Identifying Entrepreneurial Opportunities Assignmetn Solution(pdf)

Identifying
Entrepreneurial
Opportunities
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Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Determination as well as evaluation of different sources of Entrepreneurial ideas and
innovations...................................................................................................................................1
TASK 2............................................................................................................................................4
P2 Explain the rationale and the market gap for a specific entrepreneurial idea.........................4
TASK 3............................................................................................................................................5
P3 Gap analysis and its Evaluation..............................................................................................5
P4 Interpretation of Data..............................................................................................................6
TASK 4............................................................................................................................................1
P5 SWOT analysis to assess the entrepreneurial idea.................................................................1
P6: Evaluation of competitiveness as well as market environmental..........................................2
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4
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INTRODUCTION
Entrepreneur is the act of creating a business that is helpful to earn higher revenue. It
does not create only opportunities but also creates employment as well as livelihood for millions
of persons so that they can survive in their life. In the growth of company, it plays a vital role. To
better understand this concept G1 Surveillance has chosen which is a new venture and want to
manufacturing of CCTV scanner. In this report there are following topics are covered such as:
sources of a new business & innovative business idea, analysis of market gap using relevant tools
and techniques, uses of primary and secondary data to identify market potential. Apart from this,
it also discusses about business idea in situation of market and competitors.
TASK 1
P1 Determination as well as evaluation of different sources of Entrepreneurial ideas and
innovations
Various sources inspired to think innovative and motivates to set up new business for the
organisation. It involves interest & hobbies, personal experience and talents, observation and
market gap. If a person has interested in a think than it will put his all efforts to make it
successful. Experience and talent is the best source to get an innovative idea for the growth and
success of business. An entrepreneur is a person who envisages or envisions an idea and then
arrange resources in terms of capital, labour etc.
Business Idea: In general, a business idea is defined as a thought that is used by manager
of company for commercial purposes. It is mainly developed by manager in order to sell
commodity or service to generate money. There are respective procedures for processing and
experimenting a business idea. Business plan can then be sold to interested investors, firms, and
interested parties for a lump sum or a management contract, or as agreed. G1 Surveillance is a
corporation that is manufacturer of CCTV scanner. Company produce this product for security
purpose as because crime rate is increasing day-by-day (Perry and Markova, 2012).
Potential consumer: These are the group of people that are need to be target by the
manager in order to sell their product and increase market share. In business world potential
customers are someone those are resourceful of becoming a regular buyer of goods and services
from an organisation. Therefore, it is stated that by understanding potential Consumer those most
likely to buy goods for company.
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Target audience: Particular group of people, identified as the intended recipient of an
advertisement or message. Also called target population. Company had a target audience of
household and commercial purpose.
With a specific end goal to figure out where are opening is accessible; an examination of
STEEP elements can be possible. Drucker's 7's source of development is useful to bring new
thoughts.
Social factor: To understand the need of this factor is essential for the organisation so
that products can be produce as per the requirements of society and its people. For G1
Surveillance it is necessary to identify the need of persons who lives in society and based on
wants it can introduce new product, which is, CCTV scanner and it is beneficial for the safety of
consumers.
Technological factor: To capture a high market share technology can help the company
because it maximize the efficiency and productivity. G1 Surveillance want to introduce his
product which having innovative technology and persons can use camera scanner for personal
and commercial purpose. The main feature of this camera is that it can scan which is helpful to
know that a person is having a knife or any other dangerous thing that can harm other
individuals.
Economic factor: To analyse this factor is essential for the growth of organisation and it
involves exchange rate, inflation, economic growth etc. For G1 Surveillance it is necessary to
identity this factor so that exchange rate does not influence its business and it wants to export its
products to other nations.
Environmental Factors: To introduce a new product in the market it is necessary to
analyse environmental factor that includes climate, weather etc. It is important for G1
Surveillance to analyse this factor so that its new product development can be successful.
Political factor: To launch an innovative product in the market it is necessary to analyse
this factor that involves employment law, consumer protection act, copy right and protection act.
G1 Surveillance is CCTV camera Scanner Company and it is necessary for it to follow the laws
and compliances that are quite dynamic and consistently changed by the government so it is
important to monitor political environment very closely.
