Opportunity Innovation and Entrepreneurship in the Automobile Industry

This report discusses the importance of innovation and entrepreneurship in the automobile industry. It explores the opportunities for innovation and provides insights on how to identify and assess the viability of an opportunity. The report also suggests creative and innovative ways to make the most of recognized opportunities.

Opportunity Innovation and
Entrepreneurship

Executive Summary
Innovation has become very important for success of the existing business in order to remain
competitive in the market. Innovation along with this also provides several opportunities to
entrepreneurs who are willing to start their venture. This report has discussed about innovation in
automobile industry and how it is suitable for entrepreneurship venture.

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Meaning of business opportunity and its centrality to Innovation and Entrepreneurship...........3
Identify and assess the viability of an opportunity and proposal for new activity......................5
Creative and innovative ways to make the most of recognised opportunity...............................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Business opportunity can be defined as biggest business in cement that allows a bi to
become tailor. In other terms business opportunities is an opportunity where individual can
expect Returns in exchange of possible investment that they will make on a business practice.
Business opportunities earlier were based on choice and capability of a seller. But presently
innovation is the centre of business opportunity. Innovation can be defined as creative idea
which letter is converted into a product or service. This report will discuss about business
opportunity e-waste on innovation. There are several industries functioning and all the industries
have they on trends which are based on innovation an old is one such industry it will be
discussed in this report is automatic industry.
MAIN BODY
Meaning of business opportunity and its centrality to Innovation and Entrepreneurship
Business opportunity when are discussed individually business refers to activity e
including buying and selling and opportunity refers to elements and factors making it if possible.
Business opportunity collectively can be defined as factors and elements that make it possible to
to do business. Business opportunity has been defined in several forms and it is based on
different elements of the business. Some of the definitions of business are best on selling of
product and services in which buyer becomes seller. Some of the definitions mainly include
franchising and licensing a business opportunity (Karimi and et.al., 2016). In other words it can
be considered that business opportunity is opportunities which is available and allows individual
generate income through functions of a business. Business opportunity can be simply in form of
purchasing in selling of goods in services this can also be in form of manufacturing of products
and getting return from selling of products.
One of the model can also be utilised to understand opportunity for business is following-

Figure 1 Opportunity Business Model
This model is based on two elements that are dimensions of the opportunity and drivers of the
opportunity. Dimensions include proposition core value proposition and other factors such as
people means people associated with the innovation. Place refers to market place where the
innovation will be sold and process means business processes affecting innovation and lastly
profit. This means what is the projected profit of the identified business opportunity.
Drivers can be defined as factors enabling innovation and how they will affect success of
the identified business opportunity.
Business opportunities are ways of generating income and presently because of extensive
competition in all the industries it has become important back when individual and group of
people when find opportunity of business specially in creating products and services it is
important that they are innovative with their product. Innovation solely e is not best on product
but innovation in practices and functioning of business can also be important innovation
regarding business. When innovation becomes Central to business it is also known as
entrepreneurship. Entrepreneurship in present business environment has become a key to
success. Entrepreneurship can be defined as a process of Designing and developing a product
and including the product into to business functioning. Entrepreneurship and innovation has
become Central to business opportunity. Innovation in business is creating products and services

