Identifying and Analyzing Entrepreneurial Business Opportunities

This report delves into the identification of entrepreneurial opportunities, focusing on the fashion clothing industry. It begins with an introduction to entrepreneurship, emphasizing the role of innovation and risk-taking. The report then outlines sources of inspiration for new businesses, including market trends and technological advancements, and introduces a specific business idea for a fashion clothing line. A detailed competitor analysis using Porter's Five Forces is presented, along with a gap analysis to identify market needs. The report includes market research methodologies, such as primary and secondary data collection, and concludes with a SWOT analysis of the business idea and the entrepreneur's capabilities. The report covers various aspects of business planning, including product attributes, segmentation strategies, and unique selling points, providing a comprehensive overview of the entrepreneurial process and market evaluation.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
Task .................................................................................................................................................1
1. Sources of inspired ideas for new business..............................................................................1
2. Introduction of business ideas. ................................................................................................3
3. competitor analysis..................................................................................................................5
4. gap analysis of market.............................................................................................................6
5. market research through primary and secondary data. ...........................................................7
6. swot analysis of business ideas and entrepreneur capabilities.................................................8
Conclusion ......................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneur is a individual who create ideas for increase profit and productivity. It main
purpose is improve business and innovate different types of products and services. It also take
risk for earn more profit (Nohria, 2017). Entrepreneur research market and understand needs and
necessity before start up of new business. This report will be cover that ideas for set up new
business, potential customers, competitor analysis. It also will be cover gap analysis, market
research and swot analysis of business.
Task
1. Sources of inspired ideas for new business.
Through event and seminar entrepreneur inspire for start their new business of fashion
clothing. Innovation is increasing day by day and many sources are present in market that
entrepreneur take ideas for new innovation and start new business. Fashion are increasing very
fast and peoples change their fashion, choice and trend so entrepreneur has opportunity to set up
new business and provide products and services to customers at reasonable rate compare than
other entrepreneur.
Peter ducker give many sources of innovation with purposeful way and entrepreneur
easily search market and risk elated to business for take risk and earn more profit because peter
ducker said that without risk profit can not earn by any entrepreneur. He also give following
seven sources of innovation:-
The unexpected :- market is a very best place that entrepreneur easily search and get
opportunities and entrepreneur start their fashion clothe business so they research of market very
frequently for find and evaluate demand increase or decrease at one point of time (Zahra and
George, 2017). Because through fashion clothes they get unexpected success and they easily
convert success into opportunity.
The incongruity :- it is also a opportunity for innovation of fashion clothes business. So
entrepreneur easily get opportunity through research that if similar company downfalls due to
any reason so they get opportunity.
Process needs :- entrepreneur get opportunity for new innovation and redesign their
business through evaluation of existing business and make perfect to all loopholes that they
create barrier in making profitability.
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Industry and market structure change :- market structure changing day by day and
fashion, choice and trend also change with time so I is opportunity for innovate new things
through establish new technologies.
Demographics :- this source is very bes for innovate opportunity that helps in get success
because population, income level, education and age change very frequently and day by day so
entrepreneur research of market time to time for understand choice and desire and than provide
products and services according to needs.
Changes in perception :- peoples update and modify to them with changing time so it is
very good opportunity for start and innovate new business and provide fashion clothes according
to fashion and choice of customers.
New knowledge :- technologies increasing very fast and entrepreneur and al
stakeholders gather information about market condition through technologies, social media etc.
STEEP factors also create opportunity because it is a tool for evaluate external
environment factors and through this entrepreneur easily know about condition and opportunities
for start new ideas. It stand for S- social, T- technological, E – economical, E – environmental
and P – political factors. All these factors helpful in know about opportunity.
Social factors includes lifestyles, fashion and choice of customers that changing very frequently.
It also includes trend, income, education, age and population so it is a opportunity for innovation.
Technological factors includes increase new innovations and technologies, development and
new products. Economic factors includes inflation, interest rate, taxation and unemployment so
entrepreneur evaluate right condition and time for innovation (Cooper and Folta, 2017).
Environmental factors includes transport, life cycles and global warming so all these thing
affect on business and its evaluation helps in know about condition. Political factors includes
competition, legislation and tax policies so that things very useful in know and analyse about
opportunity.
