Report: Analyzing Entrepreneurial Opportunities and Ideas

This report delves into the identification and analysis of entrepreneurial opportunities, focusing on the development of a new business idea, the TriTech dash cam. It begins by exploring various sources of innovative business ideas, including market trends and government initiatives to promote entrepreneurship. The report then introduces the TriTech dash cam, detailing its features, target market, and competitive advantages. A crucial component of the report is the competitor analysis, employing Porter's Five Forces model to assess the competitive landscape. Gap analysis and market research are conducted to evaluate the viability and feasibility of the business idea. The report also examines the strengths and weaknesses of the proposed venture and suggests ways to mitigate competitive risks. The analysis covers market research, customer preferences, and technological advancements, and concludes with recommendations for future development and growth.

Identifying
Entrepreneurial
Opportunities
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Table of Contents
INTRODUCTION...........................................................................................................................3
1. Sources of new business idea.............................................................................................3
2. Introduction of business idea and the potential customers and targetted areas..................5
3. Competitor analysis for closer look at the competitive marketplace.................................5
4. Gap analysis, current and future situations and objects of business ideas.........................7
5. Market research to support viability for your business idea and identify market potential
using a range of sources that could be both primary and secondary......................................8
6. Why your business idea is viable and feasible and how you qualify this belief. What are the
strengths and weaknesses.....................................................................................................14
7. Ways to overcome the risks of competition ....................................................................15
CONCLUSION AND RECOMMENDATION.............................................................................16
REFERECES................................................................................................................................17
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INTRODUCTION
Entrepreneurial opportunities is the link between an individual ideas with economic
conditions prevailing which can work in favour to create a new product or services. An
entrepreneur always look for such avenues and without it there will no “entrepreneurship”. It can
be said situations where products and services can be sold at a price higher than the cost incurred
in the production. This involves various actions taken by entrepreneur to earn profit and grow
his business (Baldacchino, 2013). A person may have different ideas for establishing his business
but before proceeding, he should analyse various aspects for determining the best possible idea
that is fresh and innovative in order to survive in cut-throat competition. Along with this, he
should assess the sources of finance so that ideas can be converted into actions as early as
possible without any hurdles. This report will throw lights on a new entrepreneurial idea and how
it can be funded, together with competitive analysis and gap analysis to make business viable and
feasible. Also, various market analysis will be done to evaluate strengths and weaknesses and on
these basis potential opportunities will be determined.
1. Sources of new business idea
Businesses are important for the growth of a country's economy. It helps in many ways
from creating employment, opening new investment avenues for international parties,
development of infrastructure, GDP and in many other ways. In the given scenario, UK
government has started an initiative to encourage young graduates to take up entrepreneurship to
increase employment level in the country. The government believes that young brains are the
treasure of new innovative ideas that are possible to achieve. Major portion of finance will be
provided by UK government in order to set the business without any burden to boost the energy
and enthusiasm to make it successful. Innovation is necessary to update the existing products or
services in the market. Preferences and choices of customers change very quickly, to meet their
needs, new business ideas are required (Elenurm, 2012). Therefore, according to UK
government, young graduates have the ideas that are feasible and innovating to earn profits and
gain competitive advantage. Also, new entrepreneurs help in reducing the market dominance by
existing businesses and promote fair trade practices and fulfil customers need for providing
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satisfaction. The below mentioned are the seven sources of Peter Drcuker for innovative
entrepreneurship can inspire an individual:
The unexpected- A business may have unexpected failure as well success. Such
surprises can be a great sources of inspiration for innovation. Also, the unexpected failure or
success should not be neglected. They may prove to be powerful to inspire young minds to take
advantage for creating new business opportunities. The cameras have been an important gadget
for everyone, therefore innovative idea of launching TriTech automated dash can will be a fresh
idea to capture UK market which may prove to be a success. The innovation used will cater
demands of customers. However, the chances for its success if 50-50. For example, if the product
fails to attract customers, then company should carry activities to improve it and then again
launch it.
This is the world full of surprises, where there are unexpected failures as well as
unexpected success which comes to the company to have great source of idea for innovation. The
failures and success which are unexpected are unnoticed and never overlooked as opportunities.
The unexpected situations and conditions motivate and encourage the employers as well as the
leaders to see the another viewpoint o0f gaining profit from this either the situation is negative or
positive.
Incongruity- It is advisable for entrepreneurs to take market research before introducing
a product. A venture fails when it lacks sufficient information about the choice and preferences
of people in the area it is proposing to target (Grégoire and Shepherd, 2012). It should
continuously figure out the needs of the customers. Greater interest shown by people especially
young generation in dash cam to record each and every moment has inspired to make TriTech
dash cam. The information collected in the base to decide to launch a product or not. This helps
getting specific requirement of buyers. For example, from the market research, it has been
extracted that large number of buyers want 360 degree angle camera. Hence, this can be added to
existing features.
The Incongruity is all about seeing the actual reality and the reality is the thing which we
expect. The best thing about incongruity is the customers of the company. The review and
feedback are the best way to ascertain the incongruity.