that are able to fill the gap between existing products and services and along with that are also
are distinct from the products and services that already are available in the industry. Extensive
competition in the industry have included that there are several products are available with high
quality and distinct and attractive features (Bürer and et.al., 2019). This is the reason that
business opportunities are now based on the innovation and entrepreneurship in which
opportunities of business are based on creating different and unique products and services. This
is the reason that several existing and well established successful businesses have also
centralised Innovation. There are several benefits of innovation in the business, this are-
 Attracting new customers
 Creating competitive advantage for the business and creating unique identity for the
business
 Innovation also plays important role in sustaining in competitive environment of the
industry
 Innovation also is important for gaining the advantage of first mover
There are several ways in which entrepreneurs can centralise innovation in their business
opportunities. This can be in form of products and services being offered to customers, this can
also be in way that products and services that are offered to customers. For example first mobile
phone devise was a product innovation and selling this phone through online platform over
internet is way in which products and services are being sold is innovation in business practices.
These are some of the reason that innovation has become centralised to business and
entrepreneurship is also being centralised because of its feature and element which includes
innovation (Recker and von Briel, 2019). Business opportunities based on innovation are known
as pre-cyclic because in this type of business opportunities action that are taken in this products
and services are taken before there is actual requirement to do so.
Identify and assess the viability of an opportunity and proposal for new activity
Megatrend related to automobile industry is new electronic cars that have been developed
and presented for the customers. Electronic vehicles (EV) are based on batteries that are
electronically charged. This is current megatrend because increasing negative impact on the

environment through conventional engine required an alternative to reduce environmental impact
of the vehicles. This report and entrepreneurial opportunity is also based on this megatrend.
Business opportunities provide chance through which individual can generate income and
when creativity and innovation are added in this opportunities become more beneficial as they
allow to sustain in business environment and allows to take competitive advantage. An
opportunity can be considered Bible when it has the capacity and ability to grow and expand
further which is more than just giving return and generate income for the entrepreneur (Prizzia,
R., 2019). There are certain factors on the basis of which viability of business opportunity can be
analysed and this factors are size of market, relationship, ability to manage cash flow,
management skill set and passion and persistent. Opportunities of business can also be based on
existing business and friends of industry in which entrepreneur is looking for opportunity. Trends
of the industry refer to current practices that are being followed in an industry. Every industry
hassome trends and these trends involve opportunities for business in them. In all these industries
one such industry is automotive industry. Presently megatrend in automotive industry is electric
cars and on the basis of benefits and advantages of electric car its popularity is increasing day by
day and this is become one of the best substitutes for conventional car. One of the characteristic
of electric car is that this car are based on battery and companies and several other businesses
engaged in Automotive industries are involving in developing the battery which can which can
be charged frequently (Murphy, 2017). On the basis of this one of the important business
opportunity lies in developing battery for the electric car. Which plan of the product is best on
development of batteries for electric car which can be charged with solar power. This add value
in electric cars as battery will also be charged by solar power and environmental impact of
electric cars will be reduced more than it presently had reduced. There is one more quality of the
product that it will enable batteries to be charged on the go. This is because solar changing
batteries have been developed and this is a completely distinct product. This product will be
developed by using existing methods for using solar energy and regarding how existing solar
energy methods can be collaborated to charge the batteries of electric car. On the basis of
following model of Innovation and its types this innovation can be considered as Disruptive
Innovation. This is because technology being developed is new as solar charging batteries for the
electronic vehicles but market served by the product will be existing market of electronic
vehicles.

Figure 2 Model of Innovation and its types
Viability of this opportunity and idea can be analysed as follows-
Size of market
On the basis of increasing popularity of electric vehicles size of market for the battery is
potentially very big. This is because battery is a most important requirement for electric vehicles
and when battery for the vehicles is available in more eco friendly and financially more
affordable in such case size of market for the battery and product which has been discussed in
plan is big.
Relationship
On the basis of relationship in the product proposed has a strong relationship with existing
product (Bocken and Short, 2016). This creates a basis for the success of product in market the
relationship of this product is with electric cars which have already been developed.
Competition and competitive advantage
In terms of competitive advantage of the product the product has not been developed yet and this
will allow for a competitive advantage. Along with strong in sustainable competitive advantage

