Opportunity, Innovation and Entrepreneurship: Emerging Trends and Viable Ideas

This report evaluates emerging trends in different sectors and develops potentially strong entrepreneurial ideas. It also conducts a feasibility study to determine the viability of the business idea.

OPPORTUNITY
INNOVATION AND
ENTREPRENEURSHIP

EXECUTIVE SUMMARY
Opportunity, Innovation and Entrepreneurship are some of the key aspects that are inflicted by
the change that is taking place and are in accordance with the mega trends. The report will
evaluate the emerging trends in the different sectors and then the viable and potentially strong
entrepreneurial ideas will be developed and presented. This will then be used to evaluate that
whether the business idea is justified or not by conducting feasibility study as well.

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
MAIN BODY..................................................................................................................................4
Identification of a market and then evaluation of the mega trends and emerging trends in that
industry........................................................................................................................................4
Identification of an entrepreneurial business opportunity...........................................................6
Development of a creative proposal fir the identified innovative product..................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
The concept of business opportunity would be provided along with the importance of
innovation and creativity in the entrepreneurship will be identified (Zahr and et.al, 2014). The
report will analyse the mega tunes that are prevalent in the economy and then based on this, the
business opportunity will be identified. Further the viability of the idea will be tested and then a
proposal would be prepared for the creative idea.
MAIN BODY
Identification of a market and then evaluation of the mega trends and emerging trends in that
industry
The concept of business opportunity can be broadly determined as identification or
generation of that particular business opportunity that can be used for the better revenue
generation by tapping a new potential of market segment (Zahr and et.al, 2014). A business
opportunity is that step that allows the entrepreneurs to begin their business based on either
something innovative i.e. a product or service that has not been developed before or it is done by
in the manner of identifying and analysing the market trends this helps in identification of the
profitable business opportunities that can be used to create good and successful business idea
thus establishing successful ventures. Therefore collectively the term business opportunity can be
defined as the mechanism for the better analysis and the tapping of the market trends and
preferences so that ultimately the maximum benefit can be generated from the utilisation of such
trends in the market (Stuetzer, et.al, 2017).
The business opportunity can be undertaken in any form of business where it can be a
leasing business, a franchisee business, direct selling through online or offline stores, licensing of
the products and services, owning a distributorship, entering into joint ventures etc. Overall the
business opportunity can be tapped through any medium of business undertakings. The key is to
identify the new opportunity that will help in turning it into a successful business venture on the
basis of which the profits can be earned. A business opportunity can be identified only when the
market trends and potential future predictions are made in a correct manner where the business
opportunities are identified on a need and preference basis.
Mega trends are basically those trends and changes that are usually on a large scale
addressing the social, political, economic, technological or environmental changes (Shalley and
et.al, 2015). These are usually slow i.e. they develop gradually over the time but the change that
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they bring is significant and can directly and indirectly influence a wide scale of businesses, their
activities and overall process. The changes that are brought by mega market trends affect the
market for a long time most likely for a decade nearly. Further these trends are applicable at a
global level and affect the decision making of the businesses at a global level. The mega trends
in the technological market have been specifically vast, wide and extensive creating immense
business opportunities that could benefit immensely to the potential entrepreneurs and business
men.
The technological breakthrough is the most potential mega trends where it has been
quoted by many of the economists that currently the world is going through fourth industrial
revolution that can be technically termed as digital revolution (Schaper and et.al, 2017). Further
it can be argued that the technological advancements is the centre point of all the mega trends
such as rapid urbanisation, emerging social changes, shifting economic power etc. all can be
interlinked back to the technological advancement. Some of the major aspects of the
technological changes are that the data is the key to everything now. The more classified a data is
the more valuable it is as it acts as the enabler today. Data in the broader terms of not just
information but the electronic exchange that takes place overall between the different systems.
The change in the technological development is exponential rather than linear i.e. the
development in the technological is at multiple levels and in multiple industries where the
machines, robotics, AI etc. and this is done at a much quicker pace where the effect is in a
multiplicative manner.
It is further emphasised that automation in the human life and products is expected to
increase 10 times in the next 5 years and will be the core basis on which the humanity will exist
in the market (Entrepreneurship and innovation, 2017). This is evident from the increased use of
robots in the multiple fields where they are no longer just metallic bodies that are developed for
scientific tests but they are also being used to replace the human intelligence and the increased
efficiency that they provide. The robots have entered even the hospitality industry where they are
use as receptionists, or as waiters or an entertainers etc. (Read and et.al, 2016). One such
invention is the development of living robots that have been developed using the hybrids of the
stem cells from the frogs enabling them to swim and be controlled even in small fluid places.
This is only the beginning and the invention and experiments with the robots and their
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capabilities are going to be tested regularly and regularly new innovations are going to be
produced.
Identification of an entrepreneurial business opportunity
The new opportunity that has been identified is the use of these tiny living robots in the
area of medical treatment where they can be controlled to swim inside a human body in small
places and can act as cameras as well as medicine carriers for some particular diseases if
required. The viability of the new opportunity that has been identified can be evaluated using the
SWOT analysis model. The SWOT model will help in analysing the internal factors using the
strengths and weaknesses aspect and at the same time will also present a external analysis by the
evaluation of the Opportunities and threats aspect.
Strengths
There are several strengths that are associated
with the business opportunity that has been
identified which makes this stronger:
The assistance of these robots in the field of
medical will be immense as these can be used
to supply medicines or treat a specific part of
the body (Morris, 2015).
