Entrepreneurial Opportunities: Evaluation of ABC Company Report

This report provides a comprehensive analysis of entrepreneurial opportunities for ABC Company, a startup. It begins by defining entrepreneurship and exploring various sources of entrepreneurial ideas and innovation, drawing on Peter Drucker's insights. The report then delves into the rationale behind the company's entrepreneurial ideas, utilizing tools like behavioral, demographic, and geographic segmentation to identify market gaps and target customers. It examines the impact of industry environments and competitor analysis using the five forces model. The study presents data supporting gap analysis, including primary and secondary research methods, and interprets the data to provide evidence of market potential. Finally, it applies a SWOT framework to assess the entrepreneurial idea and evaluates the competitive and market environments to determine potential viability. The report concludes with a summary of findings and references.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation.........3
P2 Rationale and market gap for a specific entrepreneurial idea using relevant tools and
techniques...............................................................................................................................4
TASK 3............................................................................................................................................6
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea.........................................................................................................................................6
P4 Interpret data appropriately to provide evidence of market potential...............................8
TASK 4............................................................................................................................................9
P5 Apply a SWOT framework to collate evidence to support an objective assessment of a
specific entrepreneurial idea. .................................................................................................9
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability.......................................................................................................10
CONCLUSIONS............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneur is an individual who like to bear risk while caring out different operational
activities of business so as to achieve maximum profit. Opportunities are those which came from
issues in market function describing contribution. It refers to distinguish good from bad ones in
order to lead with long run decisions(Autio, 2014). This report is based on ABC company which
is a start-up company. Main purpose of report is to evaluate sources of ideas and innovation
made by an entrepreneur. In addition to this brief explanation about relevant tools and techniques
used according to their customer choices. Apart from this, it refers to deal with evaluating of
ideas made by entrepreneur and interpreting data which provided to potential market. Lastly it
describe as a framework with supportive objective of ideas and competition in order to assess
potential viabilities.
TASK 1
P1 Determine and evaluate different sources of entrepreneurial ideas and innovation
Entrepreneurs are starting their business with well planned. ABC is a start-up company
has lead with surveys, training, experience, talents and building strength of an individual. Peter
F. Ducker is leading with sources of innovation by making tremendous impact on business world
are defined below.
The Unexpected: Business is made with full of surprises which lead unexpected success
that came with great source of innovation. ABC company is facing unexpected situations in
extreme powerful business world by overlooking possibilities. It is helpful in start ups of
business. Company uses this source which increases innovation of new product in market.
Incongruities: This is a source of innovative idea which is opt by entrepreneurs, without
making appropriate research in developing of product(Gras, Moss and Lumpkin, 2014). It is
determined by finding feedback, customer reviews and complaints which is useful for opting in
business. ABC company is leading with assuming downfall with a great source of inspiring for
making innovation opportunity.
Process need: Peter Drucker has described this source of innovation as making focus on
tasks rather than situation. ABC is improving their ways by identifying weak spots clearly. It is
based by identifying weak links with detailed evaluation of capabilities of entrepreneur.

