Entrepreneurship Report: Analyzing Business Opportunity and Innovation

This report delves into the concepts of business opportunity, innovation, and entrepreneurship. It begins by defining business opportunities and highlighting the significance of innovation and creativity. The report then explores the impact of mega-trends, particularly technological advancements, on entrepreneurial ventures. It includes an analysis of a specific business opportunity, such as the use of robots in medicine and environmental applications, along with its strengths, weaknesses, opportunities, and threats. The report also outlines a plan for developing an innovative method for exploiting the identified opportunity, including STP analysis and marketing mix strategies. The conclusion emphasizes the role of technological development in shaping entrepreneurial endeavors. The report provides references to support the analysis and findings.

OPPORTUNITY INNOVATION
AND ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION
Business opportunity
Developing an innovative method
CONCLUSION

INTRODUCTION
The concept of business opportunity would be
provided along with the importance of innovation and
creativity in the entrepreneurship will be identified.
Further the viability of the idea will be tested and then
a proposal would be prepared for the creative idea.

Business opportunity and the trends of
innovation and entrepreneurship
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.
Mega trends are basically those trends and changes that are
usually on a large scale addressing the social, political,
economic, technological or environmental changes.
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.

Viability of a new opportunity
Strengths
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 .
Weaknesses
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.
Opportunities
The use of these robots can be used for
the 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.
Threats
Technological error is the biggest threat
that can occur where due to the
manufacturing, running etc.

Developing an innovative method for
tapping the opportunity identified
STP Analysis
Marketing Mix
Creative Alternatives

CONCLUSION
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.

REFERENCES
Kirzner, I. M., 2015. Competition and
entrepreneurship. University of Chicago press.
Naudé, W., 2018. Entrepreneurship and economic
development: Theory, evidence and policy. Browser
Download This Paper.
Schaper and et.al, 2017. Entrepreneurship and small
business.