order to reducing gap. On the basis of these kind of practices, organisation can attain their target
objectives easily. Today, as advertisers go to market, they face unparalleled obstacles. We are
gradually recognizing the value of being information-driven in their strategy, from the want to
raise revenue and be more Return on investment-focused, to the inevitable need to develop and
move their companies into the digital age. Major market gap in respect of ‘The Delicious’ lack of
appropriate and suitable information about goods and services that are in extreme demand by
customer.
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M2 Justification of how a specific entrepreneurial idea fills a market gap
For an entrepreneur, it is require to make creative ideas to differentiate their services
easily from others. In this process they needs to analyse type of their business and customers
because it is depends on services which are provided by organisations. Through this, they can
accomplish their demand through quality services and products. All these activities helps to fill
market gap easily. For entrepreneur of The delicious restaurant, it is require to analyse industry
environment to make impactful strategy to getting higher benefits and competitive advantages.
D2 Critically evaluate a specific entrepreneurial idea based on interpretation and investigation
As per the words of St-Jean and Audet, (2012) For an entrepreneur, it is required to
evaluate a specific entrepreneurial idea based on interpretation and investigation. Through this
they can easily analyse market and customers demand as well as requirement. Main objectives of
this analysis is to provide quality services to consumers. Interpretation and investigation aid to
establish a new venture easily in competitive market. Through this, an entrepreneur can make
impactful strategy to create their effective image in target market or in front of new audience.
TASK 3
P3 Present data needed to support gap analysis in the evaluation
Gap analysis : Gap analysis can be described as the difference between the actual position
where the company is and where it wanted to be. The first part specifies that what is the current
situation of the business regarding the current assets of the firm that includes attributes,
performance and employees competency that impacts on the productivity of the firm. Whereas
the second part focuses on the expected future from the present time. The space which it has in
the present state and the desired future is known as gap and that's why this study is called gap
analysis which covers the necessary tools that can fill the gap. This is about to study about
potential customer and its current performance.
The future expectancy can be reduce by using market research report that stated in
statistical format that represents the growth of the idea. The idea of 'The Delicious' is innovated
cause the food trend never go outdated (Kotha and George, 2012). The people always wanted to
try a new flavours that' why the food zone is going to launch. There can be two different aspect
through which organisation can analyse market gap for their products and services that can be :
Primary sources:
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These business activities are based on primary method of data collection in which
researcher identify view points and opinion of individuals. All these activities are considered as
suggestions for the firm through which firm can make changes in their business activities. For
this investigator can conduct different activities as interview, survey, sampling and so on.
Information through these sources can be:
QUESTIONNAIRE
Q1. Do you have any knowledge about the “The delicious” ?
 Yes
 No
Q2. Is there any requirement for “The delicious” to implement innovative changes in their
restaurant services ?
 Yes
 No
Q3. What kind of promotional activities, “The delicious” should use for the promotion of their
services ?
 B2C
 Internet marketing
 Print media
Q4. Does “The delicious” can capture eyes of their customer on the basis of their product and
services ?
 Yes
 No
Q5. Do you think “The delicious” can place their competitive position in front of business
rivalries?
 Yes
 No
Secondary sources:
These activities are based on secondary information of sources through which
organisation can acquire ideas for the new business activities. Information through these sources
can be:
7

Data through online media – The online media is one of the big tool to collect the data
that includes forums on social media website that generates the numbers of customers who
wanted to reach a cafe. A cafe that offers a variety of recipes and dishes.
Factors Gap Solutions
Business Analyse the current customer
ratio is low
Planning to launch new
marketing strategies
Application Utilizing the data of buyers Organizing data of the buyers
in order to promote new apps
and services.
The current gap can be reduce by promoting the cafe among users by using techniques
that identifies the current states that is the present performance, then analyse the gap and
recognise the gap and after that the solutions can be find out that makes a bridge to attain the
final goal.
Source: Gap Analysis
The gap analysis can be fill through performance gap that is the difference between the
expected and actual performance. Product or market gap refers to the budget sales and the actual
sales after that the profit gap that includes the variance between the targeted and real profit that
wanted to achieve.
P4 Interpret data appropriately to provide evidence of market potential
Interpretation of primary data is describe below as:
Q1. Do you have any knowledge about the Frequency
8

