Entrepreneurship: Success Factors & Strategies

This assignment delves into the crucial elements that drive successful entrepreneurship. It examines the impact of innovative business ideas, effective management practices, resource allocation, and customer satisfaction on a company's growth. The role of marketing strategies in generating sales and achieving profitability is also discussed, including the concept of break-even analysis as a key financial milestone.

Entrepreneurial Opportunity

Table of Contents
INTRODUCTION...........................................................................................................................1
1. Business Idea...........................................................................................................................1
2.Uniqueness of idea...................................................................................................................1
3. Target market..........................................................................................................................1
4.Value proposition.....................................................................................................................1
5. Customers................................................................................................................................2
6.Reaching the customers............................................................................................................2
7. Customer demand and knowing it...........................................................................................2
8. Meeting customer's requirements............................................................................................3
Entrepreneurial themes:...................................................................................................................3
1. Two entrepreneurial themes....................................................................................................3
2. Origin of Business Idea and strategy to meet it......................................................................4
3. Developing the Business Idea ................................................................................................5
1. Steps of Development.............................................................................................................5
2. Operational plan......................................................................................................................6
3. Resources and staff needed.....................................................................................................6
4. Reason of idea development...................................................................................................6
5. Is market research conducted..................................................................................................6
6. Marketing mix.........................................................................................................................7
7. Competitors analysis...............................................................................................................7
8. Need of Financial plan............................................................................................................7
9. Way of making profits............................................................................................................7
10. Break even point...................................................................................................................7
Conclusion:......................................................................................................................................8
References:.......................................................................................................................................9

INTRODUCTION
1. Business Idea
The business idea we have opted is of Solar Cover Phones. With the passage of time, the
energy crisis is rising. Also, the smartphones drain a lot amount of energy and the battery gets
low on charge very fast (Bae and et.al., 2014). To meet this issue on wider scale, Solar Panel
Cover Phones can be used. Solar energy, being a sustainable source of energy, can be used to
produce electricity. The Solar Cover Phones will never be out of energy or power due to lack of
electricity. Besides this, it can be charged anywhere by just placing under the Sun. The Solar
Panel will convert light into electricity which will charge the phone.
2.Uniqueness of idea
The uniqueness of the idea is that looking at the rise in energy crisis, the Solar Panel
Cover phone will be a huge success as it is convenient to use and don't require special equipment
to get the phone charged. Also, it can be used by anyone, anywhere and no one will run out of
energy. Besides this, the Solar cover phones will store the excess power to be used in night
time(Baum, Frese and Baron, 2014). One can also use the Solar Panel Cover phone even to the
remote areas in a hassle free manner as it doesn't require any special set up of technology to get
the device charged.
3. Target market
With the rising in demands of mobile devices on global level, the Solar Panel cover
phone will be a huge success as this innovative invention will bring the deep change in the
technical market. Although it can be used for every one alike, it will be the prior choice of
adventure enthusiast, outdoor workers, sports persons etc. even it can be used anywhere whether
it is mountain, beach or forests (Bhachu, 2017). The phone can be charged from anywhere. The
youngsters can be the biggest audience as they love gadgets and are the biggest consumer in
mobile phone industry. Besides this, it can prove as an idol choice for people in remote area's
with no regular or proper supply of electricity making it a successful product in mid to high
range mobile phones market.
4.Value proposition
The use of the solar energy is the biggest value proposition of our product. Solar energy
being safe and clean form of power, will not have any negative impact on environment. On the
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other hand it will reduce the power consumption and electricity demand of consumer. Also, it is
economical and convenient form of energy. Also, the feature of storing the power for the future
use will add the perks to this product as it also makes it idol for using at night or in low sunlight
(Drucker, 2014). The people will be attracted towards its ability to charge up anywhere and by
anyone. Also, it will diminish or reduce the need of power banks.
5. Customers
The Solar Panel Cover phones can be used by everyone alike. But the target or the major
customers will be the adventure enthusiast, campers, sports persons, technology lovers and the
people who live at the remote area with low or no electricity supply. The youth is the biggest
target audience which can be turned to be the biggest consumer of these devices. The customer
will be attracted towards the feature of it energy efficiency and never running out of power (Goel
and Saunoris, 2017). The young people, being the largest consumer of the mobile devices, they
will understand the importance of this device and will be deeply attracted towards this device.
