Report on Identifying Entrepreneurial Opportunities for Selfie Drone

This report evaluates the entrepreneurial opportunity presented by a Selfie Drone, focusing on its potential within the market. The report begins with an introduction to the concept of entrepreneurship and its role in economic growth, followed by an overview of the Selfie Drone idea by Bluelight Technology. It then delves into Drucker's seven sources of innovation to identify the inspiration behind new ventures. The report further explores the rationale and market gap for the Selfie Drone using tools like Porter's Five Forces model. Data requirements for gap analysis are demonstrated, and the report applies SWOT and PESTLE analyses to assess the venture's strengths, weaknesses, opportunities, threats, and external factors. The report concludes by summarizing the findings and providing insights into the Selfie Drone's entrepreneurial prospects.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1: Illustrate the sources which inspires new start-ups and encourage for launching of new
venture.........................................................................................................................................1
LO 2.................................................................................................................................................4
P2: Explain the rationale and market gap for Selfie Drone using suitable tools and techniques.
.....................................................................................................................................................4
LO 3.................................................................................................................................................5
P3: Demonstrate data required to support gap analysis in examination of specific
entrepreneurial idea.....................................................................................................................5
P4: Describe data needed to support gap analysis in the evaluation of Selfie Drone.................6
P5: Apply SWOT analysis for entrepreneurial idea....................................................................1
LO 4.................................................................................................................................................1
P6: Conduct Pest analysis...........................................................................................................2
CONCLUSION................................................................................................................................2
REFERENCES................................................................................................................................4

INTRODUCTION
Entrepreneur is defined as, a person who is willing to start up a business in the global
market. They come up with innovative idea by scanning the market scenario or by understanding
the fluctuating market trend (Grégoire and Shepherd, 2012). The new venture opened by
understanding the demand of the customers tend to be more successful as they are unfulfilling
their expectation level. On the other hand new start-up business is largely contributing in the
growth of the economy because they are eradicating the unemployment rate from the nation. For
the completion of the report it is based on the idea of launching Selfie Drone by Bluelight
Technology. It is located in Helen Keynas, UK This assignment includes, detailed evaluation of
Drucker's 7 sources. Rationale and market gap for particular entrepreneurial idea is studied using
appropriate tools and techniques. Primary and secondary data collection method is used for
identifying market potential. SWOT analysis is determined in order to overcome the threats
prevailing in the market. Pestle analysis is examined so as to expand the business smoothly in the
global market.
LO 1
P1: Illustrate the sources which inspires new start-ups and encourage for launching of new
venture
In the global world the idea of launching new business emerge from the changing trend.
There is no fix place and time to strike a new idea for business. From numerous sources
prevailing in the global market entrepreneurs can drive business idea. Some of the sources are,
through online research, capturing loop holes of other, understanding future demand and many
more. All this assist the entrepreneurs to come up new venture which is unique in every terms
from the existing business operating in the present market. The new entrepreneurial idea of
launching a Selfie Drone by Bluelight Technology is particularly designed for selfie lover. On
the other hand the idea of launching this new entrepreneurial idea is developed by Drucker in his
famous book “innovation and Entrepreneurship” which states innovation of sources which are
described as under:
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The Unexpected: New business is launched in the market by scanning the global market.
Despite of this success and failure of the new venture is unexpected (Siegel and Renko, 2012).
Uncertain conditions in a organization tend to be extremely powerful as it inspire entrepreneurs
to come up creative idea. By this several new start-ups are launched which directly or indirectly
reduces the ratio of unemployment. Whereas, it assist Bluelight Technology to take advantages
of opportunities emerging in the global market because of unexpected changes in technology.
Incongruities: In the competitive market place business fails when unsatisfactory goods
and services are offered to the customers or they are unable to meet their demand and
preferences according to the customers desire. It is essential to study the external environment
before coming up innovative or creative idea. The potential customers, market, types of
advertising tool adopted, required man power and so on should be determined before launching
the product across the globe. Through review and complaints incongruities can be ascertained
easily. This helps the firm to make improvements in their goods and services. However, the
review collected from the people regarding technology advancement in selfie Drone will aid
Blue Light Technology to come up with unique product in the intense market place.
