Identifying Entrepreneurial Opportunities

This report discusses the sources of entrepreneurial ideas and innovation, along with rational and gap analysis. It also covers market research, viability and feasibility of business ideas, and competitor analysis. The report focuses on the introduction of a DSLR camera by Green Light Technology and finding potential and targeted audience for the product.

Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
Main Body.......................................................................................................................................3
1. Sources that inspire the new business idea and motivated for set up a new business.............3
2. Introduction of business idea, finding potential and targeted audience for the product.........5
3. Competitor analysis that looks at competitive marketplace....................................................6
4. Gap analysis, current and future situations and objects of business ideas..............................7
5. Market research to support viability of business using range of sources such as primary and
secondary.....................................................................................................................................8
6. Viability and feasibility of business idea, strength and weakness of business.....................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is an activity of individual in which they have to set up business with
taking risk for earning profitability. Whereas, individuals who creates unique ideas and establish
venture 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 are
those who makes ideas and develop unique ventures so as to grabbing attention of large number
of customers in marketplace. As competition is increasing in market on regular basis then it is
very essential to build unique ideas so as to taking sustainability in marketplace. Present report is
based on the idea of introducing a DSLR for photography by Green light Technology. This idea
was chosen by entrepreneur due to the increasing use of cameras and high quality mobile phone
for clicking good pictures in events and memorising them in future. This assignment will discuss
about 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 with
SWOT and market analysis for entrepreneurial ideas so that venture would be started
successfully.
Main Body
1. Sources that inspire the new business idea and motivated for set up a new business
New ideas for business are inspired by recent trends along with basis of analysis of
current market situations. Entrepreneurs acquire business ideas from several sources like whether
they can get it through online research or future perspectives (Sujarwo, 2016). A new venture
that is inspired by current trends of market is set up in Bristol, UK which is specially formed due
to increasing madness of individuals towards photography. Overall concept of this business
venture is formed through Drucker's famous book Innovation and Entrepreneurship that have
also supports in identifying sources of innovation. Some sources of innovation are given as
below:
 The Unexpected: There are several surprises are exist in marketplace and these surprises
can become threat for sustainability of firm. Unexpected success and failure both are
notices by firms as opportunities. Unexpected situations in business firms are extremely
powerful because they inspire leaders or entrepreneurs to make innovations so as to
dealing with particular situation. It will very helpful for Green light Technology in

gaining profitable outcomes from opportunities which are occurred due to unexpected
technological changes.
 Incongruities: Success or failure of business idea is very much depended on what is
served by businesses for satisfying the needs of customers. Therefore, it is essential for
entrepreneurs to conduct market research before launching new product in a target
market. For identifying needs of targetted customers, entrepreneurs of Green Light
technology have to take feedbacks and complaints so that incongruity of new DSLR can
be identified. With the help of this information, customer's preferences about
technological products will be determined which will leads Green light technology in
launching new DSLR in market.
 Process Needs: In this, entrepreneurs of Green Light technology have to properly
identifying new ideas or concepts so that potential gaps will be identified in the projects
which will be helpful for entrepreneurs in achieving their desired goals. After knowing
weaknesses of project, team of Green light Technology will be able in providing effective
and innovative solutions in future (Hangarki, 2012).
 Industry and market structure change: As the competition is increasing day by day
due to which each organisation of market brings innovation in their existing products
then leaders of Green light Technology have duty to consider these changes effectively so
that any trouble wouldn't be faced in future.
 Demographic: Changes in demographics can affect the productivity or profitability of
firm 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 by
customers. Demographic change includes changes in age, education and employment can
affect the business productivity and provide new opportunities. This change will be
helpful for Green Light Technology in introducing new products to those customers who
are ready for adopting high tech products.
 Change in Perception: In recent times, perception of customers are highly changed as
they wants to make stronger social image in society and groups. This is usually done by
uploading quality pictures and DSLR developed by the company are of high quality and
capture high resolution images. Through developing this product, Green light Technology
will be able in satisfying changed perception of customers.

