Identifying Entrepreneurial Opportunities

This report evaluates different sources of entrepreneurial ideas and innovation, and discusses the rationale for an entrepreneurial idea. It also includes a gap analysis in the evaluation of a specific entrepreneurial idea.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Evaluation of different sources of entrepreneurial ideas and innovation.........................1
TASK 2............................................................................................................................................4
P2. Rationale for entrepreneurial idea....................................................................................4
TASK 3............................................................................................................................................6
P3 Gap analysis in the evaluation of a specific entrepreneurial idea....................................6
P4 Interpret of data.................................................................................................................8
TASK 4..........................................................................................................................................13
P5 SWOT framework to collate evidence to support an objectives assessment..................13
P6 Determine the competitive and market environment......................................................14
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneurship is the procedure of developing new thing to establish new enterprise
and face any type of risk with the view of making the profit. These things are developing by an
entrepreneur in order to carry out tasks by using innovation and creation. An entrepreneur
identify opportunities in changeable atmosphere where easily innovate new products (Audretsch,
2012). The present report based on the launching a new idea folding bike helmet (A great feature
for storing when it is not in use). The name of the company “Safety Premium Helmet” that
manufacturing of folding helmet to bike riders to create space for keep helmet in bag. This report
consist of different sources of entrepreneurial ideas and innovation, rationale for analyse the
market gap for entrepreneurial idea. For gap analysis present data and interpret according to
potential market. Along with conduct SWOT analysis and identify market environment trends to
launch new idea in specific market place.
TASK 1
P1 Evaluation of different sources of entrepreneurial ideas and innovation
In modern era, an entrepreneur are looking forward for new and innovative ideas in order
to achieve competitive advantage. As a result they intensify their productivity and utilise new
technologies that can help to apply new idea effectively. There are defined different sources that
helps to an entrepreneur to effectively implement new idea and establish business. To start any
new business required to experience as well as innovation ideas to get success in competitive
market.
Business idea: A business idea is defined as concept that will utilise by the individual for
commercial purpose. It is innovate by the entrepreneur to carry out something new and helps to
people in daily routine life. As per the reason required to follow all the procedure and apply new
idea effectively. An Entrepreneur of Safety Premium Helmet is looking problem of people to
where they keep helmet after parking bike so entrepreneur thinks to produce folding helmet that
easily keep in bag (Dimov, 2011).
Potential Customer: A person who buy things and goods as well as services from
another purchased and patron. To launch new idea in market required to focus on potential
customer which are using products and services effectively. For this the director and manager of
Safety Prime Helmet develop strategies to influence to buy their products & services. In present
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time people aware for their safety so they are focusing on those things that related to daily life
routine. Thus, it helps to understand expected customer who will buy goods from a company.
Target Audience: In this customer classified into different segmentation like age, group
of people, interest area etc. As a result company effectively identify target audience easily and
according to that prepare marketing strategies or tag line for business. For this business target to
young people who like to ride on bike and ware for their safety.
There are defined the necessities of business plan and according to that set objectives and
goals. After the investing the all possible STEEP factors and company follow the Peter F
Drucker sources in order to effectively develop thoughts (Fuentes and et. al., 2010). Social factors: To introduce new product in the market required to focus on social
activities that direct impact on the business idea. As a result Safety Premium Helmet
company focus on those aspects and according to that change policies of the business. An
entrepreneur wants to launch folding helmet that based on the requirement of society and
helps to keep safe during to bike riding so it provides several advantages as a security
reason. Technological factors: Through new business plan to cover large market required to use
advanced technology that attract to customer for buy products & services. The Safety
Premium Helmet introduce folding helmet where use technology to GPS track location
that helps to find out place of helmet. So it is beneficial for people that helps to find out
helmet after losing it. In this product have advanced technology based feature that
supports to rider to cover face from dust and other things. Economic Factor: Before introduce the idea in the market required to focus on economic
factors that directly and indirectly manner effect on the business. For this required to
recognise exchange rate, loan interest, inflation rate, economic growth and many more.
As a result Safety Premium Helmet required to note down different factors and calculate
percentage to analysis effect on business and predict that it will create problem in future
or not (Grégoire and Shepherd, 2012). Environmental Factor: Due to introduce new product in the market required to evaluate
environment condition that directly impact on the launching program. According to this
factor includes climate, weather, storm etc. It is important for new introducing product as
per the development perspective.
