Turning Your Creativity into Cash
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Added on 2021-02-18
Turning Your Creativity into Cash
Added on 2021-02-18
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Turning Creativity To Cash
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different Sources of entrepreneurial ideas and innovation...............................................1TASK 2............................................................................................................................................3P2 Rationale and market gap for specific entrepreneurial idea..............................................3TASK 3............................................................................................................................................5P3 Data needed to support gap analysis in the determination of a specific entrepreneurial idea................................................................................................................................................5P4 Interpret data to provide evidence of market potential.....................................................7TASK 4............................................................................................................................................9P5 SWOT framework to collate evidence to support an objectives assessment....................9P6 Determine the competitive and market environment......................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneurship is the act of develop a business with new innovative ideas and apply increative way to turn in cash (Andreasen, Hansen and Cash, 2015) . Through idea they can createopportunities as well as create employment so as a result contribute to develop nationaleconomy. To create standard and livelihood as millions so they can apply in effective mannerand generate much more profit. The role of entrepreneurship is to weight up opportunities,threats and personal capacity to transient an opportunity into a business idea. To betterunderstand the concept Blink vision has selected which is a new venture and want tomanufacture advance technology CCTV scanner. In the report focused on possible sources of anew and innovative business idea, choice of specific entrepreneurial idea and examine marketgap. Apart from this use primary and secondary data to identify market potential and analysis ofentrepreneurial idea in reference to market and competitors. TASK 1P1 Different Sources of entrepreneurial ideas and innovationThere are defined different sources which is related to entrepreneurial ideas andinnovation in order to encourage and set up new business for an enterprise. There are consideringinterest & hobbies, personal experience, market gap, talents and observation. When a person todo innovation and give their best efforts so it will make successful. To start any new businessthat time experience and talent best sources in order to apply innovative idea in effective mannerand get success in business. An entrepreneur firstly think about innovative ideas after than as perplan manage all type resources which is need to start new business (Antrosio and Colloredo-Mansfeld, 2015) . Business idea – A business idea is considering as thought which is used and applied bytop position people like manager to innovate and modify business for commercial purpose. Theidea mainly build up by manager in subject to sale out their products as well as services to earnmoney. For this follow a specific procedure for processing and experimenting a business idea.An entrepreneur can sold out their plan those people who is interested in their idea such asinvestors, firms and parties for a lump sum or a management contract or as agreed. Blink visionis an enterprise which is a manufacturing of CCTV scanner. The purpose of produce this productthat to reduce crime and provide security. 1
Potential Consumer – A person who can capable to become a purchaser of goods andservices from particular an enterprise. These customers are targeted through manager andprepare strategies according to them for attract to purchase their products and services. In currenttime business world people take interest in innovative ideas and they consider as regularpurchase of goods and services. Hence, it refers that by understanding future consumer who ismost likely to purchase goods for a business (Arora‐Jonsson, and et.al., 2016) . Target Audience – There are consisting of specific group of people, age people,identified as the intended recipient of an advertisement or message. These are known as targetpopulation and company has a target people of household and commercial purpose. So there are as per the requirement there are identifying that end goal is openingaccessible and analysis of STEEP factor to possible. Drucker's 7's source of development isbeneficial for carry out new thoughts. Social Factor – The specific factor very important regarding to launch any new productbecause it will helpful for society and fulfil the requirement of society people. In the context ofBlink Vision it is significant for to recognise the need of persons who lives in society. So thecompany has been addressed new product which is CCTV scanner and it provides advantage as asecurity perspectives. Technological Factor – To acquire mass market so there is need to share advancedtechnology which can beneficial for market as well as society. The Blink Vision can launch newproduct of CCTV scanner which can scan human body and give signal for dangerous. Theproduct use by people for personal and commercial perspective. In the product have advancedfeature and helpful to know who have hidden things or any other dangerous things which cancreate problem to any other individuals. Economic Factor – with the help of this factor examine the success of an organisationand identify inflation rate, exchange rate, economic growth so on. In reference to Blink Visioncan determine those factor which can impact on the business for example exchange rateinfluence of their business so it will create problem for exports. Environmental factor – Before launch new product need to analysis environmentsituation which can not affect to launching program. In this factor consider climate, weather etc.It can essential because analyse the new product development can be successful (Baer, 2016) . 2
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