Entrepreneurial Opportunities: Market Analysis and Viability Report

This report examines entrepreneurial opportunities, specifically focusing on the potential of rechargeable USB batteries. It begins by defining entrepreneurial opportunities and introducing the business idea. The report then explores various sources of entrepreneurial ideas and innovation, including Drucker's 7 sources of systematic innovation, and discusses the benefits and drawbacks of different approaches. The report then identifies a market gap for rechargeable USB batteries, using tools like Porter's Five Forces to analyze the market. Data is presented to support the gap analysis, and the market is interpreted. Finally, a SWOT analysis is applied to assess the specific objectives and competitive market environment, leading to conclusions and recommendations for the entrepreneurial idea. The report emphasizes the eco-friendly and cost-effective nature of the product, its potential to disrupt the market, and its alignment with current technological trends.

Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Various sources of entrepreneurial ideas and and innovation providing specific examples. 1
M1 Detailed evaluation of Drucker's 7 sources of systematic innovation.............................2
D1 Benefits and drawbacks of different approaches Threat of Substitutes:and sources........2
TASK 2............................................................................................................................................3
P2 Rationale and market gap for particular entrepreneurial idea using with tools & techniques
................................................................................................................................................3
M2 Justification of particular entrepreneurial ideas fills a market gap with various techniques5
D2 Specific entrepreneurial idea depend on interpretation and investigation........................5
TASK 3............................................................................................................................................6
P3 Present data to support gap analysis and analysis entrepreneurial idea............................6
P4 Interpret data effectively for potential market...................................................................7
M3 Justify sources and methods of data collection..............................................................12
D3 Appropriate specific sources and methods of business objectives.................................12
TASK 4..........................................................................................................................................12
P5 SWOT framework support an objective assessment of specific entrepreneurial idea....12
P6 Competitive and market environment to launch idea and assess potential viability.......13
M4 Evaluate specific idea in context of competition and market place...............................14
D4 Conclusion and justified recommendations for entrepreneurial idea.............................14
CONCLUSION .............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurial opportunities are defined as condition where products commodity and
services can be sold at a greater price after analysis the cost of production. In this situation an
entrepreneurs take right action to generate profitability. To achieve these chances required to
aware for market activities and develop a new product or services which is attract people for this.
As an budding entrepreneur wants to introduce new product rechargeable USB batteries but face
problem lack of resources. For this entrepreneur analysis the market and find opportunities that
virgin money provide fund to budded entrepreneur for start up new business in existing market.
This USB rechargeable batteries are eco friendly and cost effective which is provided benefits of
their traditional brethren and can be topped up with a much broader network of power sources.
This report consist of various sources of entrepreneurial ideas and innovation with specific
example and identify market gap with entrepreneurial tools & techniques to support new start up.
Along with, presented data of gap analysis and interpreted that with specific evidence of
potential market. Additionally, apply SWOT analysis to analysis specific objectives and
competitive market environment to launch potential viability.
TASK 1
P1 Various sources of entrepreneurial ideas and and innovation providing specific examples
Entrepreneurial ideas mean recognising an opportunity that exists in the environment and
availing it to offer this products as well as services as per the requirement of the customers. The
Rechargeable USB batteries are a great invention which is cost effective and eco-friendly,
designing them a win win and the planet. The business case related to automobile sector and it
offers rechargeable batteries to keep free from charging. Rechargeable batteries which produce
less waste since they can reusable multiple times and can be replenished with a basic charging
cable. They often use less energy, since charging time battery with a rechargeable battery is
much more energy-efficient then creating new battery. With this product use product many time
and reduce wastages that become reason of success and provide competition to other seller in the
market. To better understand this innovation applies Drucker's 7 sources of innovation such as: Unexpected success & failure: Sometimes innovation can take place unexpectedly where
get a chance of success & failure. Through this source allows entrepreneur to to learn
from last mistakes and take right decision for future activities. The USB rechargeable
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batteries important innovation which is used for wall clock and other things based on
batteries. Incongruity: At the time of production mostly entrepreneur get not success at first time
and they made mistake. After that require to take right action in proper manner. The USB
batteries is developed by entrepreneur after conduct market research in proper manner. It
is actually made to charge smoke detectors, wireless keyboard and mouse. Market structure: An existing market for particular product is providing change to get
success & growth. It remains same and generate growth to satisfy the customer
requirement at particular level. It helps to attract customer for the products that helps to
increase sales. The rechargeable batteries carry out changes and invention to create
awareness among the customers. Necessity: To analysis the success it is required to a business must assure about the
invention in their business market where face lot of competition and business carry out
many changes to influence customer in regard of products as well as services. Therefore,
USB batteries develop by entrepreneur for growth of business. Demographics: It is element that presents the changes in lifestyle, technology, interest of
people that wants by every one in regard of surrounding activities. Hence, Rechargeable
batteries an opportunities that use to fulfil the necessities of user with invention to
analysis the success. Changing perception: These changes are based on the perception of individual where
people become change and try to accept all the changes effectively. Such as rechargeable
batteries fulfil the requirement of all the customers,.