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 Political Factor: To manufacture new product for society require to know all appropriate
condition regrading to product and understand the market requirement. According to that
prepare all appropriate strategies that helps to face political factors such as protection act,
employment law and copyright. So fir this purpose aware for the political activities
closely.
As per the Peter F. Drucker follow their ideas and strategy that helps to achieve set goals
and objectives of Safety Premium Helmet in order to expand business to cover market share in
set period of time. There are defined below: Incongruity: The particular variance helps to understand what it is and what it should
utilise by the people. It will present those things that are not happening in adequate way
due to suppose of scope of innovation. This a method which is never introduced in
potential market. Business idea is developed by resolving incongruities as well as make
an accurate identification that health and social care products. Process Needs: In this stage define all the weak points of business and restructuring
them. Safety Premium Helmet prepare effective strategies that helps to remove weak
links (Kohlbacher, Herstatt and Levsen, 2015). It is advantageous due to it analysing &
fulfilling customers expectation that supports in rising profit and productiveness of the
firm. But it can be adverse affect to the company if innovation did not adopt by its
potential customers. Industry & market structure need: Every organisation wants to fulfil the demand of
customer according to particular framework that set in specific structure. The industry
identify the need to market then take all the appropriate decision and get all appropriate
benefits to examine the activity. Sometimes due to change in market structure and
industrial change innovation is invented. If can be favourable fro the company when the
innovation is take place as per market structure. But if it is not able to satisfying
customers requirements then it affect negatively in term of economic loss to the firm.
 Demographic: In the stage identify the target audience which is categorised into different
segments like age, group of people and select particular area where target the audience.
Eventually under this step identification of target consumers is made on the basis of
income group, age and several other such factors. For example, It positively affect the
firm if the production department of the company manufacture hemlet by using safety
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helmet in UK. Because the people of that place have need to sugar free cookies due to
diabetes. It is one of the best source that motivated or motivated an entrepreneur for
satisfying requirement according to lifestyle as well as sometimes leading with best
opportunities.
Evaluation of sources: To start any business require to focus on all the resources that
related with the business so these sources are related with the business idea. For the safety
premium helmet required to know external factors match with the business activities or not.
Which type of audience target and external factors how to impact.
TASK 2
P2. Rationale for entrepreneurial idea
A gap in the market is an opportunity to make and sell something that is not available yet.
The organization identify the gap regarding to product according to that produce strategy
effectively. Through effective strategies and changes an organization get success and growth
after that change their working style. On the basis of particular style a company effectively
achieve their goals and assure about the modification that occurrence may be happen in outside
of business. Due to marketing gap Safety Premium Helmet grab opportunity and introduce new
product in the market that based on social security and technology. The particular gap help to
identify the changes in demand as well as supply in the context of products & services. A
complete reason of different organization is to help in creativity and innovative contemplation
that not produce yet.
Objective Current
State
Future
State
Gap
Identification
Gap
Description
Factors Remedial
Action
To
increase
customer
base up till
10000
4000
sales
30000  No
Competi
tors yet
 Modifie
d
technolo
gy
Individuals
are live safe
and connect
with their
belongings
 Aware
ness of
being
safe
 increas
e crime
rate
 Marketi
ng
 Update
order
processi
ng
softwar
e
4

Product
Feature &
Functional
ities
Limited
Features
&
functiona
lities
Increas
e in
followi
ng year
Yes There are no
uniqueness
Product just
launched so it
has limited
features
Conduct review
among existing
customer &
improve the
product based
Through gap analysis provide detailed specification of the product and weak points of the
product in order to identify the performance of business information system and software
application. It provide that how to company does not meet with the expectations so for this
require to take all appropriate steps in order to get success and growth. Such as Safety Premium
Helmet decided to launch new product for the society and helps to keep safe from accident. It is
required to before launching programme focus on all the features that relates to particular
product (Siegel and Renko, 2012). To understand particular product requirement identify the
present and future situations that are defined below:
Creative Idea: To launch creative product require to innovative and never exist in the
market already. As a result company become solo marketer for this product that supports to
Government to reduce accidents and people aware for the society. The main purpose of the
Safety Premium Helmet to provide security and satisfaction to customer with the help of product.
