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Identifying Entrepreneurial Opportunities - Bluelights Technology

   

Added on  2020-10-22

16 Pages4151 Words455 Views
Identifying EntrepreneurialOpportunities

Table of ContentsINTRODUCTION...........................................................................................................................11. Sources that inspire the new business idea and motivated for set up a new business.............12. Introduction of business idea, finding potential and targeted audience for the product..........33. Competitor analysis that looks at competitive marketplace....................................................34. Gap analysis, current and future situations and objects of business ideas...............................55. Market research to support viability of business using range of sources such as primary andsecondary.....................................................................................................................................66. Viability and feasibility of business idea, strength and weakness of business......................127. Risk of competition and potential opportunities for growth and development.....................13CONCLUSION..............................................................................................................................13REFERECNES..............................................................................................................................14

INTRODUCTIONEntrepreneur is a person who finds a business opportunity and willing to take all risk tostart a new business venture. Creative ideas and smart way of conducting all the businessactivities helps to survive in the competitive business environment. Entrepreneurial opportunitycan be defined as the process of establishing a business which is based on a new idea. Finding anew business opportunity is important for introducing a business in the competitive market.Competition is changing and increasing day by day and business needs to provide some uniqueproducts and services to sustain in long run (Grégoire and Shepherd, 2012). This report is basedon the idea of launching a Selfie Drone by “Bluelights Technology”. Report consist of methodsand framework that helps in development of business venture. This included defining product orservice introduced, target market for the product and understanding the competitors. Marketresearch and primary and secondary research that is applied to the business is mentioned in thisreport. SWOT analysis for the organisation is also done in the report. 1. Sources that inspire the new business idea and motivated for set up a new businessNew business idea is inspired by recent trends that is abbreviated on the basis of analysisof current market conditions. Entrepreneur gets business ideas from various sources whether it bethrough online research or on future perspective. A new business which is inspired by recenttrends is established in Milton Keynes, UK. It is a company which provides drone that isspecially designed for selfies. The concept of introducing this business venture is developed byDrucker's in his famous book “Innovation and Entrepreneurship” that defines sources ofinnovation that are described as follows:The Unexpected: The world is full of surprises and these surprises may leads to abusiness for success or failure. Unexpected success and failure both are notices bybusiness as opportunity. Unexpected situations in the business can be extremely powerfulto inspire leaders and innovates to get different perspective to a particular situation. Thishelps Bluelights Technology to take advantage of opportunities that emerges withunexpected technological changes (Siegel and Renko, 2012).Incongruities: Success and failure of an business idea depends on what is served by thebusinesses and what needs to be served to satisfy consumers needs. Proper research needsto be done before introducing a product or service for determining what the target1

consumers really need product. Consumers reviews, feedback and complaints are bestway to determine incongruity. Information regarding consumer about their preferencetechnological products will be help Bluelights Technology for introducing their newproduct in the market (Drucker's Seven Source of Innovation Opportunity, 2015). Process Needs: This source of innovation is said by Drucker to be more task focusedrather then situation-focused. Opportunity and innovation needs to be closely assessed toidentify weak and strong spots of the business. Pre identification helps to improveperformance and leads to success of business. Knowing weak links after detailedevaluation of the Bluelights Technology's capabilities, team will be able to create moreeffective and innovative solutions. Industry and market structure change: Stability in the business industry may remainfor years but technological development may destroy an industry almost overnight. In thepast years it is seen that technology is changing day by day and leaders needs to keep eyeon these changes. Eveluation of the change in technology industry helps BluelightsTechnology by changing threats into opportunity for new business opportunity. Demographic: Change in demographic may affects business of a company in anymanner. This change affects demand for the product, who is buying the product andqualities of the product on the basis of which it is bought. Demographic change in age,education, employment affects business and provides new opportunity. This change helpsBluelights Technology to introduce their product to generation which demands high-techproducts. Change in Perception: Over the period of time there is significant change in the waypeople perceive the world. Now a days due to technological change social networks aregetting strong and changes are taking place faster then before. This helpsBluelightsTechnology to introduce their innovative product which is specially designed as perconsumers requirements (Hang, Garnsey and Ruan, 2015). New Knowledge: Knowledge helps to introduce innovation in most effective manner.Change needs to be adopted to meed new demands and requirements of the consumers.Usage of new technology helps Bluelights Technology to gain advantage through newbusiness opportunities. 2

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