Identifying Entrepreneurial Opportunities

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.