Report: Identifying Entrepreneurial Opportunities for G1 Surveillance

This report analyzes entrepreneurial opportunities, specifically focusing on the case of G1 Surveillance, a company aiming to manufacture CCTV scanners. The report begins with an introduction to entrepreneurship and the importance of creating new businesses, followed by an overview of the company's product and target market. It then delves into the identification of entrepreneurial ideas, exploring various sources of innovation and business ideas, including interest and hobbies, personal experience, and market gaps. The report utilizes STEEP analysis and Drucker's 7 sources of innovation to evaluate potential opportunities. Furthermore, the report analyzes market gaps, explaining the rationale for a specific entrepreneurial idea and employing gap analysis techniques. The report also explores the application of McKinsey's 7S model to analyze the business. The report concludes with a SWOT analysis to assess the entrepreneurial idea and evaluate its competitiveness in the market environment. The report uses primary and secondary data to analyze the market potential and provides insights into the business idea in relation to the market and its competitors. Finally, the report provides valuable insights into market segmentation strategies, including behavioral and geographic segmentation. The report's comprehensive approach provides a detailed examination of entrepreneurial opportunities for G1 Surveillance.

Identifying
Entrepreneurial
Opportunities
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Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Determination as well as evaluation of different sources of Entrepreneurial ideas and
innovations...................................................................................................................................1
TASK 2............................................................................................................................................4
P2 Explain the rationale and the market gap for a specific entrepreneurial idea.........................4
TASK 3............................................................................................................................................5
P3 Gap analysis and its Evaluation..............................................................................................5
P4 Interpretation of Data..............................................................................................................6
TASK 4............................................................................................................................................1
P5 SWOT analysis to assess the entrepreneurial idea.................................................................1
P6: Evaluation of competitiveness as well as market environmental..........................................2
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4
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INTRODUCTION
Entrepreneur is the act of creating a business that is helpful to earn higher revenue. It
does not create only opportunities but also creates employment as well as livelihood for millions
of persons so that they can survive in their life. In the growth of company, it plays a vital role. To
better understand this concept G1 Surveillance has chosen which is a new venture and want to
manufacturing of CCTV scanner. In this report there are following topics are covered such as:
sources of a new business & innovative business idea, analysis of market gap using relevant tools
and techniques, uses of primary and secondary data to identify market potential. Apart from this,
it also discusses about business idea in situation of market and competitors.
TASK 1
P1 Determination as well as evaluation of different sources of Entrepreneurial ideas and
innovations
Various sources inspired to think innovative and motivates to set up new business for the
organisation. It involves interest & hobbies, personal experience and talents, observation and
market gap. If a person has interested in a think than it will put his all efforts to make it
successful. Experience and talent is the best source to get an innovative idea for the growth and
success of business. An entrepreneur is a person who envisages or envisions an idea and then
arrange resources in terms of capital, labour etc.
Business Idea: In general, 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. Business plan can then be sold to interested investors, firms, and
interested parties for a lump sum or a management contract, or as agreed. G1 Surveillance is a
corporation that is manufacturer of CCTV scanner. Company produce this product for security
purpose as because crime rate is increasing day-by-day (Perry and Markova, 2012).
Potential consumer: These are the group of people that are need to be target by the
manager in order to sell their product and increase market share. In business world potential
customers are someone those are resourceful of becoming a regular buyer of goods and services
from an organisation. Therefore, it is stated that by understanding potential Consumer those most
likely to buy goods for company.
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Target audience: Particular group of people, identified as the intended recipient of an
advertisement or message. Also called target population. Company had a target audience of
household and commercial purpose.
With a specific end goal to figure out where are opening is accessible; an examination of
STEEP elements can be possible. Drucker's 7's source of development is useful to bring new
thoughts.
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. For G1
Surveillance it is necessary to identify the need of persons who lives in society and based on
wants it can introduce new product, which is, CCTV scanner and it is beneficial for the safety of
consumers.
Technological factor: To capture a high market share technology can help the company
because it maximize the efficiency and productivity. G1 Surveillance want to introduce his
product which having innovative technology and persons can use camera scanner for personal
and commercial purpose. The main feature of this camera is that it can scan which is helpful to
know that a person is having a knife or any other dangerous thing that can harm other
individuals.
Economic factor: To analyse this factor is essential for the growth of organisation and it
involves exchange rate, inflation, economic growth etc. For G1 Surveillance it is necessary to
identity this factor so that exchange rate does not influence its business and it wants to export its
products to other nations.
Environmental Factors: To introduce a new product in the market it is necessary to
analyse environmental factor that includes climate, weather etc. It is important for G1
Surveillance to analyse this factor so that its new product development can be successful.
