(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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