Entrepreneurship and Business Development

This study material provides insights into entrepreneurship and business development. It covers the rationale for launching a business, market analysis, competitor analysis, and marketing strategies. The content focuses on a new technology-based innovative product in the healthcare industry. Suitable for students studying entrepreneurship and business development.

Entrepreneurship and Business
Development

Table of Contents
Entrepreneurship and Business Development..................................................................................1
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?.......................................6
Marketing strategy, using the 4P’s of marketing:-......................................................................7
Market growth strategy...............................................................................................................8
Resources required for the venture including the source of finance ..........................................9
Risk analysis..............................................................................................................................10
Conclusion......................................................................................................................................11
References......................................................................................................................................11
Books and journal......................................................................................................................11
Appendix........................................................................................................................................12

Introduction
Entrepreneurship refers to the process by which new and innovative ideas which are not
implemented in market before is introduced to market with a specific motive which can be profit
making or any other commercial as well as social purpose. Business development consists of
interrelated ideas, initiative and activities that will help business or commercial organisation in
future growth and sustainability. The main aim of business development is augmenting
revenues, expanding business in various countries and region and reaching more and more
targeted customer. This report will include a new technology based innovative product and a
business plan for launching same product. The product innovated for the launch is a early breast
cancer detector which can easily be stitched in female inner wear. This report will cover rationale
behind launching the product, critical review of the industry to which the product belong,
competition analysis and understanding the unique selling point of the product. This report will
also cover marketing, operations and finance related information and details of the product.
Main body
The rationale for launching the business and its vision and mission
The product innovated for launch in the market is smart detector a chip that can detect cancer,
respiratory diseases and health related diseases timely. This nanotechnology chip can easily be
inserted in cloths as well as in sleepwear. Breast cancer, respiratory diseases and health diseases
are steadily growing with time in women and been very common in the women aged between 40-
45. Cancer is a dangerous chronic disease that can even take a person life if not treated timely
and accurately. The vision behind this product will be to detect cancer at early stage of tumor
development so that doctor can save the patient life from the cancer. The chip which can be used
in the cloth is a micro detector which emits ultrasound waves which can help in performing
Echography and hence detecting dangerous cancer causing cells. The ultra sound waves that is
released by the chip will form echo when come in contact with cancer causing cells and that echo
will be then detected by chip and thus the smart detector can able to detect cancer at early stage.
This chip can also help in detecting other health related issue such as problem in respiratory
system or problem related to heart by the same technique of ultra sound waves (Urbano, Aparicio
and Audretsch, 2019). The main mission of this product is to provide timely help to all those

women who are facing potential risk of developing breast cancer in near future. The product can
also solve a big social problem that have taken many life in recent years.
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 product belong to healthcare industry where it can help in preventing many chronic diseases
timely and efficiently. Healthcare sector of UK is a huge sector and with time there are high
advancement in AI technology which are helping in tackling many diseases. The population of
UK is covered with national health system that monitor health care system of UK and this is
monetized and funded by general taxation and government budget of UK (González and Angulo,
2020). For understanding variable of of external environment for the product micro and macro
analysis should be done which consists of SWOT analysis for micro analysis and PESTLE for
macro economics.
SWOT analysis :
Strength:
1. The product is solving huge problem of
society related to healthcare. As the
chip can help in early detection of
breast cancer as well as other respirator
and health related diseases.
2. The product use advance nano
technology which will also help in
promotion of new nano technologies.
Weaknesses:
1. Nano technologies used in the product
might be inexpensive and thus every
women might not able to afford it on
normal price.
2. To make the chip small and insertable
in women cloths the complex
technology should be used for which
advance knowledge is required. There
might be only few expert available for
completing this project.
Opportunities:
1. With high growth rate in breast cancer,
respiratory diseases and heart related
diseases the product can be very useful
in tackling this problem and thus can
have high demand in healthcare sector.
Threats:
1. As these three diseases are very
increasing with time more and more
entrepreneur will try to copy the idea
and enter this industry which will
increases competition in market.