Apart from this, the rise in environmental concerns on a global scale has motivated many people
to use environment friendly products. In such case, Solar Panel Cover Phone will be a grand
success among the environment conscience people who want to go green and use a sustainable
source of energy. Solar Panel phones will prove a great success among this group of the
customers.
6.Reaching the customers
The customer approach is the biggest feat for the company to introduce its Solar panel
cover phones. To attract the customers on the wider level we can use various mediums like social
media platforms, print media and electronic broadcasting (Kirzner, 2015). We can produce a TV
commercial to attract the customers. Besides this, the approach of direct marketing can be used
to lure in the customers. We can also use an adventure event like hiking, trekking or arranging a
camp in a remote place i.e. in an extreme outdoor condition with no electricity supply and
provide the participants to use Solar Panel Cover Phone to use. This will influence more people
to purchase our product.
7. Customer demand and knowing it
With the advancement of the technology, the demand of mobile devices with better
battery backup and power efficiency is seek in the market. Many company's have launched
mobile devices with better battery backup but they are also can't meet the customer's demand or
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requirements in complete way (Kuratko, 2016). We will conduct various analysis in regard to our
product and innovation which will help the company to get a better idea about the customer's
requirement. Besides this, online surveys can be held or directly asking the customers about the
problem they face in the current set up will provide us with a brief opinion about the changes or
innovation to be made to meet the customers requirements.
8. Meeting customer's requirements
Our business or innovation will be making an attempt to meet the demand or
requirements of the customer's in a better way by providing the customers with a good power
option. The Solar Panel Cover phone will reduce the users tension to charge his phone in an
outdoor conditions (Lim, W.M., 2017). The use of solar energy to meet the requirement of the
customers is an implication that this innovation will be a grand success. The device will have a
consistent power supply which makes it idol to use even in the adverse or outdoor conditions by
the customers. Also, it will be using a clean, economic and safe source of energy.
Financial performance
Data Interpretation:- as we analysed above the data. We have some data to find out the best
solution of this problem. The financial performance of this company provide the sales forecast
about to the package of the months. We have analyse in first average package for 3 months 'er of
cust' is 30 and the average price of the all is 500 and the total revenure is 15000. as it is in
second average package for 6 month,s we have 'er of cust' is 42 and the avarage price of them is
675 and the total revenue is 28350 that's it. Further we have the data of avarage package for 12
months , 'er of cust' is 50 and the avarage price is 850 and the total revenue is 42500. and with all
that we have get the overall 3 package revenue is 85850. that we all have analyse the data in the
above index.
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Data interpretation:- in the above index in that we have analyse about to the some content
which is salary structure, quantity , amount/month, total revenue. In the fist column we get the
data is gym trainer in quantity of 2 and amount of that is 1200 and the total revenue of that is
2400. As It is yoga trainer in quantity of 1 and amount is 1000 and total revenue is 1000. further
we get the data of worker in the quantity of 1 and amount of 700 and it's total revenue is 700.
above we have the data of administrator which is 1 and amount of that is 800 and the total
revenue of it is 800. as we calculated all the revenue we get the 4900 of all the total revenue.
Data interpretation:- as we see the above index we know about to the break even analysis. In
the index we get some data which is average selling price is 30. further variable cost is 15 and
contribution is 15. as above total fixed cost ' #REF' and variable cost 40% is 25 and total and
BEP is ' #REF'.
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Data interpretation:- as we have the above index we find in this some analysis which is about
fixed costs of some data. Further we discuss about it. In the first row we get the market research
of the company which given is 2000. moving on next utilities (Electricity/water/telephone) is
2500 and legal help and permits is 4000 and further printing and packaging is '#REF' and
promotion and promotion and advertisement is 10000 and move on the next rent on premises is
30360 and web maintenance costs is '#REF' and salary is 4900.
