Magic Mania Hotel: Entrepreneurial Opportunity Analysis and Strategy

This report provides a comprehensive analysis of the entrepreneurial opportunity presented by Magic Mania Hotel, which aims to launch its business in London, UK. The report begins with an introduction to the concept of entrepreneurship and its significance in economic development. It then identifies various sources of innovative entrepreneurial ideas, including incongruities, unexpected events, process needs, and changes in market structures. The report further analyzes the market gap and rationale for the hotel's business idea, highlighting the importance of technological advancements, competitor analysis, and organizational structure. A competitive analysis is presented, comparing Magic Mania Hotel with competitors like Happy Republic Inn, Marriott Hotel, and Four Seasons London. The report includes a gap analysis, utilizing a questionnaire to assess customer awareness, preferences, and satisfaction. Finally, the report conducts a SWOT analysis to evaluate the hotel's strengths, weaknesses, opportunities, and threats, and assesses the competitive and market environment to determine potential viability. The conclusion summarizes the key findings and recommendations for the hotel's success.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES
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INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1. Sources of innovative entrepreneurial ideas..........................................................................4
TASK 2............................................................................................................................................6
P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques......6
TASK 3............................................................................................................................................9
P3. Gap analysis in the evaluation of entrepreneurial idea..........................................................9
P4. Interpretation of data to provide evidence of market potential...........................................14
P5. SWOT Analysis to assess the entrepreneurial idea.............................................................18
P6. Evaluation of competitive and market environment to assess potential viabilities.............18
CONCLUSION..............................................................................................................................20
REFERENCES..............................................................................................................................23
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INTRODUCTION
Entrepreneur are termed as an those individual who take advantages of fresh business
opportunity and effectively evaluate and identify threat factors as to analyse personal capacity in
order to remarkably translate all those opportunities into a well define unique business idea
(Audretsch, 2012). Entrepreneur leads towards increasing economic stability of a country. Thus,
it is essential for each and every Nation around the globe to encourage entrepreneur real instinct
in order to increase their success rate that simultaneously leads towards economic development.
Present report has been conducted on Magic Mania hotel which is looking forward to initiate
their business idea in the provinces of London, UK. hotel will offer numerous set of attracting
elements to grab customers attention some of that element include, showing of Sporting events,
in this hotel will show Big Sporting events in their premises as in recent days people seeks to a
place where they stay, drink and eat for long hours. Along with this hotel will provide their
customers with great variety of fast foods along with this free Wi-Fi facility will be provided by
hotel s along with scheduled live music in order to add little entertainment. In addition with
present report covers basic entrepreneurial idea concept along with SWOT analysis. Lastly gap
analysis is covered in this report as evaluate business ideas feasibility.
TASK 1
P1. Innovative entrepreneurial ideas sources
Entrepreneur business ventures and start-ups to efficiently put their contribution in great
effective manner. These start-ups ventures not only generate employment opportunities but it
also lead towards increasing country GDP, infrastructure, per capita income and more. In this
present report UK Government effectively encourage young graduates towards considering the
concept of entrepreneurship. This encouragement by government of UK will lead towards
promoting fair trade practices that will further reduce existing ventures dominance. Thus, it is
required by entrepreneur to continuously evaluate new business opportunities as to frame best
effective entrepreneur ideas. Mentioned below formative concept related to Peter ducker seven
sources is mention that will inspire Magic Mania hotel to launch their services in London
provinces.
Incongruities:
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It is important for bring an entrepreneur to evaluate current prevailing market conditions
before launching of any new service in market. For this can take advantage of evaluating
prevailing demands and needs of customers from hotel industries. With help of this strong edge
can gain
The Unexpected:
It is required to effectively evaluate unexpected and unexplored ideas that will effectively
help them to gain best effective support from wide range of populations in a marketplace. In this
dynamic changing world where demands and needs of customers are changing at fast face for
being an entrepreneur is required to properly evaluate customer’s demand that will further aid
entrepreneur of Magic Mania restaurant to effectively ensure long tern sustainability in London
marketplace.
Process need:
As per according to this factor it is required for being an entrepreneur to effectively
evaluate associated weakness with their business idea. In order to overcome weakness
entrepreneur can take advantage of continuous modifications in their ideas as to satisfy
customers with best effective services. In context with Magic Mania, with help of this factor
they can easily able to evaluate shortcomings that is related to hotel launching and can further
lead towards gaining more successful profitability base.
Changes in Market and Industry Structures:
In this factor it is essential for being an entrepreneur or to effectively aligned business
launching activities with current changing demands and needs of related industry. This will
effectively help them to take advantages from more developmental opportunities. By evaluating
proper knowledge of hotel industry idea can launch business in London in best effective way
while accomplishing customers’ needs and demands in remarkable way.
Demographics:
As per according to this factors it is required to evaluate dynamic demographic changes
that is mainly related to age group, income level of an individual and human capital. In order to
achieve more success and gain advancements it has been evaluated that in United Kingdom per
capita income level ratio is high that will benefit hotel to increase profitability in upcoming
years in best effective way.
Changes in Perception:
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In order to gain support from local public in a particular location, it is important to
analyse market gap and fill that in a best effective way to conduct business as per according to
population ideologies (Welter and Alvarez, 2015). This will further help in operating business
functions in decent manner.
New Knowledge:
World is dynamically changing with fast phase Technology on every day. Thus, it is
important for being an entrepreneur to evaluate these technological advancements on continuous
manner as this is related to success of their business. It will further help to increase effectiveness
of their products and services. With the help of more advanced tools and technological
equipments as this will help them to satisfy customers with present trend.