It will provide extra security and fulfill the expectation of clients.
Behavioral Segmentation: In this defined about the moral values and behavior of several
type of clients and business entity. Such as Safety Premium Helmet has been activated the code
and segregated into several division. The main objective of the particular business to arrange
quality of products in appropriate manner. To accomplish objective of company require to take
right decision.
Geographic Segmentation: In this segmentation consider portions and isolation that
connected with several clients and focus on different factors like population, weather, size and
region. In the context of Safety Premium Helmet follow the geographic segment in order to
target of local region and get success into new market.
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Highlight on target audience: Mostly of the people sell out only helmet but they are not
provided place to keep it. So safety premium helmet analysis all marketing activitires that related
with the helmet.
 When people purchase bike so required to purchase bike for safety so company contract
with any bike company and provide their helmet.
 Though this idea they easily catch to customer and sell out their products.
 The helmet easily folded so people purchase for the safety.
TASK 3
P3 Gap analysis in the evaluation of a specific entrepreneurial idea
Primary Data: The particular data has been gathered by the researcher from first hand
sources. For this required to apply different types of strategy such as interviews, surveys or
experiments. It is collected for particular project in mind, directly from primary sources. Such as
Safety Premium Helmet company develop a plan to introduce new product at the particular
market place. Before the plan require to collect all detailed information to conduct effectively.
To collect information from customer require to apply different ways (Suddaby, Bruton and Si,
2015).
To analysis the thinking of several people who have different perception required to take
session and attain query in the context of folding helmet. As a result company get reviews and
advised from people regarding to work and modify the weakness effectively.
Q1) Do you aware about the Folding helmet ? Frequency
1) Yes 15
2) No 5
Q2) Do you think, this unique idea is working to increase security and
reduce accidents?
1) Strongly agree 5
2) Agree 10
3) Strongly disagree 5
6

4) Disagree 5
Q 3) From the your point of view, through folding helmet company achieve
success in future?
1) Yes 13
2) No 2
3) May be 3
4) Not sure 2
Q 4) Which type of people mostly get benefits from this product of the
business?
1) Owners 5
2) Suppliers 5
3) Consumers 8
4) Workers 2
Q 5) What are the advantages are gained by your organisation after using
product of Safety Premium Helmet?
1) Effective management expenses 5
2) Cost reduction 10
3) More Profits 5
Secondary Data: It is a type of collect information that are already exist at website,
internet and on other sites. On the basis of these information conduct research, experiments,
studies, questionnaire and survey. Such as Safety Premium Helmet analysis the marketing
activities and know how many people use bike for riding and face the problem regarding to
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helmet. As a result recognise the effectiveness regarding to product as well as services. Data
analysis method apply by business to collect information by online as well as offline media.
These online media can work in effective manner and accumulating information where consist of
forums on social media sites where presents clients number that want to reach restaurant. In the
context of safety premium helmet conduct secondary research and collect data such as:
Factors GAP Solutions
Business Current client ratio analysis is
not more.
Plan to launch efficacious
marketing strategies and
tactics.
Application Applying the information of
by purchaser
Arranging buyers data for
advertising safety tools.
As per the current gaps it is analysed that there is required to used effective tools for the
promotion of the Helmet that keep safe to riders and other person. It helps to reduce accidents
numbers and easily kept in the beg without face any problem. Through different tools recognise
condition that is recent performance then identify gap after solution can search put through and
develop a bridge for attaining the financial goals.
The gap analysis can be achieved by gap performance that is different from actual and
standard efficiency. Product or market gap define the sales of company thus profit gap consist of
variances in between right and targeted profit that achieve as per the requirement.
P4 Interpret of data
Q1) Do you aware about the Folding helmet ? Frequency
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1) Yes 15
2) No 5
Yes No
0
2
4
6
8
10
12
14
16
Row 3
Interpretation: From 20 respondents 15 are not aware about the particular product that
supports to sort out the problem of keeping helmet after parking bike.
Q2) Do you think, this unique idea is working to increase security and
reduce accidents?
