Entrepreneurship, Innovation and Start-Ups Research Paper 2022

Running head: ENTREPRENEURSHIP, INNOVATION AND START-UPS
Entrepreneurship, Innovation and Start-ups
Name of the Student:
Name of the University:
Author’s Note:
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ENTREPRENEURSHIP, INNOVATION AND START-UPS1
Table of Contents
Introduction:...............................................................................................................................2
1. Brief description of the business idea or opportunity:...........................................................2
2. Process followed to develop the business idea or opportunity:.............................................3
3. Skills needed to be a successful entrepreneur:.......................................................................4
4. Viability of the business enterprise through feasibility study:...............................................6
5. Importance of the enterprise within the society:....................................................................7
Conclusion:................................................................................................................................8
References:.................................................................................................................................9

ENTREPRENEURSHIP, INNOVATION AND START-UPS2
Introduction:
The current paper intends to find out an innovative business idea or opportunity based
on which a new organisation could be established. The first section of the assignment would
focus on providing a brief overview of the innovative business idea or opportunity. The next
segment would concentrate on explaining the process followed for developing the stated
business idea or opportunity. After this, the assignment would emphasise on the necessary
skills required for individuals to emerge out as a successful entrepreneur. The fourth section
would analyse the viability of the business enterprise with the help of feasibility study.
Finally, the assignment would shed light on the significance of the enterprise within the
society.
1. Brief description of the business idea or opportunity:
For this assignment, the business idea or opportunity chosen includes electric bikes,
which act as an alternative form of transport in order to cater the growing demand. The
electric bikes look like regular bicycles and the users do not have to pedal, since they are
developed with electric motor (Autio et al., 2014). Moreover, these electric bikes include new
innovative features such as the ability of connecting to the smart phones via an application.
The increase in fuel prices along with growing neighbourhoods and suburbs have
increased the demand considerably for electric bikes. The international sales of electric bikes
are estimated to rise from $32 million in 2014 to a minimum of $40 million in 2023 (Cajaiba-
Santana, 2014). Some nations maintain a historical affinity for biking as an integral portion of
living. Fortunately for the enhanced health of many people and the environment, almost a
million people use bikes for going to work. In fact, many cities in Australia are including

ENTREPRENEURSHIP, INNOVATION AND START-UPS3
short-term bike rental systems and this offers a splendid opportunity for positioning e-bike
business in the process (Chatterji, Glaeser & Kerr, 2014).
The business will operate under the name of Electric Hyper near Sydney Olympic
Park in Australia. The primary aim of the business will be not only to lease or manufacture
high quality electric bikes, but to embed them truly into the spirit of the local community.
They will endeavour always for capturing the imagination of the users with the functionalities
and timeless look.
2. Process followed to develop the business idea or opportunity:
It is necessary for any start-up business to follow different procedures and processes
for assuring that the business is developed properly. The business owners should follow the
process starting from idea to launch by complying with the stringent standards along the way
(Drucker, 2014). In order to develop the electric bike business idea, the process followed
involves a series of stages that are enumerated briefly as follows:
Creation:
The key to concept creation is brainstorming (Galindo & Méndez, 2014). There are
three ideas that evolved during the brainstorming session and they include Infant Warmer,
Electro-Mechanics Micro Hydrogen Generator and Electric Bikes. After gathering all ideas,
they are varied and reviewed to ascertain their appropriateness. After evaluating all ideas,
electric bikes have been identified as the most valuable and profitable.
Assessment:
In this stage, market research is conducted, in which information about the idea is
gathered and analysed. Based on the market research, the target market is identified along
with market needs and the willingness to pay of the customers for electric bikes.