Analysis of Entrepreneurial Opportunities and Competencies

This assignment involves analyzing entrepreneurial opportunities and competencies using various theoretical frameworks such as SWOT analysis, Porter's 5 forces model, and fsQCA. It also explores the factors that influence entrepreneurial engagement, including personality traits, work values, and demographic changes. The goal is to provide a comprehensive understanding of entrepreneurship and its related concepts.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P 1 Different sources of Entrepreneurial ideas & innovations....................................................1
TASK 2............................................................................................................................................3
P2 Market gap for a specific entrepreneurial idea ......................................................................3
TASK 3............................................................................................................................................4
P3 Gap analysis & its Evaluation.................................................................................................4
P4 Interpretation...........................................................................................................................6
TASK 4..........................................................................................................................................11
P5 SWOT analysis.....................................................................................................................11
P6 Evaluations of competitiveness ...........................................................................................11
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneur is the act of creating a business which is helpful for the corporation to earn
higher profits. To become an entrepreneur it requires a unique business idea which is needed to
implement to get success. Millions of people are getting employment opportunities through it. To
better understand this concept D1 surveillance has chosen which is a new venture & wants to
manufacture CCTV scanner. In this report, there are following topics are covered such as: to
determine distinct source of entrepreneurial idea in context to analyse market gap, primary and
secondary data with interpretation. Apart from this it also discuss about to evaluate the market &
competitors to analyse potential viability.
TASK 1
P1 Different sources of Entrepreneurial ideas & innovations
There are various sources through which an individual can inspired to think innovation in
order to generate new idea which help to start new venture. Hobbies, past experience,
observation and market gap analysis can be motivate a person to think innovative & start new
business. Interest of people can encourage them to think unique and put maximum efforts to get
success in business plan. An entrepreneur is an individual who envisages an idea and arrange
different resources in terms of labour, funds, land etc.
Business idea: The thought which comes into mind of a person and it motivates to
generate new idea that can beneficial in business information. In an organisation, the manager is
responsible to develop an effective business idea in context to maximize sales and profits. As D1
surveillance is the manufacturer of CCTV scanner and products of organisation are beneficial for
the security purpose because crime rate is increasing day by day (Kohlbacher and Levsen,
2015).
Potential consumers: These are those individuals who can become the consumers in
future are known as potential consumers. Corporation target these consumers in order to capture
higher market share by maximizing the sales. It is important for D1 Surveillance to identify
potential customers so that business of company can grow.
Target audience: It is essential for an organisation to target appropriate audience in
order to maximize sales as well as profits. As D1 Surveillance has targeted household and
commercial people.

With a specific end goal to figure out where are opening is accessible, an examination of
STEEP analysis can be possible.
Social factor: To satisfy the desires of consumers is essential for an organisation for that
it is important to produce the products as per the need of people of society. For D1 Surveillance
it is necessary to identify this factor in order to satisfy desires of persons who lives in society. By
keeping this factor in mind company can introduced innovative product which is CCTV scanner
& it would be beneficial for the safety and security purpose of consumers.
Technological factor: To get success in business technology plays a vital role and is
beneficial to increase efficiency and effectiveness. As D1 Surveillance wants to develop a new
product that is based on technology & people can use the product for personal and commercial
purpose. The innovative feature of this CCTV camera is that it can scan, which is helpful to
know that an individual having knife or any other dangerous thing which can be harmful for
other persons.
Economic factor: To analyse this factor is beneficial for the growth of organisation & it
involves inflation, exchange rate, economic growth etc. It is helpful for D1 Surveillance to
consider this factor so that exchange rate does not impact the business & it can export the
products to different nations (Koryak and et. al., 2015).
Environmental factor: In order to develop new product it is necessary to analyse the
factors of environment which includes climate, weather etc. For D1 Surveillance it is important
to consider this factor so that new product development can be successful.
Political factor: To analyse this factor is important for the corporation and it involves
consumer protect act, employment law, protection & copy right act. As D1 Surveillance is the
CCTV scanner company & it is necessary for it to comply the compliances and regulations
which are quite dynamic and consistently changed by the government so that it is important to
monitor this factor very closely.
Peter F. Drucker has introduce some elements which are helpful to set out unique ideas in
order to get success in business and D1 Surveillance can use this to capture more market share
within specific time period.
Incongruity: It means differencing in matching the thing which is expected by the
organisation in order to emphasis on necessities & wants of business as well as consumers. So
that business of D1 Surveillance can be successful.

