Identifying Entrepreneurial Opportunities

Activity 1

P1: Different sources for evaluating entrepreneurial ID Various sources are needed as the ones that make the level of tremendous impacts on the business along with being a last legacy as guidance and inspiration for leaders and respective entrepreneurs.

The sources of new business ideas can be through the use of following sources, such as the

Consumers help to identify attention to inputs along with informally monitoring potential ideas for the development of business-to-business by the opportunity to concern.

The next can be level of existing companies in order to have development of formal methods, which are potential for entrepreneurs along with entrepreneurs to have proper level of evaluation of competitive products and services in the market, which can be a higher level of appealing towards products and services.

There is existence power along with the necessity of having systematic innovation, which are inspired by the following seven sources of opportunities, which is been identified by peter F. Ducker, known as the inventor of the modern level of management (van Werven, Bouwmee, and Cornelissen, 2019.). He had actually left us with his valuable research staffing on leadership, management, and business innovation, which is considered more important for valuable entrepreneurship. The following are:

The unexpected failure and success are considered to be part of surprises that come towards the company as parts of inspiration and innovation. There surprises should not be ignored or tortured. They are extremely powerful to have incorporation of leaders and innovation to rake advantages of situations to have succession.

Incongruities are about the dissonance between what is supposed to be done along with what is assumed to be performed, which make the company have an extreme downfall. On the other hand, it can also be the source of implementations and inspiration by having respective innovations. Customer reviews, feedback, and complaints are often the best way to determine incongruity.

Process need is needed for more level-focused tasks rather than the existence of the present situation. The company tends to have close examination of identifying weak spots and the ways they can be improved. By having a better understanding of the weak liofofs, it will help in evaluating the campaigns availabilities, which can create a higher level of effect and effectiveness.

Industry and market structure changes is having a longer period, along with having technological and scientific breakthroughs disrupt overnight. The leaders are considered to have sharp eyes on respective changes as treasuring sharp eye opportunities, not as threats.

Demographics is efficacious as they have power over the determination of the products for the case of buying at long with considerable quality. The changes in demographics are in age, education, and employment, which are considered to be decision factors over  the selection of new horizons and opportunities.

Opportunity perception: Within the years, there have been identifications of significant changes that have been perceived by people. There is a change in significant perception within time that has a major level of involvement mechanism ogy aa long with powers of social networks in more manner of noticing changes faster than ever. The black side of these sources is that people  tend to have changes in perception over night with regard to certain products or brands.  These significant changes in perception in business require innovation along developing new product.

New knowledge is being offered products of innovation, as technological and scientific breakthrough are breakthroughs of new business which cannot be overlooked in the development of the particular business (Pearson, 2017). company fails to adapt to new changes which are inspired by discoveries and often fails, which is identified as one of its disadvantagedisadvantagesy can have signifiant applsignificantt changes and implements to  each and ever aspect though analyticity which will clearly improveply chain.

P2: Rationale and market gap.

The business idea is about developing the mobile aaor consumer along with the latest technological advancement, which can be fulfilling towards the gap that exists in the market. The vthe irgin company having the expahasof branch that is virgin money which is order to be the business which has proceeding of transparent products which have the reflection of corporate administration of making everyone better. This business idea will prominently have a well-and-good level of offering that has inspiration for valuable customers along with treating employees more effectively and efficiently.

The banking sector of the UK is considered to be largely dominated by large levels of banks such as Lloyd Group, Barclays, the Royal Bank of Scotland (RBS), and HSBC. The UK banking sector has been identified as one of potential market to expand, as there are  more than 300 banks along with 45 building societies. With continuation, there is existence of 9000 branches of banks along with 70000 ATM's, of which not less than 2.2 million are related to financials and services in respectable state of UK. In addition, numerous smaller U.K (McCurdy, 2019). Banks have correspondent relationships along other British banks and UK correspondents can provide financial services for exporters and investors.

The business idea has been established for a major level of offering of tax-saving schemes that also have various levels of industrial products along with the inclusion of offset mortgages and credit cards. There is major assistance over understanding the existence of a gap, which is turning out to be an entrepreneur's development of an idea to diversify various businesses in a more appropriate way. There is a need to have the development of new technology in order to attract the customers, so there is the development of opening banking schemes as the conversion of traditional into speciality services as the specific level of game changer.

The next gap is that the existing company was not successful in providing a customer-friendly environment along with technology, which has damaged the confidence of consumers, which has turned out to be an opportunity for Virgin Money.

So, in order to have the identification of the opportunity, which is all about having a proper level of filling up of the gap that is being analyzed at present status among the customer, it is turning out to be a more significant opportunity to have development (Goncharova et al., 2017).  On the other hand, this can be risky because there is the existence of a large level of competitors, which will have negative impacts on the profit margin and business development. 

