Nescot - Y/508/0540: Identifying Entrepreneurial Opportunities Report

This report, submitted by a student, explores the process of identifying entrepreneurial opportunities, focusing on the establishment of a business. It begins with an introduction to entrepreneurship, defining its core principles and the importance of analyzing growth options. The report then delves into gap analysis, a crucial tool for comparing actual and expected performance, and outlines techniques like SWOT analysis and the McKinsey 7S framework. It further examines the application of gap analysis across input, transformation, and output phases. The report presents a case study of a healthy drink shop, "Fruity Juicy Healthy", detailing its business objectives, including revenue generation and providing healthy products. Market research methodologies, including primary and secondary data collection methods, are discussed with examples of survey questions and their frequency results. The report concludes by emphasizing the significance of market research and data analysis in making informed business decisions and strategic planning, and provides references to support the findings.

Identifying Entrepreneurial
Opportunities

Table of Content
•Introduction
•Data that needed to support gap analysis
•Market research to support viability of business idea
•Conclusion
•References

INTRODUCTION
An entrepreneur is an individual who working as an employee to convert is
innovative thoughts and ideas in to business. Entrepreneurship is the study of
how business are established and the accurate process of operating a new
venture. Before set up a business the person determine the growth options in
a particular business industry.

Data that needed to support gap analysis
Gap Analysis- It is a tool that is utilised by business to monitor or
comparison of actual execution with possible and expected performance.
It can be a system of examining the gap among actual state to desired
state. There are several techniques like SWOT analysis, McKinsey 7S
framework and Nadler Tushman model that can be implementing in term
of determining the gap.

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There are three extent through which this model determine gap, they are as below:
Input- In it, the management can analyse entire firm, culture, resources and employees
that are utilised by the firm.
Transformation- Within this phase, the administration do analysis of systems, groups
and process that are implemented by the firm in term of taking input and turn them
into output.
Output- This is affiliated to the determination of the final product.

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Business objectives
There are several objectives of business that is established by Fruity Juicy Healthy
drink shop, they are as under:
To provide healthy products to consumers- The main motive of this business is to
fulfil the need of people regarding healthy and organic drink items by offering
them drinks as per their requirement.
Generate 15% revenue within 1 year- It is another objective of the firm that it will
generate 15% revenue with the help of its healthy and better quality products and
contributing in the growth of economic condition of the venture and nation also.

Market research to support viability for business idea
If the businessperson introduced a new venture then it offers information issues
that can be occurred in a business. To find the problems that can be faced the
business, the firm can use primary and secondary method of data collection.
Primary method refer to a way of collecting pure and first hand information in
which data is collected by questionnaire, group discussion etc.

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Q1. Do you have information about the
importance of herbal and organic
drink products?
Frequency
Yes
16
No
14
13
13.5
14
14.5
15
15.5
16
Frequency
Yes
No

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Q2. The location that is chosen by the
businessperson is effective for
success and growth of the venture?
Frequency
Yes
17
No
13
0
5
10
15
20
Frequency
Yes
No

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Q3. Which product is good for growth
of the business?
Frequency
Organic drink
12
Flavoured drink
18
0
5
10
15
20
Frequency
Organic drink
Flavoured drink

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Q4. Are you satisfied with the pricing
strategy of Fruity Juicy Healthy
drinks shop?
Frequency
Yes
19
No
11
0
5
10
15
20
Frequency
Yes
No

CONCLUSION
This has been concluded form the above mentioned data that before establishing a
business, it is important to have information about the growth and development
area of that business the particular business area in which is going to set up. To
have the information about completion in the specific sector also help in framing
strategies and plan so that business can effectively survive. With the assistance of
market research, the data regarding particular problem can be collect in effective
manner.