London Hotel Venture: Identifying Entrepreneurial Opportunities Report

This report presents an analysis of an entrepreneurial opportunity for a hotel venture, Grandeur Inn, to be launched in London, UK. The report begins with an introduction to entrepreneurship and the sources of innovative ideas, focusing on the concept of customizable services for hotel bookings. It then delves into the rationale and market gap, employing tools like competitive analysis to identify the unique selling proposition of Grandeur Inn. A gap analysis is conducted through a questionnaire, and the data is interpreted to assess market potential. The report also includes a SWOT analysis to evaluate the venture's strengths, weaknesses, opportunities, and threats. Finally, it assesses the competitive and market environment to determine the potential viability of the entrepreneurial idea, concluding with strategic objectives for the hotel's long-term success. The report emphasizes the importance of customer service, market research, and innovative offerings in the hospitality sector.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Sources of innovative entrepreneurial ideas.....................................................................1
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques. 2
P3. Gap analysis in the evaluation of entrepreneurial idea....................................................3
P4. Interpretation of data to provide evidence of market potential........................................8
P5. SWOT Analysis to assess the entrepreneurial idea........................................................11
P6. Evaluation of competitive and market environment to assess potential viabilities........13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
An entrepreneur is defined as the person who possesses risk taking as well as innovative
nature, having the motive of coming up with solutions through which market gap can be filled.
Entrepreneurial opportunities are tapped by entrepreneurs to develop venture with the aim of
solving issues faced by the society at large (Audretsch, 2012). The following report takes into
account the procedure of emergence of an entrepreneurial idea and the initial analysis done
before setup of a venture. The idea that has been proposed to be converted into a venture is
acknowledged to be a hotel offering the feature of possible customisation in case the booking is
done by customers 10 days prior to the actual date of accommodation. This entity will be
launched under the name of Grandeur Inn within the confines of London, UK. The project
consists of source of entrepreneurial idea together with competitive analysis & gap identification.
Further, SWOT of the entrepreneurial idea is included. Lastly, the analysis of market is presented
to ascertain the viability of concerned entrepreneurial idea.
TASK 1
P1. Sources of innovative entrepreneurial ideas
Establishment of an entrepreneurial venture is a risky task that holds equal chances of
success as well as failure. In this relation, it has been identified that there are a number of sources
from which an entrepreneur derives the idea of setting up a venture. Such ideas are discussed in
light of Grandeur Inn with the help of Peter Drucker’ 7 sources of innovation, as beneath:-
Incongruities: This can be defined as the difference underlying between the desired and
actual position of an entrepreneurial idea (Kohlbacher, Herstatt and Levsen, 2015). Thus,
effective market researching needs to be done in order to ensure that the venture does not fail
after launch into the market place. In this relation, the entrepreneur of Grandeur Inn should strive
to analyse the customer needs in order to provide an edge to the venture.
The Unexpected: This is linked to the discovery of unexplored business ideas for gaining
support on the part of people prevailing in the market. The constantly changing needs and
demands of customers should be taken into account by the entrepreneur of Grandeur Inn so as to
launch more of features like possible customisation and appeal to them in an effective manner.

Process need: It is linked to ascertainment of weakness of an idea. This provides
assistance in modifying the entrepreneurial idea in order to meet the needs of market. With this,
the entrepreneur of Grandeur Inn will be able to recognise the shortcomings of this hotel venture
and thereby ensure its sustainability at market place for a long period of time.
Changes in Market and Industry Structure: Each and every corporate sector witnesses
changes over the course of time (Siegel and Renko, 2012). Such changes need to be taken into
account so as to appeal to public at large in an effective manner. Thus, it is essential for the
entrepreneur of Grandeur Inn to consider the progressions of hospitality sector so as to
implement the same within the venture and boost its profits.
Demographics: This source is linked to the alterations taking place within the domain of
demographics. These need to be taken into due consideration by the entrepreneur of Grandeur
Inn so as to select the target audience within London and ensure their needs are met by the
venture in an effective and efficient manner.
Changes in Perception: The efflux of time results in changes taking place within the
ideologies as well as perceptions of individuals prevailing in market place. Thus, the
entrepreneur of Grandeur Inn would be conducting constant market research in order to gain
knowledge of the ideologies possessed by people and thereby introduce services that can
significantly appeal to them.
New Knowledge: Technology is progressing with the constant evolution of time creating
opportunities for ventures as well as upcoming venture to take due advantage of it (Suddaby,
Bruton and 2015). Thus, with the execution of gap and competitive analysis, the entrepreneur of
Grandeur Inn would be able to identify the difference underlying between strategies of respective
hotel and its rivals. As a result of this, Grandeur Inn would also be able to fill the gap existing
within the market place.
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques
The business idea that is proposed to be launched by the entrepreneur within London is
the launch of a hotel venture having the option of possible customisation in case of booking in 10
days advance. Market gap can be defined as the procedure of provision of offerings that are not
yet presently offered in market. Competitive analysis is done beneath to identify the gap in
market place.