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Illustration 1: Drucker's Seven Sources Model
Sources: Drucker's Seven Sources Model, 2013
Process Needs: It is more task focused instead of situation focused according to
Drucker's Seven Sources Model (Mitchelmore and Rowley, 2013). By assessing the loop holes
of other and by understanding future requirements innovation necessary can be determined
easily. If these are ascertained in the earlier stage it directly helps in upgrading the performance
of the business. Due to which business can grow and develop smoothly in the open market place.
On the other hand weak point Bluelight Technology will be conducting training and other
motivational sessions in order to raise employees workforce efficiency towards the
accomplishment of common goal. Additionally, more effective and innovative solutions are
gathered for the business idea.
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Industry and market structure change: In the modern world business should be
financially stable enough in order to compete with technological advancement. This is because
changes in tools and techniques can ruin the business overnight in the market. To remain
competitive and sustainable leaders keep eye on the changes taking place in the technology.
Bluelight Technology is benefited by changes in technology because they are able to mould the
threats and opportunities as their business profit.
Demographic: Business gets influenced by slight changes in demographic. Here,
age group, illiteracy level, employment and so on are involved in demographic. All this directly
impact the business as well as provide new business opportunity which is a positive sign for the
organisation. This is because changes in demographic influence the demand of the for the goods
and services offered by the company. Additionally, Bluelight Technology is benefited by this
particular change because management is able to come with those high -tech selfie drone product
which is mostly demand by young generation in the international market.
Change in perception: The raising globalization has changed the customers taste
and mind set. It has mould the consumers way to perceive the goods and services as they used to
do earlier. Because of the raising interest to be a part of social networking site like, Facebook,
Instagram, twitter and so on things are fluctuating rapidly. By this Bluelight Technology is able
to launch their creative selfie product successfully in the global market as is prepared by keeping
in mind customers requirement (Wood and McKelvie, 2015).
New knowledge: Best and unique product can be launched in the market because
of the knowledge. This is because it assist in introducing innovation in effective manner.
Modification are implemented in order to match the expectation level of the customers. By this
loyal client can be build towards the selfie product. Whereas, competitive advantages can be
gained by new business opportunity because of the usage of new technology adopted by Blue
light Technology.
The above mentioned seven sources of Drucker's inspires business associates to identify
new business opportunity. It also introduces new goods to the customers by stating the demand
for the goods in the global market.
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LO 2
P2: Explain the rationale and market gap for Selfie Drone using suitable tools and techniques.
Entrepreneurial Idea: Blue-light Technology is coming up with innovative product that is
Selfie Drone. It provide high quality selfie photo the the customers with additional features of
make up and many other. By this customers are able to take more clear and attractive selfie.
USP's: A unique Selling Proposition is explained as concept of marketing which
illustrates campaigns which works to make different proposition for their targeted customers.
Selfie Drone provides high quality selfie photo to the customer. It is benefiting those client who
are selfie lover and likes to click photo.
Gap analysis is important to study in order to understand the current position of the
business and its product in the market. Blue-light Technology and its innovative Selfie Drone is
is determining gap analysis in order to make necessary improvements in the loop holes. By this
business is able to compete with the competitors prevailing in the global market.
Porter's Five Force Model:
It was discovered by M. Porter in the year 1979. There are five competitive forces which
are directly or indirectly impacting the business. Model is explained as follows:
Bargaining power of suppliers: The raw material needed for preparing Selfie Drone is
supplied by limited suppliers in the global market. In this case, the bargaining power of suppliers
are intense because customers does not have any other alternate. They exploit the client more by
charging high prices of low quality materiel. By this suppliers are able to gain huge profit in the
cut throat competitive world (Tang and Busenitz, 2012).
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Illustration 2: Porter's Five Force Model
Source: Porter's Five Force Model, 2013
Bargaining power of buyer: Customers bargaining power is more when there are more
supplier available in the global market. Here, customers can push the suppliers to cut down the
process of the material as they more degree of power in their hand. Slight changes in the prices
customers can switch to other suppliers. Blue-light Technology can ask for high quality raw
materiel at low prices and high quality Selfie Drone can be offered to the customers.