Peter F. Drucker has set out the inventive ideas that can be useful for G1 Surveillance to
expand its market share within stipulated period. It involves:
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Incongruity: It is fundamentally implies creating mechanise & ventures in light of
necessities and in addition wants of the clients in successful & additionally productive way. It
happens to be the most reliable manufacturing process of various products that are produce by
the company during the period. It is associated with the gap regarding what is produce and
actually, what is was expect to attain.
Process needs: Organisation should centre enhancing its procedures with the objectives
that the requirements and in addition request of persons can be met in a viable manner.
Industry & market structure needs. It is one of the essential sources that every business entity
must implement as unique feature that used to provide high competition.
Industry & market structure need: The plans and strategies are frame in that manner,
which follow the market structure and its need. It is beneficial for the company to improve
distinctive sort of estimating procedures keeping in mind the end goal to hold its consumers.
Henceforth, company required to design effective or smart pricing strategies so that they can
easily be able to meet the market competition.
Demographics: To choose the location is essential so that company can know where it
have to sell its products and what the target consumers in specific areas. It is consider as more
effective as because of the age structure, educational value and income level of the customer. It
can get affected because of all factors that are playing valuable role in overall management of the
company.
Change in perception & temperament: The management of G1 Surveillance can make
sure that legitimate criticism & perspective from purchase are pick-up so benefit level of
corporation can be boost. It relate with the overall perception of the customer about whether they
are able to accept the changes that are new in the market. It can lead to overall growth and
maximum sustainability of the company during the next coming period.
New knowledge: To get successful knowledge is necessary that what is the current
demand and situation so that organisation can use this knowledge and produce the products
because of it. It is not possible for all strong brain to stay informed in our respective actions and
get together with associated and friends from various backgrounds for exchanging ideas.
Unexpected: Management of G1 Surveillance can prepare strategies, which are helpful to
meet the unexpectedness that can arises in the business. It is crucial for any company to make
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analysis of the market that went because of likes and dislike of the customer. Henceforth, it is
crucial to examine an exploit new opportunities at the best possible timeframe.
TASK 2
P2 Explain the rationale and the market gap for a specific entrepreneurial idea
Market gap means consumers are not meeting with their needs and wants and did not
purchased anything. Now a day any business are growing fast and changing systematically
remembering all objectives of organisation to confirm the various changes that are happening or
may be happen in outside of association. It is an opportunity or challenge for any organisation to
make and sell something new innovative that is not available in market yet. Thus, consumers
would buy and like to have new product. The “gap” refers to the difference between demand and
supply for any product and services; it means consumers is not satisfied yet. A complete purpose
of various organisation is to make new innovative and creative contemplations that is not
manufacture yet.
A gap analysis is a way of assessing or examining the variation in performance between a
business information systems or software application to defines that whether business needs are
being met or not, if not then shows what steps should be taken to assure they are met
successfully. For example, G1 Surveillance is an international company who is planning to bring
CCTV scanner that is new innovative product. For this company should analysis the market as
well as software applications that helps to execute the plans. There can be different types of
features in CCTV scanner that may carry and hence, it is very important to have a proper
analysis of new product. To understand this present and future situation are given below-
G1 is planning to introduce a new product that is CCTV scanner, and at present, it has
planning and strategy to manufacture this product. Managers have number of qualified
employees, information system and software applications for execution this plans. After
executing this plan, it would affect future situation such as increasing in number of sale,
customer satisfaction by providing innovative product. Future demands are depended on present
performance of company that includes features and facilities of CCTV scanner. It will be gainful
for clients, because it covers comprehended new technology that would be require more worker
to execute them in effective manner. Following points are given below that states objectives of
business and achieving ideas-
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Creative idea: Creation of thoughts means to bring out an innovative product that is not
came yet. In G1 creativity helps to bring a CCTV scanner that may give satisfaction to
customers. Its main objective is provide security to clients and other people that makes them
confident about nothing wrong would be done with them if people are going somewhere. It helps
to achieve organisation as well as meet customer expectation (Huang and Chen, 2014).
Behavioural segmentation: This includes moral values and behaviour of any
organisation and customers. Under this, G1 would be judged based on their code of conduct and
distributed in to classification. Its main objective is to maintain good code of conduct and adopt
new technology. This process helps to achieve organisation's goals in order to make better
decision collectively (Pollard and Wilson, 2014).
