Entrepreneurship and Business Development

This report discusses the concept of entrepreneurship and the importance of bringing new ideas into reality. It includes a detailed environmental analysis, competitor's analysis, market review, and segmentation analysis. The report also covers marketing strategy, market growth strategy, resources requirement, and risk analysis.

ENTREPRENEURSHIP
AND BUSINESS
DEVELOPMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Rationale for the launching of businesses....................................................................................3
Industry and market review.........................................................................................................4
Competitor's analysis...................................................................................................................5
Segmentation analysis..................................................................................................................6
Marketing strategy.......................................................................................................................7
Market growth strategy................................................................................................................9
Resources requirement in venture..............................................................................................10
Risk analysis and mitigation......................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES................................................................................................................................1
APPENDIX 1...................................................................................................................................2
APPENDIX 2...................................................................................................................................4

INTRODUCTION
Entrepreneurship is the base of bringing innovation into reality. As per the concept of
entrepreneurship the new business idea will be formulated into real world. It is one of the
important concept by which world will be introduced with the creative things (Hisrich, Peters
and Shepherd, 2017). This report will discuss the concept of bringing new idea into reality along
with the importance of that product or idea in the real life. A detailed environmental analysis
along competitor's and market analysis will also be a part of this report. Lastly this report contain
a risk analysis and mitigation plan.
MAIN BODY
Rationale for the launching of businesses
As the business related with technologically driven televisions is very common. But the
ultra thinnest television that is going to come will be a bundle of extraordinary features. Since it
is a mode of entertainment which is widely used among people. Also, it is that product which
will never be disappeared from the market and in-spite of this it will continuously grow and
develop in the emerging market. The main reason of bringing the ultra thin TV is to save the
space of placing which is one of the biggest problem nowadays in flat-culture of society.
Shortage of space in homes is very common nowadays. In addition, of these people are very
found of the latest technology. So this new TV will meet all such needs because this TV is a
combination of all the smart and advanced features of technology and requires very less space.
This TV will lead the entire market of television. The touch feature of this TV will make it
different from other substitutes in the market.
Vision:
Making the life technologically advanced of each and every user.
Mission:
To bring innovation at the home of each and every individual and becoming the most advanced
company in the field of electronics.

Industry and market review
It is very essential to review the industry and perform the market analysis. An analysis of
the internal environment will allows the entrepreneur to determine its strength and weakness.
This determination through SWOT analysis (refer appendix 1)is very important because it helps
the venture to plan its future strategies regarding the upcoming product. As a new product
regarding the TV is coming so it is very essential for the entrepreneur to know its own
capabilities and loopholes that whether it would be able to achieve its objective or not. As the
upcoming product has capability in the form of unique and advanced features along with
customer customization so it will use that capability in the form of availing future opportunities
as well as accomplishment of its mission (Vlados, 2019).
Likewise, an external or macro environment analysis through the implementation of
PESTLE model (refer appendix 1) will also enable the venture to know that what will be the
external factor and their impacts that may affect its business and its product (Policy, 2018). This
analysis also enables it to know that how the advantage of these factors can be taken and how to
convert those advantage towards the direction of achieving mission. As it is seen that there is
greater demand and attraction of people towards the technology so bringing of technologically
driven product will not only meet that need but at the same time it will also raise the chances of
getting success by the venture. This will also imply that launching of new product or
technologically advanced product will be considered as best way by which industry's need as
well as entrepreneur's vision and mission can be accomplished.
Apart from that while reviewing the market it is also important to consider the level of
market competition and trends. This is because a careful analysis of these trends will provide a
guideline to the venture to introduce a new product in the market. Since a new and upgraded
product is coming in the market so an analysis of the market as well as external and internal
environment will enable the entrepreneur to have knowledge of the trends and market by which
it can successfully launch an upgraded product in the market. Since, it is also to be noted that no
venture can survive without meeting the requirement of external environment or business
environment so a careful analysis of this environment is very important for every entrepreneur
including those who are planning for bringing the new product in the market.