These robots can significantly reduce the
process of treating a patient i.e. the time that is
taken for their treatments, can improve the
chances of their recovery and can eve reduce
the costs of treatment in the long run.
These benefits will be of immense contribution
in the overall advancement of the medical
treatments.
Weaknesses
The major weakness that can be identified for
these opportunity are:
The technological advancement might not
result to be as fruitful as it is expected and the
accuracy of the results is also another major
weakness that might occur (Naudé, 2018).
The another weakness lies in the fact that the
use of its robots as a treatment equipment
might not social an culturally viable amongst
the people where they can hesitate to take a
part in the surgery that is based on the
technological intervention that is being sold.
Opportunities
The major opportunities that the business
opportunity that has been developed can be
further dressed in a following manner:
The use of these robots can be used for the
Threats
The threats that exist if none of the business
opportunity or the product that has been
identified in such good mo of people:
Technological error is the biggest threat that
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other purposes such as their use in the study
and removal of plastics and toxic wastes in the
water that has effect impact on the nature as
well.
The quicker cleaning mechanism of the robots
where they can be used to cleanse the toxic
waste out a particular area using some
particular medicines can be effectively used in
the water treatment as well (Kuratko, 2016 ).
There are even more areas in which this can be
used.
can occur where due to the manufacturing,
running etc. (Mason and Brown, 2017). These
errors involve Various factors can lead to the
poor life that she is taking.
Further the concept of risk or any problem can
occur resulting in lack of the human life as
well. At this stage the development of the
technolkogy and its advance can be all
ambiguous that can lead to be a failure with
serious consecutives are even to agree.
Thus, overall it can be said that the business opportunity that has been identified is
comparatively viable and has a huge more potential.
Development of a creative proposal fir the identified innovative product
In order to make a creative plan for creating revenue out of the business opportunity that
has been identified, this can be done in a particular manner where the different aspects can be
analysed and identified:
STP Analysis: The Segmentation targeting and positioning analysis can be used to identify the
correct market that is to be tapped:
 Segmentation can be done on the basis of psychological basis where the medical
professional can identify the customers using the psychographic aspect where they can be
made understood by the patients regarding their effectiveness and overall emergency
(Kirzner, 2015).
 Targeting can be used to identify the particular target strategies that are to be adopted for
the identified segment so that they can be targeted in a better way. In the current
situation, the best manner in which the targeting can be done is by developing correct
marketing mechanisms.
 Positioning of the products is right now dependent on a variety of market factors but it
will be n the second quadrant of the positioning map. Here the quality of the product is
higher but the price is comparatively cheaper.
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Marketing Mix: The marketing mix helps in ascertaining how the product will be positioned in
the market and what are the different attributes of the products or services that are being
designed:
Marketing Mix Analysis
Product The product that has been identified for the business
opportunity and it can act as a technological breakthrough
(Hatten, 2015). The product is the tiny living robot that will
be used for its assistance in the medical field and in curing
the patients by cleaning their particular areas in the medical
field.
Price The price has not been estimated yet but depending on the
market trends and preferences, the value pricing strategy will
be used in the products i.e. the technology that will be sold.
The pricing will be affordable without being too out of the
league expensive for the potential customers or users.
Place The product is not geographically bounded i.e. it can be sold
all over the world to anyone but in the initial phase it will be
available in UK only so that it can be ensured that the
success of the product can be identified, ascertained and
estimated well in advance (Fayolle and Gailly, 2015).
Promotion The promotional and marketing activities of the product
would be extremely creative and innovative where the
product and the unique features that it presents will be clearly
highlighted and used to attract an increased amount of
potential customers. For this, social media and digital
marketing platforms would be the mainly targeted platforms.
Creative Alternatives: The success and viability of the product that has been identified will be
continuously monitored and measured. If it is found to be unsuccessful at any given point o time,
then the creative thinking techniques can be used to develop an alternative as soon as possible.
The brainstorming, the six thinking hats technique, the business process reengineering
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techniques etc. are the critical measured that can be adopted in order to develop creative
alternatives.
CONCLUSION
The analysis conducted in the report above helps in concluding that the innovation and
creativity aspect are extremely important in entrepreneurship but the most important aspect is the
identification of the profitable business opportunity. The report analysed the concept of the
business opportunities and they also identified the mega trends that are prevalent in the current
market. It was concluded that the emerging technological development was a critical contributor
in the development and hence the robotic development was selected as a topic. Further the report
conducted a viability study on the identified product and lastly the creative proposal through
which the market could have been tapped was also presented. This helped in developing a
conclusive report on the identified business opportunity.
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REFERENCES
Books and Journals
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of Small Business
Management. 53(1). pp.75-93.
Hatten, T. S., 2015. Small business management: Entrepreneurship and beyond. Nelson
Education.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Mason, C. and Brown, R., 2014. Entrepreneurial ecosystems and growth oriented
entrepreneurship. Final Report to OECD, Paris, 30(1), pp.77-102.
Morris, M. H., 2015. Entrepreneurship as Experience. Wiley Encyclopedia of Management.
Naudé, W., 2018. Entrepreneurship and economic development: Theory, evidence and
policy. Browser Download This Paper.
Read and et.al, 2016. Effectual entrepreneurship. Taylor & Francis.
Schaper and et.al, 2017. Entrepreneurship and small business.
Shalley and et.al, 2015. Introduction: Integrating creativity, innovation, and entrepreneurship to
enhance the organization’s capability to navigate in the new competitive landscape. The
Oxford handbook of creativity, innovation, and entrepreneurship, pp.1-14.
Stuetzer, et.al, 2017. Entrepreneurship culture, knowledge spillovers and the growth of
regions. Regional Studies, pp.1-11.
Zahr and et.al, 2017. Contextualization and the advancement of entrepreneurship
research. International Small Business Journal, 32(5), pp.479-500.
Online
Entrepreneurship and innovation. 2017 [Online]. Available through:
<https://www.london.edu/programmes/topic/entrepreneurship-and-
innovation#.Whem0XV95CU>.
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