Political factor: To launch an innovative product in the market it is necessary to analyse
this factor that involves employment law, consumer protection act, copy right and protection act.
G1 Surveillance is CCTV camera Scanner Company and it is necessary for it to follow the laws
and compliances that are quite dynamic and consistently changed by the government so it is
important to monitor political environment very closely.
Peter F. Drucker has set out the inventive ideas that can be useful for G1 Surveillance to
expand its market share within stipulated period. It involves:
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Incongruity: It is fundamentally implies creating mechanise & ventures in light of
necessities and in addition wants of the clients in successful & additionally productive way. It
happens to be the most reliable manufacturing process of various products that are produce by
the company during the period. It is associated with the gap regarding what is produce and
actually, what is was expect to attain.
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.
Industry & market structure needs. It is one of the essential sources that every business entity
must implement as unique feature that used to provide high competition.
Industry & market structure need: The plans and strategies are frame in that manner,
which follow the market structure and its need. It is beneficial for the company to improve
distinctive sort of estimating procedures keeping in mind the end goal to hold its consumers.
Henceforth, company required to design effective or smart pricing strategies so that they can
easily be able to meet the market competition.
Demographics: To choose the location is essential so that company can know where it
have to sell its products and what the target consumers in specific areas. It is consider as more
effective as because of the age structure, educational value and income level of the customer. It
can get affected because of all factors that are playing valuable role in overall management of the
company.
Change in perception & temperament: The management of G1 Surveillance can make
sure that legitimate criticism & perspective from purchase are pick-up so benefit level of
corporation can be boost. It relate with the overall perception of the customer about whether they
are able to accept the changes that are new in the market. It can lead to overall growth and
maximum sustainability of the company during the next coming period.
New knowledge: To get successful knowledge is necessary that what is the current
demand and situation so that organisation can use this knowledge and produce the products
because of it. It is not possible for all strong brain to stay informed in our respective actions and
get together with associated and friends from various backgrounds for exchanging ideas.
Unexpected: Management of G1 Surveillance can prepare strategies, which are helpful to
meet the unexpectedness that can arises in the business. It is crucial for any company to make
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analysis of the market that went because of likes and dislike of the customer. Henceforth, it is
crucial to examine an exploit new opportunities at the best possible timeframe.
TASK 2
P2 Explain the rationale and the market gap for a specific entrepreneurial idea
Market gap means consumers are not meeting with their needs and wants and did not
purchased anything. Now a day any business are growing fast and changing systematically
remembering all objectives of organisation to confirm the various changes that are happening or
may be happen in outside of association. It is an opportunity or challenge for any organisation to
make and sell something new innovative that is not available in market yet. Thus, consumers
would buy and like to have new product. The “gap” refers to the difference between demand and
supply for any product and services; it means consumers is not satisfied yet. A complete purpose
of various organisation is to make new innovative and creative contemplations that is not
manufacture yet.
A gap analysis is a way of assessing or examining the variation in performance between a
business information systems or software application to defines that whether business needs are
being met or not, if not then shows what steps should be taken to assure they are met
successfully. For example, G1 Surveillance is an international company who is planning to bring
CCTV scanner that is new innovative product. For this company should analysis the market as
well as software applications that helps to execute the plans. There can be different types of
features in CCTV scanner that may carry and hence, it is very important to have a proper
analysis of new product. To understand this present and future situation are given below-
G1 is planning to introduce a new product that is CCTV scanner, and at present, it has
planning and strategy to manufacture this product. Managers have number of qualified
employees, information system and software applications for execution this plans. After
executing this plan, it would affect future situation such as increasing in number of sale,
customer satisfaction by providing innovative product. Future demands are depended on present
performance of company that includes features and facilities of CCTV scanner. It will be gainful
for clients, because it covers comprehended new technology that would be require more worker
to execute them in effective manner. Following points are given below that states objectives of
business and achieving ideas-
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Creative idea: Creation of thoughts means to bring out an innovative product that is not
came yet. In G1 creativity helps to bring a CCTV scanner that may give satisfaction to
customers. Its main objective is provide security to clients and other people that makes them
confident about nothing wrong would be done with them if people are going somewhere. It helps
to achieve organisation as well as meet customer expectation (Huang and Chen, 2014).
Behavioural segmentation: This includes moral values and behaviour of any
organisation and customers. Under this, G1 would be judged based on their code of conduct and
distributed in to classification. Its main objective is to maintain good code of conduct and adopt
new technology. This process helps to achieve organisation's goals in order to make better
decision collectively (Pollard and Wilson, 2014).