1) Strongly agree 5
2) Agree 10
3) Strongly disagree 5
4) Disagree 5
9

1) Strongly agree 2) Agree 3) Strongly disagree 4) Disagree
0
2
4
6
8
10
12
5
10
5 5
Interpretation: As per the above chart analysis that mostly people agree with unique
idea because mostly people face problem of helmet so for this company produce folding helmet
that easily keep into beg. From 20 respondents 10 agree with that.
Q 3) From the your point of view, through folding helmet company achieve
success in future?
1) Yes 13
2) No 2
3) May be 3
4) Not sure 2
10

1) Yes 2) No 3) May be 4) Not sure
0
2
4
6
8
10
12
14 13
2
3
2
Interpretation: According to population it is understand that Safety Premium Helmet get
growth & success in efficient manner. As a result company stay long time in the market because
from 20 respondents 13 people agree with that.
Q 4) Which type of people mostly get benefits from this product of the
business?
1) Owners 5
2) Suppliers 5
3) Consumers 8
4) Workers 2
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1) Owners 2) Suppliers 3) Consumers 4) Workers
0
1
2
3
4
5
6
7
8
5 5
8
2
Interpretation: From the above chart it is understanding that consumers get more benefit
from the product that support to increase safety and reduce accidents in adequate manner.
Q 5) What are the advantages are gained by your organisation after using
product of Safety Premium Helmet?
1) Effective management expenses 5
2) Cost reduction 10
3) More Profits 5
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5
10
5
1) Effective management
expenses
2) Cost reduction
3) More Profits
Interpretation: As per the above chart it is understanding that through Folding Helmet
company get the benefit of Cost reduction in huge way because people attract from the new
product that based on the advanced technology. As a result increase sales and cut cost of the
product in efficient way.
TASK 4
P5 SWOT framework to collate evidence to support an objectives assessment
SWOT analysis is set framework which is conducted by the Safety Premium Helmet in
order to analysis the internal and external factors that impact on the performance of organisation.
It helps top identify actual position of the company in the market. It helps to identify strength,
weakness, opportunity & threat of the organisation (Barazandeh and et. al., 2015). This helmet
provide safety and security to rider and create awareness for the road accident in proper manner.
There is influencing people to kept helmet in bag which is useful and easy to carry. Through this
analysis collect information in regard of products and find a way to improve quality of products
and accomplish desired goals. It can help in recognising strength and opportunities of Premium
helmet in order to develop and improve market position. SWOT analysis of Safety premium
helmet such as:
Strength: The main strength of this company the people face problem of helmet after
parking bike so company provide folding helmet with advanced technology. This idea work into
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real world to get convenience into sufficient funds and employees take as strength for a
company. The company introduce new product when exist gap in the market that helpful to fulfil
the demand of customer with proper strategy. The strength of the organisation fulfil the objective
that carry helmet easily and play role in government safety rules and regulations.
Weakness: The weakness of the company people does not like design and technology
does not work appropriately. So that time company face many problem and low chances of
successful. This safety helmet limited because most of the people like old version of helmet so it
impact on the production in negative manner. Limited funds are available for this business as
costs is also rising with increase in metal costs. Safety products offer by this cost greater than
others so customers with low purchasing can afford costly products.
Opportunity: To introduce new product in the market company use gap of market with
modified technology so company grab the opportunity effectively. As a result it supports to
compete in competitive market and stay long period of time. Through the Folding Helmet bike
riders attract for the product that become reason of success for Safety Premium Helmet. It is big
opportunity to fulfil all the appropriate requirements of the customer.
Threat: When in the UK market already exists same type of company so face many
problems by the Safety Premium Helmet. It can be reduce to launch product with advanced
technology and stay long time in the market. Together with this threat of new in the market with
no experience may lead a business to take back steps and results in failure of business venture
(Tang, Kacmar and Busenitz, 2012).
Conclusion: After the SWOT analysis it is getting that business have good opportunity to
launch new product in UK market and people like it in strongly way. Thus, company easily
survive in the market easily and grab new opportunity. The business reduce the weakness
effectively and launch product after analysis the internal activities in appropriate manner.
P6 Determine the competitive and market environment
Competitiveness is the ability of a company to compete in the competitive environment.