one more benefit of the product lies in advantage in form of first mover in context of the product
in the industry.
Price structure
Price is one of the most important elements of success of a product and price of this product is
decided to be at affordable level so that electric car companies show their support to the product
(Malen and Marcus, 2016). One more price advantage of the battery lies in its system of working
in which it can be charged through solar energy and this is one of the biggest advantages of the
battery.
Creative and innovative ways to make the most of recognised opportunity
Discussion under previous heading included identification of opportunity in automotive
industry. The opportunity e was identified in form of electric cars and development of solar
energy based batteries for electric car. On the basis of viability analysis it was concluded that the
product is Bible and is visible to implement in practical scenario. After the team in determination
of feasibility and viability of the product the next attention required on the creative and
innovative ways in which the idea can be completely utilised and business can make the most of
Idea they have identified (Costa and et.al., 2018). Some of the ways in which business can make
the most of this idea are-
Customer centricity
This means that product should be complete the based on the requirements and desires of
customers. Customers in this product are companies working on developing electric cars. This
will require that business before developing its product considered the need of the customers. To
identify and analyse the needs of customers it has two to firstly find customers and follow up on
what they want and what kind of product will suit their product.
Systematic advertisement
This is very important that business systematically advertise its products because the customers
of product are companies rather thanend users of the products. This is why advertisement and
marketing requires to be systematic in which it is able to highlight the specific details of the
product send what value solar batteries will add value in their electric vehicles. This will be

added in sales pitch of the company and it should include that batteries can be charged on the go
with their advanced features to charge through solar power. Business can only attract and
encourage its customers to buy its products by effective sales pitch (Palos-Sanchez and et.al.,
2020). Effective pitch can also help business in getting funding for research on the batteries by
those who will get direct benefit of the product.
Linking marketing of the battery with the client car company
This is creative and innovative way through which company can make most out of its product.
This is because electric companies which have already developed there electric vehicles and
previously were operating in automotive industry have significant brand image and visibility is
also strong full stop company can take advantage of collaborating with those companies so that
their reputation and goodwill positively impact goodwill and reputation of the product.This will
be beneficial for both companies client electronic vehicle company as well as company
developing batteries. This will allow both companies to get benefit of each other’s specific
attractions. The car company will get benefit of using specific solar charging battery in their
electric vehicles and Battery Company will get benefit of association with electric vehicle
company.
There are several other ways in which this situation and problems for this can be
analysed. Mind mapping, critical thinking and reframing the issue are some of the ways in which
creative ideas can be generated (Del Vecchio and et.al., 2018). Through these approaches of
creative thinking other ideas can be developed for reducing the environmental impact and this
can be utilizing waste material for developing batteries so that they will able to recycle the
material and this will reduce the cost of material and will give benefit of recycling the waste
material.
CONCLUSION
On the basis of above discussion it can be concluded that automotive industry presents a
very attractive opportunity for the business. This opportunity is related to electronic vehicles and
requirements of electric vehicles.

The opportunity that has been identified is in form of batteries that are used for electric
vehicles. The batteries are charged through electronic ways and the identified opportunity is in
form of batteries that can be developed which will give the benefit of charging it through solar
energy. This will also give benefit of charging batteries when vehicles are operating. This report
also discussed about ways in which this opportunity can be completely utilised.
On the basis of model discussed in the report opportunity identified and innovation to be
taken place is suitable in all aspects and also has high possibilities of success in the market. This
suggests that this innovation and opportunity identified is worth implementing.

REFERENCES
Books and Journals
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training and entrepreneurial passion on the business opportunity prototype. Journal of
Small Business Management. 56(1). pp.51-75.
Del Vecchio, P and et.al., 2018. Big data for open innovation in SMEs and large corporations:
Trends, opportunities, and challenges. Creativity and Innovation Management. 27(1).
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Malen, J. and Marcus, A.A., 2016. Transforming Clean Energy Technologies into Viable
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Murphy, P.J., 2017. A Model of the Discovery, Assembly, and Viability of Entrepreneurial
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Palos-Sanchez, P., Saura, J.R., Grilo, A. and Ramirez, R.R., 2020. How attitudes, vision and
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Prizzia, R., 2019. A viable business sector for the Marshall Islands.
Recker, J. and von Briel, F., 2019. The future of digital entrepreneurship research: existing and
emerging opportunities.