Level 5: Unit 27 Identifying Entrepreneurial Opportunities Case Study

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Task A: Research Report Writing

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Introduction : Role of Entrepreneurs in Business Development

Entrepreneurship is the procedure of developing, creating as well as handling of new business start-up that aims to offer revenue and create value in the market. An entrepreneur is a person that takes upon financial risk to grow and start a business using creative strategies and ideas to gain competitive advantage. Entrepreneurship is extremely risky but this also provides high rewards and also serves in economic growth, wealth as well as innovation.

An entrepreneur is a person that plays a vital role in generating revenue as they grow. They recognize commercial needs within the community and take a vital role in serving the society (Eller et al, 2020). There are many factors that affect the business which includes market demand, economic conditions, technological advancements, infrastructure, natural resources and geographical locations. Entrepreneur skills and capabilities include factors such as business management, leadership, creative thinking, time management as well as problem solving skills. These skills are vital for encouraging innovation, competitiveness as well as business growth and development. Business management skills are the major characteristics of entrepreneur to run the business efficiently and to meet the goals.

The report will discuss about Business development consultancy firm which is based in London. The company major aim is to support small and medium size firms and provide them innovative ideas and opportunities to stay updated with market trends. The report will evaluate major role of entrepreneur in running a business using primary as well as secondary data sources. The report will highlight analysis and evaluation of entrepreneur capacity to gain opportunities within the business ideas and analyze various internal and external factors impacting the business.

Main Body- Analysis And Evaluation

Entrepreneurs must effectively translate opportunities into viable business ideas by leveraging innovation, market research, and risk management. Understanding the difference between product/service ideas and business concepts is vital for market success. Using tools like STEEP analysis helps navigate external factors, while adopting a hybrid social enterprise model ensures financial sustainability and social impact, enhancing adaptability in dynamic markets.

Entrepreneur’s Skill to Shape Ideas

Business opportunity signifies the better chance of favorable situation for running the business. Identify an opportunity results from the expertise as well as knowledge of entrepreneur. It is essential to recognize as well as select the corner stone of business. on the other hand, opportunities that are identifies must be analyzed as well as screened by the entrepreneur (Secundo et al, 2021). The initial step is to identify business opportunity as well as generate new thoughts. Innovation is the major element that shapes entrepreneur techniques and determines their achievements. Entrepreneur by understanding the significance of innovation can take the advantage of market trends and generate more profits. This allows them to think out of the box and generate ideas to take next step to run efficiently. Efficient entrepreneurs make use of market research to stay updated with market trends, make informed decisions as well as also gain the competitive advantage that enhance their brand reputation. While starting or expanding the business, research plays a crucial role in understanding the target customers as well as raise profits for the firm in long term.

Companies encounter a range of challenges and issues that includes market fluctuation, operational issues. Entrepreneur must have problem solving skill that allows them to recognize these issues and analyze the efficient solutions by developing effective strategies to handle them successfully. Problem solving is the procedure of using creative and innovative solutions that bridge the gap between various businesses, social and technologies issue faced by the small and medium size companies. Risk management assists entrepreneur recognize as well as handle the risks facing the business (Dabi? et al, 2023). This helps in raise the likelihood of efficiently accomplishing business objectives. A risk management procedure includes identification of risk surround the business activities and actions. Risk taking is crucial for driving creativity as well as foster firms growth. Entrepreneur willing to take business risk pursue new concepts, face traditional thoughts as well as disrupt market changes.

Difference: Product/Service Ideas vs Business Idea

The journey of product or service idea is a commercial product that needs major financial input. Companies before investing within product development should analyze original ideas by enough potential for the accomplishment of products. Efficient innovation tasks assist the firm to generate enhanced and new product or services ideas. A better product idea is innovative, easy to understand and easy to implement. Businesses by continuously growing innovative activities can ensure to remain product competitive (Wu et al, 2021). On the other hand, business idea refers to the concept that is used to gain financial advantage that is centered upon services or products that are offered for revenue. An efficient business idea fulfills the real market requirements, offers a distinct value proposition as well as has potential for profits and scalability. This should be achievable as well as practical with obtainable resources and adapt with market changes.

STEEP Analysis

Social: This factor of external environment takes into consideration lifestyle, demographics, education, religion, age and various other factors. Changes in social factors can have major impact on SME’s strategic plans. Entrepreneurs should carefully analyze and monitor trends within society to accomplish with effective strategies.

Technological: The implementation and advancement of new technologies with industries affects the SME in the way it operates (Maritz et al, 2020). Entrepreneur should measure and evaluate the impact of technological changes affecting their product development strategies.

