Identifying Entrepreneurial Opportunities

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1: Illustrate the sources which inspires new start-ups and encourage for launching of new
venture.........................................................................................................................................1
LO 2.................................................................................................................................................4
P2: Explain the rationale and market gap for Selfie Drone using suitable tools and techniques.
.....................................................................................................................................................4
LO 3.................................................................................................................................................5
P3: Demonstrate data required to support gap analysis in examination of specific
entrepreneurial idea.....................................................................................................................5
P4: Describe data needed to support gap analysis in the evaluation of Selfie Drone.................6
P5: Apply SWOT analysis for entrepreneurial idea....................................................................1
LO 4.................................................................................................................................................1
P6: Conduct Pest analysis...........................................................................................................2
CONCLUSION................................................................................................................................2
REFERENCES................................................................................................................................4

INTRODUCTION
Entrepreneur is defined as, a person who is willing to start up a business in the global
market. They come up with innovative idea by scanning the market scenario or by understanding
the fluctuating market trend (Grégoire and Shepherd, 2012). The new venture opened by
understanding the demand of the customers tend to be more successful as they are unfulfilling
their expectation level. On the other hand new start-up business is largely contributing in the
growth of the economy because they are eradicating the unemployment rate from the nation. For
the completion of the report it is based on the idea of launching Selfie Drone by Bluelight
Technology. It is located in Helen Keynas, UK This assignment includes, detailed evaluation of
Drucker's 7 sources. Rationale and market gap for particular entrepreneurial idea is studied using
appropriate tools and techniques. Primary and secondary data collection method is used for
identifying market potential. SWOT analysis is determined in order to overcome the threats
prevailing in the market. Pestle analysis is examined so as to expand the business smoothly in the
global market.
LO 1
P1: Illustrate the sources which inspires new start-ups and encourage for launching of new
venture
In the global world the idea of launching new business emerge from the changing trend.
There is no fix place and time to strike a new idea for business. From numerous sources
prevailing in the global market entrepreneurs can drive business idea. Some of the sources are,
through online research, capturing loop holes of other, understanding future demand and many
more. All this assist the entrepreneurs to come up new venture which is unique in every terms
from the existing business operating in the present market. The new entrepreneurial idea of
launching a Selfie Drone by Bluelight Technology is particularly designed for selfie lover. On
the other hand the idea of launching this new entrepreneurial idea is developed by Drucker in his
famous book “innovation and Entrepreneurship” which states innovation of sources which are
described as under:
1

The Unexpected: New business is launched in the market by scanning the global market.
Despite of this success and failure of the new venture is unexpected (Siegel and Renko, 2012).
Uncertain conditions in a organization tend to be extremely powerful as it inspire entrepreneurs
to come up creative idea. By this several new start-ups are launched which directly or indirectly
reduces the ratio of unemployment. Whereas, it assist Bluelight Technology to take advantages
of opportunities emerging in the global market because of unexpected changes in technology.
Incongruities: In the competitive market place business fails when unsatisfactory goods
and services are offered to the customers or they are unable to meet their demand and
preferences according to the customers desire. It is essential to study the external environment
before coming up innovative or creative idea. The potential customers, market, types of
advertising tool adopted, required man power and so on should be determined before launching
the product across the globe. Through review and complaints incongruities can be ascertained
easily. This helps the firm to make improvements in their goods and services. However, the
review collected from the people regarding technology advancement in selfie Drone will aid
Blue Light Technology to come up with unique product in the intense market place.
2

Illustration 1: Drucker's Seven Sources Model
Sources: Drucker's Seven Sources Model, 2013
Process Needs: It is more task focused instead of situation focused according to
Drucker's Seven Sources Model (Mitchelmore and Rowley, 2013). By assessing the loop holes
of other and by understanding future requirements innovation necessary can be determined
easily. If these are ascertained in the earlier stage it directly helps in upgrading the performance
of the business. Due to which business can grow and develop smoothly in the open market place.
On the other hand weak point Bluelight Technology will be conducting training and other
motivational sessions in order to raise employees workforce efficiency towards the
accomplishment of common goal. Additionally, more effective and innovative solutions are
gathered for the business idea.
3

Industry and market structure change: In the modern world business should be
financially stable enough in order to compete with technological advancement. This is because
changes in tools and techniques can ruin the business overnight in the market. To remain
competitive and sustainable leaders keep eye on the changes taking place in the technology.
Bluelight Technology is benefited by changes in technology because they are able to mould the
threats and opportunities as their business profit.
Demographic: Business gets influenced by slight changes in demographic. Here,
age group, illiteracy level, employment and so on are involved in demographic. All this directly
impact the business as well as provide new business opportunity which is a positive sign for the
organisation. This is because changes in demographic influence the demand of the for the goods
and services offered by the company. Additionally, Bluelight Technology is benefited by this
particular change because management is able to come with those high -tech selfie drone product
which is mostly demand by young generation in the international market.
Change in perception: The raising globalization has changed the customers taste
and mind set. It has mould the consumers way to perceive the goods and services as they used to
do earlier. Because of the raising interest to be a part of social networking site like, Facebook,
Instagram, twitter and so on things are fluctuating rapidly. By this Bluelight Technology is able
to launch their creative selfie product successfully in the global market as is prepared by keeping
in mind customers requirement (Wood and McKelvie, 2015).
New knowledge: Best and unique product can be launched in the market because
of the knowledge. This is because it assist in introducing innovation in effective manner.
Modification are implemented in order to match the expectation level of the customers. By this
loyal client can be build towards the selfie product. Whereas, competitive advantages can be
gained by new business opportunity because of the usage of new technology adopted by Blue
light Technology.
The above mentioned seven sources of Drucker's inspires business associates to identify
new business opportunity. It also introduces new goods to the customers by stating the demand
for the goods in the global market.
4