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Unit 1 Identifying Entrepreneurial Opportunity HND Diploma in Business Level 5 Regent College

1190 Downloads I Published: 31 Mar ,2020

Introduction

Numbers of entrepreneurs are increasing in today's world and generating high level of competition in marketplace. Moreover, the report will be discussed about determine and evaluate different source of entrepreneurial ideas and innovation by which new business ideas can be generated effectively. In addition to it, the report will be discussed about explain the rational and the market gap for specific fast food entrepreneurial idea using relevant tools and techniques to support the business environment. The report also interpret relevant data needed to support gap analysis in the evaluation of a specific fast food entrepreneurial idea or interpret data appropriately to provide evidence of market potential. Beside from it, the report also will be discussed about SWOT analysis frameworks of the business to identifying business positioning and evaluate competitive and market environments in which the idea be launched to assess potential viability.

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Task 1

P.1. Determine and evaluate different source of entrepreneurial ideas and innovation

In today's world, verity of business are running on the basis of creative and innovative ideas which being out better outcomes for each business. Entrepreneurial ventures are being utilised innovative approaches to find out new segments of marketplace, where they can gain desired success in industry (Audretsch, 2012). New business come upon entrepreneur mind in a form of creative ideas which generate from problems issues that might quickly converted into fresh business ideas. Different sources of entrepreneurial idea and innovations as following:

Entrepreneur: This is the best approach to figure out better idea to start up a new venture. An entrepreneur can discover several new business plans through searching about their preferred sector on the basis of interest, category or professional which they like most. According to gained skilled and experienced about business sector, an entrepreneur can identify that, which sector can bring out better outcomes for their business ideas. The skills and talent which possess by entrepreneur may help them to carry out their expected business exercises in relevant manner. Hobbies and passionate personality trait can assist them to look out the issues which is facing by peoples in market and, then convert into new business ideas effectively.

Business opportunities and ideas: An entrepreneur identifies relevant opportunities which generates from market on group of various types of modern demand increasing by peoples in marketplace (Bolton and Thompson, 2013). So entrepreneur require finding out a relevant filed in which they can gain well success and implement creative things which bring them expected occurrence in business sector. Therefore, they can explore the market properly and on basis of relevant information, they can figure out opportunities which have potential to fulfil growth in an appropriate form.

Invent a new product or services: An entrepreneur must possess a creative mind by which they can invent new products and services according to customer's demand, which has potential to satisfy their expected customer's need and demand perfectly. With creative mind, they can invent new products as per consumer's demand and needs, so they will be able to invent innovative commodities which can fulfilling customer's expectation in industry in relevant manner (Chaston and Sadler‐Smith, 2012).

Listen to customers complaints: It can be proved as an effective habit for entrepreneurs. to customer's issues and complaints can assist them to bring out something new and creative by which they can develop significant products and services which can address their customer's issues and complaints in a better manner.

Trade shows and exhibitions: An entrepreneur must participate and conduct a trade show at the initial stage of their business venture, in order to get effective ideas and opportunities for new that might give better outcomes for.

7 Sources of innovative opportunities

  1. The unexpected: A marketer needs to be prepared for unexpected circumstances as market place is apex area to look for opportunities. Manager must diligently research the market.
  2. The incongruity: Without prior research, marketers fails to analyse their target customers needs. . The customer reviews, feedback, and complaints are often the best way to determine incongruity.
  3. The process need: Marketers in this stage needs to identify the weak spots and methods in order to improve them.
  4. The industry and market need: The marketers needs to keep an eye on dynamic changes which affects the organisational productivity and profitability.
  5. Demographics: The demographic changes in age, education, employment, affect the direction that the business takes and can open new horizons to the company if it manages to appropriately identify the opportunity.
  6. Changes in perception: Customers needs and expectations are dynamic and their perception about brand, product and industry can be transformed overnight. Management needs to develop and formulate strategies in order to deal with changes.
  7. New knowledge: Technological and scientific breakthroughs are the source of innovation that can’t be overlooked by businesses.

Types of Innovation

  1. Process Innovation: It is the implementation of latest strategy or method of production and delivery method.
  2. Product Innovation: It is the introduction of goods and services which are significantly improved with respect of its characteristics and uses.
  3. Incremental Innovation: a series of small improvements or upgrades made to a company's existing products, services, processes or methods.