Economical: These factors include unemployment, inflation, economic growth, exchange rate, labor supply, wages, policies and laws, commodity and various other factors. SME that analyze these factors can predict customer spending as well as evaluate their marketing strategies to enhance their performance (Black, 2021). This also have effect investment performance, interest rates and inflation that extends to job market. A raise in the price of imports aware companies to focus on producing products domestically that can enhance the workforce demands and impact employment.

Environmental: This factor changes continuously in the manner that is not in control of firm. As customer are now very aware of planet and sustainability (Clausen, 2020). Customers are expecting from the firm to use sustainable and eco-friendly products. The companies should pay attention to these changes and implement new sustainable practices within its business operations.

Political: This factor includes political conditions and government activities that have major impact on business and its operations. These factors include political stability, taxation, employment laws, fiscal policies and many others. These factors can create a huge barrier for small and medium size companies to grow in the market. They need to analyze political factors and implement these factors within their business operations.

Social Enterprise Model

Hybrid business model

This model provides various benefits for social enterprise that allow them to follow its social targets without compromising on their financial performance. This can also facilitate them to serve various segments of clients as well as customize their value proposition. This business model can assist enterprises to reduce risks as well as uncertainties. This also increases their adaptability and resilience by leveraging various sources of profits (Ghezzi, 2020). Within hybrid model firms can use profit model to generate revenue from selling goods or services. They are also use non-profit model to gain donations and grants for their social initiatives. This model signifies strategic approach where the firm combines components of various business models to accomplish objectives and goals. The key is to influence the pursuit of financial stability with the accountability to handle environmental and social issues.

Analysis of Research for New Business Ideas

Market research is the procedure of analyzing the prospectus if new business idea. Entrepreneurs by gathering the information from the target customers can predict their business idea to be successful. Market research offer valuable information and data that entrepreneurs can use to make informed decisions. Market research generally includes of two types that is primary and secondary (Hisrich and Soltanifar, 2021). These two methods can allow entrepreneurs to offer new business idea or expand products or services in new markets to gain competitive advantages. Market research helps companies to make critical decisions, recognize new opportunities, recognize competitors as well as enhance their public offering of products or services. The major objective is to enhance market reputation, enhance product performance as well as gauge customer reaction to new market growth.

Primary: This is the method for analyzing the viability of the products and services on the basis of information collected from potential customers. This research can be conducted on the basis of dependency upon previous worked research. Entrepreneurs use interviews to get large amount of information from the participants by asking questions to get more clarity. On the other hand, this can be very costly and not so feasible for small companies (Doanh et al, 2021). Surveys are the most common type of primary research that allows entrepreneurs to conduct it using free survey tool online which is very cost effective to gain data from larger population. Companies using focus group to gather primary data can assist in gather data from target demographics. This helps the business to collect information on the likes and dislikes of customers regarding their products or services.

Secondary: This market research includes searching firm websites and industry regulations to find data on annual reports, market size, sector participation and investor presentation. The companies also use governmental data as it covers various topics that can be helpful for the companies to start its business ideas or expand their products in global markets. On the critical note, secondary data sometimes provide false information that can put the company is trouble for the long period of time. Gather secondary data often needs searching for relevant as well as reliable sources that includes larger amount of information. This data can be helpful for the firms in better understanding of marketing plan.

Evaluation of the Impact of Digital Technologies on Entrepreneurship and the Role of Innovation

Innovation and digital technologies have a major impact on entrepreneurship. Small businesses are now accessing new tools and technologies to grow the business operation with maintaining market trends. The growth of digital technology as well as the internet has majorly changes entrepreneurship. This has helped in enhancing their efficiency and productivity by offering them access to a wealth of earlier unapproachable tools, data as well as resources. This has also enhanced the accessibility for collaboration and communication allowing entrepreneur to interact in globe. New business models and markets have made possible for companies to adapt new tools. Social media has evolved the vital tool for company development and success in the present digital era that includes marketing and brand building customer engagement.

Social media platforms allow business owners a cost efficient solution to market their products and services and connect with local communities. E-commerce offers companies to implement new methods to expand and launch their business with the data analytics and personalized marketing strategies (Secundo et al, 2021). The way businesses run as well as expand their idea has revolutionized by cloud computing. Companies with the help of cloud computing can efficiently and easily create and innovate new products and services to gain competitive advantages. Entrepreneurs can also use data analytics to analyze new market chances, make informed decisions, enhance customer engagement, enlarge operational effectiveness and gain competitive edge. The rise of artificial intelligence helps to examine large amount of data. Businesses can spot market trends and patterns within the data using Artificial intelligence powered analytic solutions that allow them to make informed decisions.