 New knowledge: Innovation is always helps to carry out new technology and products in
market that helps to society and induce changes in increasing manner of knowledge and
conduct overall market to collect all related information.
Therefore, Rechargeable batteries based on the various factors in order to enhance and
increase overall development & success with new innovation.
M1 Detailed evaluation of Drucker's 7 sources of systematic innovation
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D1 Benefits and drawbacks of different approaches Threat of Substitutes:and sources
There are analysed different sources and approaches that could be utilised by the
entrepreneur to get success in articular product and measure the effectiveness.
Creativity: It is an internal factor which is helping an entrepreneur to think different and
unique in regard of their business and according to that they are taking further steps.
Benefits Drawbacks
The main benefit of this approach that supports
to deduct the loop holes and increase the
productivity of business.
The main disadvantage of this it is does not
affect to business in proper manner because
some time it shows negativity in growth &
success.
Products & services: It is part of external sources in which present effective services of
particular products that presents by entrepreneur.
Benefits Drawbacks
The major advantage of this complete all the
requirement on time and increase growth in
proper manner.
It is not required that customers like these
products & services effectively.
TASK 2
P2 Rationale and market gap for particular entrepreneurial idea using with tools & techniques
As entrepreneur can work at international level where identify geographic segmentation
that based on the various areas. In order to behavioural segmentation require to arrange supply
on the basis of culture, beliefs, society and values. According to this segmentation require to
manage supply as per the gender, age, family etc. Market gap is defined as hidden opportunities
which are available in the market to cover particular area effectively. The idea selected is related
to development of rechargeable USB batteries. This one of the least explored area in terms of
development. There are large number of opportunities are present in this sector to attain success
and capture large market share. This is the industry where innovation will be used regarding the
development of batteries that removes the issue of their one time use. This will includes the
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option of their connection with any technological device and charging for future use. The benefit
of the same will be ascertained in various manner as help to attain monopoly in market through
capturing innovational capacity, support of government as reduction in wastage that negatively
impacts the environment, customers satisfaction, competitive edge, large market share etc. All
these aspects provides an opportunity to sustain in market for longer period of time and build an
unique position which is distinctive from others. Not only the benefits are attained by an
organisation in terms of attaining large empire of organisational activities but aid the nation to in
formulation strong economy. Also, many other benefits will attained like high employment
opportunities, good flow of foreign currency, better infrastructure. The world economy is also
improves in future and provides help in protection of environment at world wide level. The tool
and technique used for the purpose of determining market along with opportunities is known as
porter five force analysis. This is one of the effective framework that provides an opportunity
regarding determination of the conditions present in industry along with opportunities to grow.
Thee are number of aspects in respect to which information is ascertained with the aid of this
includes buyers, suppliers, competitors, rules and regulations etc.
Porters five forces model: This model is applied by entrepreneur to analysis the market
condition. This is one of the effective model that provides an opportunity in determination of
different information that have important of any industry (Clark and Ramachandran,2019).
Currently, this model is used for analysing the opportunities present in rechargeable USB
batteries industry. The different informations that can be gathered through effective application
of this framework includes rivalries from the number of competitors, legislations and rules exists
regarding operation of business functions, number of suppliers, power of the different kind of
substitutes. The idea selected in the industry where already such products are present but in very
few amount and costly in nature. The innovation is used by the organisation here to produce it
cost friendly and accessible to all in the direction of reducing the usage of single time use
batteries. Analysis of all the different factors falls under this framework are provided below: Industry rivalry: The number of competitors present in this industry is very few. This
depicts the power of competitors very low in nature. This is beneficial for the
organisation as they easily can grab the opportunities by using new and innovative
approaches. The low of power of competitors also aid to target large share of market
along fulfilment of their needs. Such as company have many competitors in the market
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Panasonic, Duracell, Envie etc. These companies are playing essential role and provide
tough competition to the company Thus, company face the large competition at the
market place. Threat of new entrants: The legislations present in this industry are supportive in nature
as the government support in the direction of reducing environmental wastage. So, the
funds are provided by the government with support in nature of subsidy that removes the
restriction of funding. This depicts the power of new entrants is high in this industry. This
does not going to impact because of the nature of innovation. Bargaining power of supplier: The number of suppliers in this industry very few. This
clearly depicts the high power of suppliers. This has the negative impact over the
business ideas as this will resultants into costly nature of products. The strategy that help
to overcome from this issue will be import from the outside of nation. Bargaining power of buyers: The number of buyers are high but the don't have option to
buy product. This shows the low power. This will be the opportunity for an organisation
to grab the market share through selling out the products in low price.
 Threat of substitutes: The power substitutes is low due presence of less organisations and
costly products which is totally adverse from our business idea. This creates the
opportunity to attain market easily.
