Identifying Entrepreneurial Opportunities

This report discusses the various sources of entrepreneurial ideas and innovation, market gap analysis using tools & techniques, and data to support the analysis. It also explores the rationale and market gap for a particular entrepreneurial idea and evaluates the SWOT framework and competitive market environment for launching the idea.

Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Various sources of entrepreneurial ideas and and innovation providing specific examples. 1
M1 Detailed evaluation of Drucker's 7 sources of systematic innovation.............................2
D1 Benefits and drawbacks of different approaches Threat of Substitutes:and sources........2
TASK 2............................................................................................................................................3
P2 Rationale and market gap for particular entrepreneurial idea using with tools & techniques
................................................................................................................................................3
M2 Justification of particular entrepreneurial ideas fills a market gap with various techniques5
D2 Specific entrepreneurial idea depend on interpretation and investigation........................5
TASK 3............................................................................................................................................6
P3 Present data to support gap analysis and analysis entrepreneurial idea............................6
P4 Interpret data effectively for potential market...................................................................7
M3 Justify sources and methods of data collection..............................................................12
D3 Appropriate specific sources and methods of business objectives.................................12
TASK 4..........................................................................................................................................12
P5 SWOT framework support an objective assessment of specific entrepreneurial idea....12
P6 Competitive and market environment to launch idea and assess potential viability.......13
M4 Evaluate specific idea in context of competition and market place...............................14
D4 Conclusion and justified recommendations for entrepreneurial idea.............................14
CONCLUSION .............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurial opportunities are defined as condition where products commodity and
services can be sold at a greater price after analysis the cost of production. In this situation an
entrepreneurs take right action to generate profitability. To achieve these chances required to
aware for market activities and develop a new product or services which is attract people for this.
As an budding entrepreneur wants to introduce new product rechargeable USB batteries but face
problem lack of resources. For this entrepreneur analysis the market and find opportunities that
virgin money provide fund to budded entrepreneur for start up new business in existing market.
This USB rechargeable batteries are eco friendly and cost effective which is provided benefits of
their traditional brethren and can be topped up with a much broader network of power sources.
This report consist of various sources of entrepreneurial ideas and innovation with specific
example and identify market gap with entrepreneurial tools & techniques to support new start up.
Along with, presented data of gap analysis and interpreted that with specific evidence of
potential market. Additionally, apply SWOT analysis to analysis specific objectives and
competitive market environment to launch potential viability.
TASK 1
P1 Various sources of entrepreneurial ideas and and innovation providing specific examples
Entrepreneurial ideas mean recognising an opportunity that exists in the environment and
availing it to offer this products as well as services as per the requirement of the customers. The
Rechargeable USB batteries are a great invention which is cost effective and eco-friendly,
designing them a win win and the planet. The business case related to automobile sector and it
offers rechargeable batteries to keep free from charging. Rechargeable batteries which produce
less waste since they can reusable multiple times and can be replenished with a basic charging
cable. They often use less energy, since charging time battery with a rechargeable battery is
much more energy-efficient then creating new battery. With this product use product many time
and reduce wastages that become reason of success and provide competition to other seller in the
market. To better understand this innovation applies Drucker's 7 sources of innovation such as: Unexpected success & failure: Sometimes innovation can take place unexpectedly where
get a chance of success & failure. Through this source allows entrepreneur to to learn
from last mistakes and take right decision for future activities. The USB rechargeable
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batteries important innovation which is used for wall clock and other things based on
batteries. Incongruity: At the time of production mostly entrepreneur get not success at first time
and they made mistake. After that require to take right action in proper manner. The USB
batteries is developed by entrepreneur after conduct market research in proper manner. It
is actually made to charge smoke detectors, wireless keyboard and mouse. Market structure: An existing market for particular product is providing change to get
success & growth. It remains same and generate growth to satisfy the customer
requirement at particular level. It helps to attract customer for the products that helps to
increase sales. The rechargeable batteries carry out changes and invention to create
awareness among the customers. Necessity: To analysis the success it is required to a business must assure about the
invention in their business market where face lot of competition and business carry out
many changes to influence customer in regard of products as well as services. Therefore,
USB batteries develop by entrepreneur for growth of business. Demographics: It is element that presents the changes in lifestyle, technology, interest of
people that wants by every one in regard of surrounding activities. Hence, Rechargeable
batteries an opportunities that use to fulfil the necessities of user with invention to
analysis the success. Changing perception: These changes are based on the perception of individual where
people become change and try to accept all the changes effectively. Such as rechargeable
batteries fulfil the requirement of all the customers,.