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Conclusion And Recommendations

In conclusion, entrepreneur plays huge role in generating revenue by fulfilling needs of society, government and community. Market research and development will help the small and medium size enterprise to expand its business idea in the market. This will allow companies to gain competitive advantages by staying updated with market trends and new digital technologies.

Peter Drucker proposed seven source of systematic innovation to offer a change within an enterprise social and economic potential. Innovation must start with the analysis of opportunities in the organized manner.

• Unexpected uncertainties: the company should understand the reason for uncertain failure or success of the product or services that will help the company create innovation within its products.
• Incongruities: this is the variation between things planned and actual result that scope for innovation.
• Process Change: Id a procedure is insufficient or suffers from the major gap there is a need for scope for innovation.
• Market and industry structure: There is a rise of fastest growing segment offers the scope of innovation.
• Demographic changes: This results in the new needs and lifestyle that needs for new products and services innovation.
• Change within perception: the business owners by changing the perception of individuals, new requirements can be offered.
• New Knowledge: This source of innovation involves the conceptualizing of new thoughts that change within whole market.

References

Books and Journals

• Clausen, T.H., 2020. Entrepreneurial thinking and action in opportunity development: A conceptual process model. International Small Business Journal, 38(1), pp.21-40.
• Dabi?, M., Vla?i?, B., Kiessling, T., Caputo, A. and Pellegrini, M., 2023. Serial entrepreneurs: A review of literature and guidance for future research. Journal of Small Business Management, 61(3), pp.1107-1142.
• Doanh, D.C., Thang, H.N., Nga, N.T.V., Van, P.T. and Hoa, P.T., 2021. Entrepreneurial behaviour: the effects of the fear and anxiety of Covid-19 and business opportunity recognition. Entrepreneurial Business and Economics Review, 9(3), pp.7-23.
• Eller, F.J., Gielnik, M.M., Wimmer, H., Thölke, C., Holzapfel, S., Tegtmeier, S. and Halberstadt, J., 2020. Identifying business opportunities for sustainable development: Longitudinal and experimental evidence contributing to the field of sustainable entrepreneurship. Business Strategy and the Environment, 29(3), pp.1387-1403.
• Ghezzi, A., 2020. How Entrepreneurs make sense of Lean Startup Approaches: Business Models as cognitive lenses to generate fast and frugal Heuristics. Technological Forecasting and Social Change, 161, p.120324.
• Hisrich, R.D. and Soltanifar, M., 2021. Unleashing the creativity of entrepreneurs with digital technologies. Digital Entrepreneurship: Impact on Business and Society, pp.23-49.
• Maritz, A., Perenyi, A., De Waal, G. and Buck, C., 2020. Entrepreneurship as the unsung hero during the current COVID-19 economic crisis: Australian perspectives. Sustainability, 12(11), p.4612.
• Secundo, G., Del Vecchio, P. and Mele, G., 2021. Social media for entrepreneurship: myth or reality? A structured literature review and a future research agenda. International Journal of Entrepreneurial Behavior & Research, 27(1), pp.149-177.
• Secundo, G., Gioconda, M.E.L.E., Del Vecchio, P., Gianluca, E.L.I.A., Margherita, A. and Valentina, N.D.O.U., 2021. Threat or opportunity? A case study of digital-enabled redesign of entrepreneurship education in the COVID-19 emergency. Technological forecasting and social change, 166, p.120565.
• Wu, A., Song, D. and Yang, Y., 2021. Untangling the effects of entrepreneurial opportunity on the performance of peasant entrepreneurship: the moderating roles of entrepreneurial effort and regional poverty level. In Business, Entrepreneurship and Innovation Toward Poverty Reduction (pp. 112-133). Routledge.

Online

• Black, A., 2021. What is STEEP Analysis. Online. Available through. :< https://www.infodesk.com/blog/what-is-steep-analysis-5-factors-to-predict-the-future>

Task B: Entrepreneurial Idea

SoulSculpt is a virtual wellness retreat offering meditation, yoga, healthy cooking, and spa experiences from home. Targeting health-conscious individuals and older adults, it enhances mental well-being and reduces wellness costs. Through market segmentation, Porter’s Five Forces analysis, and service innovation, SoulSculpt aims to differentiate itself in the growing digital wellness market and build a strong brand presence.