 New Knowledge: Knowledge of each factor is very important for entrepreneur because it
helps them in developing products as per the taste and preferences of customers. As
company wants to bring new DSLR products which have high demand in UK market
then they have to acquire knowledge of each factor like taste, preferences of customers
about this which will be helpful for them in defeating their rivals.
From all above sources, it has been identified that all these sources are helpful for Green
light technology in introducing their new DSLR product in Bristol Market. But majorly company
needs to focus on new knowledge as it is beneficial in development of new product i.e. DSLR
according to the taken preferences of customers. New knowledge bring new ideas to the firm
through which they can sustain in the market. The company also need to focus on change in
perception of customers because through it, the company can enhance the customer's satisfaction
which leads the firm towards growth and success in marketplace.
Launching a DSLR camera by Green technology has various strengths and weaknesses which
brings profitable outcomes to an organisation in return. This includes following:
Strengths Weaknesses
 Due to larger sensor size, it facilitate
users to click pictures more detailed
and clear which are more in market
demand.
 Almost all functions in DSLR can be
overridden right from ISO speeds,
colour balance, and temperature. This
can easily attracts the people towards
buying their products.
 It is complex device due to which it
may difficult for new customers to
learn the use of features of DSLR
launched by Green technology.
 It weights heavy and too sophisticated
for someone which can be harm the
possibilities of sustainability of new
camera product.
 It is expensive to bought.
2. Introduction of business idea, finding potential and targeted audience for the product
Technology makes each things smooth to perform and assists in accomplishing task in
appropriate manner. Demand of the new product is very high in market because product is made
for those people who are always ready for adopting technology in their daily activities. As the
new generation of individuals are very advanced and wants specific technologies so as to
building strong position in their groups and society then it is an opportunity which can be

grabbed by young graduate entrepreneur who have started its new venture as Green Light
technology in Bristol Market. In current scenario, Product developed by company is DSLR
which having latest technological features like artificial intelligence, smile capture, slow motion
video etc. because youngsters and individuals are fond of advanced technology and they wants to
grab it so as to taking memorable pictures and building strong image in their groups. Before
introducing this product in UK market, entrepreneur have duty to represent this idea in front of
governmental authorities so that if it find reliable by them then funds will automatically provided
to entrepreneurs (Catalina, 2013). Value of launching new venture in UK market is £2,00,000 out
of which £1,20,000 is provided as a start-up loan by government at lower rate of interest. Along
with this, £30000 is provided as government grant and remaining £50000 will be invested by
entrepreneurs as capital. As the business is introduced at high level which requires huge amount
of funds to invest in order to make entrance in niche market. STP model is given as below:
Segmentation – It is the first step of model in which customers are segmented by the
company on the basis of gender, age, race, religion, income level etc. Greenlight Technology
have identified that their produt can be sold to those customers who are highly rich and highly
active on social media.
Targetted customers
Entrepreneurs have targetted those customers who are young and ready for adopting new
techniques. Main reason behind targetting of these kind of customers is that young generation is
highly adoptive in nature and prefers to new and advanced technology so that daily activities will
be performed in easy manner. Prices of products are set by entrepreneurs are slightly costly for
middle and lower class individuals and consider those targetted customers who belongs to upper
middle class family members. Consumer who prefer high technology and does not believes in
cost whereas, they wants to adopt these techniques at any cost. Potential customers that may be
targetted in future are may belong from all age groups and different prices of products can attract
customers of different income level groups.
Positioning – It is the last phase of STP in which company have to decide the position of
their target. For this, management of Green light technology has decided to sell their product
through online e-commerce platform such as Amazon, Alibaba etc. After succeeding in it,
company will be provide their product to the retail electric stores.

DSLR for photography is the new idea by Green light Technology. In today's ear of
phone with camera people has left using DSLR camera in their daily life. So coming up with
such kind of innovative idea is quite challenging. It creates huge market gap for DSLR product.
In order to raise the sales volume for this report it is very essential to build demand for this goods
in customer mind. Gap analysis model help firm to measure the best way in order to achieve
business goals as well as highlight opportunities for upliftment. Product/ market gap is out there
for DSLR and the market gap for this goods can be full-filled by generating the demand for
DSLR in photography despite of having camera in phone.
3. Competitor analysis that looks at competitive marketplace
Each organisation wants to gain success in market therefore, it is essential for
management of each firm to conduct proper analysis so as to identifying strength and weaknesses
of their current and potential competitors. For this, entrepreneurs of Green light technology have
decided to conduct competitor analysis so that their strategies, strengths and weaknesses can be
identified. Best technique which can be used by Green Light Technology for analysing
competitive market is Porter's five forces which is given as below:

Illustration 1: Porter's five force Model
Source – Porter's Five Force Model
Porter's five force model: This is a framework which is used by organisations so as to
analysing competition of business in a particular sector. In addition this is a useful tool for Green
light technology because through this they will be able in defeating their rivals in marketplace.
Suppliers Power: It defines the extent in which suppliers can influence the prices of
product. This force is very much depends on availability of number of suppliers in a particular
sector. As small number of suppliers can posses more bargaining power than large number of
suppliers. Suppliers of products like DSLR are very less due to which Greenlight Technology
can enjoy high bargaining power.
Consumers power: Bargaining power of customers can affects the pricing and quality of
products and services. When number of customers of a particular product is lower than it posses
more influence on the prices and qualities of product. Whereas, large number of buyers makes
the prices of product same in marketplace. Product which is introduced by Green light

Technology does not attracts large number of customers and price of product is also costly for
the lower income level groups. Therefore, firm can face high bargaining power of customers.
Threat of new entry: Companies in technological sector can enjoy their sustainability
because entry in this sector is very difficult such as high investment and regulations are requires
to followed by new entrants in this sector. Whereas, Green light Technology can face threat of
new entrants because technology can be outdated and new competitors can develop innovative
products with advanced technologies (Abdul Jalil, 2013).
Threat of Substitutes: When number of availability of substitute products is very high
then buyers can judge the products on the basis of prices of products. In addition, it can also
encourage the customers for switching the brands. DSLR product is developed by Green Light
Technology which is an unique concept and prices are low than the big brands. Therefore, buyers
have not lots of options for switching towards other products.
Competitive rivalry: In a particular market place where competition is very high then
any single organisation have no right to control prices of product and service. Whereas, Green
light technology have to face lower competition in marketplace of UK because lower number of
competitors are available in marketplace (Saputro, 2016).
From the above model, it has been analysed that DSLR is an unique product of Green
Light Technology which will easily meet with requirements of technically advanced customers.
DSLR are available in market but a DSLR having artificial intelligence, slow motion videos,
smile capture with high resolutions will meet the current requirements of technically updated
customers. Therefore, it can be said that chances of gaining success in this sector is very high for
Green light technology. For launching product, company have adopted niche strategy which will
help in analysing reactions and responses of the customers for the introduced product.
4. Gap analysis, current and future situations and objects of business ideas
Gap analysis is used for analysing the comparison between actual and expected
performance. In order to filling this gap, it is very important for organisation to utilise their
resources in appropriate manner so that ideal results will be received in future. In addition, it also
assists in determining whether business requirements are met or not. In current scenario,
technology is changing on regular basis because taste and preferences of customers changes after
a specific time period. In this situation, introducing DSLR in Bristol, UK will be prove beneficial

because there are less competitors are available in this kind of business. Future of this business
is expected to be competitive because dependency on technology will be high in future.
Some objectives are also framed by Green light technology which are:
 Introducing innovative technology: Technology is always appreciated whether it is
applied for a long term or short term. Introducing latest technology in market is the prior
objective of business firm. Those who introduces technology for very first time will
always get advantage because they knows each aspect that how will be achieve success or
how they will defeat their rivals. As madness is very high for DSLR then introduction of
this innovative technology will be beneficial for Green light Technology.
 Profitability and employment generation: Long term objective behind launching of
DSLR is to gaining high profitability because it is very necessary for surviving in market.
New business which is introduced by Green light technology will generate lower
employment opportunities to others but when it will be establish strongly in market along
with large customer base then more employment opportunities will be provided by them
at local or national level.
 Capturing market share: Introducing business in those segments where lower level of
competition is available then it is termed as golden chance for firms. In addition, it also
increases chances of success and large market share can be captured by firms. When
market share of Green Light Technology will be increased in marketplace then they will
be able in facing competition in future (Garnsey, 2015).
5. Market research to support viability of business using range of sources such as primary and
secondary
When new venture is established by entrepreneur then it is very essential for them to
conduct market research so that specific issues related with business can be identified easily. In
order to getting relevant informations two main methods are adopted such as primary or
secondary. In primary research, information is gathered for very first time and gathered through
questionnaires, surveys or interviews. Information which is collected earlier is considered as
secondary methods. Most of researchers uses primary methods in research programmes so that
new data or informations can be collected. In this report, new data is not collected and
information of past records is used and modified them as per the new requirements. From the