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Process need- It is task-focused source of innovation rather than situation-focused. By
assessing the weakness and the ways they can be improved may inspire an entrepreneur. The
market analysis gave the results about the growing demand of using artificial intelligence to
make the cam automated by putting voice sensor to make it easy to handle. For example, TriTech
can give free samples to selected group of people who have knowledge to use cameras, to know
the whether it requires any further process or not to make it better.
As, we all know that innovation is based on process need, so this source of innovation is
used to identify and recognize the weaknesses and drawbacks of the company and start working
on it to improve them.
Industry and market structure change- Technological developments make the industry
and market structure to change within a blink of eye. In such scenario, it becomes imperative to
have a close look on such changes and accept them as opportunities. TriTech dash cam has
added an advanced version in its system as per the needs of customers and features added by its
competitors. For example, TriTech should keep monitoring similar products of its rivals and
evaluate features that they provide and make changes in its products to sell it to large number of
people.
Industry and market structures are stabilized for many years, yet with development of the
technology. If a business enterprise grows significantly faster than the economy, structural
problems will occur and changes are certain.
Demographics- There may be many factors such as age, education, employment etc. that
may affect the demand for products. Such changes in demands can be a sources of inspiration
and provide new opportunities (Hang, Garnsey and Ruan, 2015). The idea to introduce TriTech
dash cam has been decided because employment level has been improved and young people are
taking more trips as they can finance themselves. For example, TriTech should conduct
campaign to make aware the customers about dash cam. This will help it reach to large number
of consumers.
Constantly, the peoples are seeking the changes with occur in age ranges, populations,
human capital, and income levels. Smart business-man are constantly paying attention to this. It
is necessary by an businessperson to keep an eye on market changes so that the company can
easily identify the opportunities and develop the new innovative ideas.
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Changes in perception- The perception about a product changes over time due to
technology and other factors. Entrepreneur should be well aware about the changed perception.
The demand for automatic technology has increased, therefore, TriTech cam can be a successful
business idea. For example, TriTech should try to introduce additional features which have not
been provided by its competitors yet. The ideas to add new features can come from the views of
people.
Perception can be changes by the people any time, and today due to the engagement of
technology, these changes happen faster than always. This is the way people perceive the world.
People can change their perception about certain product in a night. The changes in perception
open a way for business concern to develop new products which satisfy the needs of customers.
New knowledge- Changes are an important part to make the market competitive.
Companies should adapt to changes for taking inspiration. Changes in the technology is the
reason for the introduction of TriTech dash cam. For example, TriTech should make changes and
introduce new models to keep customers attracted to its products. New technology can bring
better ways of doing things and improving processes. The organisation should keep them aware
about the new technology for the betterment of the cafe.
2. Introduction of business idea and the potential customers and targetted areas
Cameras are one of the most liked gadgets by everyone irrespective of age. Anybody can
use it to capture their pictures. Earlier, cameras were produced to capture still picture, after some
decades, video cameras were introduced. These products have certain features that are not
appreciated by people, thus affected its sales. This made invention of cost-effective dash camera
“TriTech”. The camera is small and handy, with dual features of still picture and video, covers
360 degree and automatic (Hansen, Monllor and Shrader, 2016). It is a very fresh idea idea that
will predominantly be finance by government for taking employment to a better level. Under this
initiative, government has proposed the project value of £150,000 out of which £90,000 will be
in the form of a low-interest loan with an interest rate of 1.5% payable in 10 years. The
remaining £50,000 will be in the form of grant and £10,000 need to be brought by entrepreneur.
TriTech will welcome all the customers but the major focus is on people between the age
of 20-35 who loves to travel. Also, it will target bikers and car racing groups who go on trips in
bunches. The company will serve in selected tourist spots to attract outsiders as well to purchase
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the dash cam. Moreover, upper middle class and upper class will be the core targetted customers.
To fulfil its customers needs is the prime objective and for this their suggestions would be taken
to make products better and innovative.
3. Competitor analysis for closer look at the competitive marketplace
Competitors analysis in strategic management and marketing helps in analysing the
strength and weakness of potential and current competitors. It is also term to be important and
critical for planning the appropriate strategies and plans. Therefore the best strategies which can
be adopted by TriTechso as to make an analysis of competitors is Porter's five force model.
Porter's five force model:
This model describe about the forces of market that will help to make up competitive
environment as well as to erode profitability of an organisation (Kohlbacher, Herstatt and
Levsen, 2015). Therefore the five forces of model are specified below:
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Illustration 1: Porter's five force model
Source: Porter's five force model, 2018
Supplier power:
It specifies the extent up-to which a supplier cab bargain with customers. Moreover
bargaining power of supplier mainly depend upon availability of number if suppliers.
Additionally bargaining power of large number of supplier tends to be less than small number of
suppliers (Mitchelmore and Rowley, 2013). Thus, supplier of the product like TriTech dash
cam is termed to be less so in that case TriTech will enjoy more of bargaining power.