Process need: It is helpful to use effective process and procedures to produce quality
products as per the expectations of consumers. It is beneficial for the business of D1 Surveillance
to maximize its sales.
Industry & market structure need: It denotes a market structure where many small size
of firms compete with each other. As D1 Surveillance wants to produce innovative products in
order to compete with other enterprise. Due to the quality product consumers can attract towards
the organisation.
Demographics: To choose an appropriate location is helpful for the D1 Surveillance so
that it can target consumers and generate higher profits.
Change in perception: It means what people think about the products and services
which are provided by the organisation. The managers of D1 Surveillance has need to change the
perception of people that products of company does not beneficial in context to safety and
security purpose (Gaglio, 2018).
New knowledge: To grow the business in successful manner it is necessary to have
innovative ideas and knowledge so that new product can be develop in order to satisfy the needs
of consumers. So that maximum profits can be generated.
Unexpected: It is essential for the manager of D1 Surveillance to develop effective
strategies which is beneficial to meet unexpectedness which can arises in the venture.
TASK 2
P2 Market gap for a specific entrepreneurial idea
Market gap is a situation where corporations does not able to fulfil the demands of
consumers with its products or services. This situation has also occurs when demand and supply
are matching. It is a good opportunity an organisation to analyse the market gap and produce
those products to the consumers which can fill this gap as a result company can generate higher
by capturing high market share.
There is a great scope available in front of D1 Surveillance to analyse market gap so that
it can earn maximum revenue. As company is planning to manufacture CCTV camera scanner
which is an innovative product. It is beneficial for the organisation to analyse market conditions
which is helpful to implement the plan in order to fill the market gap. There are various points
which are mention below and helpful to achieve business idea and such as:

Business idea: D1 Surveillance is UK based corporation and planning to manufacture
CCTV camera scanner having special features. In this context, it is important for company to
prepare strategies and analyse its strength & weakness which is helpful to make necessary
improvements as a result organisation can survive in the market with its innovative product.
Creative idea: To think creative is important for an individual so that an effective
business idea can come up which contribute to the growth of organisation. As management of D1
introduce a creative idea which is to manufacture CCTV camera scanner. It is beneficial for the
security purpose of people.
USP: D1 surveillance is currently having USP of the high resolution camera to have long
zoom and ability to capture dark picture. Anti-threat sensor has comes out as unique to setup in
society, office, entities, banks etc., are their prospective customer to sell. The CCTV camera
scanner which will be launched by this organisation has a unique feature of facial recognition
which distinguished it from its competitors.
Competitor: Covert security system Ltd is the major competitor of the D1 surveillance.
This is why, because firm is being specialised in advance radar system with alternatively sound
camera to capture perfect image for security purpose. Hence, its being important to develops
innovative alteration to generates unique into an idea for D1 surveillance. Company's
competitors are using latest technology and innovation for producing a distinguished product by
using high price strategy. The main competitor of this company is Vanderbilt Industries which is
a CCTV camera manufacturer organisation. This enterprise provides camera with high quality
but it fails to provide facial recognition feature which is provided by D1 surveillance. This
unique feature makes this company stand out among its competitors.
Present situation: At present D1 surveillance is planning to introduce a new product
which is CCTV camera scanner and it can scan the persons if they are carrying knife or weapons
along it self. It is necessary to prepare effective strategies which support the growth of business.
Organisation have enough finance, skilled labour, raw material software applications etc.
Direct and indirect competitors- Direct competitors are those that produce similar
products or services and indirect competitors are those that produce alternative goods and
services. In context of D1 surveillance, the direct competitors are those that provides cameras
and scanners and indirect competitors are the telecommunication companies as it provide an
alternative to Camera scanner.

