Analysis of Entrepreneurial Opportunities for Virgin Money: A Report

This report examines entrepreneurial opportunities, focusing on Virgin Money as a case study. It begins by evaluating various sources of entrepreneurial ideas and innovation, drawing examples from the financial industry. The report then delves into gap analysis, supporting the identification of potential business opportunities through primary and secondary market research, including survey data and its interpretation. Furthermore, it assesses market potential, providing evidence-based insights. Finally, the report concludes with a SWOT analysis, offering an objective assessment of the entrepreneurial idea, evaluating the competitive and market environments, and providing a comprehensive overview of the topic.

Identifying Entrepreneurial
Opportunities

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Evaluation of different sources of entrepreneurial ideas and innovation with example...3
TASK 2............................................................................................................................................5
Covered in PPT.......................................................................................................................5
TASK 3............................................................................................................................................5
P3 Support to the gap analysis in context of entrepreneurial idea.........................................5
................................................................................................................................................7
P4 Interpretation of data for getting evidence from market potential....................................9
TASK 4..........................................................................................................................................11
P5 Implement of SWOT framework for collect of evidence that support objective assessment
..............................................................................................................................................11
P6 Evaluate the competitive and market environments.......................................................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurs are those individuals who run their business with new and innovative
business idea by bearing risk aspects of market. Entrepreneurship refers to an exercise that is
used to convert market opportunities into a start-up through fulfilling customer needs and wants.
An entrepreneur leads with different situations that develops the process for performing new
products and services by understanding potential business ideas and market conditions (Hansen,
Monllor and Shrader, 2016). This report is composed from point view of Virgin money that
perform its business in finance industry and manage its among different countries to provide
better services in financial industry. Moreover, this report provide information about different
sources of entrepreneurial ideas. Data and information that support gap analysis for a particular
business idea and the appropriate evidence of market potential. In the last, SWOT analysis will
also be included in this report the support specific entrepreneurial ideas.
TASK 1
P1 Evaluation of different sources of entrepreneurial ideas and innovation with example
New ideas, thoughts and work process perform an essential role in the entrepreneurship so it
is essential to understand different sources for understanding better ideas. Sources of idea as well
as innovation determine the needs of customer want and research through implementing survey
and market overview. Some of the essential sources that relates with innovation and ideas are
mention as follow:
Social factor- In the present scenario all organisation are performing their work at global
level. So the customer base for organisation is overall global market it also results the needs of
customers is too dynamic. Example- all professional employees are attracted towards those
factors which relates with investment aspects either at local and international level. Moreover,
Virgin money operations are managed within countries such as Africa, UK etc. so it helps to
motivate more number of persons (Ilonen, Heinonen and Stenholm, 2018).
Trade show- Fair and trade show are the most important part for organisation which is
leading company to demonstrate their products at global level. Along with this the main concern
for organisation is enhancing skills and knowledge of all individuals to make the business more
successful. From the perspective of Virgin money company there are various ERP system are
present in market such as SAP, ORCALE etc. which are modern tools and leads organisation to

perform all work from single platform. Example- For innovation source it is used by company to
make cashless transaction with new methods.
Mass media-There are different undertaking are performed by the executives which leads
organization to perform function according to broad communications (Kohlbacher, Herstatt and
Levsen, 2015). TV, papers, radio, magazines and web are best hotspots for distinguish new
innovative thoughts. Model With screen of business magazine an individual screens the thoughts
urge them to work with new thoughts. In addition, in setting of development it is utilized for
finishing of all assignment and goals with strategic policies and morals. Like, web gives more
data to a person for development of items and administrations. Virgin cash execute use broad
communications source to improve process.
Drucker’s sources for innovation
Systematic innovation performs a crucial role in entrepreneurship that leads organisation
to overcome from the gap of current position and desired position. Therefore, Drucker’s model is
implemented to perform all work as per opportunities in market.
 Unexpected- The innovation take place unexpectedly that are generates with
uncertain chance and leads organisation to generate new ideas. Virgin money
unexpectedly increase its market share by providing there software among different
countries. This result it is easy for management to attract more persons with new ideas.
 Market structure- The market structure take place with different modifications in
market roles and methods to complete work. This refers Virgin money monitors all
works and functions to complete work as per opportunity that increases market share
by motivating all individuals to perform work as per market demands.
 Necessity- There are various needs and wants relates with consumer that are
innovated by understanding customer requirements (Navis and Ozbek, 2016). The
main motive of necessity aspects is to implement right innovation that leads to increase
products value and match them with consumer needs. Example- Virgin money
determines opportunities for all those persons who manage its business at international
level.
 Demographics- With the demographic source of innovation Virgin money focuses on
lifestyle needs of a particular country citizen. Monetary aspects works as a crucial

