Analyzing Entrepreneurial Opportunities for G1 Surveillance: A Report

This report provides a comprehensive analysis of entrepreneurial opportunities, focusing on the business idea of G1 Surveillance, a manufacturer of CCTV scanners. It explores various sources of entrepreneurial ideas and innovations, emphasizing the importance of STEEP analysis (Social, Technological, Economic, Environmental, and Political factors) and Drucker's seven sources of innovation. The report delves into market gap analysis, differentiating between primary and secondary data, and interprets collected data to understand the market's needs. A SWOT analysis is conducted to evaluate the strengths, weaknesses, opportunities, and threats associated with the business idea. The report also assesses competitiveness, market environmental factors, and identifies the target audience for the CCTV scanner. Finally, it considers both small-scale and large-scale conditions that could affect the business's profitability and success. The conclusion highlights the significance of identifying entrepreneurial opportunities for business growth and job creation.

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 which is helpful to earn higher
revenue. To better understand this concept
G1 Surveillance has chosen which is a
new venture and want to manufacturer of
CCTV scanner.

Business Idea
A business idea is defined as a thought that is used by manager of company for
commercial purposes. It is mainly developed by manager in order to sell
commodity or service to generate money. There are respective procedures for
processing and experimenting a business idea.

STEEP elements
• Social factor: To understand the need of this factor is essential for the
organisation so that products can be produce as per the requirements of
society and its people.
 Technological factor: To capture a high market share technology can
help the company because it maximize the efficiency and productivity.
 Economic factor : To analyse this factor is essential for the growth of
organisation and it involves exchange rate, inflation, economic growth
etc.

Continue…..
Environmental Factors : To introduce a new product in the market it is
necessary to analyse environmental factor which includes : climate, weather etc.
Political factor : To launch an innovative product in the market it is necessary to
analyse this factor which involves : employment law, consumer protection act,
copy right and protection act.

Drucker's 7's source of development
Incongruity : It is fundamentally implies creating
mechanise & ventures in light of necessities and
in addition wants of the clients in successful &
additionally productive way.
Process needs : Organisation should centre
enhancing its procedures with the objectives that
the requirements and in addition request of
persons can be met in a viable manner.

Continue….
Industry & market structure need : The plans and strategies are frame in that
manner which follow the market structure and its need.
Demographics : To choose the location is essential so that company can know
where it have to sell its products and what are the target consumers in specific
area.
Change in perception & temperament : The management of G1 Surveillance
can make sure that legitimate criticism & perspective from purchase are
picked up so benefit level of corporation can be boosted.

Rationale and the market gap
Market gap means consumers are not meeting with their needs and wants
and did not purchased anything. Now a days any business are growing
fast and changing step by step remembering all objectives of
organization to confirm the various changes that are happening or may
happen in outside of association

Gap analysis and its Evaluation
Primary data: Primary data means information observed or collected
directly from first hand sources by using method such as interview,
questionnaire, survey, or personal experiments.
Secondary data: It refers data or information that is gathered from
experiments, questionnaire, surveys and studies that is already collected by
other people.

Interpretation of Data
Interpretation: 15 respondents are aware about the concept of CCTV camera scanner
whereas 5 respondents are not aware about the concept of CCTV camera scanner.

SWOT analysis
Strengths: Technology is growing rapidly and in the high digital world
requirements of new and hi-tech equipment’s are there
Weakness: As introducing a product which is fully techno friendly and
new in the market by a new organisation will brings low consumer
confidence and chances of success for business will minimise.

Continue…..
Opportunities: It is required for organisations to have innovations on continuous
basis to be in competition
Threats: Organisations that are already in technology industry from many years
may be turned out to be threat to have successful business venture by G1
Surveillance.

Competitiveness as well as market environmental
Competitive market: Competitive market refer to the amount of competition
prevails in the market. Along with that company must know the way to deal
with existing competition and sustain in competitive environment.
Substitution market: There are many alternative of G1 Surveillance camera
scanner manufactured by various competitive brand. Thus, if a company don't
want its brand to be substituted then they must differentiate their product with
their competitor.

Continue……
Target audience: Target audience refer to the group of people to whom the
company approaches to sell its product. Target audience of G1 Surveillance
camera scanner are who so ever concerned about security and safety issues
Small scale condition: It refer to small scale factor that can affect the
profitability of business like customer, supplier and internal staff.
Large scale condition: It refer to outside factors which are not in control
of respective company but directly affect the performance of business they are
political, legal, technological, economical and legal factor.

Conclusion
From the above presentation, it has been concluded that there are various
entrepreneur opportunities which are essential to be identity for the growth.
With the help of innovative business idea employment opportunities can be
created.

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.

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