Entrepreneurial themes:
1. Two entrepreneurial themes
The entrepreneurial team is an idea to identify a problem or issue faced by people,
analyse it and come up with some innovative idea to meet the solution of that problem. Our
company will help the people by providing them with a solution to one of the biggest problems
i.e. energy crisis and low battery backup of mobile phones. To meet this, our company will
project the entrepreneurial theme which will help the company to meet its goals. The
entrepreneurial theme we will follow will be:
 Opportunity Discovery: For the opportunity's discovery theme, our company will first
of all conduct a research process that will help the company to get the idea about the
market opportunities of its product. Besides this, the direct analysis of the market trend
by making a questionnaire or survey to attract the customers to tell the problem they are
facing in using the current mobile devices with low or moderate battery backup so that
the company can perform well in meeting the requirement of the customers (Shepherd,
2015). Besides this, it will give the company's management and technical or Research
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and Development department to come up with an innovative idea to meet the customer's
demand or requirement. This discovery of the market opportunity will help the company
to plan accordingly to meet the customers demand. Also, it will help to determine a gap
or space in the market which the company can utilize to fill with its new innovative ideas
and products. This will not only help the company to develop a better and innovative
product but also it will help the company to gain a better market position, increase its
revenue and profits and develop as a market leader in this technology.
 Opportunity creation: The opportunity creation will help the company to develop a
market for its innovative products so that the customers can use them. It includes the
involvement of R and D department of the enterprise. It is also essential for the company
to develop and come with a strategic plan to meet the customers demand and market
trends that will help the company to initiate more innovative and better ideas and idol
market growth. The products that will not only help the company to be a better enterprise
but also build a good brand image as an innovative company in the market (Storey,
2016). This will also help the company to market their product in a better and effective
way so that they can reach the maximum number of customers and their enterprise gets
more investment and revenues from customers and the stakeholders for better innovation
development.
2. Origin of Business Idea and strategy to meet it
The reason behind getting this business idea is the requirement of an innovation that can
meet the energy requirements of an individual, or a society as a whole, in the efficient way. This
inspired us to develop the opportunity to come with an innovation to meet the energy crisis that
is rising in the world. Also, there were many situations when my mobile was low on power and I
was in desperate need of a charging point but was unable to find one. This motivated me to
develop a device which has a regular supply of power and stores it when needed. Brainstorming
an innovation for it, I was stricken with an idea to develop a solar Panel cover phone which uses
the sunlight as the source of energy, that can be used easily anywhere and by anyone. The solar
energy is a conventional, renewable and clean source of energy which can provide us with
unlimited amount of power to use (Lim, 2017). Also, it is easily available. So I intended to make
the solar Panel Cover phone as simple and easy to use as it can be. The customers can just place
their Solar panel cover phone in sunlight and it will be charged in few minutes depending on the
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intensity of sunlight. Besides this, it will also store the energy produced in excess in the battery
that will be used at night time.
As there is no product or mobile phone in the market that uses the solar energy for the
charging, there is a gap in this segment in the market. This innovation can be a great success in
filling up that gap by influencing the customers with its regular supply of power (Drucker, 2014).
The Solar panel mobile will be a great tool to meet the energy crisis of the customers and along
with it, the innovative approach will attract the technology, sports and the adventure lovers as
they will be mostly outdoor and will require a regular supply of power to run their
functionalities. Thus, this innovation will prove a great help to them. Apart from this, it will be
quite affordable and economic to use the Solar Panel Cover Phones which will attract a larger
number of customers towards this innovation.
3. Developing the Business Idea
1. Steps of Development
The Development of Solar Panel Cover Phones was an innovative product was a very
task intensive process which helped the company to execute its target of coming up with an
innovative product for the customer's. Besides this, it helps the company to get a detailed idea on
how to manage its work and distribute its resources efficiently to achieve the maximum
productivity. This included the following steps or measures:
 Conduction of an extensive market research: A market research was held by the
research team of the company to gain an idea about the present market trends and the
demands of the customers. On a wider scale, they will hold the surveys and analysis that
will help the company to make a strategic plan.
 Purpose deciding: Once the research is been conducted, the company will decide the
purpose of its goals and will determine the steps to follow in order to achieve that goals.
They will also determine the targets for the company (Bae and et.al., 2014).
 Creating a team: once the target goal is been decided, the company will form a core
team that will function to achieve the targeted goals of the company. This team will look
after all the functionalities of the company and perform to develop the innovative product
or service.