In order to identify necessary information about the existing market conditions, this
organisation is using secondary data. For this purpose, a survey is conducted based on the
information gathered through secondary resources.
TASK 3
P3 Gap analysis & its Evaluation
Gap analysis is the method of analysing the difference in performance to check whether
business requirement are being are met or not. The term gap here refers to the condition where
what is the current status and what should be future ones. This is used by organisation to identify
whether entrepreneurial idea is perfect to implement in real situation of business or not. CCTV
scanner camera is one of the best idea to start with venture and also facing lots of cut throat
competition into same region. Due to huge and severe competition, D1 surveillance is having cut
throat in form of major rivalry such as Covert security service Limited. This competitor presently
having big name in entire UK due to its unique product or service. D1 surveillance is having
potential and to gather with better business, relevance gap analysis is need to have idea at what
level firm will grow and competencies into their product to overcome critical competition.
Basis Current status Desired condition Action plan
Product uniqueness Currently, CCTV
camera market is
mainly doing a lot, as
they have pressure to
provide tech with tool.
Camera's are coming
with low pixel that is
difficult to click long
distance pictures.
High zoom camera is
required with help of
which sensitive
pictures can be taken
along with lesser cost
to setup.
Action plan have clear
vision to pursuing
strategic alliance with
camera manufacturers
and generates idea for
them to develop zoom
and engages lesser
wire for set-up.
To support this gap, a short research is conduct to realise response of the people on this
business idea and understand strategies that can be taken to upgrade business idea to greater
extent or size. A secondary research is conducted in order to fill the market gap that is existing
between customers expectations and company's products. For this purpose secondary data is

utilised. Secondary research includes collation, synthesis and summary of existing data and it
utilises primary resources as sources for the purpose of analysing data. Currently, D1
surveillance is producing cameras and scanners but they are of low pixel which is not able to
fulfil customer expectations. It is increasing marketing gap and in order to full this gap, a survey
is conducted based on secondary research.
In this secondary research, data is collected from internet, Zintro, Hubspot, and google
trends. According to a research which is gathered from google trends, it has been estimated that
90% individual are aware about the use of CCTV camera scanner whereas 10% are not aware
about it. A research based on D1 Surveillance available on Zintro estimated that this idea of
launching new CCTV camera scanner with unique features is beneficial for the organisation. It
will enhance the company profitability and sales as it is using latest innovation and technology
while launching this product. As per another secondary resource, this product will be safe and
secure to utilise. A report is estimated in the same context in which it has been estimated that
digital camera sales has been reduced 29% since the year 2006, to a value of £578 million in the
year 2011. Furthermore, today 8% of UK adults which are equal to 3 million consumers claims
that they prefer using smart phones rather than camera. This is because camera is lacking its
features. In this regard, the market is impressive £843 million back in 2006 and experiencing
decline in its sales up to 21% from the past five years which is down from £354 million to£279
million in 2011.
As per another secondary data collected from internet, it has been estimated that when
company will launch this product than it can achieve various benefits such as the cost will be
minimised, more revenue will be generated and expenses and costs that will be incurred within
an organisation will be appropriately managed. Another survey which is conducted in this regard
is that the stakeholders which will achieve maximum benefits are company's owners as this
product will bring increased sales which will result in increased profitability and revenue in an
organisation. It will also benefit the customers as they can use latest innovative product that will
meet their expectations. Moreover, it will also provide certain benefits to its employees as they
will be able to achieve more incentives if the company's revenue will be increased.
P4. Interpretation of secondary data
As per the data which is collected from secondary resources such as google trends,
newspaper, Zintro and Hubspot, it has been estimated that this latest product which the company

is about to launch that is CCTV camera scanner will be proved to beneficial for D1 Surveillance.
This product will be able to fulfil the market gap between customer's expectations and products
of company. Previously this organisation was launching certain products that was lacking many
features such as the cameras provided by this company was made up of old technologies and
tools and not made up of updated technologies. They were having bad camera quality and they
were of low pixels. This was not able to meet customer's demands and thus the sales and
profitability of company were decreasing to a large extent.
Now, this enterprise is launching latest innovative CCTV camera scanner that has unique
features such as facial recognition, signature recognition and high pixels that will help in clicking
pictures even in dark room. So as per the secondary research collected from secondary resources,
it has been estimated that this product will safe and secure to utilise and it will surely enhance
customer's profitability. Moreover this product will generate company's revenues and increase its
sales and productivity. It will be beneficial to all its employees as their incentives will be
increased due to high sales and productivity. The most benefits will be received by the
company's owners due to launch of this product.
TASK 4
P5 SWOT analysis
SWOT stands for strength, weakness, opportunities and threats. It helps the organisation
to develop new strategies for their business to survive in the competitive business environment it
helps the organisation to look for it internal and as well as external factors. Organisations uses
this analysis for to see what strength do they have and how can they convert their weakness in to
strength and take the competitive advantage over their competitors.
Strength: The strength which D1 surveillance has against their competitors is their
unique idea of building the CCTV cameras with detectors which can detect any metal
component, also the strength their capital structure which helps the organisation to grow and
expand in the near future. Main objective of the company is to produce CCTV cameras with
scanners which require a huge amount of capital and R&D the capital structure which the
company has gives the advantage to invest on the R&D of the product (Davidsson, 2015).
Weakness: The weakness that the company face is the access to limited resource and
employee retention which brings a negative impact of the image of the company. The work force

