Entrepreneurial Opportunities Analysis: Emergency Indicator Report

This report provides a detailed analysis of entrepreneurial opportunities for the Emergency Indicator, a proposed wrist watch device designed to detect sudden falls or convulsions in dependent individuals. The report begins with an introduction to the concept and its potential market, followed by an evaluation of various sources of entrepreneurial ideas and innovation, including Drucker's seven sources. It examines the rationale behind the product, identifying market gaps through tools like gap analysis and segmentation, and presents data to support market potential. A SWOT analysis is conducted to assess the product's strengths, weaknesses, opportunities, and threats, followed by an evaluation of the competitive and market environments. The report utilizes both primary and secondary research methods, including questionnaires to gather customer feedback and analyze market trends. The conclusion summarizes the key findings, emphasizing the potential of the Emergency Indicator to address a significant market need and create a successful business venture. The report is a valuable resource for understanding the entrepreneurial process and the factors that contribute to the success of a new product in the market.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Evaluation of different sources of entrepreneurial ideas and innovation.........................3
TASK 2............................................................................................................................................5
P2.Explanation of the rationale and the market gap for a specific entrepreneurial idea using
relevant tools and techniques to support your choice.............................................................5
TASK 3............................................................................................................................................7
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea.........................................................................................................................................7
P4 .Interpret data appropriately to provide evidence of market potential..............................8
TASK 4 .........................................................................................................................................13
P5. A SWOT framework to collate evidence to support an objective assessment of a specific
entrepreneurial idea. ............................................................................................................13
P6. Evaluate the competitive and market environments in which the idea will be launched to
assess potential viability.......................................................................................................15
CONCLUSION..............................................................................................................................18
REFERENCES .............................................................................................................................19

INTRODUCTION
Entrepreneurship is activity of setting up business, a new venture is started by an
entrepreneur (Alvarez, Barney and Anderson, 2013). Entrepreneur is a person who innovate a
new business by taking financial and many more other risks. It also provides new way of
employment. In this report, a new idea is introduce by the firm name Emergency Indicator
about a device as a wrist watch which indicate sudden fall or onset of convulsion of dependent
person (i.e. parents, handicap persons and so on.). It gave the name of its new product (wrist
watch) also a emergency indicator. Convulsion refers to sudden, violent and improper movement
in the human body. This report is going to evaluate sources of new innovative idea and explain
that how it increase employment and attract more customers in market. And how it is beneficial
for the persons who have dependents in their lives. It also includes reason of choosing specific
idea and evaluation of market gap by applying various techniques. This report is going to
determine primary method approaches that aid in representing market potential for specific
services. And apart from ,that SWOT based analysis is provided for the better clarification.
TASK 1
P1. Evaluation of different sources of entrepreneurial ideas and innovation.
Entrepreneur try to take a unique position in potential market. There are various sources
of innovative ideas which reflect origin of new venture. The success of that depends on factors
which encourage entrepreneur idea and provide potential opportunities information for
succeeding in future market. Herein, Druckers 7 sources of innovation opportunities is analysed.
Perter Druckers is considered best management consultant in field of management.
The unexpected: Market is a place where opportunities can be find out very easily
(Audretsch, 2012). Manager of Emergency Indicator should always be conscious about market
situations. To develop indicator of emergency its manager have to study market regularly.
Without studying market situation un-expectancy can't be converted into opportunities. Because
that is only one of great reason to take advantage of unexpected situation of market. By
studying situation and needs of market Emergency Indicator can be launched at right time.
The Incongruity: As in market there is always a big difference between situation that
what should be and what will be. And this factor plays a specific role in developing business of
entrepreneur in launching Emergency Indicator. Emergency Indicator can't get success without