“The delicious”?
 Yes 12
 No 8
Mode 4
Median 10
Mean 10
Interpretation: As per the above graphical representation it has been analysed that some of the
individuals have knowledge about the business services of “The delicious”. In Between 20
respondents, 12 are in its favour whereas 8 participants are not.
Q2. Is there any requirement for “The
delicious” to implement innovative changes
in their restaurant services ?
Frequency
 Yes 18
 No 2
Mode 0
Median 10
9
Yes No
0
2
4
6
8
10
12
14 12
8
Column C

Mean 10
Interpretation: From the above representation it has been identified that “The delicious”
restaurant requires to implement unique and innovative ideas in their business process so that
they can make proper changes in their business practices. For this, out of 20 respondents, 18 are
think the same whereas 2 are not.
Q3. What kind of promotional activities,
“The delicious” should use for the
promotion of their services ?
Frequency
 B2C 6
 Internet marketing 8
 Print media 6
Mode 0
Median 6
Mean 6
10
Yes No
0
2
4
6
8
10
12
14
16
18
20 18
2
Column G

Interpretation: On the basis of above graphs, it has been identified that in between 20
respondents, maximum 8 are think that “The delicious” needs to implement internet marketing in
their business so that they can promote products and services in effective manner. On the other
hand further respondents are in the favour of B2C and print media marketing.
Q4. Does “The delicious” can capture eyes
of their customer on the basis of their
product and services ?
Frequency
 Yes 15
 No 5
Mode 0
Median 10
Mean 10
11
B2C Internet marketing Print media
0
1
2
3
4
5
6
7
8
9
6
8
6
Column C

Interpretation: From the above graphs, it has been analysed that out of 20 respondents,
maximum 15 are in think that “The delicious” can capture eyes of their customer on the basis of
their product and services whereas 5 participant are not in its favour.
Q5. Do you think “The delicious” can place
their competitive position in front of
business rivalries?
Frequency
 Yes 12
 No 8
Mode 4
Median 10
Mean 10
12
Yes No
0
2
4
6
8
10
12
14
16 15
5
Column C

Interpretation: As per the above presentation, it has been analysed that in between 20
respondents 12 are think that “The delicious” can place their competitive position in front of
business rivalries easily whereas remaining 8 are not in its favour.
As the data is collected from the market that suggests that there is a need to develop the
marketing strategies which can create a market for the product or services (Burg and et.al.,
2012). The marketing strategies are used to establish a brand in the emerging marketplace that
can capture the customers. There are various way in which a 'The Delicious' can be promoted
among the people since it is a new restaurant so there is a requirement of effective marketing
team that can develop strong marketing strategies. In present there are many ways that can
promote a business one of that is the social media that is the most popular platform in every age
group so if the marketing team can use that as promotional platform then a business can reach on
hike. Online campaign are the best suitable platform to promote a business. The email services
are also a good option, the marketing team can send the email to various consumer about the
special occasion celebration and schemes it will increase their sales. Newsletters are the second
option that can be use to provide the information to establish the customer's relationship through
informing them about the promotional activities like discounts, coupon code, etc. Taking
customer's feedback is also a habit to improve the performance that means one should put the
efforts to change the feedback into the real opportunities. Search engine optimization is one of
the best way to promote a business because as much as the user click on it the adverts will get a
rank on higher positions. Being ranked on the first search result page means to get the promotion
among the users.
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Yes No
0
2
4
6
8
10
12
14 12
8
Column C