aspect for all persons as financial terms are accepted by all organisation to exchange
their products and services.
 Changing perception- This is related with the changes that give birth to innovation
through making healthy changes in organisation (Reilly and Scott, 2014). In context of
Virgin money and finance industry consumer face challenges due to changes in the
price of international market. Therefore, it is essential for organisation to accept those
aspects that is useful to make positive perception about products.
 New knowledge- Knowledge and ideas must be new for all organisation that is
beneficial to make progression with right individuals in management. This also results
with implement of new knowledge and ideas it is easy to make unique advantage in
market by performing operations with new techniques and methods. It is also
beneficial for organisation to generate better results through completing all task in
proper manner.
TASK 2
Covered in PPT
TASK 3
P3 Support to the gap analysis in context of entrepreneurial idea
Market research works as a systematic process and approach which is used by the
entrepreneur to understand different up and down in market. In the context of this research this
report is based on primary and secondary data that is gathered to understand the behaviour of
customers. Monetary and financial transactions are crucial part for organisation which is used for
analysing an entrepreneurial idea that provides better support to all authorities to perform task in
competitive manner. Further, aspects of market research are mention as follow:
Primary research- The primary research and its aspects defines all those aspects which are
involved in questionnaire, interview and survey. Virgin money adopts primary methods for
research to complete all task with in depth information (Stenholm, Acs and Wuebker, 2013). It is
more useful for understanding new business ideas and invest them to generate potential results
from all functions.
Secondary research- With the implement of secondary research it is based on all those
purpose that is available and collected through different sources such as journals, books and

magazines. It involves large number of data and implement in functions to generate long term
results by prevailing better research among all operations. Virgin money adopts both research
methods in order to generate new idea.
Questionnaire
Name
Age
Address
Q1 Are you attentive about products and services offered by Virgin money?
a) Yes
b) No
Q2) Do you relay on the services that are offered by organisation into new segment and market?
a) Yes
b) No
Q3) Are products and services provided by Virgin money match with your customer need and
wants?
a) Yes
b) No
Q4) Do you prefer online shopping to purchase products and services?
a) Yes
b) No
Q5) Is company provide right solutions for dealing with issue related with their products and
services?
a) Yes
b) No
c) Moderate
Q6) Is the financial services provided by respective organisation are effective?
a) Yes
c) No
Q7) Is organisation arrange available resources for sustaining longer period in organisation?
a) Yes
b) No

Q8) Which major services are provided by organisation for satisfy need of customer?
a) Financial consulate for investment
b) To Provide financial services
Q9) Employees of Virgin money are able to organise all work in an appropriate manner?
a) Yes
b) No
Q10) Which methods are most effective for organisation to formulate competitive edge against
competitors?
a) Recruiting professional employees
b) Use of technological tools
Q1 Are you attentive about products and services offered by Virgin money?
a) Yes- 6
b) No- 4
yes no
0
1
2
3
4
5
6
7
6
4
Column C

Q2) Do you relay on the services that are offered by organisation into new segment and market?
a) Yes- 8
b) No- 2
yes no
0
1
2
3
4
5
6
7
8
9
8
2
Column C
Q3) Are products and services provided by Virgin money match with your customer need and
wants?
a) Yes- 9
b) No- 1
Yes No
0
1
2
3
4
5
6
7
8
9
10 9
1
Column L

Q4) Do you prefer online shopping to purchase products and services?
a) Yes- 7
b) No- 3
Yes
No
0 1 2 3 4 5 6 7 8
3
7
Column L
Q5) Is company provide right solutions for dealing with issue related with their products and
services?
a) Yes-8
b) No- 2
8
2
Yes
No
P4 Interpretation of data for getting evidence from market potential
Q1 Are you attentive about products and services offered by Virgin money?
a) Yes- 6

b) No- 4
Mean: 5
Mode: 5
Mode: 2
Interpretation- With the above graph it is analysed that 60% respondents are aware about the
products and service provided by Virgin money.
Q2) Do you relay on the services that are offered by organisation into new segment and market?
a) Yes- 8
b) No- 2
Mean: 6
Mode: 6
Mode: 0
Interpretation- According to the respondents all products which are offered by organisation
whether new or existing are offering better value to customers.
Q3) Are products and services provided by Virgin money match with your customer need and
wants?
a) Yes- 9
b) No- 1
Mean: 5.5
Mode: 5.5
Mode: 1
Interpretation- The above graph demonstrates that all products which are offered by Virgin
money are developed according to market needs. So it is easy for management to satisfy needs of
customers appropriately.
Q4) Do you prefer online shopping to purchase products and services?
a) Yes- 7
b) No- 3

Mean: 6
Mode: 6
Mode: 0
Interpretation- With the involvement of E-commerce platform in all business it is easy for
customers to sale there products and services.
Q5) Is company provide right solutions for dealing with issue related with their products and
services?
a) Yes-8
b) No- 10
Mean: 6
Mode: 6
Mode: 0
Interpretation- According to the above report it is analysed that there are management concern
to deal with issue that impacts on customer. As more than 80% of people are satisfied needs of
individuals in effective manner by solving there issue appropriately.
Q6) Is the financial services provided by respective organisation are
effective?
a) Yes 5
a) No 5

Interpreatation – According to the provided information it is identified that all work is completed
in proper manner by offering all services in an effective manner. Similarly, some individuals not
satisfy organisational services.
Q7) Is organisation arrange available resources for sustaining longer period in
organisation?
a) Yes 7
b) No 3