Activity 2

P5: SWOT analysis to support an objective assessment.

In the context of the financial help system, it can be said that it has changed with increasing development and usage of technology. There are several mobile applications that allow people to transfer online money. In the traditional era, people were required to go to the bank for transferring and withdrawing money, but in this modern era or technological world, people do not need to go to a higher bank; they only need to download an app by which they can transfer and get money (Onour, Assandri, and Abdo, 2019). Virgin Money provides funds and a better understanding of the pitching and negotiation process, and as per the new idea of sharing money, which will link directly to Virgin Money, period, it has several strengths and disruptions and weaknesses, which are being discussed below:

Strengths: ,Nowadays, in technological themworld, people think that cash is so simple and so secure. But it is expensive to move, store and redesign (Joshi, 2017). There are some reasons and strengths which opportunities,show that transferring money through mobile app is easy and effective:

Decreased cost of transaction: The main strength and feature of innovative idea of transferring money by installing app which will havedirectly be linked to Virgin money is there is no requirement for managing paper currency so it employment,reduces cost that incurred on managing paper money. So, it can be said that cashless transfer with the help of mobile app can save time and cost.

Transparency in economic affairs: Cashless economy and this innovation of transferring money will increase taxation as it will decrease tax avoidance. All this type of transactions occur under government scanner so people can not avoid tax as well as hide their actual income as it will directly be linked to Virgin money. This money lenders will have all informations regarding the amount of transfer and account detail.

Weaknesses: Some factors of this innovation and technology are discussed below:

Costly technology: Money transfer by smart phones is not beneficial for all types and classes of people, as the poor cannot afford internet charges (Gans, Stern, and Wu, 2019). Smart phones are also out of their access. Some people do not have proper knowledge to transfer money via mobile phones and apps. So, it is the main drawback of this innovation.

Weak infrastructure: There are many people who do not have bank accounts. For example: Rural area of people do not have knowledge and improved infrastructure so for them there is no mean of this technology and innovation.

Opportunities:

Increase in GDP: Digitalization and money transfer via mobile apps can offer an opportunity for creating a significant revolution in the country. By using mobile and digital technology, people can boost economy by reducing cash in circulation (Nazneen and Sreevani, 2017).

Reduce crime rate: It can decrease bank robbery cases cash because, without cash, there will be less risk for loot.

Threats:

Cyber security: Digital technology and increased use of money transfer via mobile App are increasing cyber security.

End of privacy: Lack of privacy law and data protection can be dangerous. Having no privacy on mobile phones can be harmful, as anyone can access and can take undue advantage of this.

P6: Competition and market environment.

Competitors: In the banking sector, there is tough competition between banks. Large banks like Lloyd Group, the Royal Bank of Scotland (RBS), Barclays, and HSBC covered a big part of the market (Burns, 2016). 

Services and products they provide: These competitors of Virgin Money are very strong and stable in the market. They provide banking services like loan facilities, money transaction, lockers, etc. to their customers.

Strategies and approaches used by competitors : These banks focuses on the earning of profitability. They use different strategies, like providing offers to their customers for opening the accounts (Abbas, 2018). They provide better services to their customers. Servant leadership strategy is followed in these banks so that the employees would not feel any pressure for doing work. This motivates them towards achieving the target. It leads to customer satisfaction. So Virgin Money have to analyse the strategies and approaches followed by these banks to attain stability in the business. It would help them to achieve their desired goal.

Market Environment

The banking industry in the UK has great potential in the market because more than 300 banks are present. They serve up to 2.2 million people through the mobile application and 7,000 ATMs. But the drawback of these banks is that they would not lend money for the entrepreneurial ideas that have potential to grow in the market (Citta et al., 2019). The market environment is good in terms of the development of the business related to banking services because people prefer the digital platform for their comfort.

Virgin Money provides the money to the potential innovative ideas for their development. Shifting the processes online and making availability of the money via mobile application to the customers helps them in various senses. It is the unique idea because it is for the benefits of both consumers and banks. 

CONCLUSION

According to the report, it gives insight and knowledge about identifying the entrepreneurial opportunities that help to earn the profits. The innovative ideas proposed by the entrepreneurs source such ideas from the present market conditions and existing businesses. Later this report discussed the market gap and rationale and supporting data for the gap. At last, the SWOT analysis and competitive analysis are done for Virgin Money to find the opportunity for their innovative entrepreneurial idea. This helps them to develop their business in the market and take a competitive advantage. For students who need further help, Assignment Help can offer helpful guidance in comprehending and using these ideas successfully.