The data can be collected according to the marketing segmentation techniques that are
based on the geographical, psychographic and behaviour segmentation. The gathered data will
also use to take the future decision that can be beneficial to develop its future business strategies
cause this data will be used to measure the current and expected success of the business by
analysing the sales of the business (Perrini, Vurro and Costanzo, 2010). The data collected from
the research or the response from the user on forums and online surveys to know their feedbacks
will be used in future in order to gain more benefits to increase the sales. The restaurant can send
the information to these people who are looking for the new relishes and then they can
connected with the business for a long time.
M3 Justify specific sources and methods of data collection
For a business organisation, it is require to different type of data collection methods that
helps to analyse customer's review and their feedback for specific ideas. For this they can use
specific sources and methods as -
Primary data collection method – These kind of research is based on fresh data in which
employees of an organisation analyse views and opinion of customers.
Secondary data collection method – These types of research are based on historical and past
data of specific sector. On the bases of this, entrepreneur develop their strategy and plans.
D3 Justified business objectives and identify market potential
For a business organisation, it is require to identify their future objectives and goals
properly to make impactful strategy to accomplish them properly. It is the responsibility of
entrepreneur to analyse such things properly. Through this, they can easily implement
effectiveness in their products and services. All these ideas create straight connection with
customers by examine their obligation and necessity (Abu-Saifan, 2012).
ASK 4
P5 Apply a SWOT framework to collate evidence to support an objective
SWOT is used to analyse the internal factors of the organization that includes all the
positive and negative aspects of the 'The Delicious'. In SWOT, S stands for Strength, W –
weaknesses, O – opportunities and T for threats. 'The Delicious' has several strengths,
weaknesses, opportunities and threats.
Strengths
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 There are various positive points that can capture the customer attention like its variety in
food and beverages.
 The exterior and interior look of the restaurant gives a eye catching view to the clients
because of this impression the clients would like to step in.
 It offers silver table service along with buffet and counter service with different types of
orders.
 It has a three meal course and there is a different menu plan for the three time meal plan.
 Hygiene and safety rules are followed by the staff and they are bound to follow that.
 The menu plan is affordable for everyone with a huge range of food (Kraus, Kauranen
and Henning Reschke, 2011).
Weaknesses
 There is a need to organize the staff so that they can perform in an appropriate manner.
 The employees needs training to improve their skills like how they can provide the
service to a table.
 The Delicious may need a more resources to while launching that can make its opening
much better.
 It has lack of technology that can amend its services in a better way.
Opportunities
 The Delicious as its name indicates it should spread its arms to serve other specialities
along with French. It can also serve some Italian, Spanish and middle east recipes.
 Taking the advantage of changing trends it can also offer the healthy and joyful saviours
that people enjoy.
 It should innovate some recipes that can easily capture the customers.
 It should put some efforts to offer organic food that can be beneficial for the health of
people.
Threats
 The delicious is a new venture in the market so the big business may demolish it as theyu
already have a goodwill in the marketplace.
 Similar products are already exist in the market so it need to put some effort to provide
extensive products in the market.
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 The targeted people already has their favourite place where they spends there dollars, so
bring them to a new place is little bit a tough job.
 The investors can pull out their fund if they does not see any kind of progress soon.
However, progress is matter of time that an individual spends.
P6 Evaluate the competitive and market environments
An entrepreneur requires to analyse competitiveness and market environment while
making new strategy to establish a new venture. Through this, they can analyse customers
demand and their requirement. The Delicious is a new start up that provide food and beverage
services to customers. For entrepreneur of these venture, it is require to analyse existing
organisation in target market and requirement of clients for specific services. Through this they
can accomplish their requirement and need effectively. The business idea should have to
competitive in nature that is using for impactful strategy while launching new business in
market. For this they also needs to analyse micro and macro environmental factors that can affect
decision making procedure and profitability of a firm. The Delicious is a food restaurant that
establish to provide quality eatable services at a specific cost to service users. For an
entrepreneur, it is require to analyse several marketing opportunities to grab them properly to
getting higher success and future targets as well. Before launching a new idea in market, an
entrepreneur requires to create strong and impactful strategy to reduce negative impacts of
threats and others weaknesses.
M4 Critically evaluate entrepreneurial idea in the context of the marketplace and competition
As per the words of Kraus, Kauranen and Henning Reschke, (2011) am entrepreneur is an
individual who evaluate different ideas in the context of the creating marketplace and
competition easily. For this they needs to analyse customer's requirement and need to provide
appropriate services to them. In this entrepreneur requires to use new ideas as cost effective
process, quality products and attractive services that aid to build new image in front of target
customers.
D4 How a specific entrepreneurial idea can be developed, managed and sustained
Entrepreneur is a person who implement their new ideas, creative thoughts and
innovative approaches in establishing a new venture (Kraus, Kauranen and Henning Reschke,
2011). For them, it is required to develop, manage and sustained effectiveness to getting higher
16

success easily. Through this, they can get higher competitive advantages from target market.
These are the beneficial activities of a entrepreneur.
CONCLUSION
As per the above report it has been summarised that an entrepreneur is an individual who
takes risk while establishing a new venture in market. Their main objectives is to getting higher
success and profitability through their own ideas and skills. For this they needs to analyse
customer's requirement and their need to provide them appropriate services easily. An
entrepreneur establish a new venture by their own ideas and creative thoughts. Through this they
build specific image in competitive market.
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