Task 2

P.2.Explain the rational and the market gap for specific entrepreneurial idea using relevant tools and techniques to support your choice

Rational and market gap for specific entrepreneurial idea: Being entrepreneur is one of the best vocations in the world because it encourages them to view everything as an opportunity for innovation. They must figure out the best possible effective gap of the market which can get appropriate success in the marketplace (Chell, 2013). It might be something new and which is existing in market. Therefore, business owner can make improvement within them by implementing innovative ideas that finds new market gap. In order to start a new business in fast food an entrepreneur requires to proper analysis of industrial scope me the country effectively. So in case of establishment of a new shop at a major location in city need to proper analyse the market scope for business in cityFor establishment of new business owner need to examine some critical areas.

Company: Entrepreneur need to identify those foods products and services which is different from its competitors products. They have to produce something unique products and services that might assist them to building a popular brand in the market. Entrepreneur must ensure that, they are maintaining quality of products and services in industry.

Customers: In order to starting a new fast food outlet in London city, an entrepreneur venture must require targeting their desired audience which will use their foods products most. The location has chosen for opening fast food outlet in front of London university, where students of institute will be customers of business. So they will be targeted customers of the business which can increase the sales rate of food services (Dimov, 2011).

Competitors: In order to starting up a fast food outlet, entrepreneur require recognising their major player of competitors of the market which is already existing in industry and serving high range of fast food services. From the analysis, it has identified that, nearby university very few fast food outlets are operating in current time and where fast food start-up can get better response as expected from it. Different types of flavoured and delicious foods would be offered by their new outlet so they get effective customer's response from its unique products and services. Entrepreneur also require identifying key competitors and their market strategy as well as to compete them in industry.

Market segmentation

Behavioural: Analysing the behaviour of customers regarding how they utilise the particular products and services or what is their behaviour regarding particular product.

Demographic: This can be assess by personal attributes such as age, martial status, sexuality, etc.

Geographic: By country, region, state, city, or neighbourhood.

Task 3

P.3. Present data needed to support gap analysis in the evaluation of a specific entrepreneurial idea.

Primary research

Questionnaire

Q1. What are the factors that influence your purchase decision?

  • Price
  • Quality
  • Quantity
  • Service

Q2. How do you get information about the particular products launched by organisation?

  • Through digital technologies
  • Social media
  • Mobile marketing
  • Television commercial

Q3. Do you love to purchase upgraded and modified products?

  • Yes
  • No

Q4. Do you tend to buy more when there are sales and special offers on?

  • Yes
  • No
  • Not Sure

Theme 1: Factors influencing purchase of product

Price

2

Quantity

1

Quality

1

Service

3

Total

8

Interpretation:

It could be analysed that service and price are the most important factors which will attract most of the customers.

Theme 2: Information being launched by company in market

Through digital technologies

3

Social media

1

Mobile marketing

1

Television commercial

2

Total

8

Interpretation:

Most of the customer want that company should be communicating with them through digital technology and television commercial only.

Theme 3: Purchase upgraded and modified products

Yes

5

No

3

Total

8

Interpretation:

Most of the customers want that company should be selling some upgraded and modified products for them.

Theme 4: Tend to buy more when there are sales and special offers on

Yes

6

No

1

Not sure

1

Total

8

Interpretation:

Many customers also included that they could be purchasing products which are on sales and special offer.

From the above questionnaire which is collected for the purpose of identification of gap into market it could be analysed that there is very much require for new fast food venture. As they customers said that they would love to purchase modified and upgraded products into market which is been launched. They could also be purchasing products through sales and special offer which are for attracting them.

Gap analysis is needed for each business in order to determining the differences between the performance of the firm from current to actual in order to examining performance of the firm. In information technology, gap analysis reports are often utilised by project manager and process improvement of business. In case of starting a new fast food outlet in London city, it is needed to analysis of proper market by which gap analysis approach, so I will be able to know about to succession scope of my new business ideas in market which can get potential impact of profitability of business. In order to improvement in performance of the business, I need to use of McKinsey approach to assess the performance of the business and also find out the scope of the fast food services in London city (Gartner, Carter and Reynolds, 2010). It is divided into two factors which is hard and soft. In order to analysis of relevant data of the firm, I need to formation of appropriate strategy for planning if devised to maintain and build competitive advantage over the competitors. It implies that, how it will be able to accomplish to achieve objectives of the business in industry. In context of sufficient running of fast food services, business strategy has potential to development of planning of the business by which I can deal with competitive pressure of food services market. The structure of strategy can assist me to identify the team which is divided into them. It has been seen that, there are numbers of issues that can be used in such a manner where something new activities that can be used in such a manner where something. What is the hierarchy of my business structure might encourage me to provision of relevant ideas by which I could make modification within structure of the company. Our various department of fast food business must be coordinated at workplace in order to completion of each task in effective manner. Apart from the system approach of strategy defines that, how I can control and monitor of execution of various planning of business activities (Gonzalez-Alvarez and Solis-Rodriguez, 2011). I need to hire appropriate staffs for completion of various business functionalities within outlet. For various posts of the business, essential skills are needed to be possess by each employees in respect with performing well at workplace. According to data analysis of market of London, I need to set up proper posting of our staffs and making sure that, they possess relevant experience or skills which help them to completion of various tasks of the business activities in sufficient form. So market analysis of data will provide me appropriate knowledge to how I can modify in my existing food and beverage products and services by which desired aims can be gained by me.