 New knowledge: Innovation is always helps to carry out new technology and products in
market that helps to society and induce changes in increasing manner of knowledge and
conduct overall market to collect all related information.
Therefore, Rechargeable batteries based on the various factors in order to enhance and
increase overall development & success with new innovation.
M1 Detailed evaluation of Drucker's 7 sources of systematic innovation
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D1 Benefits and drawbacks of different approaches Threat of Substitutes:and sources
There are analysed different sources and approaches that could be utilised by the
entrepreneur to get success in articular product and measure the effectiveness.
Creativity: It is an internal factor which is helping an entrepreneur to think different and
unique in regard of their business and according to that they are taking further steps.
Benefits Drawbacks
The main benefit of this approach that supports
to deduct the loop holes and increase the
productivity of business.
The main disadvantage of this it is does not
affect to business in proper manner because
some time it shows negativity in growth &
success.
Products & services: It is part of external sources in which present effective services of
particular products that presents by entrepreneur.
Benefits Drawbacks
The major advantage of this complete all the
requirement on time and increase growth in
proper manner.
It is not required that customers like these
products & services effectively.
TASK 2
P2 Rationale and market gap for particular entrepreneurial idea using with tools & techniques
As entrepreneur can work at international level where identify geographic segmentation
that based on the various areas. In order to behavioural segmentation require to arrange supply
on the basis of culture, beliefs, society and values. According to this segmentation require to
manage supply as per the gender, age, family etc. Market gap is defined as hidden opportunities
which are available in the market to cover particular area effectively. The idea selected is related
to development of rechargeable USB batteries. This one of the least explored area in terms of
development. There are large number of opportunities are present in this sector to attain success
and capture large market share. This is the industry where innovation will be used regarding the
development of batteries that removes the issue of their one time use. This will includes the
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option of their connection with any technological device and charging for future use. The benefit
of the same will be ascertained in various manner as help to attain monopoly in market through
capturing innovational capacity, support of government as reduction in wastage that negatively
impacts the environment, customers satisfaction, competitive edge, large market share etc. All
these aspects provides an opportunity to sustain in market for longer period of time and build an
unique position which is distinctive from others. Not only the benefits are attained by an
organisation in terms of attaining large empire of organisational activities but aid the nation to in
formulation strong economy. Also, many other benefits will attained like high employment
opportunities, good flow of foreign currency, better infrastructure. The world economy is also
improves in future and provides help in protection of environment at world wide level. The tool
and technique used for the purpose of determining market along with opportunities is known as
porter five force analysis. This is one of the effective framework that provides an opportunity
regarding determination of the conditions present in industry along with opportunities to grow.
Thee are number of aspects in respect to which information is ascertained with the aid of this
includes buyers, suppliers, competitors, rules and regulations etc.
Porters five forces model: This model is applied by entrepreneur to analysis the market
condition. This is one of the effective model that provides an opportunity in determination of
different information that have important of any industry (Clark and Ramachandran,2019).
Currently, this model is used for analysing the opportunities present in rechargeable USB
batteries industry. The different informations that can be gathered through effective application
of this framework includes rivalries from the number of competitors, legislations and rules exists
regarding operation of business functions, number of suppliers, power of the different kind of
substitutes. The idea selected in the industry where already such products are present but in very
few amount and costly in nature. The innovation is used by the organisation here to produce it
cost friendly and accessible to all in the direction of reducing the usage of single time use
batteries. Analysis of all the different factors falls under this framework are provided below: Industry rivalry: The number of competitors present in this industry is very few. This
depicts the power of competitors very low in nature. This is beneficial for the
organisation as they easily can grab the opportunities by using new and innovative
approaches. The low of power of competitors also aid to target large share of market
along fulfilment of their needs. Such as company have many competitors in the market
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Panasonic, Duracell, Envie etc. These companies are playing essential role and provide
tough competition to the company Thus, company face the large competition at the
market place. Threat of new entrants: The legislations present in this industry are supportive in nature
as the government support in the direction of reducing environmental wastage. So, the
funds are provided by the government with support in nature of subsidy that removes the
restriction of funding. This depicts the power of new entrants is high in this industry. This
does not going to impact because of the nature of innovation. Bargaining power of supplier: The number of suppliers in this industry very few. This
clearly depicts the high power of suppliers. This has the negative impact over the
business ideas as this will resultants into costly nature of products. The strategy that help
to overcome from this issue will be import from the outside of nation. Bargaining power of buyers: The number of buyers are high but the don't have option to
buy product. This shows the low power. This will be the opportunity for an organisation
to grab the market share through selling out the products in low price.