Geographic Segmentation: This includes portions and isolation based on customers
living area such as region, size, and climate and population density. In G1, managers are
following geographic segment and its main object is to target new local regions, territories, and
customer growth in a new market hence, it helps to achieve G1 goals such as increased higher
profits or market share in new established market.
Additional, another model that can be use by firm to complete Gap examination is
Mckinsey's 7S plan work seven segments of this model can be examine by the associated
focuses:
 Strategy: This component depict the careful arrangement create by organization to get
focused advantage over different opponents.
 System: It is another part and this show the normal exercises perform by labour of
organization to achieve set target.
 Structure: It characterize the structure receive by organization to play out its different
capacities.
 Shared values: This segment demonstrates the guiding principle of organization that
give proof of its hard working attitudes and corporate culture.
 Skills: This is another segment and this demonstrate the abilities, information and
capacities of representatives working in organization.
 Style: This factor show the authority style embraced by pioneer to direct and urge
colleagues to perform well at work environment.
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 Staff: This demonstrate the workforce and their potential capacities to perform different
employment jobs at working environment.
By the above evaluation, every one of these components, G.1 can easily be able to
distinguish the regions in which organization require to do a few changes to fulfil the necessities
of clients and to support in market for long run. With some change, organization can improve its
implementation at work environment and can achieve every set target.
TASK 3
P3 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.
For example, G1 is planning to bring CCTV scanner then it need to collect data with research
project in people mind, experiments by using survey method, preparing questions and interviews.
Secondary data: It refers data or other people already collect information that is gather
from experiments, questionnaire, and surveys and studies that. For example, G1 is going to plan
to make CCTV scanner for knowing people interest it would use primary information that have
been collected (Grégoire and Shepherd, 2012).
For getting viewpoints of persons, it is necessary that a one on one query session from
consumers is conduct that will enable corporation to frame a better as well as effective policy for
the organisation in longer run. G1 Surveillance is an organisation that is manufacturer of CCTV
camera scanner. In order to make a well effective analysis, the research has used primary
research method in which questionnaire has been prepared by taking information from 20
respondents.
Q1 Are you aware about the concept of CCTV camera scanner? Frequency
a) Yes 15
b) No 5
Q 2. Do you think this business idea can be successful and contribute to the
growth of G1 Surveillance?
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a) Yes 13
b) No 2
c) May be 3
d) Not sure 2
Q 3 Do you agree, this product is beneficial for the security purpose ?
a) Agree 5
b) Strongly agree 5
c) Disagree 5
d) Strongly disagree 5
Q4) What benefits are achieved by your business after using products of G1
Surveillance ?
a) Cost Reduction 10
b) Better Management of Expenses 5
c) Higher Profits 5
Q 5 Who are the persons which get benefited from this product of
organisation ?
a) Customers 5
b) Suppliers 5
c) Employees 2
d) Owners 8
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P4 Interpretation of Data
Q1 Do you aware about the concept of CCTV camera scanner ? Frequency
a) Yes 15
b) No 5
15
5
a) Yes
b) No
Mean 10
median 10
mode 0
Interpretation: According to the above table, it has been seen that 15 respondents has
the basic ideas about the CCTV, whereas only 5 of them think that they are not having any kind
of specific knowledge.
Q 2. Do you think this business idea can be successful and contribute to the
growth of G1 Surveillance?
a) Yes 13
b) No 2
c) May be 3
d) Not sure 2
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a) Yes b) No c) May be d) Not sure
0 2 4 6 8 10 12 14
Mean: (13+2+3+2)/4 = 5
Median: 7.5
Mode: 3
Interpretation: As 13 respondents thinks that business, idea can be successful for the
growth of G1 Surveillance besides that two respondent does not think so. Whereas 3 respondent
says that may be business idea can be successful and contribute to the growth of the company in
coming period of time. It means that people can easily be able to get aware about the use of G.1.
This will also assist an organisation to make use of specific ideas of using G1 more effectively.
Q 3 Do you agree, this product is beneficial for the security purpose ? 15
a) Agree 10
b) Strongly agree 5
c) Disagree 5
d) Strongly disagree 5
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a) Agree
b) Strongly agree
c) Disagree
d) Strongly disagree
0 2 4 6 8 10 12
Mean: (10+5+5+5)/4 = 6.25
Median: 5.5
Mode: 5
Interpretation: From the above chart, it has been seen that 5 respondents agree that
product is beneficial for the security purpose whereas 5 respondents strongly agree. Besides that,
5 respondents disagree that product is beneficial for the security purpose and 5 respondents
strongly disagree. All of the 20 respondents are equally thinking that this product would be more
crucial for them in coming time.
Q4) What benefits are achieved by your business after using products of G1
Surveillance?
a) Cost Reduction 10
b) Better Management of Expenses 5
c) Higher Profits 5
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