Identifying Entrepreneurial Opportunities

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 in market.

Changes in Perception: With passage of time, there are constant changes in perceptions and ideologies of people which tend to create opportunities for entrepreneurs to identify the gap in market and introduce a business idea that can fill this gap. This assists an entrepreneur in gaining support from general public and getting success in market.

New Knowledge:

In today's modern and competitive world, technological changes as well as large scale advancements take place increasingly.  This tends to create opportunities for entrepreneurs to tap the advantage of market gap and introduce such products, services or processes that can fulfil the needs and demands of customers.

P2. Rationale and market gap for entrepreneurial idea using relevant tools and techniques

The business idea ascertained and being formulated by entrepreneur is the launch of a new hotel. This organisation provides guests the facility of bringing possible customisation in case the booking of room is made one month prior to the actual date of accommodation. The alterations can be brought only in those components related to accommodation and surroundings where hotel management can feasibly bring about changes. Such areas are alterations within rooms like linen, bedding, scenic beauty, flooring, ventilation or changes related to services like gymnasium, club, adventure activities, room service, entertainment, bedding etc. It is essential that entrepreneurs consider the consumer behaviour as well as the market to gain a competitive edge in London. Market gap refers to the process of providing such products and services which are not yet available within marketplace. The idea of a hotel with possible customisation is unique and suit the needs and demands of people in an effective manner. Market gap a concept related to every business idea and is determined through the following:-

Technological advancements: In modern world, technical changes and advancements occur at regular intervals. It is imperative that entrepreneurs are up-to-date about the latest tools and techniques being used by competitors. This will help them to launch the new venture project in market feasibly. With this, market gap can be filled effectively so as to fulfil the needs and aspirations of customers.

Identification of opportunities: It is significant that entrepreneur ascertains and analyses the opportunities available in market so as to gain an advantage of these to enhance its overall profitability. Such opportunities assist entrepreneurs in analysing and filling the market gap so as to stay ahead of its competitors. Also, these largely help in successfully formulating the business idea of launching Croscett Hotel in London with the option of possible customisation.

Competitive Analysis:

Basis	Croscett Hotel	Marriott Hotel	Four Seasons London
Products and Services	Provides high quality rooms and services with an option of possible customisation so as to suit the needs of customers.	This hotel provides unmatchable experience to customers by way of their high quality rooms, 24*7 customer services and excellent infrastructure.	The rooms and services provided within this hotel possess immeasurable quality, constant innovation, service excellence and effective staff.
Organization structure	It follows functional structure where work is divided on the basis of function to which subordinate belongs.	Follow departmental structure where subordinates of a particular department takes orders and commands from manager of that respective department only.	They follow matrix structure where roles and duties are allotted to employees on the basis of functions as well as product.
Major Attractions	Customer centric approach and friendly staff to welcome and treat guests in order to retain them for long.	High quality rooms, multilingual workforce so as to communicate in a pleasant manner with clients.	Service excellence, entertainment facilities and multi-cuisine food provided within its restaurant.
Promotional strategy	They make use of inserts within local newspapers, pamphlets, radio and television as their promotion and marketing channels.	Their marketing strategy comprises of extensive advertising,  website, mobile application and their M Live social media platform.	They deliver high quality service to gain success by word of mouth marketing. Also, they use flyers and advertising by social media to promote their services.

 

P3. Gap analysis in the evaluation of entrepreneurial idea

Gap analysis is usually carried out by entrepreneurs when they are launching a new idea within market. This assists them in  determining the variances between the current performance of venture project and the desirable future performance. With regards to launch of Croscett Hotel in London, there are various factors associated with market scenario that need to be taken into account by the entrepreneur, these are as follows:-

Competitors: Being the capital of UK, London is home to a variety of hotels as the city encourage unique and innovative business ideas and offer widespread opportunities for businesses to develop a venture project. Entrepreneur can gain a high stake in London by operating in a manner that can strive to fulfil the needs and requirements of customers to gain an edge over rival entities. Business strategy is to devised in a way that it rightly determines the aspirations of population and work towards maintaining the standards of hotel so as to ensure high satisfaction among guests of Croscett Hotel.

Technology:

An entrepreneur is required to be technically viable so as to lead the the workforce in an effective manner. In relation to the launch of Croscett Hotel in London which offers possible customisation in terms of rooms and services, entrepreneur should take into account the latest technologies prevailing in the marketplace.  Automatic technology should be utilised within Croscett so as to enable quick and comfortable check-in and check-out. Besides this, cognitive computing can be used within hotel premises. A number of such technologies are present within marketplace which can be taken into account by entrepreneur to ensure high growth and profitability.