Roles of entrepreneur :-
Basis of business :- in every type of business either small or large entrepreneur has need
to evaluate and analyse risk and bear it because if they do not ready for bear risk so they never
become success in business. Risk create at every stage of business so its important for rise
business and analyse opportunity as well.
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Creation of industrial environment :- entrepreneur has opportunity to search
environment for organization because this role of entrepreneur helps in inspire to other
employees and members. Through this it evaluate uncertainty and create new innovation for start
business.
Creativity and innovation both are important for business but creativity is a ability for
create new products and ideas according to needs and for improve business. Innovation means
improve and modify and implement creativity.
2. Introduction of business ideas.
Business ideas is a process that use by entrepreneur for increase profit and start new
business and innovation so through this goods and services also offered by entrepreneur for
increase productivity and profitability (Bouoiyour, Selmi and Tiwari, 2015). It create ideas for
start business of fashion clothes because its demand is increasing with population, fashion, trend
and choice so this business has opportunity to earn more profit. Business ideas is a starting point
of business but it essential at every stage of business for development.
Unique selling point is a factor that make different product and business from other
competitor due to some reason like low cost, high quality etc. so these things helps in attract new
and potential customers because they always wants to high quality with low cost. Unique selling
point helps to entrepreneur and business in beat to competition because this point show better
products and services compare then competitors. New start up business by entrepreneur of
fashion clothes that it unique selling point is online service and sale. Now a days customers
prefer digital marketing because this thing save time and cost so this reason make unique selling
point.
Business of fashion clothes is start up by entrepreneur so its product includes all types of
fashionable clothes according to choice, latest trend and need of peoples. It keep all clothes for
kids, adults, girls and boys. In this business many opportunities for improve and create new
innovation for increase profit. Attributes of products direct affect to purchasing decision of
customers. Following characteristics of products :-
Tangible attributes means that characteristics feel and see by everyone so product like
fashion clothes has many attributes. Like :-
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Color :- entrepreneur keep all types of colors and very unique colors because many types of
customers purchase clothes and every person has different choice so this attribute is very
important and best for customers and business.
Size :- it also keep all size of clothes because different customers has need of different size and it
sale all size so that attribute provide customer satisfaction and it also helpful in increase
productivity and profitability through attract potential customers.
Intangible attributes means those characteristics that only feel but not see so fashion
clothe business start by entrepreneur. It has many intangible attributes like:-
Quality :- its collection of fashion clothes with good quality because clothes composition with
quality and it purchase goods from branded showroom (Yang, 2017). This attribute majorly
attract to customers.
Price :- it also a intangible attribute and this business provide branded and high quality products
with reasonable price. Every customers wants to good product at reasonable price and these
attributes helps in improve business.
Segmentation of products :-
Segmentation means divide and grouping product on different basis so business of
clothes segment products according to latest trend, kids clothes, adults, girls and boys. It also
segment according to demographic, income level and price according. This strategy is important
for provide goods and services effectively. Through this it segment their product according to
homogeneous group.
Through segmentation according to different prices, quality, size and color so products
and services net need in market because through this strategy it make plan and also make
estimate so they supply product and market target according to choice, trend and fashion of
people of particular area. It target high rush streets and many visitors visit in a day so business
grow in this type of target market.
Through segmentation entrepreneur provide satisfaction to customers by provide all
products according to their choice and trend. After segmentation they segment homogeneous
price product so it quickly give product according to demand. It easily evaluate about product
quantity so they always maintain and manage business. These things make smooth to business
and provide satisfaction so productivity and profitability automatically increase.
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3. competitor analysis.
Competitor analysis is a process that use by all business and business of fashion clothes
use this strategies because many competitors are present in market and increasing day by day so
through this they evaluate strength and weakness and do different compare than competitor
business and make decision for improve (Mazzucato, 2018). Competitors present in large
number that means many other business like marks & Spencer, Arcadia etc came and take place
in market. M&S provide N number of services like clothes, food products etc and do business at
global level. Arcadia also provide different product like shoes, clothes and accessories. Both
competitor offer different product and services.
