(Solution) Identifying Entrepreneurial Opportunities PDF

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P 1 Determination of distinct sources of Entrepreneurial ideas & innovations..........................1
TASK 2............................................................................................................................................3
P2 Explain the rationale and the market gap for a specific entrepreneurial idea........................3
TASK 3............................................................................................................................................5
P3 Gap analysis and its Evaluation.............................................................................................5
P4 Interpretation of Data.............................................................................................................6
TASK 4..........................................................................................................................................11
P5 SWOT analysis to assess the entrepreneurial idea...............................................................12
P6 Evaluations of competitiveness as well as market environmental- ....................................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

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 report 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.
TASK 1
P 1 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. The interest
of an individual encourage him to think unique and put maximum efforts to make the business
plan successful. An entrepreneur is a person who envisages an idea & arrange various resources
in terms of funds, labour, land etc.
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. The inventors, entities, and other business parties
make an contract with organisation that they will contribute in the new business plan by financial
aid. P1 Surveillance is an organisation that is a manufacturer of CCTV camera scanner.
Corporation produce this product for the security purpose reason being crime rate is increasing
day by day (Perry and Markova, 2012).
Potential consumers: The persons who can become the consumer of company in future
are known as potential customers. It is targeted by organisation to increase its sales so that higher
market share can be capture. For P1 Surveillance it is essential to analyse potential consumers so
that its business can grow.
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Target audience: The group of persons for which a company produce its products so that
needs of target audience can be satisfy. The target audience for P1 Surveillance is household &
commercial people.
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. For P1 Surveillance it is
important to analyse the this factor so that demands of people can be fulfil who lives in society.
By keeping this in mind organisation can introduce innovative product that is CCTV camera
scanner and it will be useful for the safety and security of customers.
Technological factor: To grab more market share technology plays an important role
and it is helpful to enhance the efficiency as well as productivity. P1 Surveillance want to
develop a new product which is based on technology and individuals can use the product for
personal & commercial purpose. The unique feature of this CCTV camera is that it can scan that
is helpful to know that an individual having a knife or any other dangerous thing which can be
harmful for other persons (Pollard and Wilson, 2014).
Economic factor: To consider this factor is important for the growth of corporation and
it includes economic growth, exchange rate, inflation etc. For P1 Surveillance it is essential to
analyse this factor as a result exchange rate doesn't influence the business and it can export the
products to different countries.
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. P1 Surveillance is the CCTV scanner corporation and it is important for it to follow the
regulations and laws which are quite dynamic & consistently changed by the government that's
why it is necessary to monitor this factor very closely.
Peter F. Drucker has given some innovative ideas that can be beneficial for P1
surveillance to expand its market share and its prices within given fixed period of time. It
contains some points that helps to expand market share-
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Incongruity: This means variation in matching the thing that are expected. It helps to
focuses on necessities and wants of business and customers to make successful and productive
business.
Process needs: It refers introduction to a new quality of good, market place, source of
supply and method of production in an organisation. P1 surveillance includes request of any
person that helps to met in a feasible manner and improving a existing concept or idea by using
step wise process.
Industry and market structure need: This states a market structure where many small
size of enterprises compete against each other. As a result, P1 surveillance is planning to
manufacture new innovative product that helps to compete with others. This product should have
different features and quality to attract customers.
Demographics: It means P1 surveillance need to select a perfect location or area from
where can sell their scanner in a large number. It also considers targets and goals of organisation
that helps to take effective decisions (Mitchelmore and Rowley, 2013).
Change in perception: Perception means views and thoughts of person that makes
different from others. In P1 surveillance managers need to change their perception about
employees if it is negative. It helps to work together and achieve targets collectively.
New knowledge/ thoughts: To get successful business a organisation is required to
analysis new thoughts or creative ideas that helps to meet customers requirements and their
expectations. Such as, in P1 surveillance managers thoughts a creative plan to fulfil customer
needs and wants . As result company would be grow up and make a effective business.