Geographic Segmentation: This includes portions and isolation based on customers
living area such as region, size, and climate and population density. In G1, managers are
following geographic segment and its main object is to target new local regions, territories, and
customer growth in a new market hence, it helps to achieve G1 goals such as increased higher
profits or market share in new established market.
Additional, another model that can be use by firm to complete Gap examination is
Mckinsey's 7S plan work seven segments of this model can be examine by the associated
focuses:
 Strategy: This component depict the careful arrangement create by organization to get
focused advantage over different opponents.
 System: It is another part and this show the normal exercises perform by labour of
organization to achieve set target.
 Structure: It characterize the structure receive by organization to play out its different
capacities.
 Shared values: This segment demonstrates the guiding principle of organization that
give proof of its hard working attitudes and corporate culture.
 Skills: This is another segment and this demonstrate the abilities, information and
capacities of representatives working in organization.
 Style: This factor show the authority style embraced by pioneer to direct and urge
colleagues to perform well at work environment.
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 Staff: This demonstrate the workforce and their potential capacities to perform different
employment jobs at working environment.
By the above evaluation, every one of these components, G.1 can easily be able to
distinguish the regions in which organization require to do a few changes to fulfil the necessities
of clients and to support in market for long run. With some change, organization can improve its
implementation at work environment and can achieve every set target.
TASK 3
P3 Gap analysis and its Evaluation
Primary data: Primary data means information observed or collected directly from first
hand sources by using method such as interview, questionnaire, survey, or personal experiments.
For example, G1 is planning to bring CCTV scanner then it need to collect data with research
project in people mind, experiments by using survey method, preparing questions and interviews.
Secondary data: It refers data or other people already collect information that is gather
from experiments, questionnaire, and surveys and studies that. For example, G1 is going to plan
to make CCTV scanner for knowing people interest it would use primary information that have
been collected (Grégoire and Shepherd, 2012).
For getting viewpoints of persons, it is necessary that a one on one query session from
consumers is conduct that will enable corporation to frame a better as well as effective policy for
the organisation in longer run. G1 Surveillance is an organisation that is manufacturer of CCTV
camera scanner. In order to make a well effective analysis, the research has used primary
research method in which questionnaire has been prepared by taking information from 20
respondents.
Q1 Are you aware about the concept of CCTV camera scanner? Frequency
a) Yes 15
b) No 5
Q 2. Do you think this business idea can be successful and contribute to the
growth of G1 Surveillance?
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a) Yes 13
b) No 2
c) May be 3
d) Not sure 2
Q 3 Do you agree, this product is beneficial for the security purpose ?
a) Agree 5
b) Strongly agree 5
c) Disagree 5
d) Strongly disagree 5
Q4) What benefits are achieved by your business after using products of G1
Surveillance ?
a) Cost Reduction 10
b) Better Management of Expenses 5
c) Higher Profits 5
Q 5 Who are the persons which get benefited from this product of
organisation ?
a) Customers 5
b) Suppliers 5
c) Employees 2
d) Owners 8
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P4 Interpretation of Data
Q1 Do you aware about the concept of CCTV camera scanner ? Frequency
a) Yes 15
b) No 5
15
5
a) Yes
b) No
Mean 10
median 10
mode 0
Interpretation: According to the above table, it has been seen that 15 respondents has
the basic ideas about the CCTV, whereas only 5 of them think that they are not having any kind
of specific knowledge.
Q 2. Do you think this business idea can be successful and contribute to the
growth of G1 Surveillance?
a) Yes 13
b) No 2
c) May be 3
d) Not sure 2
10

a) Yes b) No c) May be d) Not sure
0 2 4 6 8 10 12 14
Mean: (13+2+3+2)/4 = 5
Median: 7.5
Mode: 3
Interpretation: As 13 respondents thinks that business, idea can be successful for the
growth of G1 Surveillance besides that two respondent does not think so. Whereas 3 respondent
says that may be business idea can be successful and contribute to the growth of the company in
coming period of time. It means that people can easily be able to get aware about the use of G.1.
This will also assist an organisation to make use of specific ideas of using G1 more effectively.
