Identifying Entrepreneurial Opportunities: Drone Selfie Report

This report provides a detailed analysis of entrepreneurial opportunities, focusing on the business idea of a drone selfie technology, specifically examining the case of "Bluelight Technology". The report explores various sources of entrepreneurial ideas and innovation, including market incongruities, demographics, and changing consumer perceptions. It presents a comprehensive business idea, detailing the target audience (students and office-going individuals), the required funding, and the rationale behind the venture. The report employs tools like Porter's Five Forces Model to analyze the competitive landscape and identify market gaps. It also includes a gap analysis to assess the current and desired positions of the business, along with an action plan. The report uses both primary and secondary data to support the business idea, exploring market potential and justifying the viability of the chosen business, considering both positive and negative aspects. The report concludes with an examination of the competitive and market environment to assess the potential viability of the entrepreneurial idea.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
Main Body.......................................................................................................................................1
1) Different sources of entrepreneurial idea and innovation.......................................................1
2) Business idea, the potential findings and targeted audience of the business .........................2
3) Discuss the rationale and the market gap for particular entrepreneurial idea using
appropriate tools and techniques. ...............................................................................................3
4) Present data needed to support gap analysis and evaluation of particular entrepreneurial
idea. ............................................................................................................................................5
5) Explain the data from market research to support business idea and discover market
potential using various sources. .................................................................................................6
6) Justify why the chosen business idea is viable and workable. State the positive and negative
side of them ..............................................................................................................................12
7) Examine the competitive and market environment in which idea can be launched to assess
potential viability......................................................................................................................13
CONCLUSION .............................................................................................................................13
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneur is the one who take initiative to start any business by identifying various
opportunities prevailing in the market and consideration various risks associated with them
(AHMADI and MOKHTARI, 2018). The idea so generated by them are creative and innovative
which aims to solve the problems faced by the individuals in an innovative manner. For the
organisations it is important to conduct the research of the market as with the help of this only
they can determine the factors which can influence them and the strategies which they need to
follow to cope up with changes taking place. Entrepreneur with their capabilities identify the
solution to various problems with facilitates them in ensuring their survival in long run. For this
report the organisation which is taken into consideration is “ Bluelight Technologys Technology”
which will provide drone for the selfies. This report includes various sources that can provide
idea for the innovation and the venture, the gap among various tools and techniques which comes
due to changes taking place in the business environment. Also it includes the market research
with the help of primary and secondary sources of research. On the basis of such research the
viability of business idea is analysed.
Main Body
1) Different sources of entrepreneurial idea and innovation
The business ideas are developed by the entrepreneur on the basis of their understanding
of the market and their skills and capabilities (Andersson, 2018). But there are various sources
which motivates the entrepreneur to take initiative. Such innovative ideas aims to satisfy the
need of the people. An example of such business is Bluelight Technologys technology which is
based on the trends of taking selfies. The organisation aims to provide a uniquely designed
drone to that will effectively meet up with the demand of the customers. Druker defined various
sources of the entrepreneurial ideas and innovation in his book “Innovation and
Entrepreneurship”. These sources are:
 Incongruities: The survival of the business depends upon the idea of the business and
the need which is satisfied by it. To overcome the problems research of the market need
to conducted by the entrepreneur which helps them to determine the target market and
their taste and preferences. On the basis of such identification the idea are converted into
reality.
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 Demographics: The demographic factors changes which the change in the location
which has influence on the business. With the help of this the demand of the products are
identified as per their taste and accordingly the products and the services are developed.
Such factors includes age, gender, level of education etc. This is one of the source which
guided the launch of the drone for selfies.
 Process Needs: This is the source which keep the entrepreneur task focussed instead of
focussing on the situation. While working in this formate the opportunities and the
threats need are to be identified on the basis of the strengths and the weaknesses of the
nature of the business. This facilitates them in focussing upon such strong and weak
aspects and then accordingly bring innovation in the process and the products (Cavallo
and Balocco, 2019.).
 Change in Perception: With the change in the perception and mindset of the people the
opportunity for the businesses arises which provides the entrepreneurs various
opportunities for the businesses. As this broaden the mindset the people expect
innovative means to satisfy their needs which becomes the source of the idea for the and
innovation for the entrepreneur.
