Identifying entrepreneurial opportunities in smart home automation
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Added on 2021-02-21
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IDENTIFYING ENTREPRENEURIAL OPPORTUNITIES TABLE OF CONTENTS INTRODUCTION 1 LO 1 P 1 Different sources of entrepreneurial ideas and innovation 1 LO 2 3 P 2 Rationale and market gap for a smart home automation 3 LO 3 4 P 3 Gap analysis in evolution of smart home automation4 P 4 Evidence for market evidence 7 LO 3 8 P 5 SWOT Framework to collate evidence to support an objective assessment for smart home automation 8 P 6 Evaluation of competitive market environment10
Identifying entrepreneurial opportunities in smart home automation
Added on 2021-02-21
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IDENTIFYING ENTREPRENEURIAL OPPORTUNITIES
TABLE OF CONTENTS INTRODUCTION...........................................................................................................................1 LO 1.................................................................................................................................................1 P 1 Different sources of entrepreneurial ideas and innovation....................................................1 LO 2.................................................................................................................................................3 P 2 Rationale and market gap for a smart home automation.......................................................3 LO 3.................................................................................................................................................4 P 3 Gap analysis in evolution of smart home automation...........................................................4 P 4 Evidence for market evidence...............................................................................................7 LO 3.................................................................................................................................................8 P 5 SWOT Framework to collate evidence to support an objective assessment for smart home automation....................................................................................................................................8 P 6 Evaluation of competitive market environment..................................................................10 CONCLUSION..............................................................................................................................10 REFERENCES..............................................................................................................................12
INTRODUCTION Entrepreneurship can be defined as a process in which launching, designing and running of a new business is involved and the business person who create this new business are called as entrepreneurs. Entrepreneurial opportunities can be defined as a situation in which any service or product can be sold t a much higher prices as compared to their production cost. It is a situation where entrepreneurs can take advantage of a particular situation in order to succeed in the market in order to make profit (Ramdani, Azis and Kaltum, 2016). These entrepreneurial situations are extremely important for an entrepreneurs so that they can extend their business in order to make profit. This assignment will lay emphasis on a new and innovative business idea of Smart home automation in UK. This smart home automation will be controlled with a central mobile application and will be able to control all the household appliances, AC, ventilation, lightening, heating etc. For this different sources of entrepreneurial ideas and innovation, rationale and market gap for a smart home automation, gap analysis in evolution of smart home automation, evidence for market evidence, SWOT Framework to collate evidence to support an objective assessment for smart home automation, evaluation of competitive market environment will discussed in details in this assignment. LO 1 P 1 Different sources of entrepreneurial ideas and innovation If an entrepreneur wants their business to become successful then it is quite important for them to come up with a new, innovative and feasible business idea. A good business idea will help in starting and gradually develop their start up business(Molasy, and et.al., 2019). There various kinds of sources though which an entrepreneur can get a new, feasible as well as innovative business idea. There are various kinds of external sources can create opportunities for entrepreneurs to start their own business. These opportunities and sources can be explained through Perter Drucker's Seven sources of innovations. The Unexpected: One of the biggest source of innovation is an unexpected success or failures that occurs within an organization can be a great source that can inspire an entrepreneur for a new and innovative idea. An entrepreneur should always notice unexpected failure or success as it can become one of the great source of opportunity which can help them to start their own business. They should see those failures and success as an advantage to start their own business. 1
Incongruities: Many people fall for developing an new service or product without doing any kind of proper research about the market segment, customer needs etc. Company should keep a connection between what the product or service is and what their target customers want(Cavaco and Machado, 2018). If the organization fails to keep that connection then it can lead to downfall of the company, but this downfall is a great source of inspiration and opportunity which can lead to an innovative idea. Process need: According to Peter Drucker Companies should not focus on situation in fact they should be more task focused. This focus on process and tasks can provide a great source of opportunity for the companies it will help them to identify their weaknesses and way they can improve those weaknesses. Such weak links of the organization can lead to increase companies capabilities which will help them to create new and innovative ideas for their business which will behave more like a threat than opportunity. Industry and market structure change: Innovation in changing technology also brings changes within the industry and market needs. Organizations need to understand those changes and implement those changes within their company(Dubey and et.al., 2015). It is one of a good source which will increase their success opportunities and decrease their failure chances. Demographics: Change in demographics can lead an organization towards their downfall as these demographic changes not only affect the market in which they operate but it will also affect the demand for their services and products within their customers. So companies should focus on these changes as they can become another source of bringing innovation within their organization which can increase their opportunities and can lead the company towards success. Change in perception: Continuous significant changes within the market leads to change in perception of their target customers. These changes can affect technologies used by the company, their involvement in social networking sites etc. This change in perception can also become one of the great source of innovation or business idea to develop a new product or service. New Knowledge: New knowledge has always seen as a good source of inspiration for new and innovative ideas which cannot be overlooked by the organizations. Companies 2
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