Basis Grandeur Inn Marriott Hotel Four Seasons London
Products and
Services
Gives effective
customer service
together with the
service of possible
customisation in case of
10 days prior booking.
Provides impeccable &
24*7 customer service and
luxury rooms.
Irreplaceable services
provided by the hotel
management at all the
times together with well
developed infrastructural
facilities.
Organization
structure
Functional structure to
be followed hereby.
Departmental structure is
followed hereby.
Matrix organisational
structure is followed
hereby.
Major
Attractions
Customer centred
approach together with
amiable employees
Multi lingual employees
together with rooms
equipped with lavish
services.
Service excellence along
with multi cuisine food.
Promotional
strategy
Newspaper inserts and
broadcast media would
be leveraged to create
awareness among
people.
Mobile app, M Live Social
Media platform and
website advertising.
Word of mouth publicity
as well as social media
marketing is leveraged by
Four Seasons London.
P3. Gap analysis in the evaluation of entrepreneurial idea
Gap analysis is executed by an entrepreneur while launching any idea into the
marketplace. This helps in ascertainment of difference underlying between actual and desired
performance of the venture. In relation to Grandeur Inn, the gap analysis is done with the help of
questionnaire presented as beneath:-
QUESTIONNAIRE
NAME:

AGE:
ADD:
GENDER:
MAIL ID:
Q1) Do you have knowledge of the pioneering services offered by Grandeur Inn?
 Yes
 No
Q2) Which factor or service comes to your mind while making choice of hotel for staying?
 Game Zone
 Multi cuisine, hygienic food
 Free Wi-Fi
Q3) Do you think the new service of possible customisation within Grandeur Inn will increase
the profits for the hotel?
 Yes
 No
Q4) Is impeccable customer service an essential factor that should be considered by Grandeur
Inn?
 Yes
 No
Q5) Give some recommendations for Grandeur Inn through which the hotel can appeal to a
larger customer base.
Theme 1: Knowledge of the pioneering services offered by Grandeur Inn
Q1) Do you have knowledge of the pioneering services offered by Grandeur
Inn?
Frequency
a) Yes 32
b) No 18

Theme 2: Factor or service comes to mind while making choice of hotel for staying
Q2) Which factor or service comes to your mind while making choice of
hotel for staying?
Frequency
a) Free Wi-Fi 10
b) Hygienic and multi-cuisine food 14
c) Gaming Zone 16

Theme 3: New service of possible customisation within Grandeur Inn will increase the profits
for the hotel
Q3) Do you think the new service of possible customisation within Grandeur
Inn will increase the profits for the hotel?
Frequency
a) Yes 40
b) No 10

Theme 4: Impeccable customer service is an essential factor to be considered by Grandeur Inn
Q4) Is impeccable customer service an essential factor that should be
considered by Grandeur Inn?
Frequency
a) Yes 32
b) No 18
P4. Interpretation of data to provide evidence of market potential
An entrepreneur gathers information related to launch of a business idea from a number
of sources. The major sources of collection of data are primary as well as secondary. In this
regard, following information is gained with respect to Grandeur Inn:-
 The new hotel to be launched by the entrepreneur provides users the facility of bringing
about possible customisation in case of 10 days prior booking. This service is unique and
not yet being provider by any hotel currently.
 The primary emphasis of Grandeur Inn is upon fulfilment of customer demands through
provision of unique and impeccable customer services.

Interpretation of above data:
Theme 1: Knowledge of the pioneering services offered by Grandeur Inn
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation 1: In accordance with the above data, it can be said that majority of the people
possess knowledge of the unique and innovative services being rendered by Grandeur Inn at
market place. To increase the brand awareness, the hotel management can leverage social media
marketing.
Theme 2: Factor or service comes to mind while making choice of hotel for staying
Central Tendency Data
Mean 13.34
Median 13
Mode 10
Standard Deviation 3.05
Interpretation 2: In accordance with the data presented above, it can be said that customers are
usually moved by those hotels which offer multi cuisine and hygienic food as food is their first
priority.

Theme 3: New service of possible customisation within Grandeur Inn will increase the profits
for the hotel
Central Tendency Data
Mean 25
Median 25
Mode 0
Standard Deviation 21.22
Interpretation 3: As per the above analysis, it can be said that people believe the new and
innovative service of possible customisation would lead to increment in profits for Grandeur Inn.
This would even enhance their customer base.
Theme 4: Impeccable customer service is an essential factor to be considered by Grandeur Inn
Central Tendency Data
Mean 25
Median 25
Mode 14
Standard Deviation 9.89
Interpretation 4: As per the above analysis, it can be said that customers believe that customer
services is an important aspect to be considered by the management of Grandeur Inn, however,
there are other services also that must be paid attention upon.
GAP ANALYSIS
Basis Current condition Desired condition Action plan
Products The entity provides rooms The customers demand Incorporation of