 Threat of substitutes: The power substitutes is low due presence of less organisations and
costly products which is totally adverse from our business idea. This creates the
opportunity to attain market easily.
M2 Justification of particular entrepreneurial ideas fills a market gap with various techniques
The entrepreneurial idea which is selected for the current scenario is rechargeable USB
batteries. The reason behind selecting this idea is its suitability which can bridge the market gap.
In the current technological market, the accessibility to rechargeable USB batteries is near to
zero due to the high prices and inefficiency. This specific idea aims to bridge the market gap of
non presence of batteries which can be recharged using any technological digital device. This
market gap is identified by using the technique of Porter’s five forces. This idea will provide the
competitive advantage over other companies as till not there either no organisations which
manufacture such batteries and even if the organisations who has such rechargeable USB
batteries are highly expensive and non accessible.
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D2 Specific entrepreneurial idea depend on interpretation and investigation
The idea of rechargeable USB batteries can be analysed as a vision which has both benefits
and certain restrictions. The benefit of this idea is that there are no or only few manufacturers
which produce such type of products due to which competitive advantage can be attained.
Another benefit of this idea is its ability to replace the existing batteries. Other than the above
benefits, restrictions which limit this idea are the expensive material which will be used in the
manufacturing of these batteries. Another limitation of this idea is no real experience. As this
idea is not implemented before, there is reference which can help in implementation of this idea.
TASK 3
P3 Present data to support gap analysis and analysis entrepreneurial idea
Research is the process with the help of which information is gathered, analysed and interpreted
so that analysis can be made for the concern on which the research is undertaken. For ensuring
the success of the business it is important for the organisation to gather significant informations
bout the taste and preference of the customers so that they their needs and wants can effectively
be satisfied. With the help of this research, budding entrepreneur can determine various sources
of funds with which they can enable them to meet up with the problems. The research can be
done with the help of various sources that can be :
Primary research: the primary sources are this in which the data are gathered directly
from the population that fall under this research. This can be done with the help of questionnaire,
interviews, surveys, focus groups etc. Research is the process with the help of which information
is gathered, analysed and interpreted so that analysis can be made for the concern on which the
research is undertaken. For ensuring the success of the business it is important for the
organisation to gather significant informations bout the taste and preference of the customers so
that they their needs and wants can effectively be satisfied.
Secondary research: Secondary source of the data is one in which the informations are
gathered with the help of various sources such as books, journals, magazines, past data and many
more. Such data are already gathered which has to be managed by the investigator as per their
requirement. Data so gathered can easily be collected frequently and in minimum cost.
For this project the data is gathered from both these sources i.e., some of the data is
gathered through questionnaire, various books and journals etc. For this the research the
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respondents were the employees and the organisation and a few customers and in all 20
respondents were taken into consideration.
Questionnaire
Name:
Gender:
Age:
Address:
Q1 Have you ever used USB's?
Yes
No
Q2 How often do you use USB?
Frequently
Rarely
Q3 Do you think there is a need of rechargeable batteries for USB ?
Yes
No
Q4 What challenges can be faced by the company while launching the product?
Lack of funds
Changing taste and preference of the customers
Both
Q5 What opportunities can the business have with the launch of this product?
Increase in the revenue
Increase in market share
Both
Q6 Which characteristics attract to customer to buy this product?
Long battery power
Reuse of batteries
Q7 Which way like most to buy batteries?
Over the phone
At shop
Internet
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Q8 Are USB batteries use for longer period of time?
Yes
No
Q9 Are you aware about the Rechargeable USB batteries?
Yes
No
Q10 Are USB batteries fulfil the requirements of the customers?