primary and secondary methods, primary is used by Green light Technology and 30 respondents
are selected for gaining valid informations through questionnaire which is given as below:
QUESTIONNAIRE
Q1. Do you have any knowledge about using DSLR ?
A. Yes
B. No
Q2. What do you prefer among mobile phone and DSLR ?
A. DSLR
B. Mobile Phone
Q3. Is future generation is more dependent on technology ?
A. Agree
B. Disagree
C. Don't Know
Q4. Do you think DSLR will get desire success in UK market ?
A. Agree
B. Disagree
C. Can't Say
Q5. Can Green Light technology will gain competitive edge over the competitors by offering
DSLR ?
A. Yes
B. No
Q1. Do you have any knowledge about using DSLR ? Frequency
A. Yes 18
B. No 12
Total 30
Mean 15
Median 15
Mode 6

18
12
A. Yes
B. No
Interpretation - From the above chart it has been identified that most of the respondents
having knowledge regarding use of DSLR like 18 out of 30 respondents have good knowledge
regarding the use of DSLR. Whereas, remaining respondents have gave their response that they
have no knowledge regarding use of DSLR.
Q2. What do you prefer among mobile phone and DSLR ? Frequency
A. DSLR 17
B. Mobile Phone 13
Total 30
Mean 15
Median 15
Mode 4

17
13
A. Mobile Phone
B. DSLR
Interpretation- From the above chart, it has been observed that 17 out of 30 prefers to use
DSLR. Mean of this data is 15, median is also 15 and mode is 4
Q3. Is future generation is more dependent on technology ?
Frequency
A. Agree 16
B. Disagree 14
Total 30
Mean 15
Median 15
Mode 2

A. Agree B. Disagree
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Frequency
16 14
Interpretation: from the above information it has been concluded that 16 out of 30
believes that future generation is depended on technology whereas, 14 are disagree to this
statement. Mean of this data is 15, median is 15 and mode is 2. By using DSLR in photography
people will be using less technology in their daily routine. By this demand for this business idea
can be created which is a positive mark for the company.
Q4. Do you think DSLR will get desire success in UK market ? Frequency
A. Agree 15
B. Disagree 9
C. Can't Say 6
Total 30
Mean 10
Median 9
Mode 3

15
9
6
A. Agree
B. Disagree
C. Can't Say
Interpretation: 15 out of 30 respondents are agree with this statement whereas, 9 are disagree
and 6 have not given any response for this. Mean of above data is 10, median is 9 whereas, mode
is 3. As today's generation is more interested in clicking photos of every single moment so
having DSLR in photography will be successful. Gradually the need for this business idea will be
raised.
Q5.Can Green Light technology will gain competitive edge over the
competitors by offering DSLR ? Frequency
A. Yes 19
B. No 11
Total 30
Mean 15
Median 15
Mode 8

19
11
A. Yes
B. No
Interpretation: 19 out of 30 have gave their opinion in favour whereas, remaining 11 have not
response in favourable manner for the above question. Mean and median of this 15 and mode is
8. Having DSLR in photography is a plus point for the firm as people are more con-centred in
looking impressive in their pics. So company with this business idea has huge growth
opportunities in the coming years.
From the above data analysis, it has been identified that 30 respondents are taken by the
researcher who have provided the views and opinions regarding the business and its product. The
use of DSLR in today's world is increasing for taking memorable pictures and also DSLR is
more used by individuals then mobile phones. Therefore, it can be said that value of new product
is high in market as well as the demand will be increase in future times to the dependency of
people on technology.
6. Viability and feasibility of business idea, strength and weakness of business
Business ideas of launching new DSLR are considered very viable opportunity for new
entrepreneurs because with the help of this, they will easily meet with the requirements of
customers. As present situation of market is in favour of new venture then it will be beneficial
for getting success in UK market within a small period of time. In addition, their business idea is
also supported by government through providing funds for start up which will be beneficial for
getting expected outcomes in near future (Elenurm,2 012).