Unexpected: Management of P1 surveillance needs to prepare solid strategies that
would be beneficial for facing unexpected results that can arises in business whether positive or
negative.
TASK 2
P2 Explain the rationale and the market gap for a specific entrepreneurial idea
Market gap refers difference in demand and supply of products and not purchased
anything. This means customers are meeting with their needs and wants yet. Now businesses are
facing high competition by using new technology. In present business enterprises are growing
rapidly and changing step by step and focuses on objectives of organisation. This is an
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opportunity or challenge for business 0organisation to sell or manufacture something new
innovative product that is not available in market place yet. For selling new product there is need
to have uniqueness and attractive features. Thus, customers would buy and like to have new
innovations. The main purpose of any organisation is to make different innovation and create a
value of product which is not manufactured yet.
A gap analysis is a method of assisting or examining the difference in performance
between a business information system and software application that states whether business
needs are met or not, if not then need to take corrective steps that helps to meet easily with
business wants (Perry and Markova, 2012).
Business idea: P1 surveillance is an international UK based company that is planning to
introduce a CCTV scanner having special features. For this, P1 is needs to analysis the market
and know strength and weakness of business that helps to execute new innovation in market.
Present situation: P1 surveillance is planning to bring new innovation such as CCTV
scanner that helps to scan individually if some one is carrying weapons along with them. It needs
to have a solid strategy and planning to manufacture this product. For manufacturing P1
surveillance have sufficient funds, software applications and qualified human resources that
would help to manufacture scanner.
Future possibilities: After planning and strategy P1 surveillance would focus on
increasing in number of customers and production. Strategies helps to affect business venture by
using new technology and information system in order to selling products and give satisfaction to
consumers. Future demands of scanner are depends on present performance of P1 surveillance
that would be beneficial for clients because it covers appreciated technology and provide training
to employees for using new technology and application system. Some points are given below
that helps to define business objectives and achieving ideas to them-
Behavioural segmentation: P1 surveillance focuses on behaviour and moral values of
customers and enterprises. It involves group customer based on special behaviour that shows
purchasing and selling decision. In addition, P1 surveillance would be judged and classify the
code of conduct of organisation and customers by using behavioural segmentation. Its main
objective is to maintain good code of conduct and increase beliefs with customers. This method
would helps to achieve the organisation goals by creating good relations with customers.
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Creative idea: Creative idea means to bring something new in market which is not came
yet. Such as P1 surveillance is planning to build a new product that is CCTV scanner which is
not available in market. The main objective of P1 surveillance is to provide safety and security
to their clients and make feel them confident about that nothing wrong will be happen with
them . This idea or innovation would helps to achieve organisation goals in context to take better
decision.
Geographical segmentation: This includes basic and common strategy in markets that
serve customers in a define area. In P1 surveillance managers focuses on geographical area such
as city, country, region, state or international group. Its main objective is to provide CCTV
scanner at all area and divide its market on the basis of geography. This division and
classification would helps to achieve organisation goals by serving products in all areas.
TASK 3
P3 Gap analysis and its Evaluation
Data collection refers to collecting the data from various sources. It is an important tool
of research method. Data can further is processed as information. The two main sources of
collecting the data are as follows:-
Primary data- Under this technique data are collected through direct sources which
involves: questionnaire, interviews, online survey etc. P1 Surveillance can know the
preferences , likes and demand of consumers about its CCTV camera product (Reilly and Scott,
2014).
Secondary data- Under this technique data and information has collected through
newspapers, journals, websites, books etc. This method is useful for P1 Surveillance to analyse
the current market trend so that product can be produce on the basis of it.