Completely
Some times
No
P4 Interpret data effectively for potential market
Q1 Have you ever used USB's? Frequency
Yes 6
No 4
Q2 How often do you use USB? Frequency
Frequently 8
Rarely 2
Q3 Do you think there is a need of rechargeable batteries for USB? Frequency
Yes 7
No 3
Q4 What challenges can be faced by the company while launching the product? Frequency
Lack of funds 3
Changing taste and preference of the customers 6
Both 1
Q5 What opportunities can the business have with the launch of this product? Frequency
Increase in the revenue 3
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Increase in market share 5
Both 2
Q6 Which characteristics attract to customer to buy this product? Frequency
Long battery power 3
Reuse of batteries 7
Q7 Which way like most to buy batteries? Frequency
Over the phone 5
At shop 3
Internet 2
Q8 Are USB batteries use for longer period of time? Frequency
Yes 6
No 4
Q9 Are you aware about the Rechargeable USB batteries? Frequency
Yes 5
No 5
Q10 Are USB batteries fulfil the requirements of the customers? Frequency
Completely 7
Some times 2
No 1
Interpretations of the questionnaire
Theme 1: Use of USB
Q1 Have you ever used USB's? Frequency
Yes 6
No 4
9

Interpretation: On the basis of above graph it can be analysed that most of the people uses USB
so that they have opportunity to launch this product.
Theme 2: Frequency of use
Q2 How often do you use USB? Frequency
Frequently 8
Rarely 2
10

Interpretation: On the basis of above graph it can be analysed that people uses USB frequently
for charging their gadgets. But some of the people do not uses as they do not have the knowledge
of the gadgets.
Theme 3: Need of rechargeable batteries
Q3 Do you think there is a need of rechargeable batteries for USB? Frequency
Yes 7
No 3
Interpretation: On the basis of this graph it can be analysed that the people have utility of the
rechargeable batteries as they life and the use of these gadgets are increasing. Only a few people
are not using as either they do not have funds to use the services or they do not have utility of it.
Theme 4: Challenges can be faced by the company
Q4 What challenges can be faced by the company while launching the
product?
Frequency
Lack of funds 3
Changing taste and preference of the customers 6
Both 1
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Interpretation: On the basis of this graph it can be analysed that they will face lack of various
resources such as lack of funds. Also the challenges that can affect their operations includes
changes in the taste and preferences.
Theme 5: Opportunities of the business
Q5 What opportunities can the business have with the launch of this
product?
Frequency
Increase in the revenue 4
Increase in market share 5
Both 1
12

Interpretation: On the basis of this graph it can be analysed that both the market share and
market size of the company will increase. This reflects that it will be beneficial for the company
to launch this product.
Q6 Which characteristics attract to customer to buy this product? Frequency
Long battery power 3
Reuse of batteries 7
Interpretation: After the conduct the research it is analysing that mst of the people buy these
baatteries because it reuse and save money and on the other side use it for long battery power.
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Q7 Which way like most to buy batteries? Frequency
Over the phone 5
At shop 3
Internet 2
Interpretation: This chart perform that about 5 people like the purchase batteries on over the
phone, 3 like to buy at shop and remaining 2 like t buy at internet.
Q9 Are you aware about the Rechargeable USB batteries? Frequency
Yes 5
No 5
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Interpretation: This graph represents that 5 people know about the rechargable batteries and
same 5 people do not aware about these batteries.
Q10 Are USB batteries fulfil the requirements of the customers? Frequency
Completely 7
Some times 2
No 1
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Interpretation: As per the above graph it has been analysed that USB batteries completely fulfil
the requirements represent by 7 people on the other side 2 people says some times and 1 say no.
M3 Justify sources and methods of data collection
The data was collected with the help of various sources such as primary and secondary
which specifies that the data is authentic and reliable. With the help of questionnaire authentic
data can be gathered from the customers and the employees. Also some of the data can be
gathered from books, journals etc. This make the analysis of the investigator effective.
D3 Appropriate specific sources and methods of business objectives
With the help of this various sources that are used by the investigator in the research can
be analysed. This reflects that most of the objectives of the business can effectively be achieved
as with this the recommendations so provided and analysis so made are made effective.
TASK 4
P5 SWOT framework support an objective assessment of specific entrepreneurial idea
SWOT Analysis
This framework is adopted by the different organisation as to figure out the different
strength and weakness as to achieve desire aims and objectives in the well define manner. Here
is the SWOT analyse for the rechargeable batteries are given in detail manner below:
Strength Weaknesses
 The major strength for the company is
that they have come up with unique
idea as to capture large market share.
As USB rechargeable batteries comes
up with new technology which can
rechargeable at any time ( Bernardi and
Azucar, 2020).