Industry and market structure change: This source is determine by developing
technology by which industry is stable for many more years. ABC leaders are focusing on
changes which are treated as opportunity rather than threats.
Demographics: In this source, ABC affected by changes with lie on market and demand
of products. The variations takes place such as eduction, employment, age and direction of
business with new horizons which are managed appropriately by identifying opportunity. It is
involved in increasing population with a context increasing level of income by initiating ideas.
Changes in perception: ABC company is affected by changes in perception made
significantly(Hang, Garnsey and Ruan,2015). Perception is determine by time, involvement in
technology and their power of social networks. The variations occur in order to certain product,
brand and industry oversight. This align is made by new prospects of customers.
New Knowledge: this source of innovation is overlooked by business in leading with
technological and scientific thoughts. ABC refuses in adapting changes or making new
discoveries in start ups. This discoveries is doomed to be failed.
Role of entrepreneur is to work hard by eventually expanding enterprise. He has different
qualities like initiating, risk taking, allocating and forecasting in order to their enterprises.
Exploring creativity
Entrepreneur is based on generating ideas by concentrating and adapting focus on tools.
These approaches are pushed in mind with new connections. As per sources opt by an
entrepreneur which are evaluated for start-up of ABC enterprises. An entrepreneur creativity is
explored by facing complexity, ever changing challenges, open-ended and constant realization in
competition.
P2 Rationale and market gap for a specific entrepreneurial idea using relevant tools and
techniques
Business ideas are based on enterprises in which entrepreneur is leading with
bookkeeping services, affiliated marketing, attracting customers and social media consultants.
Entrepreneurial idea is generated by rationale gap identification made by entrepreneur. ABC
enterprises is licensing level of demand by setting specifically on the basis of customer choices.
The relevant tools and techniques which are addressed by making identification of specific
customer are stated below.

Behavioural Segmentation: It is defined as grouping customers who are making
purchase decisions by looking after readiness, level of loyalty, frequency of interaction in new
innovative product. The reason to opt rationale gap is to make identification in which an
entrepreneur can receive responses of customers(Huang, Ding and Chen, 2014). ABC
enterprises building customers according to their behavioural aspects to buy product.
Entrepreneur understanding segments of customer towards purchasing, using and spending
habits. From this, it is easy to build target audiences for product.
Demographic Segmentation: This tool is determine by segments according to age,
religion, gender, ethnicity, income and education of customers. Consumer opt several market
segments more accurately by categorising their need. Their use is determine by entrepreneur in
making broad customers. ABC enterprises are determining this tool by pulling census of
customer in marketing product.
Geographic segmentation: It is a strategy which customer serve in particular area by
targeting audience. This approach is based on seasonal products, community size, local retailer,
food preferences and new territory. Company opt this segmentation for enhancing target
customers. ABC enterprises starting up its business with new innovative ideas which consider by
audience preferences for product and service.
Entrepreneur is considering with new product development by preferring benefits in
order to satisfy needs of core, actual and augmented level of approach. ABC enterprises are
modifying changes in target markets. Due to intense competition level faced by entrepreneur
using marketing tool for evaluation such as product life cycle and customer life cycle.
Industry environment affect success of new entrance
Industry analysis framework is based on new entrancing of competitors in market. It is
threaten for any existing company in market(Jaskiewicz, Combs and Rau, 2015). As per ABC
start up company is based on advancing costs, loyal brand, assessing of suppliers and distribution
channels as per new entering in markets. An entrepreneur is leading with an analysis by making
use of 5 forces model in attractive industry with perspective of new entrant.
Competitor analysis relevant to entrepreneurs
Competitive analysis are major prospects which relates with rationale and market gap in
order to determine strength and weaknesses. It is a distinct advantage which exploited in
product development cycle. ABC enterprises are building degree of contend in order to reform

competitive strategies. This are based on forming analysis by finding failures and success are
stated below.
Failures
 Errors made by collecting data and information.
 Errors relating with tools and techniques.
 Communication and transmission errors
Success
 Enlighten firm
 Raising productivity
 Resolving issues
 Improving marketing position
TASK 3
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea.
Research approach is opt by ABC in reducing gaps, it is an evaluative idea used by an
entrepreneur. Marketing research is based on examine data and information from outside sources
in a way to conduct directly with consumer(Jiang, 2016). They are allowing practices in
discovering target markets and other inputs which based on consumer interests. Market research
are describe in two forms primary and secondary.
Primary research: Primary information is define as data which are collected directly.
This technique is opt by investigating new business ideas. They are defined in two categories
exploratory and specific research. Entrepreneur is facing issues presented by company in order to
address open- ended questions from customers. ABC company prefer for finding issues during
research.
Secondary Research: In this research outside entity is gathered in order to find out
relevant data. ABC enterprises has generated this specific idea with trade associated reports,
government censusing data which are operated by same market segments.
According to this research, it is based on identifying potential requirements of market. In order to
identify, plan and undertake research which is look after by failures and success. From

