Entrepreneurship and Business Development

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.