Identifying Entrepreneurial Opportunities Assignmetn Solution(pdf)
Added on 2021-01-01
18 Pages4842 Words348 Views
IdentifyingEntrepreneurialOpportunities1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determination as well as evaluation of different sources of Entrepreneurial ideas andinnovations...................................................................................................................................1TASK 2............................................................................................................................................4P2 Explain the rationale and the market gap for a specific entrepreneurial idea.........................4TASK 3............................................................................................................................................5P3 Gap analysis and its Evaluation..............................................................................................5P4 Interpretation of Data..............................................................................................................6TASK 4............................................................................................................................................1P5 SWOT analysis to assess the entrepreneurial idea.................................................................1P6: Evaluation of competitiveness as well as market environmental..........................................2CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................42
INTRODUCTIONEntrepreneur is the act of creating a business that is helpful to earn higher revenue. Itdoes not create only opportunities but also creates employment as well as livelihood for millionsof persons so that they can survive in their life. In the growth of company, it plays a vital role. Tobetter understand this concept G1 Surveillance has chosen which is a new venture and want tomanufacturing 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 toolsand 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 1P1 Determination as well as evaluation of different sources of Entrepreneurial ideas andinnovationsVarious sources inspired to think innovative and motivates to set up new business for theorganisation. It involves interest & hobbies, personal experience and talents, observation andmarket gap. If a person has interested in a think than it will put his all efforts to make itsuccessful. Experience and talent is the best source to get an innovative idea for the growth andsuccess of business. An entrepreneur is a person who envisages or envisions an idea and thenarrange resources in terms of capital, labour etc. Business Idea: In general, a business idea is defined as a thought that is used by managerof company for commercial purposes. It is mainly developed by manager in order to sellcommodity or service to generate money. There are respective procedures for processing andexperimenting a business idea. Business plan can then be sold to interested investors, firms, andinterested parties for a lump sum or a management contract, or as agreed. G1 Surveillance is acorporation that is manufacturer of CCTV scanner. Company produce this product for securitypurpose 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 themanager in order to sell their product and increase market share. In business world potentialcustomers are someone those are resourceful of becoming a regular buyer of goods and servicesfrom an organisation. Therefore, it is stated that by understanding potential Consumer those mostlikely to buy goods for company. 3
Target audience: Particular group of people, identified as the intended recipient of anadvertisement or message. Also called target population. Company had a target audience ofhousehold and commercial purpose. With a specific end goal to figure out where are opening is accessible; an examination ofSTEEP elements can be possible. Drucker's 7's source of development is useful to bring newthoughts. Social factor: To understand the need of this factor is essential for the organisation sothat products can be produce as per the requirements of society and its people. For G1Surveillance it is necessary to identify the need of persons who lives in society and based onwants it can introduce new product, which is, CCTV scanner and it is beneficial for the safety ofconsumers. Technological factor: To capture a high market share technology can help the companybecause it maximize the efficiency and productivity. G1 Surveillance want to introduce hisproduct which having innovative technology and persons can use camera scanner for personaland commercial purpose. The main feature of this camera is that it can scan which is helpful toknow that a person is having a knife or any other dangerous thing that can harm otherindividuals. Economic factor: To analyse this factor is essential for the growth of organisation and itinvolves exchange rate, inflation, economic growth etc. For G1 Surveillance it is necessary toidentity this factor so that exchange rate does not influence its business and it wants to export itsproducts to other nations. Environmental Factors: To introduce a new product in the market it is necessary toanalyse environmental factor that includes climate, weather etc. It is important for G1Surveillance 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 analysethis 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 lawsand compliances that are quite dynamic and consistently changed by the government so it isimportant to monitor political environment very closely. Peter F. Drucker has set out the inventive ideas that can be useful for G1 Surveillance toexpand its market share within stipulated period. It involves:4
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
(Solution) Identifying Entrepreneurial Opportunities PDFlg...
|18
|4354
|351
Identifying Entrepreneurial Opportunities - Assignment Solutionlg...
|13
|4384
|484
Turning Your Creativity into Cashlg...
|15
|4147
|31
Identifying Entrepreneurial Opportunities.lg...
|26
|1161
|76
Identifying Entrepreneurial Opportunitieslg...
|26
|1386
|96
Identifying Entrepreneurial Opportunitieslg...
|18
|983
|35