2. With increase in awareness about these
diseases more people will tend toward
the product and hence there will be
high chance of growth and expansion.
2. The Nano technology used in the
product will require more research and
development to thrive in UK market.
PEST analysis:-
1. Political analysis:- As this product is solving huge health care related disease there are
chances that UK government will support the product and try to increase awareness
among their people which can be a positive impact on the product and organization.
2. Economic analysis:- As government is supporting the idea and idea is innovative and
solving a huge social and health related problem therefore there are chances that
government will provide subsidies and tax holidays to the organization which can also be
counted as positive impact on organization (Fayolle, 2018).
3. Social analysis:- This product might backfire when it comes to social acceptances as only
few people of society is aware of problem and know the need of solution rest society
might protest against product because they might think that the nano technology
advancement is not good and thus cause health related harm.
4. Technological analysis:- The product is nano technology based product and thus very
fewer people are expertise in this field that is why it can be little tricky maintaining the
efficiency of product. Apart from this the product is very innovative and very few people
will be able to match the idea of product.
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
Cancer diseases, heart related diseases and respiratory diseases are rapidly growing among
individuals and government are supporting new efficient and innovative ideas that can early
detect these diseases and protect life of these people (Bansal, Garg and Sharma, 2019). Still
there are very few entrepreneur that are able to invent idea that can help society in coping up
with this issue. Thus for this product there will be very low competition that can really be
counted as potential threat but few of the real competition of this product is mentioned below:-
IcosaMed:- It is a Switzerland based startup started in collaboration with students of Switzerland
in 2019 and it is working in the same market and targeting same issue. The product of this
company is a wearable cloth that have technology which can detect cancer at early stage

(Berglund, Gaddefors and Lindgren, 2016). Though the technology used by the startup is very
similar to the product yet the technology can only be used to detect breast cancer but not disease
related to respiratory system and heart diseases.
Qus Sports :- It is a sports based startup which provides sports wearable that can also monitor
health of individual (Huang and Knight, 2017). The product used by them is also limited and
innovative yet it is not that efficient as sports wearable are more into contact of sweat and thus
there are chances that technology caught defect because of salt water generated by sweat and thus
might cause harm to individual.
Unique selling point of the product that will help the product to stand out and will make
the product successful in market.
 The product is addressing solution for healthcare issues:- The product is solving
issues such as breast cancer, major health issues and issues related to respiratory system
thus there are high chances that product will thrive in UK market.
 Government support:- As this is solving many health related issues and it is also very
innovative idea thus there are high chances that government will support the idea and
thus the product will be able to thrive in UK healthcare market.
 Rapid growth in number of diseases:- With rapid growth in these diseases there are
chances that more and more people will have fear of the diseases and thus want to take
precautions which will also provide a valid reason for the success of product.
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?
For Segment analysis and target analysis STP is done here. STP stands for segmentation,
targeting and positioning of product (Kolaković, Turuk and Turčić, 2018). As STP target directly
to customer it tend to tap personalization and as per mostly customer personalization influences
customers shopping decision. Implementation of STP on smart detector is given below:-
 Segmentation:- This is the first step under STP process where customer segments are
formed following particular criteria. Following are the criteria on the basis of which
segments can be formed.
1. Behavioral segmentation:- How many customer need and want to purchase smart
detector for detection of diseases will be counted in this factor.

2. Demographic segmentation:- it refers to forming group on basis of gender, age and
education level, for this product women of age above 40 is targeted.
3. Geographic segmentation:- It refers to grouping customer on the basis of country,
region, state (Fotopoulos and Storey, 2019). For example smart detector is targeting
United Kingdom.
 Targeting:- Targeting refers to selecting the customer group for which product will be
well suited and for whom marketing efforts can be done.
1. Profitability:- As main target of any business organization is profit maximization thus
targeting customer where smart detector can make high profit is very necessary.
2. Size:- Size refers to selecting and targeting customer base which have highest number of
customer for the products for instance targeting sector with high breast cancer and heart
related disease will be a good target group for the product.
 Positioning:- Positioning refers to putting and launching the product into selected market
so that it can reach to more and more customer base (Ratten and Dana, 2017). The
product launched here which is smart detector is considered under functional positioning
as it is solving problem and issue of customer by providing sheer benefits.
Marketing strategy, using the 4P’s of marketing:-
Marketing of any product is very necessary for an organisation to grow and thus organisation
need to follow a particular strategy so that they can market the product effectively and efficiently
(Mahrous, 2019). 4P's of marketing is very important marketing strategy which is part of
marketing mix and will help in promoting the product so that the product can enlarge its reach
and spread awareness:-
 Pricing and its strategies:- As nano technology is very expensive and complicated thus
the product will cost little more in comparison to normal wearables. But with proper
research and development and managing raw materials used in production the company
can easily cut the cost of product. Thus easily make it affordable to purchase by general
public. As with high pricing many people might not able to afford the product and thus
there are chances of less expansion over the period of time.
 Product management strategy:- As the product is related to healthcare sector and will
be inserted in wearable products thus the product should be of good quality as any defect
in the product can cause huge loss to the individual in relation to their health (Monitor,

