Entrepreneurial Development: Eye Tracking Glasses Business Plan Report

This report outlines an entrepreneurial venture focused on developing eye-tracking glasses designed to assist readers in tracking their reading progress. The report details the business idea's viability, profitability, and competitive advantages, emphasizing its unique value proposition. It explores the creative cognitive work involved in developing and validating the opportunity, utilizing a value proposition canvas to align the product with customer needs. The business model is explained using a business model canvas, and a research plan is presented to gather data for market validation. The report concludes by highlighting the potential for the venture to achieve its goals and contribute to the market while ensuring a fit between the product and the market.

Entrepreneurial
Development

Table of content
• Introduction
• How the business idea is investible, financial, viable etc.
• Explain why this is a profitable, competition beating, value creating ‘lean’, investable entrepreneurial opportunity
• Details of creative cognitive work that applied elements to develop and validate the new opportunity
• Present and explain Value Creation using a Value Proposition Canvas
• Explain the Business Model
• Business Research and Data Gathering Plan
• Conclusion
• References

Introduction
Entrepreneurial development is delineated to establishing a business on the
basis of new idea. It fosters driving changes with innovation in which new
along with improved commodities enable development of new market. The
presentation is prepared in a new business idea that is eye tracking glasses
for students and readers of variant of book. When reader’s eye break breaks
contact with page then eye tracking glasses with mark orange dot marks on
last focus point. Through this, an individual who is reading a book will be
able to track and find line where they have stopped reading last time.

How the business idea is investible,
financial, viable etc.
The business idea of Eye Tracking Glasses is viable as wearable eye-trackers will
offer the advantage of portability over screen-based systems. These glasses
can be worn by anyone and usually are helpful to track reading where it is last
stopped. These are ideal for situations where there is either head movement or
roaming around is involved. When entrepreneur will launch them in the market,
they will be able to grab attention of huge customer base and meet their
satisfaction. This will help in attaining huge excellence in fulfilling customer
demand.

Explain why this is a profitable, competition
beating, value creating ‘lean’, investable
entrepreneurial opportunity
If the lean start-up business of eye tracking glasses never existed, then the world would be worse off as readers
faces huge issues or waste time in finding the sentence of a book where they left last time. Moreover, the
business idea is profitable, investable entrepreneurial opportunity, value creating lean and competition
bearing because of following reasons:
Uniqueness of idea
Number of readers are high
No competition

Details of creative cognitive work that
applied elements to develop and validate
the new opportunity
Cognitive work task is use of processes which transform states as work task is implemented.
For the business idea of eye tracking glasses, research and idea generation are two elements
that assist in developing as well as validating the new opportunity.

Present and explain Value Creation
using a Value Proposition Canvas
All business ideas begin with value creation in order to create as well as deliver value in
effective manner that results in generating revenue subsequently to cost. Value proposition
canvas refers to tool that assist in ensuring that business idea is positioned around what
customers’ needs as well as values. Through this, business decisions for an idea are formed.

Continue…
Value proposition canvas for new business idea that is Eye Tracking Glasses is as follows:

Explain the Business Model
Business Model is termed to strategic management tool which is used by managers for
developing business models for the proposed idea. In context to Eye Tracking Glasses,
business model assists to visualise what is significant as well as forces users for addressing
key areas

Continue…
Business canvas model for Eye Tracking Glasses is as presented:

Business Research and Data Gathering
Plan
Business idea hypothesis for Eye Tracking Glasses:
• To establish business in market successfully.
• To capture attention of 10% customer base and larger market share for remaining sustained
in competitive market.
• To increase profit by 2% each year so that greater funds could be arranged for the purpose
of carrying out operational practices effectively in future.

Conclusion
From the presentation, it is concluded that process of entrepreneurial development assists new
ventures to attain goals and improving business. Through this, identifications of talents at
higher level is possible that leads to developing and commercialisation of new business
idea in the market. Value proposition canvas ensure that there is a fit among product and
market of proposed business.