New business of fashion clothes offer online service at global level for increasing sale
and connect with huge number of customers. It do not take high delivery charges so customer
show their interest and do shopping online. Strong distribution channels also present in new
organization so that thing also helps in attract customers and beat to competition.
It target market of high street and commercial malls so street is low saturated because small
shops exist in this market but malls is high saturated and many brand available so customers
divide in different part.
Porter five forces :- it is very best modal for evaluate and analyze competition and it includes
five forces like :-
Competitive rivalry :- this force helps in evaluate competition level in market because it
analyze number of business that present with same product and same size. It reach at high level
when few competitors sell same products.
Bargaining power of suppliers :- it is a second force of model that means if
organization of fashion clothes has need of products and suppliers available in huge level so
organization has power of increase profit. If less number of suppliers present in market so profit
of organization affected.
Bargaining power of customers :- this force includes that customers has more power
when many sellers present in same market with same product and if few numbers of sellers
present in market so custom,er has no power of bargaining.
Threats of new entrants :- this force shows that new entrants come in market with same
product that thing also create risk and if barriers do not available for new entrants.
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Threat of substitute products :- this force includes that consumers switch products if
price level increase so they start use of substitute product that means those product satisfy same
needs.
Entrepreneur start fashion cloth in commercial malls and streets so in target streets sale of
clothes is rise because many visitors comes but risk is high (Perretti, 2015). Due to less space
parking problem create and traffic block for many hours. In commercial malls risk is medium
because space and other thing is sufficient but many competitors available in same market.
4. gap analysis of market.
It is a tool that business and entrepreneur use in evaluate and measure gap between
expected target and actual performance. Through this tool evaluation of completed so
entrepreneur make bridge for recover gap and improve performance and provide customer
satisfaction. Through three step gap analysis complete.
Identify the current state of department :- firstly organization has need to know about
current situation and place of business in market. It includes that per week sales and all
qualitative and quantitative information that what thing helps in increase sale and business of
competitors. After that it make estimate for future.
Identify the ideal future state :- after current state organization make future target in
statistical manner. Through present condition, demand and supply of products organization
easily evaluate about future.
Bridge gap :- in above both state current and future if gap shows so gap recover by
organization and improve business for increase profit and performance. That whole process helps
in complete target.
Entrepreneur of new business that start sale of fashion clothes so it meet needs of
customers through identify and understand their choice, trend and fashion and provide clothes
according to their choice. It also meet need through provide cheap rate product compare to
competitor for example if it provide cheap rate quality clothes so customers purchasing power
automatically increase. It do attractive advertisement that helps in attract customers and they
purchase according to their needs.
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5. market research through primary and secondary data.
Primary research is a source that researcher find all data and information through direct
from sources, peoples and market. So it includes many sources like questionnaire, survey and
interviews. But it consume more time and cost.
Entrepreneur use questionnaire method and interviews method for gather information and
data from market and peoples (Lee and Sohn, 2019). Through this it get help in knows about
choice, fashion and new ideas for produce clothes according to customer preference.
Questionnaire
1. what gender are you?
Male
female
2. how many times you purchase clothes in a month?
four times
two times
3. what types of clothes quality like to purchase?
Branded
normal
4. what budget is prefer by you while shopping?
4000
6000
Through primary research they gather information and data that 60 % peoples purchase
branded clothes and girls purchase designer and latest clothes average 4 times in a months.
Through this research it also collect information that maximum people use high budget for
shopping of branded clothes approx 6000.
After primary research entrepreneur evaluate and collect many informations and than
compare with their own business condition for analyse gap between target and actual
performance of organization. Than they take action for fill gap through remove all loopholes
because many loopholes create difficulties and people not want to product and clothes of
organization (Xavier, 2017). So they educe their product price and give information about new
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scheme and offer through advertisement for attract them. After sale service allow for provide
service to customers because if they purchase clothes and any defect present so refund do not
give by organization so that it also loophole.
Due to increase population fashion clothing sector increase and boost very high because
demand of fashion clothes increase with population and secondary research does by
entrepreneur through ONS. So it get that in 2016 fashion industry contributed £ 32.3 billion and
890000 job provide to employees. In 2022 this sector increase by 55.3%.
6. swot analysis of business ideas and entrepreneur capabilities.