For analysing strength and weaknesses, Entrepreneur have to conduct their SWOT
analysis which is given as below:
Strength Weakness
 Main strength of firm is its dependency
on advanced technology which is using
by them for satisfying customer's
needs.
 Product which is offered by Green
Light Technology having high demand
in UK market which will be beneficial
in attracting large number of customers.
 Changes in technology on regular basis
can become weaknesses for their
dependency on advanced technology.
 In order to launching business at huge
level heavy investments are required
which can't be arranged in situation of
urgency.
Opportunities Threats
 Use of advanced technology is very
high in the products which can become
opportunity of making strong customer
base in UK
 Ideas of launching new DSLR is unique
which will be helpful for entrepreneur
in gaining competitive advantage over
their rivals.
 High costs and targetting rich class
individuals can become threats for
Green light Technology.
 Entry of new entrepreneur with
innovative ideas can also become threat
for profitability of new venture.
Through analysing above SWOT analysis, it has been identified that there are various
opportunities are available in UK market which can be grabbed by them through launching new
DSLR. Whereas, there are also some risks that should be determined by them at prior so that
effective measures can be taken for minimising its impact on profitability or customer base of
firm. For overcome the impact of risk, Entrepreneurs should make an effective team of
employees at their workplace who will be responsible in making focuses on changing
environment of marketplace. Through this, entrepreneur of Greenlight technology will be able in
grabbing available opportunities of growth and development in market (Soltanifar, 2016).

Competitive rivalry is high in technological sector whereas, company is providing updated
technological products to the customers which is reducing competitive rivalry in the industry for
the Green light Technology. Organisation can face high bargaining power of customers and for
eliminating this high power company can use advanced technology along with quality in their
products. Bargaining power of supplier is low in taken industry due to which company can enjoy
high growth and sustainability in a short span of time.
Porter's five force model:
Competitive Rivalry: When rivalry is more company cut down cost promote product
aggressively in order to pull client for the product. DSLR in photography is the new business
idea designed by Green light Technology . In the market people are more attarcted towards
phone with high quality camera so it is easily for Green light to enter into the market and
gradually create demand for the product.
Suppliers Power: As people does not use camera for photography so the suppliers are less in
number. Green light technology has limited number of suppliers who can provide them raw
materiel for the product . Sop there are chances to build healthy relations with the suppliers so
that raw material can be easily attained for DSLR.
Buyer Power: Customers are using more cell phone for their day to day photos. So by
providing DSLR in affordable prices Green light technology will be able to pull customers
towards their goods. And gradually demand will be generated with the phase of time.
Threat to substitution: For DSLR there is no much substitution except phone with camera.
People who are keen interested in photography and concern about their pics will be preferring
DSLR. So there I no such competition in the market and easily this new business idea can grow
in the market place by promoting the product on social media platform or other.
Threat of new entry: Very less business are operating in DSLR. Many of them has
closed their shops and opened by to sell cell phone or any other thing. DSLR in photography is
completely new business idea so there is more scope and opportunity to grow worldwide.
Advantages:
 By adopting this market scenario can be examined easily and ways to grow
new business idea can be ascertained.

 All aspects of market is determined and accordingly tactics is framed to
overcome barriers and clear the path of business business idea to get flourish
in the market.
Disadvantages
 Consumes lot of time.
 As market condition fluctuate so it is difficult to ascertain new business idea
success.
CONCLUSION
It has been summarised from the above report that unique or new ides of entrepreneurs
always assists them in gaining personal and professional growth. An organisation can easily
acquire effective knowledge about strategies and policies of their rivals through conducting
porter's five force model. Drucker's sources of effective innovation are also helpful for
entrepreneurs because through this they can build strong strategies which will leads them
towards strong customer base and profitability in market. SWOT analysis is also important
because through this, they can identify their capabilities that will be beneficial in fulfilling needs
and demands of current market.

REFERENCES
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