Identifying Entrepreneurial Opportunities

Introduction

An entrepreneur is an individual who is willing to take risk and start up new business with their innovative ideas or add value to existing products, services or processes. Entrepreneurial opportunities is the link between individual's own ideas and economic conditions which prevails them to work effectively and work on their new ideas. An individual has various ideas but before implementing them they should analyse various factors as well as sources of finance required to convert ideas into action. The present report is based upon the idea of launching a new hotel named Croscett within London that provides users who book the hotel one month prior, the option of possible customisation associated with accommodation. The report will focus on new entrepreneurial ideas and how it can be funded. Along with that, competitive and gap analysis is conducted to ascertain the extent to which the business idea is viable and feasible. At last, market analysis is done to evaluate strengths and weaknesses to determine the risk of competition and potential opportunities for growth and development.

TASK 1

P1. Sources Of Innovative Entrepreneurial Ideas

Establishing business is important for country's economic growth. It assist in creating employment, development of infrastructure, increasing GDP and many more. In the given scenario, UK government has encouraged young graduates to take entrepreneurship and increase employment levels. It will also help in reducing the market dominance by existing business and promote fair trade practices. Creative as well as unique business ideas encourage entrepreneurs to launch a new venture in a feasible manner. In addition to this, it is significant that entrepreneurs keep looking forward to the emerging opportunities within marketplace in order to take advantage of the entrepreneurial idea. This facilitates the business idea in gaining a strategic edge over its competitors in the industry. Seven sources of Peter Drucker that inspires individual for innovative entrepreneurial ideas are as follows:-

Incongruities:

It is the difference between the actual and desired position or state of an idea. Therefore it is advisable for the entrepreneurs to do relevant and appropriate market research before introducing a new product or service. Business idea fails when it lacks sufficient information about the whole idea. The most optimum opportunity to gather information for incongruities is evaluations of needs and wants of customers so as to fulfil them to gain an edge in market.

The Unexpected:

This aspect is associated with discovering the unexpected and unexplored business idea so as to ensure that the venture project gains significant support from customers within the marketplace. The needs and wants of consumers keeps on changing as per the existing market scenario, thus, it is essential that entrepreneur gains knowledge of such demands and develop business ideas accordingly.

Process Need:

This aspect is associated with ascertaining the weaknesses of the business idea. This becomes essential so as to bring modifications or rectification of the identified entrepreneurial idea so as to meet the needs and requirements of customers and market scenario. This reflects that solutions emerge from within the capabilities of business idea and ways of conducting business.

Changes in Market and Industry Structures:

When changes take place within the business sector or market, it facilitates entrepreneur to ascertain and launch such venture projects that are aligned with the latest trends in the industry. This strives to create opportunities for entrepreneur to gain an advantage in market by gaining suitable and adequate knowledge of the processes and structures prevailing in the industry.

Demographics: It is largely concerned with changes that take place within the population, human capital, age groups and income levels of individuals. A successful entrepreneur pays significant attention to all these aspects so as to ascertain the needs and demands related to demographics. This facilitates the entrepreneur to launch a new venture project that can substantially gain success

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