analysing needs of customers. Facebook and Myspace are good example of that situation.
Facebook beat Myspace portfolio by analysing current situation and its portfolio. Prior to
Facebook Myspace is a dominated player in social networking.
Process need: Process need is very important for getting success in potential
market(Aliaga, Isla and Rialp 2015). Because without analysing needs of Emergency Indicators
operating process, errors can't be rectified which later create barrier in path of success. It
provides to entrepreneur a way of to do business in new innovation. For example a restaurant
analysis customer satisfaction by getting proper feedback and if any deficiency in serving them
timely then hire another chef to speed up cooking process. Same as Emergency Indicator have to
analysis its process and make it according to need of customers.
Industry and market structure change: Industry and markets are fully flexible places.
There is rule that with time span some product lines are expanded and some got shrink.
Emergency indicator have to follow that structure change for successful future. For that it have to
do continuous watch on market. Deregulation is one of example of that situation. Early entered
company have more chances of success. Emergency indicator should have to watch out regular
convergence of multiple nature technology and other problems to update product timely.
Demographic: These situations matter a lot in success of a new venture, if invented
product is not according to needs of demographics situations then it will not attract customers.
Demographics situation includes population level, income , human capital, education and age
ranges. If age range and dependency increases day by day then market need of Emergency
Indicator at higher level and it will be right time to launch product. Because it attract more
customer by help of its specific use which provides indication of dependent persons situation.
It provide solution for aged person's safety. It attract more youngster because it create a alternate
for them to taking care of their dependents and aware them timely if there are any emergency
situation. For example it replace care takers for old aged persons and create a safety zone.
Changes in perception, meaning and mood: With time span needs and requirements
of people changed. They attracted towards smart things. Because over time, prior launched
things seems to less useful (Wood and McKelvie, 2015). Emergency Indicator also have to take
continuous watch and to pay attention in order to capitalize its reputation and setting a successful
venture in market. For example in overall world religion changed continuously. Islam and
atheism rise. company have to do regular watch on that to adopt overall culture and religion.

New knowledge: Technology changed with passing of time very rapidly (Hmieleski,
Carr and Baron, 2015). It results in increasing number of opportunities. Emergency indicator
must have to adopt technology revolution. It will be according to latest technology. New
knowledge is refers to more than just present technology. It is totally about finding new ways
or better ways of doing things.
Competitors analysis: Emergency indicator requires to analyse its competitors in the
relative market who also provides similar services to their customers. The major rivalries of the
organisation are Alert it, Epilepsy and so on. These organisations are basically produce Pager
which are restricted under professionals suggestions. Whereas, emergency indicators is a
upgraded version of smart watch that is distinguish from its other rivalries in the market. The
growth area of this product can be high in the technological industry that will help them in
sustaining in the target market for a long run.
TASK 2
P2.Explanation of the rationale and the market gap for a specific entrepreneurial idea using
relevant tools and techniques to support your choice
Gap analysis -
Gap factor for the organisation can be identify through analysing what is organisation's
offering and what are the requirements of the firm. The emergency indicator wants to introduce a
new idea in the market as a wrist watch which indicate sudden fall or onset of convulsion of
dependent person. In this process, one of the major gap can be lack of technological awareness or
premium prices which is not affordable for every customer. In this present era, organisation does
not have high rivalries but there is a possibility of technological advancement in future for
similar products and services. The core objectives of this organisation is to ensure emergency
services for depended person in order to assured their health security. Thus, for the firm it is
requires to analyse knowledge of customers towards their products. Technological advancement,
appropriate awareness and knowledge of customers can reduce market gap of such products and
can maximise opportunities for the organisation easily. The awareness increment create
customers and advertising campaigns also used to reach the untapped market. Emergency
Indicator use specific group of customers to tape the target potential market.
Behavioural segmentation: It refers to the process of dividing customer groups on the
basis of their attributes, awareness and purchasing behaviour. Emergency Indicator use this

segment in various ways to create awareness of its product and its feature. It is very helpful in
creating brand image.
Demographic segmentation: That refers to the market segmentation on the basis of age,
religion, income etc. the Emergency indicator may use it to analysing the potential customers as
individual who belongs to average income group by taking market survey of united kingdom. It
may target it customers who are looking for caretaker for their partial dependents and others.
Geographical segmentation: That type of segmentation refers to the dividing target
customers according to their location (NietoM and González, Álvarez, 2016). The emergency
Indicator use that type of segmentation for targeting its potential customers in various areas. It
may be more successful in metropolitan cities.
Tangible and intangible features and benefits of product and services
Emergency indicator provides both the features of tangible and intangible nature like
product shape, design, appearances and censors provides signal as alarm respectively. It provide
services according to customer needs. If dependent is old aged then its signal setted up more
strongly and vis-à-vis.
Industry life cycle
The life cycle of a industry refers to the various stages where business operates, progress
prospect and slump (Walsh, 2012). Emergency Indicator also have same stages. It mainly consist
five stages such as start up, growth, shake-out, maturity and death. These stages have no same
time periods, some of them can be for months and some of them for years.