Consumer power:
Bargaining power of customer depends upon the price and quality of products as well as
on the availability of substitute products. If there is less number of buyer for any particular
product then in that case they possess more power to influence supplier to give the product and
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services to them as per the price determined by customers through there bargaining power. As
the product introduced by TriTech do not possess more customer group, so in that case price of
the product term to be elastic to the number of customers.
Threat of new entry:
As in order to sustain in highly competitive market it is very much essential for the
TriTech organisation to to invest more in order to launch new product in market. Thus, high
investment will help the organisation to be safe from being threaten with its competitors. Thus,
while introducing new TriTech dash cam company will face threat of new entrant as technology
keeps on changing from time to time.
Threat of substitute:
Availability of substitute product in market leads in reducing the profitability ratio of
company product of which there exist substitute (Neneh, 2012). So if there exist any availability
of substitute then it lead in increasing the switching capacity of customers. Thus, the product
introduced by TriTech term to be unique so there exist no fear of threat of substitute in market.
Competitive rivalry:
When there exist large number of competitors of the firm in marketplace then it become
difficult for the organisation to control the price of goods and services. As in highly competitive
market price of the product is specifically determined by market forces. Thus, TriTech company
posses minimum competition as it is term to be a monopoly company because of which company
will face low level of competition in market.
After making an analysis TriTech company has planned to launch TriTech dash cam as
production of this cam will meet the requirement of current trend. Chances of being successful
in marketplace terms to be high because there doesn't exist any substitute nor there exist any
competitors. Availability of cam is already existed in market but a cam that the TriTech is
introducing will meet the requirement of current trend (Siegel and Renko, 2012). Therefore in
order to analyse consumer reactions niche market strategy is being used.
4. Gap analysis, current and future situations and objects of business ideas.
Gap analysis is the process of assessing the comparison in performance between the
software application and business information system. Thus, in order to close the gap a
determination need to be done by identifying gap between performance whether requirement of
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business are being met or not, if not then what steps needs to be taken into consideration so as to
ensure that they are being met successfully. In current trend it is being identified that due to the
changes in customers preferences technology is being updated so as to meet the customer
demand. Thus, taking such changes in technology into consideration TriTech company has
planned to launch new product TriTech dash cam so as to meet customers requirement.
Therefore future of launching new product in market by TriTech in market will be successful
as current trend specifically prefer the product the company is planning to launch, which will
also result in increase in achieving competitive edge in marketplace.
As the main objective of the TriTech is to generate more of profit and to capture large
market share, so in order to achieve this objective company has planned to launch new and
unique product in market that is TriTech dash cam (Tang, Kacmarand Busenitz, 2012). This
will help company to attract more youngster customer to purchase there product as the product
which the company is launching is term be the current trend. Thus, it will indirectly help in
generating more of profitability ratio for the company.
5. Market research to support viability for your business idea and identify market potential using
a range of sources that could be both primary and secondary
Marketing research is the systematic process of gathering the information regarding the
market trends. Entrepreneur conduct marketing research for determining the preferences and
needs of their targeted customers and competitors. Primary and secondary data sources are
mainly used for conducting the research. Tritech is introducing their new cameras in market due
to which they are assessing the viability of the new products in the market using the market
research. The data for this research is collected mainly through secondary sources, however
questionnaire is also prepared which will be used for collecting the primary data. The secondary
sources used are online portals, journals and books of scholars. The secondary data collection is
chosen as the time for collecting the data from primary sources is less due to which the
secondary data collection method is used. Through the data collected, questionnaire was
developed which is useful for gathering the views and opinions of the sample respondents.
Through the views and opinions of these samples, the researcher can determine the market
potential for introducing the dash camera in market.
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Primary research: In this type of research, data collection is mainly done through
questionnaires, surveys or interviews. This research is mainly depend upon collected data which
is gathered for analysing problems of their targeted customers in the market. This type of
research is mainly useful for assessing market potential and business idea (Tseng, 2013).
Secondary research: In this type of research, the data is collected from public available
sources such as internet, books, journals etc. This data is also considered as desk research. New
business ideas can be generated using this type of research. Taken respondents in the
questionnaire is 30 from whom the suggestions and opinions will be taken regarding the new
product.
Questionnaire
Name:
Age:
Address:
Q1 Are you aware about the Tritech dash cams?
Yes
No
Q2 Did you ever buy the Tritech dash cams?
Yes
No
Q3 Did the products of the firm are providing satisfaction to their customers?
Yes
No
Q4 Did you find any issues or problems in the newly introduced Tritech dash cams?
Yes
No
Q5 Do you purchase the Tritech dash cams from online sources?
Yes
No
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Interpretation
Q1. Are you aware about the Tritech dash
cams? Frequency
A. Yes 16
B. No 14
Total 30
Mean 15
Median 15
Mode 2
A. Yes B. No
13
13.5
14
14.5
15
15.5
16
Frequency
16
14
Interpretation: From the above chart it is analysed that out of 30 people, 16 are aware
about the Tritech dash cams, whereas 14 people are not aware about the Tritech dash cams.
Mean of this data is 15, median is also 15 and mode is 2.
Q2. Did the products of the firm are
providing satisfaction to their customers? Frequency
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