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Identifying Entrepreneurial Opportunities

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The report will explore the sources through which business idea can be evolved along with gap analysis

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Introduction

An entrepreneur can be referred to as a person who is willing and capable of assuming risk to start a new venture so as to create a new idea or process of conducting things in a business environment or bringing improvements in the existing procedures. Entrepreneur develops his concept of carrying out tasks by using innovation and creativity. Identification of entrepreneurial opportunities is essential for an entrepreneur while starting a new venture project (Dimov, 2011). Also, in this competitive and fast changing world, any person starting a business possess various idea which may seem potential but it is necessary to ascertain one feasible idea that can be launched successfully in marketplace. The present report is based upon the idea of launching a hotel in London which provides the option of possible customisation in relation to accommodation in case of prior booking by guests. This report will explore the sources through which business idea can be evolved along with gap analysis. Also, it will include the SWOT and market analysis of the entrepreneurial idea so as to start the venture successfully.

P1. Sources of Innovative Entrepreneurial Ideas

In today's modern and digitalised world, many people are looking for ideas so as to create a startup in the marketplace. The economy of UK is especially very supportive in terms of providing assistance to new business persons and small businesses and ventures. Also, UK government takes every initiative to accelerate employment levels the in the country. Especially, government focuses upon young graduates who are willing to take up a new project. This largely motivates the citizens of country to come up with new and innovative ideas in relation to development of a product or service, or bringing improvement in the existing processes and commodities. Unique and creative business ideas aid the entrepreneurs to feasibly start a new venture project in an efficient and effective manner. Also, it is essential that entrepreneurs keep looking out for new opportunities in market so as to tap the advantage of converting the idea into a business venture ahead of competitors in industry (Siegel and Renko, 2012). Some of the most innovative sources through which the idea of commencing a business can come in an entrepreneur's mind are briefed below:-

Online Sites: In modern era, there are a number of websites present on web that assists an entrepreneur in getting a feasible business concept around which a venture can be started. MakeUseOf.com, kickstarter.com, entrepreneur.com and quirly.com are some of the most used and famous websites to gather new and innovative ideas about developing a business project (Websites For Creative Business Ideas If You Want To Be An Entrepreneur, 2018). Information available on these websites is relevant and authentic and thus, this can be considered as a powerful source for developing entrepreneurial ideas.

Business Opportunities and Ideas: This is a blog where various bloggers give their views and opinions about the latest trends and techniques used by companies persisting in market. Here, an entrepreneur can discover and explore various business ideas to establish a new venture in UK and gain success in marketplace.

that covers topics about business opportunities and ideas. Here you can find a category related to business ideas where you can explore them.

Brainstorming: This is an innovative technique through which problems faced by the people in society are solved by creation of new ideas and processes. Here, normally, generation of one idea gives rise to various more new ideas. The major objective, here, is to come up with maximum ideas so as to select the most feasible one and develop a business startup around that (Top 10 Sources of Business ideas & Opportunities, 2018). The principle is to successfully launch a business idea in marketplace in an effective and efficient manner with minimum use of resources.

Business Idea Forum: Another source through which business idea can be developed is business idea forum. It is an online website where users can discuss, post and discover new and potential ideas. Also, this is a place where entrepreneur can meet potential partners and explore business concepts for commencing a startup.

Mass Media: Television, radio, commercial magazines, journals and newspapers can also be an effective source for generation of a business idea (Kohlbacher, Herstatt and Levsen, 2015). By going through all these, entrepreneurs can gain an insight into the current market situation and then bring an effective solution to the problems of consumers in terms of product, service or process in marketplace.