(Industry Life Cycle. 2019)
TASK 3
P3 Present data needed to support gap analysis in the evaluation of a specific entrepreneurial
idea.
Gap analysis is strategic tool which is use for analysing the gap between target and
anticipated result, by evaluating the extent of task or work and ways, in which gap may be
bridged (Koryak, et.al., 2015). In other word it involves comparison between the present
performances levels of business with standard established by them previously. It helps
Emergency Indicator to refine and define their needs for now and in the future, it also help to
creator to identify what critical skills they need to grow so that they can enhance their
performance and earn more profit.
Primary Research: - It can be done by company itself or hire someone other to do it to
carry out to solution, specific issue or questions. It involves questionnaires, survey or interview
with individual or small group. Emergency Indicator use questionnaires methods to identify and
analysis gap in company, so that they can work on it and fulfil the gap. The questionnaire which
is made by Emergency Indicator's is given below:-
Illustration 1: industry life cycle

Secondary Research: - It involves the summary, collation or synthesis of existing
research. Secondary research is contrasted with primary research, it use primary research sources
as a source of data analysis (Hulbert, Gilmore, Carson, 2013). It is the data which is collected by
someone else other than researcher. This data can be gathering from government records, books,
trade associate, nationals or international institutes, etc. Emergency indicator can use Secondary
market research because it is cost and time effective, extensiveness of data and it is made on the
basis of primary research.
QUESTIONNAIRE
Q.1. Are you are aware about Emergency Indicator product ?
 Yes
 No
Q.2. Does Emergency indicator provide unique and different benefits as per the customers
demand?
 Agree
 Disagree
Q.3. Is there any requirement of training and development sessions for employees of
Emergency Indicator ?
 Yes
 No
Q.4. Do you think Emergency Indicator can easily get high competitive advantages in the
target market place ?
 Agree
 Disagree
Q.5. Does Emergency Indicator can gain attention of target market customers by their
unique services?
 Yes
 No
P4 .Interpret data appropriately to provide evidence of market potential.
Q.1. Are you are aware about Emergency Indicator product ?

Yes 45
No 25
mean 35
mode 0
median 35
Interpretation: It can be stated that there are around 45 respondents who are agree on
that they know Emergency Indicator products which is very effective. On the other hand, there
are around 25 respondents who are disagree on this statement. This can be analysed that mean
and medium is 35.
Q.2. Does Emergency indicator provide unique and different benefits as per the
customers demand?
Agree 38
Disagree 20
Neutral response 2
Mean 15.67
Yes No
0
5
10
15
20
25
30
35
40
45
50
Column B

Median 20
Mode 0
Interpretation: As per the above table, it can be analysed that Emergency Indicator
products deliver and supply unique and attractive product and services in the market place for
their customers. It will help them in analysing their desired needs and demand in proper manner.
There are around 38 respondents who are agree on this consideration and rest of the 20
respondents are disagree on this statement that they are provide unique and quality based product
and services. The mean and medium value is around 16 and 20. Along with this, mode value is 0.
Q.3. Is there any requirement of training and development sessions for
employees of Emergency Indicator?
Yes 55
No 5
Agree
Disagree
Neutral response

Mean 30
Mode 0
Median 30
Interpretation: It can be stated that it is required for Emergency Indicator company is to
provide and conduct training programs to their employees which help in enhancing their skills
and knowledge. There are around 55 respondents who are agree on this statement and rest of the
5 respondents are disagree on this consideration with effective manner. Both mean and medium
is 30 by calculating this.
Q.4. Do you think Emergency indicator can easily get high competitive advantages in the target
market place ?
Agree 42
Disagree 18
Mean 30
Yes No
0
10
20
30
40
50
60
Series1

Median 30
Mode 0
Interpretation: It can be stated that Emergency Indicator firm can easily gain higher
competitive benefit to the target customers in the large market place. There are around 42
respondents who are agree on this statement that they are gain competitive advantages in the
market place and remaining 18 respondents are gain attention of large number of customers
towards desired product and services.
Q.5. Does Emergency Indicator can gain attention of target market customers by
their unique services?
Yes 43
No 7
No need 10
Mean 20
Median 10
Mode 10
Agree
Disagree