 Another major strength is that they are
cost effective as they provide unlimited
charging option for the customer.
 The major weakness of the USB
rechargeable batteries are that they have
less efficient after sales service for the
customer.
 Apart from this firm have charge high
price which reduces the presence of the
company as well as the market share.
So firm have to make effective decision
to reduce weakness and focus on the
providing high quality product and
service as to improve the positioning of
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the company.
Opportunities Threats
 The major opportunities for the
company is to expand the business over
seas as to increase the untapped
marketplace.
 The company can merge or collaborate
with the rivals as to reduce and kind of
risk and uncertainty present in the
market.
 The main threat to the company are the
competitor who deals in the similar
product line. So the USB rechargeable
batteries have to bring down there price
 In addition to this people are moving
towards solar power which tend to
reduce the profit and market share
effectively.
P6 Competitive and market environment to launch idea and assess potential viability
Porter's analysis
This is the model which was given by the Michael Porters in year 1979. This model help
in understand the market and there new strategies effectively . This is essential for the
organisation to figure out the market and there trends which help in reduce risk and uncertainty
in business (Evansluong and Ramírez Pasillas 2019). The five forces model which include
bargaining power, supplier and threat and industry and the rivals present in the market. By using
such kind of model firm can identify the different level of competition at the marketplace. Here
are some of the steps which are briefly explain down below:
Threat of new entrants: A company efficiency is directly effected when the new
entrants take place within the organisation. Along with this, competition increase the level of
product and there different companies which are entering in the market. So the company have
bring out new innovation such as USB rechargeable batteries which reduce the threat of new
entrants to some extent. An entrepreneur can sustain in market and earns high profit if it
manufacture its product in bulk and offers high discount to the companies.
Threat of Substitutes: The substitute threat are those which are used and consumed by
the customer which creates huge threat to the company. For the innovation like rechargeable
USB batteries organisation have to bring down the cost and improve the productivity as to
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increase the market share((Barba-Sánchez and et., al., 2019)). As company use effective
suppliers which reduce the cost of raw material of making batteries and which tend to reduce the
cost and it leads to expansion and growth. It is essential for an entrepreneur to offer its new idea
in market at low prices as compare to their competitors then only it can gain success and
generate profits.
Bargaining power of buyers: In today's modern world buyers have become more
demanding as they want good quality product in the lesser price. This can be possible as there
various organisation who are providing similar goods and service to people which increase the
bargaining power of buyers. So to reduce such kind of impact organisation have create a large
customer base which some how minimize the monopoly of buyers. As entrepreneur can also use
innovate new product the rechargeable batteries which attracts the customer effectively.
Bargaining power of supplier: To make rechargeable USB batteries enterprise take help
of supplier to purchase raw material which are used for making batteries. As this bring down the
cost for the company but increase the bargaining power of supplier. So the management have to
develop effectively supply chain as which provide timely service to customer. Apart from this,
enterprise must have contract with different suppliers which reduce the cost and profitability to
the final consumer.
Competitive Rivalry: This is fundamentally the number of competitors prevailing in the
market and how they affect on the performance of companies. As there are vast amount
organisation present in the battery business which become difficult to for the company to expand
the business. So organisation can to merger and acquisition as to avoid rivalry.
M4 Evaluate specific idea in context of competition and market place
Every organisation face tough competition when there enter into new market with the
assistance of new ideas and product. There are different through which company can expand the
business effectively. The present innovation is rechargeable USB battery which is useful for the
environment and cause less harm to people. An entrepreneur must have the quality to overcome
with risk and succeed higher growth in market. There is tough competition present in the market
so company have to improve the service as avoid any kind of risk and uncertainty and capture
large market share.
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D4 Conclusion and justified recommendations for entrepreneurial idea
This is recommended to the enterprise to focus on the product rather to the service which
help in achieving desire aims and objectives effectively. Apart from this firm have to overcome
the different problems by using various method and technology. Further the leadership can adopt
cost effectively leadership strategies as this feasible and company can tap the larger number of
audience in the well define manner.
CONCLUSION
From the above report, it has been concluded that an entrepreneurial idea can provide
various opportunities to an organisation to grow in dynamic business environment. It has been
found from above work that for the purpose to identify and access the source of an
entrepreneurial idea, theory of Drucker’s 7 sources can be used. It has been also observed and
concluded from this report that an idea is only viable when it fills the market gap.
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