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 Documentation: The team will document all the plans and research so that it can be
utilized in the near future for the reference and to better the communication by reducing
the confusion.
 Developing, deployment and customer care: once the documentation is done, the
product is been developed, tested and deployed. The deployment will include the
marketing of the product, launching it in market and getting the customer's feedback over
it (Bhachu, 2017). Also, they will hold a customer care service which will tackle any
query or issue faced by the customer's. This will help the company to gain better
understanding of customer's demand to make the further strategic plans and development
in the products.
2. Operational plan
The operational plan is to first conduct a detail research which will guide the company to
develop the effective market and product strategy by conducting research, developing a core
team and working on the product. Also, it will include the effective launching of the product and
handling the customers demands.
3. Resources and staff needed
The company will need an effective staff that will help the company to develop its
innovation in a very effective way. The resources will include all the necessary raw material,
infrastructure with machinery and essential investments that is required to run a company.
Besides this, the staff will include managers, developers, R and D workers and other employees
who will look after the work process of the company (Drucker, 2014).
4. Reason of idea development
The reason we have chosen this strategy to develop the innovation and working at the
firm is because it includes the direct communication with the customers which will give the
company a better perspective to develop its product. Besides this, it will help the company to
develop the Solar Panel Cover Phones in an effective and cost efficient way.
5. Is market research conducted
Yes, the market research is conducted to have a brief idea about the market trend and the
customers requirements and demands towards the product.
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6. Marketing mix
The marketing mix of the company would be:
 Product: The product will include the innovation of using solar energy for charging the
battery of the mobile phone. This is an innovative product which will attract the
customers.
 Price: the price of the product will be placed as per the market norms as well as after all
the costs & expenditures of manufacturing, developing, packaging and transportation are
met.
 Place: on the initial phase, the product will be launched in the metro cities to get better
responses (Goel and Saunoris, 2017). The company can also plan to launch the product
on the remote places with lack of electricity to attract the customers.
 Promotion: Company can promote its product by giving the live demo to its customers
to attract them.
7. Competitors analysis
The company has planned to launch Solar Panel cover phone it will not have much
competition in the segment & has a market opportunity to be a leader in this segment.
8. Need of Financial plan
Company will need the financial plan as a start up to manage its investments and
expenses. Also, it will help to better allocation of resources.
9. Way of making profits
The innovative approach of the product, better marketing & sales strategy and good
customer satisfaction will lead to good sales of the product which will improve the revenue &
profitability of the company (Lim, 2017).
10. Break even point
Giving a proper discount will give the company after the initial sales of the product will
give the company a break even point where its gross revenue & expenses will be equal.
Conclusion:
From the research we can say that if there is an innovative business idea, it would be a
definite success for an entrepreneur. A better management of firm, resources & marking
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customer satisfaction will give the company an idol growth. Also, coming up with some new
ideas will ensure the success of the firm.
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References:
Books & Journals
Bae, T.J.,and et.al., 2014. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship theory and
practice, 38(2), pp.217-254.
Baum, J.R., Frese, M. and Baron, R.A. eds., 2014. The psychology of entrepreneurship. 89(7).
pp.78.
Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks.
Routledge. 39(8). pp.88.
Drucker, P., 2014. Innovation and entrepreneurship. 50(6). pp. 50-56.
Goel, R.K. and Saunoris, J.W., 2017. DYNAMICS OF KNOWLEDGE SPILLOVERS FROM
PATENTS TO ENTREPRENEURSHIP: EVIDENCE ACROSS
ENTREPRENEURSHIP TYPES. 48(1). pp. 77.
Kirzner, I.M., 2015. Competition and entrepreneurship. 89(7). pp. 78-80.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. 50(6). pp. 98-100.
Lim, W.M., 2017. Exiting supranational unions and the corresponding impact on tourism: Some
insights from a rejoinder to Brexit. Current Issues in Tourism. pp.1-5.
Schaper, M.T.and et.al., 2014. Entrepreneurship and small business. 78(5). pp.89-90.
Shepherd, D.A., 2015. Party On! A call for entrepreneurship research that is more interactive,
activity based, cognitively hot, compassionate, and prosocial. Journal of Business
Venturing. 30(4). pp.489-507.
Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge. 45(7). pp.56-60.
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