Identifying Entrepreneurial Opportunities Assignment - Nescot, 2019/20

This assignment analyzes entrepreneurial opportunities within the context of an online tailoring startup, "E tailoring." The solution begins by presenting data to support a gap analysis, highlighting the convenience of online tailoring services for busy individuals and the time and cost savings compared to traditional tailoring. The analysis then delves into market potential, citing data on the growth of the UK clothing industry, particularly in menswear and womenswear. The assignment emphasizes the shift towards online shopping and the increasing use of apps, especially among younger consumers. It supports its findings with statistical data on the growth of the online clothing market and the purchasing habits of different age groups, supported by relevant references from academic journals and books. The assignment successfully identifies a viable business opportunity within the evolving market landscape and provides a data-driven rationale for the startup's potential.

Identifying entrepreneurial
opportunities

P3 Present data to support gap analysis
• E tailoring is a start up which provide online tailoring services to people.
• There are variety of services offered like stitching, selection of design, clothing material, embroidery
work, etc. in this it services offered will be for both men and women.
• Moreover, customers will have to request for service through app by selecting their address.

CONT..
• It has been evaluated that many working class people do not get enough time to visit a tailor shop.
Besides, they have to buy cloth from one shop and then send it for stitching. Thus, it consumes time
and rises cost.
• There are some particular data and information which support gap analysis. UK clothing industry will
grow by 16.6% in 5 years. There will be £51.2 billions.
• However, there will be rise in manufacturing cost as well. The menswear market will grow by 21.2%
till 2022 in UK and womenswear by 5.8%.

P4 Interpret data to find out market potential
• From above data it is stated that there is high potential for growth of new business ideas and concepts in
technological era.
• This has resulted in rise in SME in different markets and successfully contributing in offering high
quality products and services to people. There is rise in 24% in 2007 to 28% in 2011 in online business.
Other than this, an average person spends time on internet is 16 hours in 2011.
• This shows shift of people towards online shopping and use of App. The clothing will grow at 16.6%
expected over the next 5 years as compared to 12.7% in last 5 years.

CONT..
• The online clothing market is forecast to grow by 55.3% in the five years to 2022, accounting for
34.2% of the market, up from 13.5% in 2012.
• Young clothing shoppers have the higher purchase frequency, with 58.1% of 16 – 24’s buying clothing
at least once in 1 month, boosted by fast fashion trends and desire shopping to buy new and latest
trends items. In comparison, just 14.6% of 65’s years buy clothing at least once in 1 month.

REFERENCES
Books and journals
• Harima, A. and Freudenberg, J., 2019. Co-creation of social entrepreneurial opportunities with
refugees. Journal of Social Entrepreneurship, pp.1-25.
• Peiris, I., Akoorie, M. and Sinha, P., 2020. Entrepreneurial opportunities and the role of contextual
embeddedness. In Research Handbook on Entrepreneurship in Emerging Economies. Edward Elgar
Publishing.
• Teach, R., Tipton, E. and Sidhu, T., 2019, March. Entrepreneurial Opportunities. In Developments in
Business Simulation and Experiential Learning: Proceedings of the Annual ABSEL conference (Vol.
46).

THANK YOU