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P2. Rationale and Market Gap for Entrepreneurial Idea using Relevant Tools & Techniques

The business idea that is proposed by entrepreneur is about launch of a new hotel. This entity would provide the guests an option of possible customisation. This reflects that the customers who book the hotel room atleast one month prior to the actual date when the accommodation will take place, would be eligible to get the option of bringing modifications in relation to their stay at hotel. These modifications would only include those aspects where hotel can possibly bring changes. Such areas are modifications in relation to rooms like linen, scenic beauty, bedding, flooring or any other possible change and in relation to services like entertainment, gym, club, bar or fun activities within hotel premises. It is important that entrepreneurs take into consideration the market situations so as to successfully tap the advantage of such new and innovative feature in hotel industry. It is also essential for entrepreneur taking up this business idea to assume all the risks that are associated with launch of hotel in London. Also, it is imperative that entrepreneur gains an insight into the strategies and techniques belong used by competitors so as to bring changes in own procedures and gain a strategic edge in marketplace. Market gap is referred to as the provision of such products or services to customers which are not yet available in marketplace (Grégoire and Shepherd, 2012). The concept of hotel which offers customisation is a new and innovative idea not yet proposed or being used by any of the existing hotel. Market gap is associated with every entrepreneurial idea and is ascertained through the following:-

Technological advancements:- In today's era, changes in relation to technology takes place at a rapid pace. It is essential that entrepreneurs keep an updated knowledge about this while introducing a new venture project. By doing so, market gap can be filled and customer demands can be met effectively. Also, by making the business technologically viable, entrepreneur can aim at sustainability and staying ahead of customers by gaining a strategic edge over competitors.

Identification of opportunities: It is essential that entrepreneur identifies and analyses all the opportunities that are available in hotel industry or marketplace so as to tap the advantage of these and ensure the sustainability and growth of business for long duration of time (Tang, Kacmar and Busenitz, 2012). These opportunities can help the entrepreneur in staying ahead of rivals and meeting the goals and objectives of business in relation to demand and generation of revenues as well as profitability in a timely manner. These aspects can largely help the entrepreneur in successfully executing the business idea of hotel in London while making use of least money and resources.

P3. Gap Analysis in the Evaluation of Entrepreneurial Idea

Gap analysis is generally conducted by business persons when they are introducing a new  business idea or concept in marketplace. This helps them in ascertaining whether the current performance of business entity is in accordance with the desired future performance. In relation to launch of hotel, there are various aspects in relation to market scenario which needs to be considered by entrepreneur. These are explained below:-

Technology: Entrepreneur should be technically sound or hire employees who are aware of technology used in market. Automatic technology should be used for check-in and check- out to increase efficiencies. For this mobile check-in and check-out should be implemented, app should be used to open and close door (Suddaby, Bruton and Si, 2015). Robots can be implemented for cleaning rooms and providing guests better experience. Various technology are present in market which can be used in the hotel that is going to be launched in London.

Competitors: Wide range of hotels are present in London as it is the capital of UK. This city largely supports new and innovative businesses and offer lucrative features to attract guests. Entrepreneur analyses the techniques used by other hotels and implement the techniques in accordance with the industry and rivals so that they can get a strong customer base and ensure viability in market for a longer time. Business strategies are to be developed in such a way that they can attract large number of persons and stay in market for long. Also, they should be up-to-dated with technology that they are using.

Quality: Services offered by any entrepreneur are foremost factors which will depict quality of individual's business. Quality is an important quotient for hotel as if quality is not good, it would reflect that customers will not be willing to come again and it will lead loss of business and corporate image in market. Everyone is treated nicely by staff, customer services are provided at all times, technology are some of basic amenities which entrepreneur should provide.

P4. Interpretation of Data to Provide Evidence of Market Potential

Here, entrepreneur collects data related to launch of hotel from various sources. This data can be used by entrepreneur to assess when would it be feasible to launch hotel in London so as to gain maximum attention from customers and generate high revenues with a view to sustain in market for a long run (Barazandeh and et. al., 2015). The major sources for collection of information are primary and secondary. While primary resources consists of surveys and questionnaires to gather data, secondary sources are inclusive of books, online sites, journals, articles etc.

