Report on Identifying Entrepreneurial Opportunities for Mobique Point

This report analyzes entrepreneurial opportunities within the context of Mobique Point, a retail business specializing in mobile phones and accessories. The report begins by evaluating various entrepreneurial ideas and innovations, emphasizing the importance of market analysis and identifying customer demand. It then delves into explaining the rationale and market gap for Mobique Point, highlighting the need for market segmentation, competitor analysis, and the application of marketing mix strategies. Data needed to support gap analysis is presented, and the report interprets data to provide evidence of market potential. The SWOT framework is used to assess the entrepreneurial idea, and the competitive and market environments are evaluated to determine the potential viability of the business. Various factors such as political, social, economic, and technological factors are considered, along with Peter F. Drucker's 7 sources of innovation. The report concludes with an overview of the industry life cycle and its phases, providing a comprehensive analysis of the entrepreneurial landscape for Mobique Point.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Evaluate various types of entrepreneurial ideas and innovations.....................................1
TASK 2............................................................................................................................................3
P2 Explain the rationale and the market gap for a specific entrepreneurial idea...................3
TASK 3............................................................................................................................................6
P3 Present data needed to support gap analysis in evaluation of entrepreneurial idea..........6
P4 Interpret data appropriately to provide evidence of market potential.............................12
TASK 4..........................................................................................................................................14
P5 SWOT framework to collect evidence to support an objective assessment of a specific
entrepreneurial idea..............................................................................................................14
P6 Evaluate competitive and market environments in which the idea will be launched to
assess potential viability.......................................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurs are those persons who have intellectual ideas with whom they used to open
a business in a unique way. They grab these ideas from various sources which are available at
marketplace and give them opportunity to establish their business. Generally, they launch
companies in such marketplace where lot of competitors are present as well as with less capital.
This report showcase from where business tycoons got ideas and they turn these into product
concept (Kirzner, 2015). Along with this, they used to refine such ideas by using various tools
like marketing gap, competition analysis, Porter's Five forces model, SWOT and PESTEL
techniques etc. For this process, present assignment has been taken upon a new venture as
Mobique Point, which deals in retail business of commodities like mobile and its accessories.
Entrepreneur in this business makes various plans to attract customers mind and convince them
to busy.
TASK 1
P1 Evaluate various types of entrepreneurial ideas and innovations
An entrepreneur used to grab several ideas by analysing market situation. After generating
ideas, they refine the same and choose best to turn it into business concept. In case of opening an
outlet in a retail sector which includes commodities like mobile phones and accessories, a person
needs to determine demand of marketplace first (Hmieleski, Carr and Baron, 2015). Therefore, in
context with present case, a person has launched business in same sector as Mobique Point, used
various strategies to grab customers mind. In this firm, business tycoons offer several discounts
like first customer in a day has got opportunity to get extra benefits while purchasing a new
phone. It includes 1 year net free with 3 month net subscription. While last client of shop get
benefits like one month EMI free. Through such type of marketing strategies, they have success
in grabbing more attention of employees. In addition to this, with phone of high branded
companies, they have provided loan on minimum rate of interest. It helps in increasing sales
performance along with acquiring strong position at marketplace.
But for operating business in a profitable way, entrepreneurs need to check feasibility of
their ideas and strategies before applying them in workplace. They are required to conduct a
proper analysis like PEST factors and Peter F. Drucker's 7 factor of innovation which help in
evaluating market situation in proper manner. These methods help in identifying opportunities as
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well as sources through which innovators can generate more appropriate ideas. As present
scenario, an outlet named by Mobique Point has opened in a large populated marketplace. So, its
owners has used following techniques to develop business idea:-
Political Factor: Under this factor, an entrepreneur needs to analyse political condition of
country which includes taxation rates, legislations and amendable laws etc. All these things
create a much impact on business (Mathias and Williams, 2017). It assists them to comply their
organisation with all laws and legislations through which they can business in legal way. But due
to fluctuation in taxation, it impact on purchasing powers of people also which demand
entrepreneurs to offer products at affordable price rates.
Social Factor: This factor shows that if a company has do business in ethical ways then it
will help in enhancing good image at marketplace. This would create a good impact on people
and convince them to buy product of such companies. Along with this, as mobiles are becoming
basic needs of people without which they cannot do their work in easy and quick manner, so
whether a person oh high status or belongs from low category, he will definitely buy such
products on any cost.