Introduction : SoulSculpt: Wellness Market Analysis & Segmentation

In the fast moving world, it has becoming challenging for people for relaxation and self care. With the growth in virtual wellness retreats, individuals can embark upon the cooperative path from the comfort from home. SoulScuplt offers services that are refuge for mind, soul and body (Burns, 2018). SoulSculpt offers mindfulness meditation retreat that is leaded with professional instructors that will guide the people through soothing meditation sessions. The international virtual wellness market will be grow at CAGR of 32 percentage by year 2032.

 They will also focus upon reducing stress, cultivating mindfulness as well as enhance self awareness. SoulSculpt provides customers in daily yoga sessions that enhance strength, flexibility and relation. SoulSculpt also guide people in diving into healthy eating, create nutritious and tasty meals. SoulSculpt also offers cooking classes from the experts that allow individual to maintain healthy lifestyle. The business offers virtual spa option without leaving home. This provides wide range of pampering experience and messages sessions. This virtual experience allows people to connect with natural environment such as nature walks, forest bathing and meditation.

Analysis Of The Different Factors, Including Market Segmentation, Potential Consumers, Demographics

Segmentation

SoulSculpt will do their market segmentation on the basis of demographics factors by focusing on people with common traits having the same interest and requirements.

Age group: The targeted age group are the customers who are more concerned about the wellness and are health conscious under 18-37 category (Mole and Ram, 2017). The business will also target old age people who avoid using transportation.

Targeting

The firm will target customers who are already aware and interested in health and wellness within their everyday life. The business will also target old age people who are generally isolated and prefer virtual services.

Positioning

SoulSculpt will position them by offering online initiatives and workshops that are designed to concentrate on encouraging wellness as well as relaxation of people.

Benefits Of Services Offered By Soulsculpt

Enhance access to wellness: Rather than replacing in-centre appointments, virtual care offers extra services to customers to connect with trained professionals.

Better wellness for daily life: SoulSculpt accommodates everything from unique meditation to hectic routines (Ridley-Duff and Bull, 2011).

Improve mental health: the company offers mediation, yoga, virtual spa and many more services that help people to improve their mental health conditions.

Reduce cost of wellness: virtual wellness benefit overall by being able to expand its operations in market and also reduce the cost of customers by reducing transportation expenses.

Critical evaluation of the influences of environmental and industry factors and competitor analysis

Porter 5 force analysis

Porter 5 force analysis will help SoulSculpt to look at market analysis and competition within the industry.

Competitive rivalry: within SoulSculpt there are many competitors that are offering similar services. The firm to differentiate them should invest in intense promotion campaigns and advertisements to attract large number of customers and gain market share.

Threat of new entrants: new entrants within the market can threaten business sales as well as market share. The barrier to entry is high as this requires huge cost of marketing and research and development. The company needs to maintain its image in the market to gain competitive edge (Feld, 2020).

Bargaining power of suppliers: This includes the ability to influence the quality as well as prices of the goods and services. Bargaining power of supplier is high because of few players in the market which allows company to charge higher prices of goods and services.

Bargaining power of buyers: customers have the ability to drive the price of the products and services. Buyers’ power is high because there are few firms offering the similar services in the market.

Threat of substitutes: SoulSculpt can face major competition from other firms offering similar services. The company needs to invest on innovation and should stay updated with market trends to grow in the market.

Swot analysis

Strengths · Peaceful as well as tranquil atmosphere · Well skilled and experienced staff · Better facilities as well as online presence · Better online booking as well as reservation systems · A range of wellness programs as well as workshops · Invest heavily on marketing and research (Blank and Dorf, 2020) · Better community support and engagement · They will also emphasize on eco-friendly and sustainable practices · Provide online services with natural beauty · Efficient retreat marketing techniques

Weaknesses · Marketing budget is limited because of small business · Restricted accessibility for individuals with disabilities · Dependence upon small staff team · Insufficient facilities for larger group of events · Season fluctuations upon demand · Lower diversity within program offerings

Opportunities · Growing interest of people in virtual wellness centres · Collaboration with local firms for better marketing of products · Expanding target customers with various programs and initiatives · Integration of technologies for virtual retreat experiences · Providing personalized services for niche markets · Collaboration with wellness companies for co-sponsored programs · Growth into global markets · Providing virtual retreat for isolated participants · Government promotes wellness initiatives

Threats · Intense competition from various retreat centres · Changing market trends in wellness practices · Uncertainty in economic and political factors · Legal changes impacting the business operations of retreat centres · Changes in attendance because of external factors · Enhance costs of utilities and maintenance · Negative reviews as well as brand image · Various health and safety concerns from peoples

4. An analysis of technological trends, market gaps, financial feasibility, profitability analysis,

SoulSculpt leverages virtual reality, livestreaming, and chatbots to provide personalized wellness services. It offers expert fitness guidance, customizable plans, and convenient scheduling, enhancing accessibility and customer engagement.

