Identifying Entrepreneurial Opportunities: P1 Surveillance Report

This report provides a detailed analysis of entrepreneurial opportunities, focusing on the potential for a CCTV scanner business by P1 Surveillance. It explores various sources of entrepreneurial ideas, emphasizing the importance of market gap analysis and the application of STEEP factors (Social, Technological, Economic, Environmental, and Political) to assess market viability. The report includes a discussion of primary and secondary data collection methods, data interpretation, and a SWOT analysis to evaluate the strengths, weaknesses, opportunities, and threats associated with the business idea. Furthermore, the report evaluates competitiveness, market environmental factors, and concludes with the potential for growth and development, referencing key academic sources. The assignment covers market research, business strategy, and risk assessment within the context of a new product launch.

Identifying Entrepreneurial
Opportunities

Table of Content
• Different sources of Entrepreneurial ideas and innovations
• Rationale and the market gap for a specific entrepreneurial idea
• Gap analysis and its Evaluation
• Interpretation of Data
• SWOT analysis to assess the entrepreneurial idea
• Evaluation of competitiveness as well as market environmental

INTRODUCTION
Entrepreneur is the act of creating a business that is beneficial for the organisation to
generate more profits. It is helpful to provide employment opportunities and creates
employment for millions of people so that they can easily spend their life. To better
understand this concept P1 surveillance has chosen that is a new venture and wants to
manufacture CCTV scanner. In this presentation there are following topics are
covered such as: the different sources of innovative and new business idea, market
gap analysis using techniques, the uses of primary data & secondary data to analyse
market potential. Apart from this it also discuss risk and potential opportunities for
growth and development in future.

Determination of distinct sources of Entrepreneurial ideas &
innovations
An individual can inspired to think innovative ideas from different sources which help to
start new business. There are various things that can motivates the persons to set up new
venture and that involves: experience, hobbies, observation, interest & market gap
analysis.
Business idea: It is the thought that comes in mind of an individual so that idea can be
generated which is useful in business formation. The manager of company is responsible
to develop it so sales of products can be increase.
Potential consumers: The persons who can become the consumer of company in future are
known as potential customers.

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With a specific end goal to figure out where are opening is accessible, an
examination of STEEP elements can be possible.
Social factor: For a corporation it is necessary to satisfy the needs of consumers
as a result products can be produce according to the requirements of society.
Technological factor: To grab more market share technology plays an important
role and it is helpful to enhance the efficiency as well as productivity.
Economic factor: To consider this factor is important for the growth of
corporation and it includes economic growth, exchange rate, inflation etc.

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Environmental factors: To develop a new product in the market it
is important to identify the factors of environment that involves:
weather, climate etc. For P1 Surveillance it is essential to identify
this factor as a result new product development can be successful.
Political factor: To introduce a new product in the market it is
essential to identify political factor that includes, copy right &
protection act, employment law, customer protection act etc.

Explain the rationale and the market gap for a
specific entrepreneurial idea
Market gap refers difference in demand and supply of products and
not purchased anything. This means customers are meeting with
their needs and wants yet. Now businesses are facing high
competition by using new technology.

Business idea
P1 surveillance is an international UK based company that is planning to
introduce a CCTV scanner having special features. For this, P1 is needs to
analysis the market and know strength and weakness of business that helps
to execute new innovation in market.
Present situation: P1 surveillance is planning to bring new innovation
such as CCTV scanner that helps to scan individually if some one is
carrying weapons along with them.

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Future possibilities: After planning and strategy P1 surveillance would
focus on increasing in number of customers and production.
Behavioural segmentation: P1 surveillance focuses on behaviour and
moral values of customers and enterprises. It involves group customer
based on special behaviour that shows purchasing and selling decision.

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Creative idea: Creative idea means to bring something new in
market which is not came yet. Such as P1 surveillance is planning to
build a new product that is CCTV scanner which is not available in
market.
Geographical segmentation: This includes basic and common
strategy in markets that serve customers in a define area.

Gap analysis and its Evaluation
Data collection refers to collecting the data from various sources. It is an
important tool of research method. Data can further is processed as
information.
Primary data- Under this technique data are collected through direct
sources which involves: questionnaire, interviews, online survey etc.
Secondary data- Under this technique data and information has collected
through newspapers, journals, websites, books etc.

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Interpretation of Data
1. Do you aware about the concept of CCTV camera scanner? Frequency
i) Yes 15
ii) No 5
15
5

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2. As per your opinion this business idea is beneficial for the growth of P1
Surveillance.
i) Yes 13
ii) No 2
iii) May be 3
iv) Not sure 2
13
2
3
2

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3. Do you think for the security purpose this product is going
to be beneficial?
15
i) Agree 10
ii) Strongly agree 5
iii) Disagree 5
iv) Strongly disagree 5
10
5
5
5

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4. What benefits are achieved by your business after using products
of P1 Surveillance?
i) Minimisation of cost 10
ii) Better Management of Expenses 5
iii) More revenue 5
10
5
5
i) Minimization of cost
ii) Better Management of
Expenses
iii) More revenue

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5. Name the individuals that get benefited form this
product of corporation?
i) Customers 5
ii) Employees 5
iii) Suppliers 2
iv) Owners 8
5
5
2
8

SWOT analysis to assess the
entrepreneurial idea
P1 surveillance is planning to bring innovation that is CCTV
scanner. For this P1 surveillance is required to have SWOT analysis
that would help to get information about market feasibility and
demands of customer. This analysis help to define internal strength
and weakness of the organisation in order to introduce a CCTV
scanner. It also defines internal opportunities and treats of the
organisation.

Evaluations of competitiveness as well as
market environmental
Competitiveness states the activity that shows ability to face the
challenges and changes in any organisation. It also helps to define
the situation of business that gives suggestions to overcome with
problems.
31/0
1/1

SWOT
Strength:
It helps to define market demand and customer needs that helps to
scan any individual if anyone is carrying weapon along with them.
It also make possible to increase in number of customer by
introducing CCTV scanner that would have many features and good
quality of product.

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Weakness:
To introduce an innovation may be create higher cost and lack of
knowledge or experience.
It may be difficult for P1 surveillance to face the challenges because
low morale of employees and certain range of customers.
It covers some points to overcome the risk and potential growth
of organisation in future.

CONCLUSION
As from above presentation, it has been concluded that there are
many types of entrepreneur opportunities that are beneficial to
identify growth and development of organisation. By using
innovation or creative idea employment opportunities can be
created. In this report, it is considered that analysis of market gap
can fulfil market gap and grab more market share.

References
• Al Mamun, A. and Ekpe, I., 2016. Entrepreneurial traits and
micro-enterprise performance: a study among women micro-
entrepreneurs in Malaysia. Development in Practice. 26(2).
pp.193-202.
• Davidsson, P., 2015. Entrepreneurial opportunities and the
entrepreneurship nexus: A re-conceptualization. Journal of
Business Venturing. 30(5). pp.674-695.
• Gilbert, B.A., 2012. Creative destruction: Identifying its
geographic origins. Research Policy. 41(4). pp.734-742.

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