Entrepreneurship and Business Development

Entrepreneurship and
Business Development

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
The rationale for launching the business and its vision and mission..........................................3
Review of the industry and market with a clear demonstration of an understanding of the
variables in the external environment including a macro/micro analysis of the market place.. .4
Competitor analysis and highlight the competitive advantage of your product or service.
Explain the reasons why you think your product/service will be successful in this market.......5
Segmentation analysis, providing market statistics (size and growth) to support your selection
of the target segment/s. Who will buy this product/service and why?.......................................5
Marketing strategy, using the 4P’swith the marketing mix analysis..........................................6
Market growth strategy...............................................................................................................7
Resources required for the venture including the source of finance...........................................8
Risk analysis using model and how those risks will be treated..................................................9
CONCLUSION................................................................................................................................9
REFERNCES:................................................................................................................................10
Books and Journals:..................................................................................................................10
APPENDIX:...................................................................................................................................11

INTRODUCTION
In the era of globalisation and modernisation, it is required by the owners to bring change
in existing working. This will lead to market growth and development which will rise the market
standards. Entrepreneurship is a procedure in which ideas are generated which are completely
new and unique, supporting innovation and creating a drastic change in market. Implementation
of product is earning profit along with resolving the existing issues which can support social
growth along with commercialisation (Achakpa and Radović-Marković 2018). In this pursuit,
entrepreneurs tend to launch new product or service which will change the standard of living of
existing individuals. In order to launch a new product, it is required by an entrepreneur to
develop a business plan which will present business ideas in a sheer manner. The problem of
weakened eyesight is a common problem and looking to this, the new product is launched which
has brought a dynamic change in relevant industry. The report includes development of a
technological innovative product which works for reversing the eye defect by simply applying
contact lens. The lens can be applied in eyes by the individuals having weak eyesight and lead
their normal life, while the lens will do its work. The report is a study which includes rationale
for launching the product giving mission and vision, review of industry where it is associated,
market segmentation, competitors and much more.
MAIN BODY
The rationale for launching the business and its vision and mission
The innovative product launched is the smart contact lens that can reverse the weakened
eyesight, along with serving the purpose of contact lens. This technology in the field of eyesight
is a miracle as it is protected from the harm that can be caused by wearing lenses for a longer
duration. Users can wear them for more than 20 hours everyday. Short Sightedness is a common
issue which is prevalent with ever age group and it is very hard to reverse the defect. Low vision
can be due to heredity, genes, age related issues, diabetes and others. If action is not taken and
situation gets on worse, there are chances of cancer in the eye, brain disorder, severe brain pain
and others. Mission and Vision of the smart contact lenses can be seen as:
The mission of the organisation launching smart contact lenses is to reduce the problem
and serve innovative measures for the same (Azizi and Mahmoudi 2019). The vision of the

organisation launching smart contact lenses is to detect the problem in the initial stage and
reversing it in an ordinary but innovative manner.
Steps and measures taken work for reducing the defect and providing sustainability so that
serious diseases can be prevented. The smart contact lens will result in rectifying the great social
issue which is lingering in the economy since ages.
Review of the industry and market with a clear demonstration of an understanding of the
variables in the external environment including a macro/micro analysis of the market
place.
The smart lens belongs to health industry which will reduce the eyesight defect in an
effective and efficient manner. Health Industry of an economy is bound to bring innovation and
newness because of high range of disastrous diseases in environment. In UK, the health industry
is focused majorly by the government body. In this efforts are made in order to provide tax
concessions and subsidies so that operations can be executed in a proper manner. The budget of
UK government lays extra focus by framing policies and funding the industry. In terms of
understanding the external factors of micro and macro analysis (Davidsson 2016), it generates a
need of PESTLE analysis. To determine internal factors SWOT is perform, whereas to determine
the external factors of the operational environment a detailed PESTLE is performed.
PESTLE ANALYSIS
Political Factors: The product is problem solving product and governing body of any economy
will obviously be supporting such products. The government itself is focused on reducing
diseases and in this manner they will support by framing easy and friendly laws for their
execution.
Economic Factors: The government will be supporting the new product and for this cause they
will be providing tax concessions, subsidies and rebates which will ease the process. This will
make entrepreneurs come up with new and innovative ideas which will develop the economy.
Social Factors: The acceptance of consumers is significant for working of product and catering
high demand. For this people are required to be made aware of the issues and their effects, along
with showing the measures through which they can be resolved.
Technological Factors: As it is another technological advancement in field of health industry,
there is a high need of working with technological advancements and improving them in order to
be more demanded by market (Henrekson and Sanandaji 2020).