Technological trends

Virtual reality: This can be used by the SoulSculpt to offer more immersive as well as better experience to its customers. This high level of connection can lead to more better interaction with online service.

Livestreaming: The business can use streaming technology that allows customers to watch and share videos in their smartphones and tablets.

Chatbots: The Company can offer personalized services to its customers by adopting advanced chatbots to analyze the customer data to offer customized recommendations and responses (Shepherd and Gruber, 2021). They can address clients by their names by remembering previous interactions and modify their responses.

Mobile applications: The Company can make websites and applications more accessible to individuals with disabilities using their mobile phones. This allows customers to book their appointments online and subscribe through their channel virtually.

Market gaps

Expert services: SoulSculpt allows the customers to get efficient services from fitness experts and professional virtually.

Personalization: SoulSculpt also facilitate personalized services to customers on the basis of their needs and individual gaols.

Maintain schedule: SoulSculpt offers virtual services which facilitate customers to take everyday services virtually without any troubles.

Pan for project timeline, sustainability, communication to the audience (marketing), consumer feedback and review plan.

Project timeline

Stage	Tasks	Time
Planning	Analyze market trends and financial budget. Setting goals and objectives	I month
Resources	Analyzing required resources and create valid control of the project scope along with estimated activities (Mandviwalla and Flanagan, 2021)	2 months
Cost management	Estimated costs and budget and planned project funding. Managing plan by coordinating with stakeholders.	1 month
Marketing	Implementing various marketing and promotional campaigns to attract large number of customers	2 weeks
Implementation of project	Reviewing performance and monitoring daily outcomes using data analytics	Ongoing

Sustainability

Digital first: The Company use this strategy to release content into new media channels to be more data driven.

Optimization: live streamlining codes and functionalities helps to reduce energy consumption as well as enhance performance of the firm (Virtual wellness, 2022).

Work from home facilities: the company allows wellness professional to work from home that saves their expenses upon office spaces.

Marketing mix

product	Meditation virtual wellness retreat, yoga bliss sessions, provide diet plan to maintain healthy lifestyle
Price	SoulSculpt offers various subscription plan and also provide free trial option to people. They offer personalized plan for every customers on the basis of their requirements and demands.
Place	The firm will have strong online presence with well established website and application
Promotion	The firm promote their services on various social media platforms and also concentrate on content marketing to attract large number of customers.
People	SoulSculpt have well trained and expert staffs that handle every individual on the basis of their needs and demands.
Process	The company has smooth flow of operations and focus on maintaining strong customer relationship with customized services (Virtual wellness, 2022).
Physical evidence	SoulSculpt share positive feedbacks from customers on social media platforms to reach testimonials and create social proof.

Customer feedbacks and reviews

• Surveys
• Emails
• Interviews and focus groups
• Social media platforms
• Website analytics

Conclusion

In conclusion, SoulSculpt by investing on research and development can get to know the market trends and innovation. This will help the company to grow its business in a market with more sales. The company by investing in various virtual technologies can engage with customers and provide accessible services.

Recommendations

Mindful nutrition and eating workshops: SoulSculpt can organize workshops on various nutrition workshops to improve the physical health of individuals.

Feedback loop: SoulSculpt should focus on gathering feedbacks from every customers to access level of their satisfaction.

References

• Blank, S. and Dorf, B., 2020. The startup owner's manual: The step-by-step guide for building a great company. John Wiley & Sons.
• Burns, P., 2018. New venture creation: a framework for entrepreneurial start-ups. Bloomsbury Publishing.
• Feld, B., 2020. Startup communities: Building an entrepreneurial ecosystem in your city. John Wiley & Sons.
• Mandviwalla, M. and Flanagan, R., 2021. Small business digital transformation in the context of the pandemic. European Journal of Information Systems, 30(4), pp.359-375.
• Mole, K. and Ram, M., 2017. Perspectives in entrepreneurship: A critical approach. Bloomsbury Publishing.
• Ridley-Duff, R. and Bull, M., 2011. Understanding social enterprise: Theory and practice. London: Sage.
• Shepherd, D.A. and Gruber, M., 2021. The lean startup framework: Closing the academic–practitioner divide. Entrepreneurship Theory and Practice, 45(5), pp.967-998.
• Virtual wellness, 2022. Online. Available through. :<https://www.thebrainyinsights.com/report/virtual-online-fitness-market-13940#:~:text=The%20global%20Virtual%2FOnline%20Fitness,USD%20256.97%20billion%20by%202032.>