1. Do you aware about the concept of CCTV camera scanner? Frequency
i) Yes 15
ii) No 5
2. As per your opinion this business idea is beneficial for the growth of P1
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Surveillance ?
i) Yes 13
ii) No 2
iii) May be 3
iv) Not sure 2
3. Do you think for the security purpose this product is going to be beneficial ?
i) Agree 10
ii) Strongly agree 5
iii) Disagree 5
iv) Strongly disagree 5
4. What benefits are achieved by your business after using products of P1
Surveillance ?
i) Minimisation of cost 10
ii) Better Management of Expenses 5
iii) More revenue 5
5. Name the individuals which get benefited form this product of corporation?
i) Customers 5
ii) Suppliers 5
iii) Employees 2
iv) Owners 8
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Questionnaire
P4 Interpretation of Data
1. Do you aware about the concept of CCTV camera scanner? Frequency
i) Yes 15
ii) No 5
15
5
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Interpretation: From the above data it has been analysed that 15 respondents are aware
about the concept of CCTV camera scanner besides that 5 respondents does not aware.
2. As per your opinion this business idea is beneficial for the growth of P1
Surveillance ?
i) Yes 13
ii) No 2
iii) May be 3
iv) Not sure 2
13
2
3
2
Mean: 5
Median: 7.5
Mode: 3
Interpretation: As from the above data it has been reflected that 13 respondents says
that business idea is beneficial for the growth of P1 Surveillance where as 2 individuals does not
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think so. Besides that 3 respondents thinks may be business idea is going to be beneficial and 2
individuals thinks does not sure about it.
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3. Do you think for the security purpose this product is going to be beneficial ? 15
i) Agree 10
ii) Strongly agree 5
iii) Disagree 5
iv) Strongly disagree 5
10
5
5
5
Mean: 6.25
Median: 5.5
Mode: 5
Interpretation: As from the above data, it has been analysed that 10 respondents are
agree that for the security purpose this product is going to be beneficial where as 5 individuals
are strongly agree. Apart from this 5 respondents are disagree where as 5 respondents are
strongly disagree that product of company will be beneficial.
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4. What benefits are achieved by your business after using products of P1
Surveillance ?
i) Minimisation of cost 10
ii) Better Management of Expenses 5
iii) More revenue 5
10
5
5
i) Minimization of cost
ii) Better Management of
Expenses
iii) More revenue
Interpretation: As from the above data, it has been analysed that 10 respondents are
benefited in the form of cost minimization besides that 5 respondents are benefited in the form of
better management of expenses besides that 5 respondents are benefited in the form of higher
profits (Siegel and Renko, 2012).
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5. Name the individuals which get benefited form this product of corporation?
i) Customers 5
ii) Employees 5
iii) Suppliers 2
iv) Owners 8
5
5
2
8
Interpretation: As from the above data, it has been analysed that 5 respondents says that
consumers can get benefited form the product of company where as 5 respondents think that
employees get benefited. Apart from this 2 respondents thinks that suppliers get benefited with
the product of corporation and 8 respondent are in favour of owners.
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TASK 4
P5 SWOT analysis to assess the entrepreneurial idea
P1 surveillance is planning to bring new innovation that is CCTV scanner. For this P1
surveillance is required to have SWOT analysis that would help to get information about market
feasibility and demands of customer. This analysis help to define internal strength and weakness
of the organisation in order to introduce a CCTV scanner. It also defines internal opportunities
and treats of the organisation. SWOT analysis of P1 surveillance is discussed as below-
Strength: Organisation need to introduce a new business innovation that affect the
customer as well as business venture. This new idea and creativity helps to bring a new product
or services in market according to customer demand. P1 surveillance is required to analysis
market demand and strength of their organisation that would help to make sufficient funds. For
launching any new product or business in any enterprises need to have adequate amount of funds
(Grégoire and Shepherd, 2012).
Weakness: Technology is flourishing quickly in high digital world requirements of new
innovation and for this equipment are also available here. As a planning to bring a new product
for P1 surveillance, it would be difficult for employees to understand the demands and lack of
resources. This analysis states the weaknesses of organisation such as low morale, poor direction
from upper management and under paid employees. Out of these weaknesses P1 surveillance
can have major effect on overall performance by introducing CCTV scanner.