estimating growth area with respect to low and medium risk. ABC enterprises are ensuring use of
plan procedure for making focus on high initiatives in connection with audiences.
(Source: Scope of growth of HR Consulting, 2019)
As per above graph, it is clear that there is scope of growth and development of HR
consultancy. This graph shows that with increment in scope of 2011 and 2016 because of growth
in business sector in UK. As globalisation increases growth of job opportunities, so organisations
also want fresh fresh, so ABC organisation increases.
Illustration 1: Scope of growth of HR Consulting

From the above graph it has been clear that in the global financial advisory market from
2011-15 that there is a sudden increase in the market size and growth in UK. This has increased
the employment opportunities and the chances of growth and development of this sector as well.

Gap analysis
It is defined as a tool to identify expectation and potential. This analysis is based on
methods which determine by market and target customers. Analysis are made by comparing
actual achievement. The gap are examined by closing it in most effective manner. Entrepreneur
first judge gap by market share, profits, sales and so on(Kraus, 2015). It is made in regarding
with strategies and tactics. This distance is looking forward for closing with context to market
and target customers. ABC enterprises are leading with opportunities in market with start-up and
enhancing future aspects in order to business ideas.
P4 Interpret data appropriately to provide evidence of market potential
As per research data are interpreted by resulting survey. This interpretation is based by
enhancing profits by an entrepreneur. ABC enterprises are revealing data intellectually with
challenging task. Hypothesis testing is addressed by analysis. Data are interpreted in various
forms are.
 Describe: In order to know about market potentials interpret required by first describing,
from snap shot of information. It is occurred by having proper description about
information received to entrepreneur. This is able to define market potentials.
 Predicting: Informations are often taken part for making forecast in future outcomes.
This predictive techniques are set by data points assumed for future of ABC enterprises.
 Decide: Deciding is the last step for making guidance of decision and action. Market
potential are defined from this key decisions made by Entrepreneur.
From this, marketing potentials are examined by identifying results of interpreting data. It is
useful in providing qualitative and quantitative aspects with a required information(Lima, 2015).
ABC enterprises is a start up company who are leading with interpreting insightful data and
information.
Marketing viability is determined by product and service which are offered by appeal to
target market as an intended customers. Research is made by ABC enterprises in order to
business idea opt by an entrepreneur for identifying potentials. Many of the technologies used in
a manner of research and analysis. These are based on assessing market trends, internet forums
and testing responses of social media. Entrepreneurs are using technologies in order to assess
evaluation of research made.

Market trend: It is based on understanding psychology by acknowledging development in
potential markets. ABC enterprises are leading with long and medium time frames. This
framework is characterised by predicting prices by an entrepreneur.
Internet forum: This is made in order to responses made by customers with posted
messages and conversation(Mathias, 2015). ABC enterprises is receiving responses from
customers by using Internet forum.
Social Media: In this, media is opt by company for responses made by customers via
communities and networks. An entrepreneur is working with social media which are web based
technologies in order to build potential markets.
From the above interpretation it is describe as evaluation made by an entrepreneur in order to
assess market potentials. ABC enterprises are using research data appropriately by interpreting
them in useful form. Entrepreneur uses data or information after interpreting or made in
understanding form. These are leading for making investigation from ideas generated for
business operations.
TASK 4
P5 Apply a SWOT framework to collate evidence to support an objective assessment of a
specific entrepreneurial idea.
SWOT(Strength, weaknesses, opportunities and Threats) analysis is determine by
evaluating objectives of evidences. The evaluation is based on continuing feedback and program
outcomes. Business idea is viable and feasible which are leading with real demand of product.
Entrepreneur is making good investment in return with competitive advantage. The frame work
is made in order to collate evidences from SWOT are describe below.
Strengths: This analysis is based on internal capabilities with positive factor. Specific idea
generated by entrepreneur is based on leading with image of company(Miles, 2014). ABC
enterprises are enhancing quality of product which served to customers.
Weaknesses: It refers to internal limitations based on entrepreneurial ideas which are interfering
performance. ABC company has start up their business with high cost that occur high
maintaining prices with bad image.