M2 Justification of particular entrepreneurial ideas fills a market gap with various techniques
The entrepreneurial idea which is selected for the current scenario is rechargeable USB
batteries. The reason behind selecting this idea is its suitability which can bridge the market gap.
In the current technological market, the accessibility to rechargeable USB batteries is near to
zero due to the high prices and inefficiency. This specific idea aims to bridge the market gap of
non presence of batteries which can be recharged using any technological digital device. This
market gap is identified by using the technique of Porter’s five forces. This idea will provide the
competitive advantage over other companies as till not there either no organisations which
manufacture such batteries and even if the organisations who has such rechargeable USB
batteries are highly expensive and non accessible.
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D2 Specific entrepreneurial idea depend on interpretation and investigation
The idea of rechargeable USB batteries can be analysed as a vision which has both benefits
and certain restrictions. The benefit of this idea is that there are no or only few manufacturers
which produce such type of products due to which competitive advantage can be attained.
Another benefit of this idea is its ability to replace the existing batteries. Other than the above
benefits, restrictions which limit this idea are the expensive material which will be used in the
manufacturing of these batteries. Another limitation of this idea is no real experience. As this
idea is not implemented before, there is reference which can help in implementation of this idea.
TASK 3
P3 Present data to support gap analysis and analysis entrepreneurial idea
Research is the process with the help of which information is gathered, analysed and interpreted
so that analysis can be made for the concern on which the research is undertaken. For ensuring
the success of the business it is important for the organisation to gather significant informations
bout the taste and preference of the customers so that they their needs and wants can effectively
be satisfied. With the help of this research, budding entrepreneur can determine various sources
of funds with which they can enable them to meet up with the problems. The research can be
done with the help of various sources that can be :
Primary research: the primary sources are this in which the data are gathered directly
from the population that fall under this research. This can be done with the help of questionnaire,
interviews, surveys, focus groups etc. Research is the process with the help of which information
is gathered, analysed and interpreted so that analysis can be made for the concern on which the
research is undertaken. For ensuring the success of the business it is important for the
organisation to gather significant informations bout the taste and preference of the customers so
that they their needs and wants can effectively be satisfied.
Secondary research: Secondary source of the data is one in which the informations are
gathered with the help of various sources such as books, journals, magazines, past data and many
more. Such data are already gathered which has to be managed by the investigator as per their
requirement. Data so gathered can easily be collected frequently and in minimum cost.
For this project the data is gathered from both these sources i.e., some of the data is
gathered through questionnaire, various books and journals etc. For this the research the
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respondents were the employees and the organisation and a few customers and in all 20
respondents were taken into consideration.
Questionnaire
Name:
Gender:
Age:
Address:
Q1 Have you ever used USB's?
Yes
No
Q2 How often do you use USB?
Frequently
Rarely
Q3 Do you think there is a need of rechargeable batteries for USB ?
Yes
No
Q4 What challenges can be faced by the company while launching the product?
Lack of funds
Changing taste and preference of the customers
Both
Q5 What opportunities can the business have with the launch of this product?
Increase in the revenue
Increase in market share
Both
Q6 Which characteristics attract to customer to buy this product?
Long battery power
Reuse of batteries
Q7 Which way like most to buy batteries?
Over the phone
At shop
Internet
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Q8 Are USB batteries use for longer period of time?
Yes
No
Q9 Are you aware about the Rechargeable USB batteries?
Yes
No
Q10 Are USB batteries fulfil the requirements of the customers?
Completely
Some times
No
P4 Interpret data effectively for potential market
Q1 Have you ever used USB's? Frequency
Yes 6
No 4
Q2 How often do you use USB? Frequency
Frequently 8
Rarely 2
Q3 Do you think there is a need of rechargeable batteries for USB? Frequency
Yes 7
No 3
Q4 What challenges can be faced by the company while launching the product? Frequency
Lack of funds 3
Changing taste and preference of the customers 6
Both 1
Q5 What opportunities can the business have with the launch of this product? Frequency
Increase in the revenue 3
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Increase in market share 5
Both 2
Q6 Which characteristics attract to customer to buy this product? Frequency
Long battery power 3
Reuse of batteries 7
Q7 Which way like most to buy batteries? Frequency
Over the phone 5
At shop 3
Internet 2
Q8 Are USB batteries use for longer period of time? Frequency
Yes 6
No 4
Q9 Are you aware about the Rechargeable USB batteries? Frequency
Yes 5
No 5
Q10 Are USB batteries fulfil the requirements of the customers? Frequency
Completely 7
Some times 2
No 1
Interpretations of the questionnaire
Theme 1: Use of USB
Q1 Have you ever used USB's? Frequency
Yes 6
No 4
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Interpretation: On the basis of above graph it can be analysed that most of the people uses USB
so that they have opportunity to launch this product.
Theme 2: Frequency of use
Q2 How often do you use USB? Frequency
Frequently 8
Rarely 2
10