Economical Factor: Government of UK has provided much support to new business
developers as growth of their organisation help in increasing economy of country. Along with
this, stability of economy has shown good financial condition of organisations and citizens. It
reflects high level of income of people. So, all such conditions help owners of Mobique Point to
open this venture on easy terms and conditions.
Technological Factors: With rapid change in technologies gives high innovative
products. It adds more features in mobile phones, therefore, it gives opportunity to retailers to
grab attention of customers (Foo, Uy and Murnieks, 2015). When a product having new features
come at marketplace then it will attract customers in vast manner. Getting high innovative
phones is becoming first priority of customers which gives opportunity to new ventures to
complete their demand in a more profitable way. It includes features like high resolution of
camera, large screen of devices, long durability of batteries, high securities and more
Thus, by analysing such macro factors, an entrepreneur generates various ideas as well as
can check effectiveness of the same also. It helps in choosing the best one for opening a new
start-up business. In addition to this, business tycoons also use Peter F. Drucker's innovation
which gives 7 sources of ideas as:-
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Incongruity: This factor shows how business will deal in future by using such ideas. It
reflects a gap between expected results to outcomes occurred after implementation of ideas they
have generated.
Process Need: Under this sector, an entrepreneur needs to employ high talented workers
in outlets who can help in providing effective services to customers. Along with this, can
promote services or products of company in vast area of marketplace
Industry & Market Structure Needs: Due to presence of many competitors at
marketplace, it gives various opportunities as well as threats to new ventures (Gielnik and et. al.,
2015). Therefore, it is recommended to them before establishing business they must analyse
structure of marketplace. It helps in understanding desires of customers and give ideas to fulfil
the same in a unique way..
Demographics: This section shows culture of people, preferences, taste and their
purchasing power through which an entrepreneur can segment them on the basis of similar
characteristics. It helps in completing demand of them in a proper way.
Changes in Perception, Meaning and Mood: As in mobile products, technologies are
rapidly changing therefore, it gives chance to new business developers to increase high sale
performances.
New Knowledge: It is the most essential requirement for entrepreneurs. They should gain
high knowledge as well as marketing and technical skills through which they can operate
business in a proper way (Hatak and et. al., 2015). In addition to this, they can make innovation
in products or services also.
Unexpected: For running a business in a successful manner, owners are needed to grab
all opportunities of marketplace through which they can acquire high number of customers in
their outlets and retain them for longer period of time.
TASK 2
P2 Explain the rationale and the market gap for a specific entrepreneurial idea
For opening a new venture, an entrepreneur needs to make various plans for identifying
demand of customers, trends of marketplace, purchasing power of buyers and more. It helps in
formulating strategies and policies accordingly. Today, in terms of mobile products every person
is its basic needs. Without such commodities, no one can do their business easily. Mobile phones
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aid persons to connect with others who live at distant or nearby places in a quick manner. So,
whether a person belongs from business world or studies and more need such devices. Therefore,
it gives opportunities to new ventures to launch business in a profitable manner. As present
scenario, an entrepreneur wants to open a business in retail sector and sells mobile and its
accessories. So, such persons need to analyse market situations first (Hmieleski, Carr and Baron,
2015). They must employ workers who have possessed complete knowledge of products and its
features so that they can give details of the same to customers and help them to buy as per wants.
In addition to this, to evaluate marketing gap also which help in understanding in which field
modification is necessary. Marketing gap can be taken as a tool to grab opportunities used for
fulfilling future demand of business and run successfully. It also helps in generating more profits
by turning business idea into product concept.
Requirement for identifying demand of customer on individual basis: Every person
has own desires and preferences for getting mobile phones which suit their lifestyles. With this
assistance, it is high essential for entrepreneurs to offer products of wide range and of different-
different brands. In addition to this, they should know the complete features of such commodities
so that queries of customers can be satisfied by giving proper solution (Karimi and et. al., 2016).
For grabbing more attention of people, provide offer and various discounts to them is must
necessary in case of earning more and more profit
Market Segmentation: Having a large customer base business, it is necessary for
organisations to divide them as per their characteristics. By dividing people on similar taste and
preference help in understanding needs as well as fulfil on time. Market segmentation generally
segmented customers on the basis of following:- Behavioural Segmentation: Under this segment, market is divided as per behaviour of
customers. For example: Usually Techno-friendly people wants to acquire mobile phones
of high technologies. They used to buy products whenever new technologies have
developed.
 Demographically Segmentation: This section divides market era as per taste and lifestyle
of people along with purchasing power (Kirzner, 2015). For instance- Customers who
belong to high status demand products of iPhone of Apple Company while persons who
have low income purchase such commodities on low price.