Competitor's analysis
Like analysing the market or internal and external environment is important similarly
analysing the market competition also plays a major role in the business plan. It provides an idea
regarding the intensity of market competition and the knowledge that whether the new product is
able to face this competition or not. Performance of this analysis can be done by:
Porter's five force model:
As per this model there are five forces that can determine market competition and can affect the
firm's strategy or objectives. As per this model:
Competitive rivalry:
This force is concerned with the number or the strength of competitors that could affect
the venture or its product strategies. It is very essential to have a knowledge about this force
because if entrepreneur will not know the actual market condition then it can incur severe
disadvantage in the form of failure of its business plan.
Supplier power:
It includes the analysis of suppliers that how many suppliers are present in the market are
they have power to raise their prices and various others (Bruijl, 2018). Study of this force will
help the venture to determine that whether it would be able to maintain its cost of production or
not. This means that if the number of suppliers will be low then It would very difficult to reduce
the cost of production of TV because of high prices of raw materials by suppliers.
Buyers power:
Analysation of buyer's power will helps the venture to determine its success or chances of
achieving its objective in the form of raising its sales. Buyers power refers to the power of buyer
by which they can shuffle the prices of product. Thus, if the number of buyers of the product are
more than it will act as an advantage for the entrepreneur because they can't influence the prices.
Threat of substitutes:
This force has greater strength over the venture because in the world of electronic there
are large number of suppliers over which the consumer can shift their demand. So in order to
reduce the intensity of this force it is essential for the entrepreneur to be unique and maintain the
high quality of its products.
Threat of new entry:

Since most of the market including electronics are open for new ventures so study of this
force is also very important. Well knowledge about this force will help the company to determine
its future course of action regarding maintenance of price or quality.
Competitive advantage:
As it is known that the level of competition is raising day by day so by making the new
and differentiated product this competition can be won. As the new product of venture is well
furnished with a number of advanced features including touch screen and thin model so would
not be difficult for the entrepreneur to take competitive advantage. The features of the TV and its
extra slim design will itself lead the venture to be competitive advantageous.
This new product will prove to be more successful in the market because it is common
that there are many TV available in the electronic world but this TV with its additional feature of
touch screen raise the chance of its success. Since there is a great craze and attractiveness among
people regarding the new technologically devices, so this TV will meet all those demand of
customers. The main reason of success for this TV will be its extraordinary features that will
help it to be different or win the market competition along with achievement of success.
Segmentation analysis
The strategy of market segmentation is one of the leading strategy that will lead the
venture towards the path of success. For the implementation of this analysis venture can adopt
and implement:
Segmentation, Targeting, Positioning (STP) model:
As per this model venture have to divide the market into segments and then target the specific
segment and lastly determine its market position. As per this model:
Segmentation:
It is the first and foremost step for this analysis. As per this step the whole market will be
divided into different segments. The divagation of market is also depended upon certain
variables including demographic, lifestyle, trends, age, sex, and various other (Hanlon, 2021).
Under this step different small segments has to be made based on these variables. This is
important for the venture because it will give an idea that from which segment they have to
proceed further.
Targeting:

After dividing the market into parts or segments then the next step will cover the
targeting. Under this step the selected segments will be targeted by the entrepreneur (Amira and
Fitriasari, 2021). This includes analysation of the customer's need of that segment and making of
product as such that will meet the need of that segment of the market. This is important step for
venture because if the selected segment will be meet and targeted then this will raise their market
share along with helping it to grab more customers.
Positioning:
Under this step the entrepreneur would be able to determine its position. This step also
enable it knows that what customers think about the venture (Romppanen, 2021). However, for
the determination of venture's position it is important to know and determine the position of the
product of the venture too. To raise the position entrepreneur have to ensure that its product will
be unique and better in comparison of its competitors.
Implementation of this model will help the entrepreneur to make its product most
demanded. This will also help it to raise the sale percentage of the product. Since venture is
planning to bring a new and advanced feature TV so its main focus and targeted market will
include all those customers who are very found of technology or it would not be wrong to said
that it will target the segment and target the market on the basis of age determinant under which
it will focus over young age people. Lastly, after targeting the product it will deliver its product
among them to know its positioning. Since the venture is targeting young segment of customers
who have found of using technologically driven devices so it will automatically raise the chances
of its success and getting high position.
Marketing strategy
No product would be able to come or sold among customers if the entrepreneur will not
follow and implement marketing strategy. So it is very essential for the venture that it should
frame its marketing strategy in such a way that along with meeting the needs of customers it can
also meet its objective in the form of raising sales and profit percentage (refer appendix 2). For
significant implementation of marketing strategy entrepreneur can use:
Marketing mix:

It refers to a set of tools and techniques that is being used by company to promote its product or
service along with raising the brand image in the market (Thabit and Raewf, 2018). For the
execution of marketing mix company may use 4P'S strategy.
4 P'S of marketing mix:
Product:
It refers to the physical product that is being sold by the company in the market. It is not
only limited up-to the type of product that is being sold but it also includes making the product to
be unique and differentiated that customers will attract towards this product only (Ikechi,
Chinenye and Chiyem, 2017). As venture is planning to bring advanced touch screen TV in the
market so it has to be careful and adopt such strategy that its product would be different and
unique in comparison of any other substitute product. Entrepreneur can do this by inculcating
advanced and unique feature in the product that no one can beet it.
Price:
It is one of the crucial element of marketing mix because both the seller and consumer are
very cautious regarding this element. Thus, it is very essential for the entrepreneur to plan its
pricing strategies so that without loosing its customers it can raise the sales proportions. While
determining the prices entrepreneur have to be careful because a small variation in prices may
lead to affect the company in the form of losing the customers or declining the sales ratios.
Place:
It refers to the place where the product can be made accessible. This element is also very
important to be considered because if the product will not be accessible then it will never be able
to sold or come in the accessibility of the customers. Thus, determination of the best place for
selling the product is very important. As the venture is planning to bring the new product so it
can adopt the digital platform as a place for selling the product so that it can cover huge mass
along with widening the area of sale.
Promotion:
Without this element product will not be known among customers. This means that this
element will lead to actual sale of product. Venture may use various modes of promotion
techniques so that it can create awareness among the customers along with raising the sales
percentages. For this entrepreneur may use social media or digital platform whereby it can along
with promotion also able to sale its product too.

Market growth strategy
It refers to a plan or strategy by which venture will able to achieve higher level of market
share in comparison of the current market share. It is one of the important strategy by which
venture will raise its market share along with growing in the target market. For execution of this
strategy entrepreneur may implement Ansoff matrix in its working operation. As per this model:
Ansoff matrix:
It is one of the best tool that guides the firm to raise their market share or achieve market
growth. For the implementation of this model company may have option of 4 choices.
Market penetration:
As per this strategy company can penetrate the existing market with the existing product.
This strategy helps the firm to rule and grab the existing market through its existing products.
Market development:
It refers to that strategy by which firm will enter into new but with the base of existing
product. This means selling of existing products in the new market.
Product development:
It refers to selling of new product in the existing market. It helps the firm to diversify its
product along with capturing the market (Martins, 2020).
Diversification:
It refers to selling of extremely new product in the new market. This strategy will help
the firm to raise the market share through exploring new market with new product.
Choosing of any above strategy will help the venture to plan its growth strategy. As
entrepreneur is planning to bring the new highly advanced TV in the electronic world so it can
adopt and pursue product development strategy. This strategy will lead to growth of the venture
along with capturing and raising its share in the competitive market. Since, in the existing market
there are large number of substitutes so by bringing the new product into the existing market will
help the entrepreneur to become the market leader along with helping it to move forward towards
the achievement of its mission and vision. Along with this strategy venture may also adopt
diversification technique at later stage. But adoption of this technique requires careful
analysation because a small error may direct have impact over the brand image of the venture
which may also result in occurrence of severe loss in terms of loosing customers.

Resources requirement in venture
No venture or business will begin without the presence of adequate resources. So
resources plays an important role in the establishment of business. With concern to this business
human resources, financial resources and various others plays a crucial role in the development
of business.
Resources required in business:
Physical resources:
It includes all those resources which will support the entire functioning of the business. It
includes machinery, warehouses, physical stores, and various other. Without their presence no
company can further proceed towards their production.
Educational resources:
Without the presence of educational resources or knowledge about the industry in which
entrepreneur is planning to enter then no business or the associated product will be succeeded. So
presence of this resource is also an important element for the successful venture (Henderson,
2019).
Human resources:
It is one of the important resource and asset of the company. Without adequate number of
workforce no company can perform its business activity or operations (Morozov and et.al.,
2017). So appointment of adequate workforce will play an important role in the success of the
company or the accomplishment of the company's objective.
Financial resources:
It is also an important resource without it no company can survive or execute its business
plan. Finance is like blood of the company so it is very important to have a careful analysis of the
finance before executing strategies regarding the business plan (Brinckmann and et.al., 2019).
For the current upcoming new featured TV the estimated financial plan would be :
Activity Cost (£)
Research and development 100
Marketing 90