2016). For this purpose the nanotechnology chip should went through proper research and
development so that it can be sweat as well as water resistant and thus any chances of
defect and loss can be eliminated. As the targeted customer will mainly be high class
clients and middle class and low class individuals might not able to afford nano
technology hence organisation shall currently work on high quality production.
 Place and channel strategy:- The place and channel for expansion of product is very
necessary for proper marketing of the product. The organisation can sell the product using
E-commerce site and also can open their store all over country one the product start
gaining enough recommendation (Le Dinh, Vu and Ayayi, 2018). The company can also
open service centre in different area so the organisation can manage defects in their
products in different cities and also it will provide services to their client so that all the
issue related to client can be sorted without any conflict with customers.
 Promotional strategy:- Promotion is very important part for increasing the recognition
of product. Without proper knowledge about the idea many people might not be aware of
the product and thus they might not able to enlarge their reach and also cannot expand
their sales and revenue. As this is technology based product the company can open their
e-commerce store that will provide this product directly to interested customer. Also the
organisation can contact different private as well as public hospitals to recommend the
product to different patient and spread awareness among individuals. By this way
organisation can use different channels to promote this product and enlarge their reach.
Market growth strategy
For this product the Ansoff analysis will be good for marketing strategy. A market growth
strategy refers to making a action plan that will help to augment market share of business. As per
Ansoff matrix company can use four advanced strategies that can help company in capturing
target market.

From the above figure it can be understood that a product can follow these strategies which refers
to market development, diversification, market penetration, product development. Market
development is the strategy when the existing product enter new market, whereas market
penetration refers to existing product into existing market (Sulistyo, 2016). Diversification means
new market and new product where as product development refers to existing market and new
product.
For the product smart detector, product development is a good strategy that can help organisation
to capture targeted market as the product is targeting existing market which is chronic diseases
detection in healthcare sector whereas the product launched is new for the market as the product
is using nanotechnology stitched in wearables that can help to detect the chronic diseases such as
breast cancer and heart diseases timely.
Resources required for the venture including the source of finance
Source of finance refers to all those monetary resources that will be used in purchasing
infrastructure for organization, raw materials, and other daily operational activities. There can be
many resources available as a source of finance for organization. Some of the options and source
of finance is listed below:-

 Startup loans:- As the organization is based on new idea the venture will be comes under
startup category and thus organization can take startup loan from bank (Qian and Liu,
2018). As government of UK is promoting more innovative ideas for entrepreneurship
that is why government of UK is appealing their banks for providing more startup loans
to new businesses. Thus startup loans can be a good source of finance.
 Crowd funding:- Crowd funding platform are those platform that will help to raise funds
from small contributors as well as from individual contributors. As the the organization is
a new venture that is why this could be a great source of finance for organization.
Secondly the business is also addressing a huge social as well as health related problem
hence there are high chance that more and more individuals will try to contribute in
raising fund as the individual have idea that these type of businesses have high chances of
thriving.
 Finding business investors:- Investors are those person who have already succeeded
there venture and now eager to invest into new innovating businesses. They understand
the business idea and then if they like the idea they will invest their money on behalf of
some consideration. The consideration could be either by some stakes of organization or
they could invest money to earn interest on their money. Thus this could be a good source
of finance for the organization.
Risk analysis
Risk analysis for organization includes tentative process which are listed below:-
 Identifying Risks:- Identification of risk is very necessary for making strategies for risk.
The risk associated with this business venture is lack of proper R&D, service related to
product and sensitivity of product.
 Categorizing risk:- this refers to categorizing risk on the basis of likelihood and impact.
For instance sensitivity in product have high likelihood and will also have high impact.
 Managing the risk:- Managing the business risk is also very important as without
management there is no point of risk analysis. For proper management strategies and plan
should be for on the basis of risk and then properly executed for risk elimination.
 Review the level of risk:- this is the final step of risk analysis which refers to reviewing
risk again on the basis of likelihood and impact of that risk.