 Change in the structure of the market and industry: Changes in the structure of the
industry and the market also bring various ideas and opportunity for innovation. Such
changes takes place due to changes in the technology and the level of competition. Due
to such changes only the entrepreneur developed the idea of producing the selfie drone
as the industry is changing and due to this such innovation are taking place.
 New Knowledge: With the improved level of knowledge and various advanced courses
the ideas of initiating the businesses are identified. This is because the people get to
know about the surroundings and the methods which are adopted by other. By
introducing modifications in them and with the advanced knowledge entrepreneur takes
such initiatives which becomes the source of innovation.
2) Business idea, the potential findings and targeted audience of the business
With the help of the technology the operations of the businesses can be improved and this
brings the productivity in the business operations. The taste, preferences and the attitude of the
customers are changing with the changes in the industry and the market scenario (Clark and
Ramachandran, 2019). Due to this the survival of the businesses is possible only in case the
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products and the services which are provided to them are highly technological. On the basis of
the analysis of the trend for the selfies among the people the idea of selfie drone was developed.
The Bluelight Technology Technology determined the requirement of the level of technology for
this product and accordingly grabbed the opportunity for entering into this field. Every
government is promoting the entrepreneurship as this helps in enhancing the growth of the
economy. For this they provide the technical and financial assistance to the entrepreneur. To
avail such assistance the idea need to be presented before the government and need to get their
approval. For starting this business the total requirement of the funds is that of the £2,10,000 and
out of this 70% will be provided by the government at negligible interest rates. Further it will
expanded by them as per the demand and the availability of the funds with the entrepreneurs.
The target market of the customers includes the students who are either going to the
school, colleges etc. and the office going people. This is because the students can easily be
attracted towards such products but they can be purchased only by the people who are earning.
This product can easily attract any person as taking selfies is very trendy. As the product is
technologically advanced which is why the prices of the products are higher, thus it make it
unaffordable for lower class people. With the gradual improvement in the models of the drones
its prices increase and such can be preferred by the consumers who are more conscious of the
technology which are used in the drone (De Bernardi and Azucar, 2020).
3) Discuss the rationale and the market gap for particular entrepreneurial idea using appropriate
tools and techniques.
This is illustrated as analysis in marketing and strategic management which render
assessment of strengths and weaknesses of existing and potential rivalry. To discover threats and
opportunities prevailing in the global market this analysis provide strategies through offensive
and defensive tactics. In the open market competitive analysis is essential as well as critical for
planning. The most effective way to measure competitive market by Bluelight Technologys
Technology is through Porter's Five Force Model. The brief expatiation of the model is done as
under:
Suppliers Power: The bargaining power of suppliers are high then they are able to
influence the prices according to their desire. In this case customers are more exploited as more
prices are charged from them and low quality goods are offered to them. The raw material which
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is required by Bluelight Technology like selfie drone is less so suppliers are charging high
process from the customers and enjoying their power (Fritsch and Wyrwich, 2018).
Illustration 1: Porter's Five Force Model
Source: Porter's Five Force Model, 2018
Consumer power: When the power is more in the hands of the consumers they has the
ability to cut down the prices of the product. As well as high quality goods at low prices can be
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charged because they have high degree of power in their hand. In the global market, goods that
are introduced by Bluelight Technology Technology does not have huge customer base as well
as prices is elastic to number of customers.
Threat of new entry: Those firm which need more finance and posses strong
competition faces more difficult to make new entry. In order to compete with the new entrance
management of the firm formulate unique tactics. On the other technology related businesses
tend to fluctuate more at rapid scale. The threat is more for Bluelight Technology Technology as
they tools and techniques keeps of changing frequently. The new venture which is entering into
the market come up with advance technology (Ilonen and Stenholm, 2018).
Threat of substitute: In the cut throat competitive world customers in the business
measure the prices of the goods when the rate of availability of substitute product is more. More
substitute goods in the market the switching rate of customer raises rapidly. Bluelight
Technology goods are innovative with unique features so there is no substitute available in the
market. As customer does not have more alternate available for this type of product they stick to
the brand for longer time duration.
Competitive rivalry: Any organization can control the prices of the goods and services
in the competitive market place. But in monopoly market prices of the product and services can
be controlled easily. Minimum competition is possessed by Bluelight Technology in the global
village as well as come across less competition prevailing in the open market place.
