Identifying Entrepreneurial Opportunity - Selfie Drone

Identifying Entrepreneurial
Opportunity

Table of Contents
INTRODUCTION...........................................................................................................................1
1. Sources that inspire the new business idea and motivated for set up a new business.............1
2. Introduction of business idea, finding potential and targeted audience for the product ........2
3. Competitor analysis that looks at competitive marketplace....................................................3
4. Gap analysis, current and future situations and objects of business ideas..............................5
5. Market research to support viability of business using range of sources such as primary and
secondary.....................................................................................................................................6
6. Viability and feasibility of business idea, strength and weakness of business and potential
opportunities for growth and development...............................................................................12
CONCLUSION..............................................................................................................................13
REFERECNES..............................................................................................................................15

INTRODUCTION
Entrepreneur can be defined as a person who evaluate the business opportunity and
agrees to take risk in regard to develop and to implement the business venture in the market. The
innovative idea and the ability to carry that idea leads the business activities in a successful way
in the market(Arend, 2016). The entrepreneurial opportunities are described as the process of
implementing the new business idea in the market. The business environment is changing rapidly
and there are many innovative ideas already present in the market. So, to face the competition
effectively the new start up should consist of some unique aspect to attract the market towards it.
The following report consist of establishing a new business venture with innovative idea to
attract the policies of the government and to take the financial benefits provided by the UK
government for the innovative start ups. The report will follow the launching of a unique product
Selfie Drone and the start up company is Picture Perfect. The report will describe the sources of
the innovation, targeted market, competitors.
1. Sources that inspire the new business idea and motivated for set up a new business
The business idea is influenced by the current trends in the market and on the basis of
examining the needs and requirements of the customers. The sources by which the entrepreneur
can derive the business idea can be online sources or any future perspective. The start up is based
in UK to cover the market with Selfie Drone. The company is focusing on the technique to
introduce specific designed drones for the selfies. The concept of this start up is derived from the
Drucker's 7 innovative ideas(Sources of innovation. 2019). The defined sources are described as
follows-
 The Unpredicted: the business market consist of a lot of surprises according to the
changing time in the market and with these surprises the success and the failures of the
business is related. These unexpected situations has lead the new entrepreneurs to
innovate the unique product and are set to introduce it to implement in the market. The
picture perfect has planned their new product accordingly to grab the opportunities of the
changes in technology.
 Incongruities: the success and failure of the product depends on the quality and the
needs of the customers in the market. To develop a new product a proper research is
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considered to be formulated before introducing the product in the market because it helps
in determining the business environment and need of the product in the market. The
market analysis will help the picture perfect to understand the market aspect regarding
the selfie drone they are planning to introduce.
 Process needs: start up company picture perfect is required to apply new and advanced
methods to attract the government policies.
 Industry and Market Structure Needs: picture perfect should plan different types of
modification in range of the products they are planning to introduce. So establishment is
in need to initiate new pricing strategies according to capturing the market.
 Demographics: by examining the current scenario of the market Picture Perfect is
suggested to formulate the plans to face these changes. The changes involved in
demographic help the start up company to introduce the products to attract the customers
of the new generation with high technology gadgets.
 Change in perception: In these recent time the market aspect is changing and it is
leading to change the perception of the customers as well. As the world has become
technology friendly the changes are taking place in rapid pace because of the social
networks. This will help the picture perfect to introduce their new product which is
specially designed for the targeted audience.
 New Knowledge: Knowledge assist to innovate in most effectual manner. Changes are
required to address properly to fulfil the new demands and needs of the costumers.
Exercise of new technology will help the new start up picture perfect to increase benefits
through new business opportunities in the market.
These are the sources which inspires the start ups to generate new business ideas to create new
products for the customers.
2. Introduction of business idea, finding potential and targeted audience for the product
technology is considered as the channel which performs the business activities in a
smooth and efficient manner. The demand for the products which is advanced in technology as
compared to the other products sets the trend in the market and are extremely demanded. By
considering the value of technology and examining the craze for selfies among the customers
will lead the business to the great opportunity to capture the market with selfies drone. Picture
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