Threat of substitute: It is a completely innovative goods in the open market place. So
there is less degree of power. There is less substitutes available for customers regarding Selfie
Drone. Blue-light Technology can easily grow their business ion the intense competitive world.
As well as organization is able to capture huge market ratio in short time duration.
Barriers to new entry: Innovation in technology requires huge capital due to which
there is low threat for business operating in the market. New entry can compete with the business
when they are highly financially stable and are coming with innovative idea which can change
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the current trend. Blue-light Technologies Selfie Drone is able to create tough bench mark for
others because of its unique features and ram.
LO 3
P3: Demonstrate data required to support gap analysis in examination of specific entrepreneurial
idea.
Gap analysis refers to as method that is adopted by business associates in order to
ascertain the differences between existing and desired condition of the business. This is used by
Blue-light Technology in order to understand the gap among present and future position in the
cut throat competitive world (Hansen and Shrader, 2016).
Basis Current position Desired position Action plan
Product and services Blue-light Technology
is offering Selfie
Drone for those
customers who are
selfie lover.
To manufacturer other
Selfie Drone with
additional features of
make up.
Modern software are
imported from foreign
nation in order to
develop advance Selfie
Drone for its loyal
customers in the
competitive market
place.
Prices Selfie Drone is
available at nominal
prices in all local
stores where other
products related to
mobile phone are
available. By this
selfie lovers can easily
purchase it in the
global market.
By deeply scanning
the external
environment the Prices
of the Selfie Drone is
set so as to gain huge
profit as compare to
competitors prevailing
in the open market
place.
Organization will be
framing effective
pricing strategy by
determining the
product's features and
quality.
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Objectives Strategies
 To full-fill customers expectation level
on priority level in the set time
duration.
 By implementing best and nominal
pricing strategy along with innovation
in the present product.
 By adding continuously additional and
unique features in the Selfie Drone.
P4: Describe data needed to support gap analysis in the evaluation of Selfie Drone
Research is conducted in the external environment when new business is introduced in
the open market place. It is done to better understand the market scenario so that new venture
goods and services can be launched smoothly. There are two types of data collection method
which are primary data collection method and secondary data collection method. Primary data
collection is more time consuming in nature this is because data are collected directly from
respondents. On the other hand it is quite expensive because in order to gain in-depth knowledge
huge resources are required (Neneh, 2019). The obtained data regarding the demand for selfie
Drone product is will help the business to ascertain weather this business idea will be successful
or not. Whereas, secondary data collection method is effective in both time and money. This is
because information are collected from sources such as, articles, books, newspaper and so on.
The findings may not be authentic in nature because the gathered data is used by other researcher
in their findings or business. Bluelight Technology is using primary data collection method
where relevant data regarding Selfie Drone is assembled from 40 respondents by questionnaire.
Below are the set questionnaire which are elaborated as under:
QUESTIONNAIRE
Candidate name:
Age group:
8

Permanent address:
Mobile number:
Q1) Do you carry understanding regarding Selfie Drones?
a) I have understanding
b) I don't have understanding
Q2) Do you like to click selfie for every moment?
a) Sometime
b) It depends on situation
Q3) Do you think Blue-light Technology Selfie Drone will be successful in the market?
a) yes
b) No
Q4) According to you Selfie Drone will be able to compete with the existing products related
to selfie?
a) May be
b) may not be
Q5) Do up coming generation will be depending more on innovative selfie Drone?
a) Agree
b) Dis-agree
Theme1: Understanding regarding Selfie Drones?
Q1) Do you carry understanding regarding Selfie Drones? Frequency
a) I have understanding 20
b) I don't have understanding 20
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a) I have understanding
b) I don't have understanding
0 2 4 6 8 10 12 14 16 18 20
20
20
Frequency
Interpretation: The above bar chart state that from the sample size of 40 respondents
only 20 communicator are saying that they carry the understanding regarding Selfie Drone.
While, remaining 20 are sharing their view that they are not aware about Selfie Drone available
in the cut throat competitive world.
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