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Identifying Entrepreneurial Opportunities

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 ma

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