  • The hotel launched by entrepreneur has an option of possible customisation on prior booking which helps in gaining acceptance from public in marketplace. It builds customer loyalty as the organisation runs in a way that best suit the needs and demands of customers.
  • The major emphasis of this hotel is upon meeting the preferences and requirements of customers in relation to rooms, linen, surroundings, scenic beauty. This helps in gaining attention of a large number of people.
  • As London is the capital of UK and has a high standard of living which supports innovation and small businesses, there are high chances of new businesses entering the market. This may pose a threat to hotel and thus, it needs to provide high quality services to people at all times in terms of infrastructure, room service, housekeeping, front office, food and beverages and entertainment.
  • Entrepreneur possesses a healthy relationship with the suppliers or service providers in relation to hotel which assists in ensuring that customers get a wonderful experience during their stay and have access to quality standard of living.

In today's competitive world, it is significant that entrepreneur takes into account all such possibilities wherein customers can switch to alternative hotels for getting services. They are required to function in a manner that best suit the needs and demands of people so as to retain them for a longer duration (Barazandeh and et. al., 2015).

P5. SWOT Analysis to assess the Entrepreneurial Idea

It is important for entrepreneurs to ascertain whether the idea proposed by them for starting a venture project is feasible or not. For conducting this research, SWOT Analysis can be used. This is a powerful tool for analysing the probable strengths and opportunities to successfully launch the project along with carefully assessing the weaknesses and threats to be overcome so as to ensure that there are no glitches while establishing the startup business. Launching a hotel in London which offers the option of possible customisation to customers is an innovative idea. Thus, conducting SWOT analysis of this entrepreneurial idea holds significance as this would reflect that business looks out for the positive and negative aspects in relation to the startup so as to ensure its successful launch (Autio and et. al., 2018). The SWOT analysis of prescribed idea is as follows:-

Strengths: The core strength of every business helps in successful launch of business idea in marketplace. In relation to the idea of hotel offering possible customisation option, the main strength lies in the fact that no hotel organisation till now offers the option of bringing modifications in way and style of living proposed by hotel management for guests (Welter and Alvarez, 2015). This feature ensures that by way of prior booking, customers can get the chance of booking a room which best suits their needs and preferences and gives them a standard of living as per their own accord. The best thing about such hotel is that this style of providing accommodation services is totally new and innovative and specifically made to meet demands of guests. Also, the strength of this business idea lies in clean and proper maintenance of rooms along with an efficient and well mannered staff that provides a luxury standard of living to guests with all time. Furthermore, London has always been known for business excellence and bringing innovation. Launching a hotel in such a technologically viable place would benefit the startup and its long term growth.

Weaknesses: In relation to any business idea or concept, the major task of an entrepreneur is to assess all the probable shortcomings in the venture project so as to rectify them and launch the startup successfully. The place selected by entrepreneur for launch of hotel is London. Although the city offers best infrastructure in terms of water supply, communication, international travel and electricity yet it has some limitations.Being the capital of UK, the prices of every expense is quite high along with the soaring property prices and one of the most expensive transportation system of world (London living standards the best in the UK, 2018). Thus, entrepreneur needs to assess these and launch the project keeping in consideration all these aspects.

Opportunities: Exploring the future scope of business idea assists entrepreneur in identification of any business opportunity that may arise within due course of operations of venture. In relation to launch of hotel in London which offers option of possible customisation in case of prior bookings, it is imperative that entrepreneur keeps analysing and researching upon market so as to identify any business plan that may aid the concept proposed by him. This helps in tapping the advantage of such concept and taking the business to higher scale.

Threats: These are the probable challenges that can be faced by entrepreneur while launching the hotel in London. The possible threats for the launch of this business idea can be decrease in pricing of competitive businesses, high operating cost, coming up of new and innovative hotels in London with high tech services and features or high rental prices.

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P6. Evaluation of Competitive and Market Environment to Assess Potential Viabilities

To successfully launch the business idea, entrepreneurs need to carry out an analysis of market and industry environment so as to gain knowledge of the latest trends and techniques being used by competitors. The activities in relation to execution and functioning of business idea should be in such a way that it ensures to get maximum acceptance and satisfaction from people.