Q 3 Do you agree, this product is beneficial for the security purpose ? 15
a) Agree 10
b) Strongly agree 5
c) Disagree 5
d) Strongly disagree 5
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a) Agree
b) Strongly agree
c) Disagree
d) Strongly disagree
0 2 4 6 8 10 12
Mean: (10+5+5+5)/4 = 6.25
Median: 5.5
Mode: 5
Interpretation: From the above chart, it has been seen that 5 respondents agree that
product is beneficial for the security purpose whereas 5 respondents strongly agree. Besides that,
5 respondents disagree that product is beneficial for the security purpose and 5 respondents
strongly disagree. All of the 20 respondents are equally thinking that this product would be more
crucial for them in coming time.
Q4) What benefits are achieved by your business after using products of G1
Surveillance?
a) Cost Reduction 10
b) Better Management of Expenses 5
c) Higher Profits 5
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10
5
5
a) Cost Reduction
b) Better Management of
Expenses
c) Higher Profits
Mean 5
median 5
mode 0
Interpretation: From the above pie chart, it has been clearly seen from respondents that
what benefits are being obtain by the business through use of software, the answers were mixed.
10 persons said it leads to cost reduction, 5 said its better management of expenses and 5 said it
was higher profits.
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Q 5 Who are the persons which get benefited form this product of
organisation ?
a) Customers 5
b) Suppliers 5
c) Employees 2
d) Owners 8
5
5
2
8
a) Customers
b) Suppliers
c) Employees
d) Owners
Interpretation: As five respondent thinks that customers are get benefited from this
product of organisation whereas 5 respondent thinks that suppliers are get profited from this
invention. Besides that, 2 respondent thinks that employees are get helped from this product of
organisation whereas 8 respondents are in the favour of owners.
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TASK 4
P5 SWOT analysis to assess the entrepreneurial idea
G1 Surveillance is required to have SWOT analysis that will help the organisation to
know about viability and feasibility of new business venture of introducing CCTV scanner. This
analysis helps to find internal strengths and weakness of the organisation and helps in removing
them. Analysis of internal opportunities and threats of the organisation are as follows-
Strengths: Technology is growing rapidly and in the high digital world requirements of
new and hi-tech equipment’s are there. When this idea will be implemented in the real world
scenario then availability of sufficient funds and skilled employees will turn out to be greatest
strengths for the organisation. Together with this creative mind and innovation that will minimise
various crimes will attract some big consumers who will spend large sum on security purpose.
Weakness: As introducing, a product that is fully techno friendly and new in the market
by a new organisation will brings low consumer confidence and chances of success for business
will minimise. Together with this, only a certain range of consumers will be set as target
consumers and this will reduce consumer range and market share.
Opportunities: It is required for organisations to have innovations on continuous basis
to be in competition. Introducing CCTV scanners by G1 Surveillance will be an opportunity to
be successful in future.
Threats: G1 Surveillance may turn out Organisations that are already in technology
industry from many years to be threat to have successful business venture. Availability of funds
in future and facing high competition in new markets will be termed as threat. Together with this
threat of new in the market with no experience may lead a firm to some back steps and results in
failure of business venture (Gilbert, 2012).

P6: Evaluation of competitiveness as well as market environmental
Competitiveness simply refer to the ability of company to face competition. An
organisation should know its existing strength as well as capabilities and find out the way to
achieve competitive advantage over its competitors. Especially, when new venture start they
must gain the total knowledge of whole market scenario. G1 has effectively analyse the market
condition before launching their products into their marketplace. Because of availability of
plenty of competitors, it was not easy for natural essence to enter into the new market of making
GI product. Thus, it is entirely depends on the market analysis before entering into the market
and check all its effects on business potential viability.
Competitive market: Competitive market refer to the amount of competition prevails in
the market. Along with that, company must know the way to deal with existing competition and
sustain in competitive environment. For instance, G1 Surveillance planning of camera scanner
has unique feature that it can scan if any individual carry weapon along with them. As new
entrepreneurial idea, it is vital for the individual to make use analysis of all the strength and
weakness that can assist them in attaining competitive advantage over other companies.
Macro environment: It comprises of every single outside factor as far as political social,
monetary, mechanical that have either immediate or indirect effect on largely activity and
capacity of the organization. To break down outside condition, organizations fundamentally use
Pestle Analysis system.
Substitution market: There are many alternative of G1 Surveillance camera scanner
manufactured by various competitive brand. Thus, if a company do not want its brand to be
substituted then they must differentiate their product with their competitor.