Rent 70
Insurance 50
Human resource 80
Raw material 60
Total 450
Risk analysis and mitigation
No business can be succeeded or pursue towards its vision and objective without the
presence of risk. So occurrence of risk or accordingly analysation of risk plays an important role
in the success of venture or business. For the current venture application of this model will help I
to analyse and mitigate the intensity of risk.
Risk Management Process model:
Source: Risk Management Process Model., 2021
As per this model firstly the risk will be identified. This includes idea of risk type that
what type of risk it is. After identification of the risk, it will be analysed that what is the intensity
of its impact. What will be the frequency of occurrence. After analysing the risk suppose
Illustration 1: Risk model

financial lack. Then appropriate risk mitigation plan will be made under which all the possible
alternative will be studied and analysed by which the current risk will be mitigated. After the
completion of this stage the mitigation plan will be implemented which will further be followed
by risk tracking. Under the last stage the risk will be tracked that whether it is mitigated or not or
there are further chances or not. Thus, implementation of this plan in the new venture will not
only help it to analyse the risk but at the same time it will also help it to mitigate the risk so that
it will not impact over the organization.
Since the new venture is planning to bring a new TV in the electronic market so an implication
of this model in its workplace will help it to analyse the risk at early stage. Along with
analysation of risk it will also help the venture to take the mitigation strategies at the right time
so that it will not impact its business and its operation at large.
In addition, of that further risk including high turnover rate, decrease in customer's
attraction and various other are also very common risk that usually occurs in the working
operation of venture. However, a careful analysation of these risk at early stage will help the
company to take the initial mitigation steps that will further help it to face the severe impact of
such risks.
CONCLUSION
From the above report it is understood that before the introduction of any product in the
existing market requires a lot of detailed studies about the trends and market. A careful
analysation of these will only lead the venture towards the direction of success. It is also
understood that along with analysis of the market or the industry its is equally important to have
an analysation of the competitor's too. Using of appropriate marketing strategies also become
very essential part of the successfulness of the venture. Lastly it is also understood that a careful
risk analysation and mitigation strategies also plays an important role in the accomplishment of
vision and mission of venture.