P4 Interpret data appropriately to provide evidence of market potential

From the above questionnaire it is easily analysed that opening up of new fast food venture would be very much helpful for company and their sales will be increased as well. This means that they should be doing their planning with proper market research only which is done with help of above data collected. Price and quality will be the 2 most important factors which will attract customers to buy them the company's product.

From the analysis, it has noticed that multiple numbers of fast foods services are running in London city and In front of universities as well. So it generated difficulties for my fast food outlets in market to compete competitors in industry. Running a fast food business and maintain its standards is very hard job for its owner. As entrepreneur venture of fast food services, numbers of issues or barriers are being faced by me in order t operating outlet in market. From the data analysis of UK, from 2008 to 2016. After a decline in 2009, the numbers of restaurant and fast food in the nation has been steadily increasing (Hansen, Shrader and Monllor, 2011). In year 2016, there were approximately 83,634 restaurant and fast food business are operating in the restaurant and mobile food services in industry. The business professionals have to examined that, in UK hospitality industry, multiple numbers of fast food business are running sufficiently and generating large amount of revenue by serving unique and different kinds of foods services. In London city, wide range of demands are increasing in terms of having unique favour of foods from my outlet. Most of the students would be user of my food products, it is expected that, invention and innovation in fast food products which generate more interest within our products and services which has potential for increasing market share of my business. Peoples of the city is demanding more unique products and innovative things in fast foods outlets which is boosting up their preferences towards utilisation of different kinds of delicious foods. In London city, most of student is demanding for eating for Pizza, Burger, snacks, Sandwich etc. so all these products must be added into menu list of my outlet which cover more customer base of my targeted audiences (Kobia and Sikalieh, 2010).

 More than half peoples of the city is demanding for having fast food meals at their fast food outlets which can serve them at faster rate. Beside from it, from the analysis, it was identified that, in London city, most of our targeted audiences would be youngster male and female students which will be under 25 to 28 years. So these segmented target customer base will be expected to be gained desired response from these age groups. Apart from it, more than 35 years peoples are preferring for eating non-veg foods which can be made in outlet at faster rate. Variety of options are presented here which can be utilised within outlet to boosting up customer base of the industry. Now consumptions of fast food has been increased because of population of the city is also raising, so it becomes necessary for my business in order to serving variety of fast food services which must be unique and different from its competitors in industry, so it will attract targeted audiences in the business in order to increment in profitability and productivity of the business.

Task 4

P.5. Apply a SWOT framework to collate evidence to support an objectives' assessment of a specific entrepreneurial idea

SWOT analysis framework is necessary approach to be adopted by fast food business owner in case of getting required range of knowledge by which expected growth can be reached out. An entrepreneur must require to having analysis of SWOT framework in industry in case of identifying self-evaluation of the business within industry in relevant manner (Mitchelmore and Rowley, 2010). It would help my business professionals to recognise strength, opportunities, weaknesses and threats of fast food services in industry. It is essential to find out specific knowledge about these frameworks in order to properly objectives assessment of fast foods business.

SWOT framework:

Opportunities:

  • I have opportunities to making enhancement in providing different types of foods and beverage services in fast food business which contains demand most in marketplace.
  • Fast food is emerging business sector in London, where I can expand our business qualities by offering unique types of flavoured products which expected customer at high rate in market.
  • I can make improvement within existing food and beverage products which can attract its customer's more in order to generating more revenue.
  • With the assistance of effective customer's response towards out food product can enforce the business to set up new branch of it (Neck and Greene, 2011).

Threats:

  • Numbers of fast food restaurants are running in London city which is generating wide range of competition level in industry, so it being difficult to sustain in the market.
  • Other threats consist of the potential rising price of certain fast food products, which might reduce profitability level of the firm.
  • Inventory management is one of the crucial task for my fast food services which must be maintain by manager in well manner in order to know about availability of foods in outlet.
  • Wasting of remaining foods in restaurant also could be one of the major threats which can reduce the functionalities of the businesses.