Competitive Market: It is important to carry out a research of market and to ascertain all the external aspects of business. Doing so would help the entrepreneur in gaining edge over competitors and sustaining and growing in marketplace for a long duration of time (Fuentes and et. al., 2010). Evaluation of strategies and techniques adopted by rival hotels would assist in gaining knowledge of the latest tools and methods being functional in hotel industry. The hotel can thus bring improvisations in its features and services and grow in market.

  • Substitutes- Entrepreneur need to keep an updated knowledge of the services being provided by rivals along with the price at which they are being offered to public.
  • Target audience- Before launching the hotel in London, entrepreneur decides the target audience for which the facilities are being launched. This involves an approximate measure of the demand which will be created by customers in relation to rooms and other hotel services.

Market Environment: In relation to business, there are two major market environments that influence the launch and functioning of a business idea. These are:-

  • Macro environment- These are the external factor that influence the functioning and launch of a feasible business idea in marketplace (Audretsch, 2012). Such factors are political, environmental, legal, social, technological and economic factors that impact the overall running of hotel.
  • Micro environment- These are the internal factors of business that impact running and functioning of hotel business. These basically include aspects such as hotel staff, culture, values, practices, organisational culture etc. which can encourage the business to function in market for a long period of time.

Conclusion

From the above report, it can be concluded that in modern world, entrepreneurs have a number of opportunities that can be grabbed by them to develop a business idea and then, commence a business venture around it. Also, it has been analysed that it is essential for business persons to assess all the external environmental factors to ensure the successful launch of venture project. Along with this, it can be observed by using SWOT analysis that there are various positive and negative aspects in relation to launch of a business idea.

References

  • Audretsch, D., 2012. Entrepreneurship research. Management Decision. 50(5). pp.755-764.
  • Dimov, D., 2011. Grappling with the unbearable elusiveness of entrepreneurial opportunities. Entrepreneurship Theory and Practice. 35(1). pp.57-81.
  • Fuentes, M. D. M. F. and et. al., 2010. Prior knowledge and social networks in the exploitation of entrepreneurial opportunities. International Entrepreneurship and Management Journal. 6(4). pp.481-501.
  • Grégoire, D. A. and Shepherd, D. A., 2012. Technology-market combinations and the identification of entrepreneurial opportunities: An investigation of the opportunity-individual nexus. Academy of Management Journal. 55(4). pp.753-785.
  • Kohlbacher, F., Herstatt, C. and Levsen, N., 2015. Golden opportunities for silver innovation: how demographic changes give rise to entrepreneurial opportunities to meet the needs of older people. Technovation. 39. pp.73-82.
  • Siegel, D. S. and Renko, M., 2012. The role of market and technological knowledge in recognizing entrepreneurial opportunities. Management Decision. 50(5). pp.797-816.
  • Suddaby, R., Bruton, G. D. and Si, S. X., 2015. Entrepreneurship through a qualitative lens: Insights on the construction and/or discovery of entrepreneurial opportunity. Journal of Business venturing. 30(1). pp.1-10.
  • Tang, J., Kacmar, K. M. M. and Busenitz, L., 2012. Entrepreneurial alertness in the pursuit of new opportunities. Journal of Business Venturing. 27(1). pp.77-94.
  • Welter, C. and Alvarez, S., 2015. The state of opportunities: clarifying the transitions between opportunity types. Management Decision. 53(7). pp.1398-1411.
  • Autio and et. al., 2018. Digital affordances, spatial affordances, and the genesis of entrepreneurial ecosystems. Strategic Entrepreneurship Journal. 12(1). pp.72-95.
  • Barazandeh and et. al., 2015. Investigating the effect of entrepreneurial competencies on business performance among early stage entrepreneurs Global Entrepreneurship Monitor (GEM 2010 survey data). Journal of Global Entrepreneurship Research. 5(1). p.18.
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