Tangible & Intangible features and benefits of a product or service
4

Tangible Intangible
Tangible features of phones are relates with
sensation of touch. It gives first impression
when a person buys to such products.
It refers to untouchable features which can be
revealed once a product is used.
For instance: Large display, sensors, camera
resolution, fingerprint scanner, mobile
accessories are termed as tangible features.
For example: Software, battery durability and
applications and more are intangible features.
Approaches to Competitor Analysis:
 Before formulating new strategies, business tycoons are needed to determine number of
competitors present at marketplace as well as their techniques to acquire minds of
customers.
 Entrepreneurs with the help of managers are required to make a proper plan which
include place where new venture can be opened (Kohlbacher, Herstatt and Levsen, 2015).
In addition to this, it includes way to conduct all activities of business start-up, marketing
techniques and more.
 Marketing mix strategies including 4P’s of innovation.
 Analyse marketing gap which help in recognising the difference between actual outcomes
to expected one.
 Use effective tools and techniques for implementing new strategies in business.
Industry Life-Cycle:
Life cycle of industries shows following phases:-
 Pioneering phase.
 Accelerate Growth Phase.
 Mature Growth Phase.
 Industry Maturity Phase.
 Decline Phase
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(Source: Industry Life-Cycle Phase, 2018)
TASK 3
P3 Present data needed to support gap analysis in evaluation of entrepreneurial idea
For evaluating effectiveness of ideas of entrepreneurs, business owners can take help of
researchers who analyse who situation of marketplace and determine whether such thoughts can
aid them in accomplishing demand of company (Mathias and Williams, 2017). Investigators can
help them in analysing opportunities present at marketplace through which they can run
businesses in profitable manner. Along with this, they can evaluate whether ideas of new
business can run successfully in future. As per situation, an entrepreneur wants to open a retail
business Mobique Point of mobile products therefore, for grabbing opportunities of marketplace
and analysing demand of customers as per culture and demographical conducts, researchers
conduct various activities. They use statistical methods for making proper data of present
situation. Project makers have taken a sample of 50 respondents in order to know their desires
and get feedback for what actually they seek in mobile phones. They have made some questions
like what type of features people want to get in mobiles, price rates, brand of products and more.
By conducting survey, researchers have evaluated that out of 50 respondents, major
proportion i.e. 30 want to get large display of phones with dash charge support up to 8 GB RAM
processor and 32 GB internal memory but on affordable rates (Mueller and Shepherd, 2016).
While 10 respondents desire to get smart phone with high technologies, long durability of
batteries and on at least 1 year warranty. On other hand rest of people seek to get products of
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Illustration 1: Industry Life-Cycle

largest brand i.e. Apple or VIVO and more. Hence, business owners are needed to offer wide
range of products of various companies and on reasonable rates so that expectation of each
customer can be fulfilled on time.
Gap Analysis: This technique shows actual difference between expected outcomes to
obtain one. It helps entrepreneurs to identify in which area they have made mistake through
which expected result didn’t obtain. In addition to this, using this method they can analyse what
to change in techniques by which they can grab attention of customers in a large way. Therefore,
it is necessary for business to reduce gap of expectation otherwise it will reflect negative of their
business in marketplace and impact on sales performance. In order to evaluate gap analysis
between performance of latest Mobique Point to desired one, its managers has prepared a
questionnaire and filled with 50 respondents.
Questionnaire
Name
Age
Address
Contact No.
Q1. Does Mobique Point provide you good services?
A. Yes
B. No
Q2. Which mobile operator do you use?
A. Vodafone
B. O2
C. TELE2
D. Other
Q3. Are you looking out to purchase mobile phones on easy payment mode?
A. Yes
B. No
Q4. Which is the main factor that affect sales performance of Mobique Point?
A. Presence of competitors
B. Poor marketing techniques
C. Ineffective customer services
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Q5. Provide recommendation to Mobique Point by which its sales performance can
increased...
Theme1. Mobique Point provides you good services
Q1. Does Mobique Point provide you good
services
Frequency
A. Yes 32
B. No 18
8
A. Yes B. No
0
5
10
15
20
25
30
35
Column D

Theme2. Mobile operators
Q2. Which mobile operator do you use? Frequency
A. Vodafone 10
B. O2 14
C. TELE2 16
D. Other 10
9
A. Vodafone B. O2 C. TELE2 D. Other
0
2
4
6
8
10
12
14
16
Column I