Conclusion
From the above report it can be concluded that innovation of new idea and business development
required deep analysis of market and competition. The product to be launched is a smart detector
that can detect early signs of breast cancer and other chronic diseases such as problem in
respiratory system and heart disease detector. The report included a brief overview of product as
well as market in which it is launching, competition as well as stakeholders analysis. Marketing
mix analysis as well financial resource analysis is also included in the above report file. Market
growth strategy of the product is also discussed in the above report file and thus all the key steps
for expansion of business and future growth of organisation are covered in the above report. Also
for a successful business the organisation should have done proper risk analysis so that they can
identify the risks and then manage them which is also cover in the project.
References
Books and journal
Urbano, D., Aparicio, S. and Audretsch, D., 2019. Twenty-five years of research on institutions,
entrepreneurship, and economic growth: what has been learned?. Small Business
Economics,53(1), pp.21-49.
González, M.L. and Angulo, N.R., 2020. Challenges and Perspectives of Entrepreneurship in the
Regions of Mexico. In The History of Entrepreneurship in Mexico. Emerald Publishing
Limited.
Fayolle, A., 2018. Personal views on the future of entrepreneurship education. In A research
agenda for entrepreneurship education. Edward Elgar Publishing.
Bansal, S., Garg, I. and Sharma, G.D., 2019. Social entrepreneurship as a path for social change
and driver of sustainable development: A systematic review and research
agenda. Sustainability, 11(4), p.1091.
Berglund, K., Gaddefors, J. and Lindgren, M., 2016. Provoking identities: entrepreneurship and
emerging identity positions in rural development. Entrepreneurship & Regional
Development, 28(1-2), pp.76-96.
Huang, L. and Knight, A.P., 2017. Resources and relationships in entrepreneurship: An exchange
theory of the development and effects of the entrepreneur-investor
relationship. Academy of Management Review, 42(1), pp.80-102.
Kolaković, M., Turuk, M. and Turčić, I., 2018. Social Entrepreneurship: Strategic Development
in Croatia. Zagreb International Review of Economics and Business, 21(2), pp.129-143.
Fotopoulos, G. and Storey, D.J., 2019. Public policies to enhance regional entrepreneurship:
another programme failing to deliver?. Small Business Economics, 53(1), pp.189-209.
Ratten, V. and Dana, L.P., 2017. Gendered perspective of indigenous entrepreneurship. Small
Enterprise Research, 24(1), pp.62-72.
Mahrous, A.A., 2019. Female entrepreneurship in Egypt: new theoretical and public policy
implications. Маркетинг і менеджмент інновацій, (1), pp.151-160.

Monitor, G.E., 2016. Global entrepreneurship monitor. Empreendedorismo no Brasil (Relatório
Nacional). Curitiba: Instituto Brasileiro de Qualidade e Produtividade, Paraná.
Le Dinh, T., Vu, M.C. and Ayayi, A., 2018. Towards a living lab for promoting the digital
entrepreneurship process. International Journal of Entrepreneurship, 22(1), pp.1-17.
Sulistyo, H., 2016. Innovation capability of SMEs through entrepreneurship, marketing
capability, relational capital and empowerment. Asia Pacific Management
Review, 21(4), pp.196-203.
Qian, H. and Liu, S., 2018. Cultural entrepreneurship in US cities. Journal of Urban
Affairs, 40(8), pp.1043-1065.
Appendix
SWOT analysis:-
Strength
1. Solving healthcare related problem
2. Use of advance technology
Weakness
1. Complex technology
2. Expensive product
Opportunities
1. Rapid increase in diseases
2. Increase in awareness
Threats
1. Other entrepreneur might copy the
idea
2. Will might need more R&D
PEST analysis:-
Political factor
1. Government support
2. Subsidies
Economical factor
1. Inflation rate
2. Tax holidays
Social factor
1. Addressing huge social problems
2. Social awareness
Technological factor
1. Advance nano technology
2. Complex technology to use