SWOT analysis is a tool for evaluate internal environment and this tool is mostly use by
organization for knows about strength and weakness. It stands for S- strength, W – weakness, O
– opportunities and T- threats.
Strength :- strength means those things that helps to business rise and improve so fashion clothes
industry that start by entrepreneur so it has following strength :-
Advantage in promotion :- that means organization has strong promotion sources of
clothes. Like social media and it also give attractive advertisement that means it invest more
money for promote product at global level.
Good reputation among customers :- this organization also has good reputation
because it take place in market through provide good services and products.
Weakness :- this thing stop to organization for perform well in market.
High cost structure :- it sell branded and designer clothes at high cost so this thing put
affect on purchase and demand of customers.
Weak distribution channels :- distribution channels is very weak of this new industry
that also affect to business because it do business at global level and If it do not provide timely
products and services so It affect.
Opportunity :- this elements shows chances for growth to business.
Technological changes:- technology change day by day and through business ideas if
they install latest technologies so it helpful in grow business and profitability.
Customers needs :- organization has opportunity to fulfill unfilled customer needs
because through this it attract to them and make permanent customers through understand needs
of them and provide products according to their demand.
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Threats :- it includes all external environment factors and affect every step of business.
Increase competition :- in fashion clothing sectors competition increase and many
business comes with same product and same size so it affect to business.
Change customers fashion :- frequently changes in their choice and fashion so wastage
increase in very huge amount.
Through SWOT analysis entrepreneur knows about business ideas weakness so it do
many things for overcome weakness because through remove weaknesses it improve their
business and increase profitability. its weakness like high cost structure so entrepreneur reduce
cost and provide products at lower cost so this strategy helps in increase customers and it easily
earn profit (Frow, 2015). Second weakness is weak distribution channel so entrepreneur make
strong channel and provide quick services and products at global level.
In future entrepreneur develop their business ideas for improve through analyze and
evaluate market and latest trend in systematic manner. Provide products and clothes to customers
at reasonable price because all wants to quality product at low cost. It also improve through
effective promotion of products for attract and share information so these all things helps in
increase profit and productivity.
Conclusion
From above study it has been summarized that business ideas is important if entrepreneur
not create effective and creative business ideas so business so not grow and raise. Many
opportunities of innovation get by entrepreneur. It also covered Steep analysis, unique selling
point and through this organization know about their strength and things that make better to
business from other organization. Many competitors also present in market of fashion clothes so
this analysis done through competitors analysis. Gap analysis helps in make bridge and improve
business. Primary research and secondary research also include this report and SWOT analysis of
business ideas. This report shows that business ideas is not perfectly viable and need to develop
in future for earn more profit.
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REFERENCES
Books and Journals
Nohria, N, 2017. Fast forward: The best ideas on managing business change. Business Review. 9.
p.10.
Zahra, S.A. and George, G, 2017. International entrepreneurship: the current status of the field
and future research agenda. Strategic entrepreneurship: Creating a new mindset,
pp.253-288.
Cooper, A. and Folta, T, 2017. Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship, pp.348-367.
Yang, C. et.al., 2017. Big Data and cloud computing: innovation opportunities and
challenges. International Journal of Digital Earth. 10(1). pp.13-53.
Mazzucato, M., 2018. Mission-oriented innovation policies: challenges and
opportunities. Industrial and Corporate Change. 27(5). pp.803-815.
Perretti, M. et.al., 2015. Resolution pharmacology: opportunities for therapeutic innovation in
inflammation. Trends in pharmacological sciences. 36(11). pp.737-755.
Xavier, A.F. et.al., 2017. Systematic literature review of eco-innovation models: Opportunities
and recommendations for future research. Journal of Cleaner Production. 149. pp.1278-
1302.
Frow, P. et.al., 2015. Managing co‐creation design: A strategic approach to innovation. British
Journal of Management. 26(3). pp.463-483.
Lee, W.S. and Sohn, S.Y., 2019. Discovering emerging business ideas based on crowdfunded
software projects. Decision Support Systems. 116. pp.102-113.
Bouoiyour, J., Selmi, R. and Tiwari, A.K., 2015. Is Bitcoin business income or speculative
foolery? New ideas through an improved frequency domain analysis. Annals of
Financial Economics. 10(01). p.1550002.
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