REFERENCES
Books and journals
Amira, H. and Fitriasari, N., 2021. ARE SEGMENTING, TARGETING, AND POSITIONING
NECESSARY FOR STRATEGIC MARKETING?. Jurnal Kedokteran
Brawijaya.31(3).
Brinckmann, and et.al., 2019. Sources of strategic flexibility in new ventures: An analysis of the
role of resource leveraging practices. Strategic Entrepreneurship Journal.13(2). pp.154-
178.
Bruijl, G.H.T., 2018. The relevance of Porter's five forces in today's innovative and changing
business environment. Available at SSRN 3192207.
Hisrich, R.D., Peters, M.P. and Shepherd, D.A., 2017. Entrepreneurship. McGraw-Hill
Education.
Ikechi, A., Chinenye, E.P. and Chiyem, O., 2017. Marketing Mix Concept: Blending the
Variables to Suit the Contemporary Marketers. International Academic Journal of
Management and Marketing.9(1). pp.55-65.
Martins, A.M.A.R.D.L., 2020. Scenarios and Ansoff Matrix(Doctoral dissertation).
Morozov, and et.al., 2017. Formation of human resource management system in organizations.
Policy, P., 2018. What is pestle analysis.
Romppanen, J.M., 2021. Segmentation, Targeting & Positioning (STP).
Thabit, T. and Raewf, M., 2018. The evaluation of marketing mix elements: A case
study. International Journal of Social Sciences & Educational Studies.4(4).
Vlados, C., 2019. On a correlative and evolutionary SWOT analysis. Journal of Strategy and
Management.
Online references
Hanlon, A., 2021. The segmentation, targeting, positioning (STP) marketing model. [Online].
Available through
<https://www.smartinsights.com/digital-marketing-strategy/customer-segmentation-
targeting/segmentation-targeting-and-positioning/>
Henderson, K., 2019. 5 Resources You Need to Succeed to Start a Business. [Online]. Available
through <https://smallbusiness.chron.com/5-resources-need-succeed-start-business-
23.html>
Risk Management Process Model., 2021. [Online]. Available through
<https://acqnotes.com/acqnote/tasks/risk-management-process-model>
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APPENDIX 1
Environmental analysis
Micro analysis:
It refers to the analysis of the internal environment or management of the company or
industry. It is very essential to analyse the internal environment because it enables details
regarding the actual capabilities of the company along with its loopholes. It can be performed by:
SWOT analysis:
It the analysation of strength and weakness of the company by which it can grab future
opportunities or minimize the intensity of future possible threats. According to this analysis:
Strength:
It refers to capabilities or strength that make the company different from other or it
competitive advantage. Medium price range, most demanded and high choice mode of media,
favourite mode of electronic media with a coverage over large mass, presence of unique touch
feature, extra slim body, are some strength that is possessed in upcoming TV.
Weakness:
It includes all those loopholes that may affect the company or its business. Meeting
ethical consideration as number of entertainment programmes that is being shown over TV may
either lead to violation of ethical code of conduct. Less penetration towards low income group,
increased cost of production are all those elements that are covered under the weakness of the
TV sector.
Opportunities:
It refers to those opportunities that will arise in the near future that may benefit the
industry. High influence and attraction towards the latest technology, increasing trends of
technologically driven products, demand of high innovation, high demand towards entertainment
world, changing technology are all those opportunities that can be grabbed by the upcoming TV.
Threat:
It includes all those elements that may harm the company's image or the industry at large.
Raising competition, continuously changing technological environment, raising prices of
machinery are all those threats that may affect or act as a hindrance in the path of success of
company.
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Macro analysis:
It refers to the analysis of the external environment of the company. Under this all the
external forces and their possible impacts can be studied. It can be performed by:
PESTLE analysis:
Under this analysis all the macro factors including political, social, technological and
various other are studies. As per this model:
Political:
It includes all those factor that are concerned with political situation of the country. It
includes all the rules and regulations along with influence of political parties and political
situation of the country. Any changes in these factor may direct puts an adverse impact over the
company. So, while bringing new products it is very essential to analyse this factor because a
careful analysis of these factor will enable the company to determine the sales strategy along
with business operation strategy.
Economic:
This factor is concerned with all the economic policies or economic condition of the
country. As per this factor changes in interest rate, economic policies, employment rate and
various others are being analysed. Similarly, all those events including Brexit, Covid and any
other that may affect this environment are also to be included and analysed under this factor.
This is important to study because any small change in this factor say raising the rate of interest
will direct have impact over the company. This means in this case it is difficult for the company
to arrange the funds which is the base of the company. So analysation of this factor is an
important part of business plan.
Social:
It is concerned with all those social changes in the form of changing trends among people
or changing taste and preferences. This is also very important to be studied because if it will not
be analysed then it will lead to losing the customers and their interest. So it is very essential that
the business plan should be made with full consideration towards the customers.
Technological:
It includes every single change that is concerned with up-gradation of technology or
introduction of new technology. It is also very important to be studied because as per the
business plan a new technologically advanced TV is coming so it is very essential that it will
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meet every single need concerned with this environment. It will be an inculcation of all the
emerging trends of technological change.
Legal:
No company will be able to work without the following of legal framework of the
country. This means it is very important to analyse this factor because it is concerned with all the
laws and regulations that are being different for different country.
Environment:
Along with rising environment it is again make important every company should consider
these factor that their product will not affect the environment. This factor will work in positive
direction for upcoming TV because while manufacturing TV all specific measures are being
taken care regarding the environment or the environmental safeguarding in the form of
inculcation of the concept of sustainability.
APPENDIX 2
Analysation:
It refers to analysing the elements of marketing mix and its various strategies. It is very
important for the company to determine the appropriate marketing strategy so that it can execute
its business plan through the actual selling of product. As the company is having a plan to use
minimize price structure along with using of digital platform for sale so it can easily move
towards the achievement of its objective and mission of raising sales. In addition, of that
company is also having a plan to use social media for promoting its product which will again
help it to raise and create awareness among huge mass. Likewise, along with advantage of
possessing uniqueness in its product it easily captures the market and raise the customer's share
as well. Thus market analysis will help it to take competitive advantage along with benefiting the
business as a whole.
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