required to work on the product is limited. The company fails to retain its employee for a long
period of time.
Opportunities: Opportunities that the company have is to get into the new segment, the
product which the company is providing is the CCTV camera with scanners that will help in
detecting the metal components if any one is having. By this product the company have the
opportunity to enter the new market of metal detectors. This product will reduce the use of the
metal detectors.
Threats: Technology can be the threat for the company as the technology is getting more
enhanced the risk of data loss is also increasing. With increasing technology the ability to hack
the system also increases. New entrants can also pose a threat as the demand for CCTV camera is
increasing globally.
P6 Evaluations of competitiveness
Competency shows the capability of an organisation to face the competition in the
market. So it is important for the company to identify its strength and abilities in order to achieve
competitive advantage. For a corporation which wants to start new business, it is essential for
that to analyse the current market environment conditions in order the get success. It is required
for D1 Surveillance to identity competitiveness for the new business idea and check the
feasibility in context to new product launch so it is important to know strength and weakness
which is mention below:
Strength:
 This product of company can protect the consumers by scanning so that individuals can
know a person is carrying knife or weapon along with itself.
 Due to the innovative features and high quality of product can attract the consumers to
buy the product as a result sales and profits can be maximize (Beynon and Pickernell,
2016).
Weakness:
 There are high risk involve to launch a new product because it requires huge investment,
knowledge about market conditions.
 To get skilful employees is difficult, who can perform as per the need of organisation so
that need of consumers can be satisfy.
With the help of some points risk and potential growth can be analyse:

Competitive market: It is necessary for the organisation to know the competitors in the
existing market so that D1 Surveillance can make effective strategies in order to compete in the
market.
Target audience: To target appropriate audience is important to get success and growth
in business. As D1 Surveillance has targeted household and commercial people.
With the help of porter's five force model potentilla growth can be identify which
contribute in future development in order to capture more market share.
Existing competitors: It is essential for the D1 Surveillance to identify the existing
competitors who deals in same type of work. So that manager of organisation can make effective
strategies and bring additional features so that it can beat the competition.
Threat of substitute product: To analyse the organisations who produce alternatives
products to attract more number of consumers. So it is important for D1 Surveillance to
manufacture innovative CCTV camera scanner having unique features.
Threat of new entrance: It is threat for the organisation if a company enter in the
market by providing same product with unique features. In that case, it is important for the D1
Surveillance to make effective strategy and plan so that performance of company does not get
hamper.
Bargaining power of supplier: The organisation is introducing the new product so
bargaining power of supplier does not influence the business of D1 Surveillance.
Conclusion: As a conclusion, it can be said that it is important for the organisation to
analyse the competencies in order to get success in the market. For the potential growth it is
required for D1 Surveillance to use porter's 5 force model so that it can make effective strategies
so that corporation can survive for a long time in the market.
Recommendations: To attract the consumers it is essential for the organisation to
promote the products of company so that more number of consumers can aware about the
products of D1 Surveillance. It is essential for the corporation to provide training to the
employees so that they can produce quality products as per the expectations of consumers
(Anderson and et. al., 2015).
CONCLUSION
As from the above report, it has been concluded that to identify entrepreneur opportunity
is beneficial for the growth and success of business. There are various sources through which an

individual can get innovative idea. Primary and secondary data analysis is useful to identify
current market trend. SWOT analysis is helpful to analyse strength & weakness so that effective
actions can be taken to improve the performance. With the help of porter's 5 force model
competencies can be identified.

REFERENCES
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Online
Primary data. 2019. [Online]. Available Through:
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