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Identifying Entrepreneurial Opportunities - DSLR

   

Added on  2020-10-22

18 Pages4508 Words421 Views
Identifying EntrepreneurialOpportunities

Table of ContentsINTRODUCTION...........................................................................................................................3Main Body.......................................................................................................................................31. Sources that inspire the new business idea and motivated for set up a new business.............32. Introduction of business idea, finding potential and targeted audience for the product.........53. Competitor analysis that looks at competitive marketplace....................................................64. Gap analysis, current and future situations and objects of business ideas..............................75. Market research to support viability of business using range of sources such as primary andsecondary.....................................................................................................................................86. Viability and feasibility of business idea, strength and weakness of business.....................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15

INTRODUCTIONEntrepreneurship is an activity of individual in which they have to set up business withtaking risk for earning profitability. Whereas, individuals who creates unique ideas and establishventure in market called Entrepreneur. In addition, they make their willingness to develop,organise or manage business ventures in hope of earning profitability in future. Entrepreneurs arethose who makes ideas and develop unique ventures so as to grabbing attention of large numberof customers in marketplace. As competition is increasing in market on regular basis then it isvery essential to build unique ideas so as to taking sustainability in marketplace. Present report isbased on the idea of introducing a DSLR for photography by Green light Technology. This ideawas chosen by entrepreneur due to the increasing use of cameras and high quality mobile phonefor clicking good pictures in events and memorising them in future. This assignment will discussabout the sources of entrepreneurial ideas and innovation along with rational and gap analysis.Furthermore, data is being collected and interpreted for supporting gap analysis along withSWOT and market analysis for entrepreneurial ideas so that venture would be startedsuccessfully.Main Body1. Sources that inspire the new business idea and motivated for set up a new businessNew ideas for business are inspired by recent trends along with basis of analysis ofcurrent market situations. Entrepreneurs acquire business ideas from several sources like whetherthey can get it through online research or future perspectives (Sujarwo, 2016). A new venturethat is inspired by current trends of market is set up in Bristol, UK which is specially formed dueto increasing madness of individuals towards photography. Overall concept of this businessventure is formed through Drucker's famous book Innovation and Entrepreneurship that havealso supports in identifying sources of innovation. Some sources of innovation are given asbelow:The Unexpected: There are several surprises are exist in marketplace and these surprisescan become threat for sustainability of firm. Unexpected success and failure both arenotices by firms as opportunities. Unexpected situations in business firms are extremelypowerful because they inspire leaders or entrepreneurs to make innovations so as todealing with particular situation. It will very helpful for Green light Technology in

gaining profitable outcomes from opportunities which are occurred due to unexpectedtechnological changes.Incongruities: Success or failure of business idea is very much depended on what isserved by businesses for satisfying the needs of customers. Therefore, it is essential forentrepreneurs to conduct market research before launching new product in a targetmarket. For identifying needs of targetted customers, entrepreneurs of Green Lighttechnology have to take feedbacks and complaints so that incongruity of new DSLR canbe identified. With the help of this information, customer's preferences abouttechnological products will be determined which will leads Green light technology inlaunching new DSLR in market. Process Needs:In this, entrepreneurs of Green Light technology have to properlyidentifying new ideas or concepts so that potential gaps will be identified in the projectswhich will be helpful for entrepreneurs in achieving their desired goals. After knowingweaknesses of project, team of Green light Technology will be able in providing effectiveand innovative solutions in future (Hangarki, 2012).Industry and market structure change:As the competition is increasing day by daydue to which each organisation of market brings innovation in their existing productsthen leaders of Green light Technology have duty to consider these changes effectively sothat any trouble wouldn't be faced in future.Demographic: Changes in demographics can affect the productivity or profitability offirm in positive or negative manner. This change can impact on the demand of product,who is buying the product or quality of goods on the basis of which it is bought bycustomers. Demographic change includes changes in age, education and employment canaffect the business productivity and provide new opportunities. This change will behelpful for Green Light Technology in introducing new products to those customers whoare ready for adopting high tech products.Change in Perception: In recent times, perception of customers are highly changed asthey wants to make stronger social image in society and groups. This is usually done byuploading quality pictures and DSLR developed by the company are of high quality andcapture high resolution images. Through developing this product, Green light Technologywill be able in satisfying changed perception of customers.

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