Identifying Entrepreneurial Opportunities

Identifying Entrepreneurial
Opportunities

Table of Content
• Different sources of Entrepreneurial ideas and innovations
• Rationale and the market gap for a specific entrepreneurial idea
• Gap analysis and its Evaluation
• Interpretation of Data
• SWOT analysis to assess the entrepreneurial idea
• Evaluation of competitiveness as well as market environmental

INTRODUCTION
Entrepreneur is the act of creating a business that is beneficial for the organisation to
generate more profits. It is helpful to provide employment opportunities and creates
employment for millions of people so that they can easily spend their life. To better
understand this concept P1 surveillance has chosen that is a new venture and wants to
manufacture CCTV scanner. In this presentation there are following topics are
covered such as: the different sources of innovative and new business idea, market
gap analysis using techniques, the uses of primary data & secondary data to analyse
market potential. Apart from this it also discuss risk and potential opportunities for
growth and development in future.

Determination of distinct sources of Entrepreneurial ideas &
innovations
An individual can inspired to think innovative ideas from different sources which help to
start new business. There are various things that can motivates the persons to set up new
venture and that involves: experience, hobbies, observation, interest & market gap
analysis.
Business idea: It is the thought that comes in mind of an individual so that idea can be
generated which is useful in business formation. The manager of company is responsible
to develop it so sales of products can be increase.
Potential consumers: The persons who can become the consumer of company in future are
known as potential customers.

Continue...
With a specific end goal to figure out where are opening is accessible, an
examination of STEEP elements can be possible.
Social factor: For a corporation it is necessary to satisfy the needs of consumers
as a result products can be produce according to the requirements of society.
Technological factor: To grab more market share technology plays an important
role and it is helpful to enhance the efficiency as well as productivity.
Economic factor: To consider this factor is important for the growth of
corporation and it includes economic growth, exchange rate, inflation etc.

Continue...
Environmental factors: To develop a new product in the market it
is important to identify the factors of environment that involves:
weather, climate etc. For P1 Surveillance it is essential to identify
this factor as a result new product development can be successful.
Political factor: To introduce a new product in the market it is
essential to identify political factor that includes, copy right &
protection act, employment law, customer protection act etc.