Weaknesses:

  • Lack skills and experiences of out chefs and waiter can make negative impact upon productivity and performance of the business in industry.
  • Lower availability of some important foods which customer's like most, which might negatively influencing the business profitability in marketplace.
  • Lower effectiveness of serving services of foods and beverage product can generate negative perception towards brand name of company (Popp, A. and Holt, R., 2013).

Strengths:

  • Strength of these issues is that, numbers of new variety of foods and beverage products are offering by the business professionals in order to brand effectiveness upon customer's mind.
  • The fastest serving of foods products display positive attitude of customer's towards my brand which can boost up customer base of outlet.
  • For students, attractive discount rate and offers are being provided by outlet to its special customer's which can increase the customer base.

P.6. Evaluate competitive and market environments in which the idea be launched to assess potential viability

In order to development of competitive environment of the business, outlet professionals need to development in such areas where something new activities can be utilised. From the analysis, it has examined that, variety of restaurant business are running in London city and increasing competition level of the business. Serving variety of food products in front of university is effective task for business owner, so they need to identify the competitive environment of the business in the industry and according to them make modification within business functionalities in respect to meeting desired goals and objectives in the firm. Its professionals require conducting a marketing research such as focusing upon its competitors and their market strategies in order to attracting its customers in business. From the analysis, it was identified that, ample of adverse situation may be faced by its professionals at initial stage of the establishment of outlet (Patzelt and Shepherd, 2011). So appropriate market research enable its manager to maintaining the information about its dozen of competitors. It will also furnish important information about something new betterment and gathering information about its forthcoming competitors in industry. From the analysis, its research to gather competitive information concerning about recommended as the excellent starting point for developing a competitive and industry assessment of the business. From the analysis, it was identified that, London city is one of the major location for fast food outlet set up, because of numbers of peoples are demanding for increasing in fast foods services in state to getting instant meal which is needed most for them. Proper advertising of my new outlet should be executed within London market with the help of digital marketing tools. Promotional activities must be in relevant form in order to having advertising for publication, frequency, special offers, product features and benefit highlighted etc. all these elements will customers will come to know about it. Apart from it, its professionals require recognising that student of London university will more prefer to buying its products and employees of various company also prefer to buying their unique fast food products which would give potential impact upon profitability and productivity of the business effectively (Renko 2013). Outlet professionals require identifying the competitive environment of hospitality scope in London city and then make effort to launch it.

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Conclusion

From the analysis, it is concluded that, numbers of entrepreneurial opportunities are being arisen in the UK marketplace. Numbers of sources can find out by which innovative and new idea can be generated. In addition to it, the report also concludes about explain the rational and the market gap for specific entrepreneurial idea using relevant tools and techniques to support the fast food services apart from it, the report is also concluded about present data needed to support gap analysis in the evaluation of a specific fast food industry in London city and interpret data appropriately to provide evidence of market potential. Beside from it, SWOT analysis framework assist the business owner in order to identification of business positioning in industry. Evaluation of competitive and market environments in which the idea be launched to assess potential viability.

References

  • Audretsch, D., 2012. Entrepreneurship research. Management Decision, 50(5), pp.755-764.
  • Bolton, W. and Thompson, J., 2013. Entrepreneurs: Talent, temperament and opportunity. Routledge.
  • Chaston, I. and Sadler‐Smith, E., 2012. Entrepreneurial cognition, entrepreneurial orientation and firm capability in the creative industries. British Journal of Management, 23(3), pp.415-432.
  • Chell, E., 2013. Review of skill and the entrepreneurial process. International Journal of Entrepreneurial Behavior & Research, 19(1), pp.6-31.
  • Dimov, D., 2011. Grappling with the unbearable elusiveness of entrepreneurial opportunities. Entrepreneurship Theory and Practice, 35(1), pp.57-81.
  • Gartner, W.B., Carter, N.M. and Reynolds, P.D., 2010. Entrepreneurial behavior: Firm organizing processes. In Handbook of entrepreneurship research (pp. 99-127). Springer, New York, NY.
  • Gonzalez-Alvarez, N. and Solis-Rodriguez, V., 2011. Discovery of entrepreneurial opportunities: a gender perspective. Industrial Management & Data Systems, 111(5), pp.755-775.
  • Hansen, D.J., Shrader, R. and Monllor, J., 2011. Defragmenting definitions of entrepreneurial opportunity. Journal of Small Business Management, 49(2), pp.283-304.
  • Kobia, M. and Sikalieh, D., 2010. Towards a search for the meaning of entrepreneurship. Journal of European industrial training, 34(2), pp.110-127.
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