Target audience: Target audience refer to the group of people to whom the company
approaches to sell its product. Target audience of G1 Surveillance camera scanner are who so
ever concerned about security and safety issues (Davidsson, 2015).
Small-scale condition: It refer to small-scale factor that can affect the profitability of
business like customer, supplier and internal staff.
Large scale condition: It refer to outside factors which are not in control of respective
company but directly affect the performance of business they are political, legal, technological,
economical and legal factor.
Porter’s five-factor model for G1 Surveillance camera scanner
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Existing Competitors: The competition is not intense then respective company can earn
sustainable profit and vice versa.
Threat of substitution: The threat of substitution is high company should keep on
bringing innovation and invest in R&D activity.
Threat of new entrant: The threat of new entrant is high then G1 Surveillance camera
scanner should lower its price. However, after adopting penetration strategy it will earn less
profit but again it will be able to eliminate its upcoming competition.
Bargaining power of supplier: Supplier includes switching cost and company supplier
relation. The supplier has strong bargaining power they can easily sell their product at high price.
Hence, affect profitability of company.
Bargaining power of buyer: With the huge number of choices the bargaining power of
buyer increases in that case G1 Surveillance camera scanner has to set the price according to its
competitors otherwise it will lose its market and vice versa.
Conclusions: In the competitive market, it is very essential for G1 Surveillance camera
scanner to gain core competencies over their competitors. This becomes possible if new venture
position its product in a unique manner by indicating the additional features of its product. This
is the key factor by which customer will not switch or substitute for competitors’ product.
Resulting, in gaining overall growth and development.
Recommendation
 G1 Surveillance camera scanner must execute its planning or idea in a very significant
manner then only it will able to generate revenue for the company.
 Apart from this, they must make strategy like pricing, positioning and advertising
according to their competitor (Al and Ekpe, 2016).
CONCLUSION
As from the above report, it has been concluded that there are various entrepreneur
opportunities that are essential to be identity for the growth. With the help of innovative business
idea, employment opportunities. To analyse the market gap is necessary so that product can be
developed which can fulfil this gap and company can grab more market share. There is various
source of data such as: primary, secondary, and it provide help to know the demand of
consumers in the market. With the help of SWOT analysis organisation can identify its strengths
and weakness and as per this company can bring improvements to get success.
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REFERENCES
Books and Journals
Al Mamun, A. and Ekpe, I., 2016. Entrepreneurial traits and micro-enterprise performance: a
study among women micro-entrepreneurs in Malaysia. Development in Practice. 26(2).
pp.193-202.
Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-
conceptualization. Journal of Business Venturing. 30(5). pp.674-695.
Gilbert, B.A., 2012. Creative destruction: Identifying its geographic origins. Research Policy.
41(4). pp.734-742.
Grégoire, D. A. and Shepherd, D.A., 2012. Technology-market combinations and the
identification of entrepreneurial opportunities: An investigation of the opportunity-
individual nexus. Academy of Management journal. 55(4). pp.753-785.
Huang, S., Ding, D. and Chen, Z., 2014. Entrepreneurial Leadership and Performance in C
hinese New Ventures: A Moderated Mediation Model of Exploratory Innovation,
Exploitative Innovation and Environmental Dynamism. Creativity and Innovation
Management. 23(4). pp.453-471.
Mitchelmore, S. and Rowley, J., 2013. Entrepreneurial competencies of women entrepreneurs
pursuing business growth. Journal of small business and enterprise development. 20(1).
pp.125-142.
Perry, J. T., Chandler, G. N. and Markova, G., 2012. Entrepreneurial effectuation: a review and
suggestions for future research. Entrepreneurship Theory and Practice.36(4). pp.837-
861.
Pollard, V. and Wilson, E., 2014. The “Entrepreneurial Mindset” in creative and performing arts
higher education in Australia. Artivate: A Journal of Entrepreneurship in the Arts.3(1).
pp.3-22.
Reilly, M. and Scott, P. S., 2014. Subsidiary driven innovation within shifting MNC structures:
Identifying new challenges and research directions. Technovation. 34(3). pp.190-202.
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.
Teece, D. J., 2012. Dynamic capabilities: Routines versus entrepreneurial action. Journal of
management studies. 49(8), pp.1395-1401.
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