A well settled organisation understand their strength, weakness in effective way so as a result
company reduce their weakness with the help of several benefits. Before the introduce of the
product in the market require to analysis all marketing activities in detailed manner.
Competitive Market: It defined that when same type of organisation establish in the market so it
will create competition in the several organisation so it known as competitive market. There are
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company known about their competitors and which type of technology they used in the
competitive environment. Such as company apply new features to compete in the market with
the product.
Substitution market: When competition create in the market so consumer get several
options of particular product which is faced by Safety Premium Helmet. So company produce
product with different feature that makes unique from other substituted products.
Target Market: To introduce the product in the market required to target audience for
which produce particular product. It is categorised into area, group of people and approach of the
company the sold out the products. Target people of Safety Premium Helmet can target to young
people who like to ride bike and keep helmet for safety.
Small Scale condition: To analysis the condition at small level focus on different factors
such as productivity and profitability like clients, employees and suppliers.
Large Scale Condition: It is connected with the larger scale position where affect by
outside factors like political, technological and many others.
Porters five factors model for Safety Premium Helmet - Existing Competitors: To survive in the market with new product required to know
existing competitors that impact on the position of company and prepare all appropriate
strategy (Autio and et. al., 2018). Threat of Substitution: It is defined that company face problem of competitors that
present as look as less value and high quality. It is required to collect information of their
competitors. Threat of new entrance: Safety Premium Helmet focus on the market activities and
identify new entrants that create problem for them so fir this develop effective strategy. Bargaining power of supplier: Suppliers consist of changing cost and relation with them.
Due to less power has been held by suppliers and expected skilled labours enjoy more
bargaining power.
 Bargaining power of buyer: Due to increase competition people get several alternatives
to purchase product that time company set effective price to attract customer in huge
way.
Market environment: In present time accidents happen on major level so government
aware for the safety and influence people to follow the rules of safety and security. To focus on
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these activities develop folding helmet that easily carry by the people in their beg and do not face
the problem of keep anywhere. After proper analysis of marketing activities and measure the
requirement than produce the particular product.
CONCLUSION
Above the discussion of the report it is concluded that an entrepreneur always find out
new opportunities in order to enhance their skills and creativity to develop new things that use by
the society. There is company introduced folding helmet with advanced technology that helps to
reduce accidents and increase safety. It is possible when company identify the market gap and
prepare effective strategy and approaches to launch product. For this collect primary and
secondary data regarding to product and apply all appropriate modification.
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REFERENCES
Books and Journal
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Autio and et. al., 2018. Digital affordances, spatial affordances, and the genesis of
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Barazandeh and et. al., 2015. Investigating the effect of entrepreneurial competencies on business
performance among early stage entrepreneurs Global Entrepreneurship Monitor (GEM
2010 survey data). Journal of Global Entrepreneurship Research. 5(1). p.18.
Dimov, D., 2011. Grappling with the unbearable elusiveness of entrepreneurial
opportunities. Entrepreneurship Theory and Practice. 35(1). pp.57-81.
Fuentes, M. D. M. F. and et. al., 2010. Prior knowledge and social networks in the exploitation of
entrepreneurial opportunities. International Entrepreneurship and Management
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Grégoire, D. A. and Shepherd, D. A., 2012. Technology-market combinations and the
identification of entrepreneurial opportunities: An investigation of the opportunity-
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Kohlbacher, F., Herstatt, C. and Levsen, N., 2015. Golden opportunities for silver innovation:
how demographic changes give rise to entrepreneurial opportunities to meet the needs
of older people. Technovation. 39. pp.73-82.
Siegel, D. S. and Renko, M., 2012. The role of market and technological knowledge in
recognizing entrepreneurial opportunities. Management Decision. 50(5). pp.797-816.
Suddaby, R., Bruton, G. D. and Si, S. X., 2015. Entrepreneurship through a qualitative lens:
Insights on the construction and/or discovery of entrepreneurial opportunity. Journal of
Business venturing. 30(1). pp.1-10.
Tang, J., Kacmar, K. M. M. and Busenitz, L., 2012. Entrepreneurial alertness in the pursuit of
new opportunities. Journal of Business Venturing. 27(1). pp.77-94.
Welter, C. and Alvarez, S., 2015. The state of opportunities: clarifying the transitions between
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