Identifying Entrepreneurial Opportunities - Assignment Solution

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.