Opportunities: This is a most favourable trend used by external environment in order to exploit
firm's advantage. It is a unique chance for ABC enterprises in influencing opportunities with an
external elements. It is supported with an objective to assess entrepreneur ideas.
Threats: It is negative and unfavourable factor in which company faces obstacles. Difficulties
are made in reaching objectives. ABC enterprises are facing government restrictions, social
burdens etc. This framework is made in order to collate evidences or proof from external
sources.
From this analysis it is useful in overcoming risks associated and building opportunities
in order growth and development for future aspects. According to frame work made by ABC
enterprises to make analysis from external environment which is faced by entrepreneur. Business
idea is feasible and viable in order to demand of product and services(Simsek, Z. and et. al.,
2015). The objective of this assessment is to make judgement on business. An entrepreneur is
leading with start up business which is based on ABC enterprises which are dealing socially in
market.
Overcoming Risks and potential opportunities for growth
By overcoming risks make direct focus on leading growth and sustainability(Su, D. J. and
Sohn, D. W., 2015). Entrepreneurs are building with long term support and actions by growing
maturely in order to needs of customers. ABC company is dealing with overcoming of risks in
order to expand growth possibilities.
 Operational efficiencies made opportunities for growth by having effective cost and need
of business in creating sustain growth.
 Prospecting with right customers in business which embraces entrepreneurial spirit. This
helps in ensuring growth and sustains.
P6 Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability
Marketing and competitive analysis is based on overall strategies make by finding
strength, weakness, opportunity and threats. Competitive assessment is made by an entrepreneur
in order to external environment. ABC enterprises in facing threats from new entrances and
substitute products. Entrepreneur is leading with competitive forces model of Porter. The
decisions and for enterprises for developing strong analysis.

Porter's five force model
This model is develop as to help companies to develop corporate strategies and assess the
nature of an industry's competitiveness. This framework allows companies as to analysis as well
as identify important forces through which profitability of an organisation can be determined.
This forces helps organisation to determine how much competition is exist in market and ways
through which they can attract more customers as well as make it's product more popular in
market. The forces are:-
 Threat of a new entrants:- As, they are a new start-up then threat to new entry is very
much high. To enter in this sector is easy or individuals don't face any difficulty to setup
their business.
 Threat of substitute:- The threat of substitute upon start-up company is very much high
as a lot competitors are exists in market.
 Bargaining power of buyer:- The bargaining power is buyer is very much high, as they
are new in market then buyers can easily shift to another company if they charge high
price for lower quality products. To make this power low is essential for company to
make their product of high quality as well as unique in market.
 Bargaining power of suppliers:- They are a start-ups, so bargaining of suppliers of high.
The suppliers have a lot companies to sell their products but because of start-up they
don't have large number of suppliers.
 Competitive Rivalry:- It refers to rivalry between existing companies in the market. If
there are large number of companies like start-ups are competing with each others then
prices, strategies, profit everything is drive by each others. In this situation competitive
rivalry is high.
To analysis market environment analyst used PESTLE analysis:-
 Political:- It refers to biggest environment which can cause the product, overall brand or
ads of a particular product. Where the company is starting it's operation it's essential for
them understand properly about country's political view. The factors includes stability,
instability of government in particular industry.
 Economic:- It refers to factors like inflation rate, interest rates, foreign exchange rate,
economic growth etc. If inflation rate increased, price of start-up products and services
will effect as well as purchasing power of consumer will also effect. If FDI increased in