Quality:

Quality of services is an important aspect for any venture. In this regard, it is necessary that the rooms and services of Croscett hotel are of high quality so as to ensure sustainability of business in long run. As the option of possible customisation is a new concept, it is essential that the entrepreneur makes sure that the quality component is considered at all the times to gain widespread acceptability in market and achieve huge success. The customer service provided by hotel staff should be exceptional so that people derive high level of satisfaction.

QUESTIONNAIRE

NAME: AGE: ADD: GENDER: MAIL ID: Q1) Are you aware of the unique and innovative services being rendered by Croscett Hotel? · Yes · No Q2) Which is the facility that you generally look upon the most while selecting a hotel for accommodation? · Free Wi-Fi · Hygienic and multi-cuisine food · Gaming zone Q3) Are the prices charged by Croscett Hotel effective according to the facilities being provided within the premises? · Yes · No Q4) Are you satisfied with the customer services rendered by Croscett Hotel?   · Yes · No Q5). Recommend some suggestions for improving services of Croscett Hotel...

Theme 1: Croscett Hotel provide effective services

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Are you aware of the unique and innovative services being rendered by Croscett Hotel?	Frequency
a) Yes	32
b) No	18

 

Theme 2: Facilitates

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Q 2) Which is the facility that you generally look upon the most while selecting a hotel for accommodation?	Frequency
a) Free Wi-Fi	10
b) Hygienic and multi-cuisine food	14
c) Gaming Zone	16

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Theme 3: Croscett Hotel offer services at effective price rates

Q3) Are the prices charged by Croscett Hotel effective according to the facilities being provided within the premises?	Frequency
a) Yes	40
b) No	10

Theme 4: Customers are satisfied by Croscett Hotel 

 

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Switch to the HTML tab and clean the code. Wordpress HTML Editor Word HTML is the perfect tool to edit the source code of WordPress articles or any other content management system when their built in composer doesn't provide all functionalities we need. Compose the content right in your browser window without installing any extension or plugin to handle the syntax highlighting and other text editing features. How To Use? Paste the document you want to convert in the Word Editor, then switch to HTML view using the big tabs at the top of the page to generate the code. Clean the dirty markup with the big button which performs the active (checked) options in the list.

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P4. Interpretation of data to provide evidence of market potential

An entrepreneur gathers information related to launch of a business idea from a number of sources. This data assists the entrepreneur in gaining data associated with the probable time of launching the new hotel in London in order to gain attention from people (Park, Sung and Im,  2017). The major sources of collection of data are primary as well as secondary. In this regard, following information is gained in relation to Croscett Hotel:-

The new hotel launched by the entrepreneur provides users the facility of bringing about possible customisation in case of prior booking by one month. This is an innovative concept not yet launched by any organisation till now. Thus, this provides Croscett hotel with an opportunity to flourish in market and fulfil the demands of customers.

The main focus of this hotel is on meeting the needs and demands of customers by providing high quality services so as to gain a high stake in market.

P5. SWOT Analysis to assess the entrepreneurial idea

It is essential for entrepreneurs to determine whether the new business idea proposed by them in relation to starting a venture is feasible or not. For this, SWOT Analysis can be used by entrepreneur. It is a strategic tool that assist in assessing and evaluating the probable strengths and opportunities to feasibly launch the new business idea while carefully taking into consideration the weaknesses and threats to tackle them to ensure success of idea. Launching Croscett hotel within the market of London which provides guests the option of possible customisation is a unique idea (Welter and Alvarez, 2015). Thus by conducting SWOT analysis, entrepreneur can gain knowledge of the positive and negative aspects of business. The SWOT analysis of proposed idea is below:-

P6. Evaluation of competitive and market environment to assess potential viabilities

Conclusion

From the above report, it can be concluded that in today's competitive and fast changing world, entrepreneurs have access to a wide range of market opportunities that can be taken advantage of to successfully launch a new entrepreneurial idea. Also, it has been analysed that it is essential for entrepreneurs to analyse and evaluate the external environmental factors to make sure that the business idea is successfully launched in market. In addition to this, with the usage of SWOT analysis, it has been assessed that there are a range of positive and negative factors that influence the launch of new entrepreneurial idea.Get Best Assignment Help

References

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