The goods launched by Bluelight Technology is innovative and are capable in meeting
the emerging needs of the client regarding selfie drone. As there is no substitute available for this
product completion is less and huge profit can be maximized easily.
4) Present data needed to support gap analysis and evaluation of particular entrepreneurial idea.
Gap analysis is explained as measuring the differences in performance among business
information systems in order to determine if companies requirements are being achieved or not.
Along with this steps are designed in order to ensure that they are successfully achieved. Blue
light Technology can adopt this analysis in order to monitor present and future position.
Basis Current position Desired position Action Plan
Product and services Currently providing
goods such as, Selfie
Firm is thinking to
manufacture other
Advance technology is
imported from UK in
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drone selfie related
application like, more
emoji in selfie, more
filters in photo etc.
order to design them in
low cost (JURJ and
ODAGIU, 2018).
Cost At nominal prices this
goods are available.
The prices of the selfie
drone are designed by
examining rivalry
prices so that they can
not maximize huge
revenue.
Penetration pricing is
adopted by firm so that
large customer base
can be raised for the
product.
Objectives Strategies
 To maintain the sense of loyalty and
full-filling the needs of the customers.
 Manufacturing high quality goods
 By adopting best pricing tactics for
their present goods
 By providing special discount pricing
strategies
 By working on the review of the
customers so that improvements can be
done accordingly.
5) Explain the data from market research to support business idea and discover market potential
using various sources.
Primary and Secondary are two types of method which is adopted by researcher for
gathering data (Korte, 2018.) . In case of primary data collection method information collected is
fresh and is not used by any other in their finding. It is assembled for the very first time from
respondents. Survey, questionnaire, interview are involved in primary data collection method. It
is conducted to provide solution for specified research.
Secondary research includes books, journals, newspapers, articles and so on. The data
collected from this sources may not be effective as they are used by many investigator in their
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findings. The chances of duplication arises. Bluelight Technology Technology adopts primary
data collection method in order to gather authentic and reliable data (Miao and Cooper, 2019).
From 30 communicator data are collected through questionnaire that are stated as under:
QUESTIONNAIRE
Name:
Age:
Address:
Contact Number:
Q1) Do you have understanding regarding Selfie Drones?
a) Yes
b) No
Q2) Are you crazy about Selfie Drone and it's unique features?
a) I am
b) I am not
Q3) Do you agree that up coming generation will be dependent of technology?
a) Yes
b) No
c) Can't say
Q4) Do you think Selfie Drones will be able to meet the needs of the customers?
a) Yes
b) No
c) Unable to say
Q5) Bluelight Technology Technology Selfie Drones is capable in creating tough bench
mark for rivalry?
a) May be
b) May not be
Q1) Do you have understanding regarding
Selfie Drones? Frequency
A. Yes 17
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B. No 13
Total 30
Mean 15
Median 15
Mode 4
A. Yes B. No
0
2
4
6
8
10
12
14
16
18 17
13
Frequency
Interpretation: From the above diagram it can be concluded that from 30 sample size
17 are aware about Selfie Drones. But remaining 13 are not aware about it. The mean and
median is 15 while mode is 4.
Q2) Are you crazy about Selfie Drone and
it's unique features? Frequency
A. I am 25
B. I am not 5
Total 30
Mean 15
8

Median 15
Mode 0
A. I am B. I am not
0
5
10
15
20
25 25
5
Frequency
Interpretation: The pie diagram reflect that only 25 people are crazy about Selfie Drone
and it's unique features from 30 respondents while, 5 communicator reply that they are not lover
of this product (Rantala and Rantanen, 2019. The mean and median is 15 and mode is 0.
Q3) Do you agree that up coming
generation will be dependent of
technology? Frequency
A. Yes 16
B. No 8
C. Can't say 6
Total 30
Mean 10
Median 8
Mode 4
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A. Yes B. No C. Can't say
0
2
4
6
8
10
12
14
16 16
8
6
Frequency
Interpretation: The above image illustrate that from the sample size of 30
communicator only 16 agree that up coming generation will be dependent of technology. But
left over 8 commented that no. Whereas, 6 person shared their view that they cant say anything
regarding up coming generation will be dependent of technology or not. The mean is 10 and
median is 8 while mode is 4.
Q4) Do you think Selfie Drones will be able
to meet the needs of the customers? Frequency
A. Yes 13
B. No 10
C. Unable to say 7
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