Opportunities: This means provide an opportunity that help to improve performance and
competitive advantages of organisation in market environment. It is important for business
enterprises that is innovations should be continuously that help to be sustain in market such as P1
surveillance is planning to introduce a new innovation that is CCTV scanner.
Threat: Organisation that is already exit in market and planning to bring new innovation
for having successful business may be turn out to be threat. Availability of funds in future,
resources and facing high competition in market is treated as threat by any organisation.
Together with this threat and no experience P1 surveillance can face results as failure of
business.
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P6 Evaluations of competitiveness as well as market environmental-
Competitiveness states the activity that shows ability to face the challenges and changes
in any organisation. It also helps to define the situation of business that gives suggestions to
overcome with problems. Such as, in P1 surveillance competitive analysis states the new
business idea or innovation are feasible to execute or give beliefs to launch new product after
knowing strength and weakness that is given below-
Strength:
 It helps to define market demand and customer needs that helps to scan any individual if
anyone is carrying weapon along with them.
 It also make possible to increase in number of customer by introducing CCTV scanner
that would have many features and good quality of product.
Weakness:
 To introduce a new innovation may be create higher cost and lack of knowledge or
experience.
 It may be difficult for P1 surveillance to face the challenges because low morale of
employees and certain range of customers.
It covers some points to over come the risk and potential growth of organisation in
future-
Competitive market: It refers the competitive market place where large number of
manufactures compete with each other and try to bring new innovation. For example, P1
surveillance is planning to introduce a CCTV scanner that is a unique product and helps to scan
person if some one is carrying a weapon with them (Huang and Chen, 2014).
Substitution market: This means goods or services than can be used in place of other.
For instance, if P1 surveillance do not want its substitutes then it has to manufacture a brand
product that would carry special features.
Target audience: Target audience is the group of people or customer to whom company
wants to sell its products. Such as P1 surveillance is focuses on security or safety provider
organisation for selling its scanner. In shortly, Target audience is the way of approaches that
helps to increase in number of customer and demands.
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Porter's 5 model defines the potential growth of business that helps in future development
or increase in number of customers. For example, P1 surveillance is planning to come with new
unique product in that case it has to follow Porter's model that is given below-
Existing competitors/ firms: This means company has already existence in market and
want to crack the competition by launching new and unique product. For instance, P1
surveillance is already exist in market environment but it need to introduce a new product that
has special features and has to create a brand of product which helps to distinct other products.
Threat of substitute product: This means alternatives or options are available in market
that attracts the customer. For example, P1 surveillance is required to manufacture a different
CCTV scanner that carry special features which do not have others.
Threat of new entrance: Entry of new competitors is high barriers for new challenge for
company. In that case P1 surveillance should apply penetration strategy to overcome this
situation and need to introduce best CCTV scanner (Al and Ekpe,2016)
Bargaining power of suppliers: This includes switching cost of businessperson or
suppliers in an organisation. In addition,suppliers has solid bargaining power that they can sell
their product at higher price.
Bargaining power of buyers: This includes switching cost of buyers that customer can
bargain prices. In that case P1 surveillance need to set reasonable price of CCTV scanner as
according to its competitors.
From above this model it would be easy to reduce or minimise the risk of P1 surveillance
that is planning to manufacture CCTV scanner. It also helps to development of business in future
growth by analysis the strength and weakness of organisation.
CONCLUSION
As from above report, it has been concluded that there are many types of entrepreneur
opportunities which are beneficial to identify growth and development of organisation. By using
new innovation or creative idea employment opportunities can be created. In this report it is
considered that analysis of market gap can fulfil market gap and grab more market share. With
the help of SWOT analysis organisation can identify strength and weakness of business and take
corrective actions to improve performance. There is various sources of data such as primary and
secondary that defines the demand of consumers in market and plan to manufacture that kind of
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product. SWOT analysis also defines the feasible business idea and gives suggestions to
overcome with business risk by using market research method.
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