TASK 2
P2. Market gap and Rationale for entrepreneurial idea as to undertake effective techniques and
tools.
In this present scenario, entrepreneur is planning to initiate the business start-up in London
UK. Entrepreneur is launching a new hotel Magic Mania hotel that will provide various set of
attractiveness to customers that include, showing Sporting events and allowing customers to stay
eat and drink for long hours hotel (Top 10 Sources of Business ideas & Opportunities. 2018).
Also offer free Wi-Fi facilities with various ranges of fast foods items along with live music in
the ambience. It has been seen that customers now a day’s prefers to watch live music while they
spend their time in hotel . Thus, in order to initiate this idea with best performance entrepreneur
is required to effectively evaluate customers’ behaviour in market as to acquire market feasibility
that will help them to gain more competitive advantages. Along with this entrepreneur is
required to fill market gap. And require offering all those essential services that are not yet
provided. This will help entrepreneur to grab eyeballs of wide range of customers. Mentioned
below there is market gap analysis in context with every business idea:
Technological advancements:
In this dynamic world technology is fast evolving element that lead towards making a
product and services outdated in a short period of time. For this entrepreneur is required to keep
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themselves up to date and take advantage of new and innovative advanced tools and techniques
as to evaluate actual market and offer products and services as per according to market Trend.
Identifications of opportunities
Entrepreneur is required to analyse about their competitor offering along with their
strategic policies. By doing this entrepreneur can able to make themselves one step ahead of
them. Along with this it also helps entrepreneur to fill market gaps in best effective way.
COMPETITIVE ANALYSIS
Basis Happy Republic Inn
hotel
Marriott hotel Four Seasons London
Products and
Services
hotel will provide live
music in their promises
as to add special
elements while their
customers spend their
time in hotel . Along
with this variance in
Fast Food range and
free Wi-Fi will also
offer by hotel . This
will make customers to
spend their time for
long hours. All these
elements provided by
hotel allow them to
provide satisfactory
services to their
customers in best
effective way.
Marriott offer unmatchable
experience in which rooms
are fully equipped with
excellent infrastructure
with great quality.
Four Seasons London
offer the customers with
immeasurable quality of
innovative services along
with excellence staff.
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Organization
structure
Organisation will
follow functional
structure in which they
will divide work as per
according to the
functions accordingly to
subordinates
background
Departmental structure is
been followed by hotel . In
which orders are taken by
subordinate only from the
particular departmental
head in a respective way.
Matrix structure is being
followed by hotel in
which they allot duties to
their employees as per
according to functions
along with product base.
Major
Attractions
hotel major attraction
will be there customer
centric approach. In
addition with this they
will offer free Wi-Fi
facility. Along with this
varieties of food will be
offer in ambience as to
allow customers to
spend time to their in
best way.
hotel hold their major
attraction in high quality
rooms along with
multilingual workforce
which is enthusiastic and
communicate in a friendly
manner with clients.
Four Seasons London
major attractions include
multi cuisine food,
excellent services, well
effective staff and other
entertainment facilities.
Promotional
strategy
hotel will promote their
products via marketing
channels of televisions,
local newspapers,
radios and pamphlets
(Tang and Busenitz,
2012).
Marketing strategy adopted
by Marriott include
promotion via M life social
media platform, mobile
applications, websites and
more extensive form of
advertising channels.
hotel offer qualitative
services to their
customers and acquire
successful position via
mouth marketing. They
also take advantage of
social media advertising
along with flyers as to
effectively make
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promotion of services.
By evaluating these factors, it has been concluded that entrepreneur by utilising various
set of other opportunities can take the business towards more success. As by utilising benefits
from technological innovations they will stay one step ahead of their competitors and can
overcome business failures. In addition, with this continuous adoption approach is required to be
adopt by entrepreneur as to adopt fast phase changing Technology. Along with is there is a
requirement of an entrepreneur to collect funds in a short period of time via various government
schemes this will help entrepreneur launch their business in with the London placed in a
successful manner.
TASK 3
P3. Gap evaluation as to identify entrepreneurial idea
Gap analysis acts as one of the most essential strategic tool with the help of which gap can
be filled in between target and deductible results. In relation with Magic Mania hotel
entrepreneur is required to fill gap that can be related to manpower performance, profit and
product gap in the provinces of London.
QUESTIONNAIRE
NAME:
AGE:
ADD:
GENDER:
MAIL ID:
Q1) Are you aware with products and service range offered by Magic Mania hotel ?
 Yes
 No
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Q2) What facility attracts you most and mainly looked by you as to select hotel for
accommodation?
 Fast Food Range
 Free Wi-Fi
 Entertainment Options
Q3) Are price range by Magic Mania hotel is worth of all those other facilities offered?
 Yes
 No
Q4) Are you happy and satisfied with Magic Mania hotel customer service?
 Yes
 No
Q5) Further suggestions as to improve hotel services.
10

Theme 1: Magic Mania hotel offer valuable services
Q1) Are you aware with products and service range offered by Magic Mania
hotel ?
Frequency
a) Yes 25
b) No 5
0
5
10
15
20
25
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Theme 2: Facilitates
Q2) What facility attracts you most and mainly looked by you as to select
hotel for accommodation?
Frequency
 Fast Food Range 10
 Entertainment Options 5
 Free Wi-Fi 15
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