Report on Identifying Entrepreneurial Opportunities for Bluelight Tech

This report provides a comprehensive analysis of entrepreneurial opportunities for Bluelight Technology, focusing on the introduction of a new selfie drone. It begins by exploring the sources of inspiration for the business idea, drawing from Drucker's sources of innovation, and identifying the potential target audience and market for the product. The report then delves into competitor analysis using Porter's five forces model, assessing the competitive landscape and identifying potential threats and opportunities. Gap analysis is employed to evaluate the differences between expected and actual performance, and market research is conducted to support the viability of the business idea. Finally, the report examines the viability and feasibility of the business, highlighting its strengths and weaknesses, and concludes with recommendations for future growth and development. The report covers key aspects such as new product introduction, market research, competitor analysis, and financial considerations, providing a holistic view of the entrepreneurial venture.

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
1. Sources that inspire the new business idea and motivated for set up a new business........1
2. Introduction of business idea, finding potential and targeted audience for the product.....3
3. Competitor analysis which looks at the competitive marketplace.....................................3
4. Gap analysis for closing the gaps.......................................................................................5
5. Market research for supporting the viability of the new business idea..............................6
6. Viability and feasibility of business idea, strength and weakness of business.................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurial opportunities refers to the situations in which the products and services of
a firm can be sold by the entrepreneur at prices which are comparatively more than the
production cost. Entrepreneur needs to determine such situations in order to improve the
productivity and profitability of their business. The taken firm in this assignment report is
Bluelight technologies who is going to introduce a new selfie drone. This report will discuss the
sources that inspired the idea of selfie drones along with the introduction of business idea,
potential customers and target audience. Further this report will also cover the competitor
analysis and Gap analysis for looking at the competition and to look for gaps. Further Market
research to support viability of business idea and to identify market potential using a range of
primary and secondary sources will be discussed also in this report. In the last, recommendations
will be provided to overcome the risks and the potential opportunities for growth and
development in the future.
1. Sources that inspire the new business idea and motivated for set up a new business
New ideas for business is developed with the help of new trends in the market and
business conditions. The entrepreneurs receive the new bu8siness idea from the different sources
that can be online or manually (Elenurm, 2012). The concept of introducing this business
venture is developed by Drucker's in his famous book “Innovation and Entrepreneurship” that
explains the sources of innovation that are as follows: The Unexpected: The world is full of amazement and these amazements may lead the
business to success or failure depending on the situations. Unpredicted success and
failure both are regarded by the business venture as opportunity in the market.
Unanticipated situations in the business environment can be highly powerful to motivate
leaders and innovators to get various position to a specific situation. This assist Bluelight
Technology to attain the benefit of opportunities that emerges with unpredicted
technological changes in the business market. Incongruities: the business activities define the success and failure of the business and
the services according to the needs of the customers. Correct research needs to be
conducted before presenting a product for deciding what the costumers need in the
product. these reviews and complaints are best manner to find out incongruity. It will
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help Bluelight Technology for introducing their new product in the market according to
the use of the customers. Process Needs: This point of invention is stated by Drucker's as to be task centred instead
of the situation-focused in the business environment. Opportunities and innovation is
required to be properly examined to determine weak and strong parts of business.
Predetermination assist to better the presentation and leads to the success of business
organisation. After, examining the weak links after elaborate assessment of the Bluelight
Technology's ability, team will be able to make more effectual and innovative methods. Industry and market structure change: Stableness in the business enterprise may stay
for long time but technical improvement may demolish an industry nearly in overnight.
In the past years it is evaluated that technology is dynamic in nature and is changing in a
very fast pace. So, leaders are required to keep eye on these modification. Assessment of
the change in technology industry will lead to help the Bluelight Technology by changing
threats into possibility for the new business opportunity. Demographic: the changes in the demographic area will result in creating many changes
in the business environment. This alteration affects the re for the product, who is buying
the product and qualities of the product on the basis of which it is bought. Demographic
changes occur due to factors like age, education, employment, etc. affects the business
and provides new opportunity. This change helps Bluelight Technology to present their
product to the customers who demand high-tech products for their use. Change in Perception: there is significant change in business environment over a period
of time in the way that customers comprehend the world (Grégoire and Shepherd, 2012).
These days the technological change in social networks are getting powerful and is
leading to changes on a faster pace. This will assist Bluelight Technology to present their
progressive product which is particularly planned as per consumers needs.
 New Knowledge: Knowledge assist in presenting innovative product in most efficacious
manner. Changes need to be native to meet the demands and preferences of the
costumers. Utilisation of new technology will assist Bluelight Technology to gain benefit
through new business possibility in the market.
All these sources tower company to find new business opportunities and presenting new
product to the costumers by critically examining the demand for the product.
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2. Introduction of business idea, finding potential and targeted audience for the product
With the help of technology in the operations,a firm can smoothly perform its functions
and activities in a more productive way. Demand for technological product is high in this
technological market for the ease of customers. The idea of selfie drones was developed by
analysing the trends of selfies and by considering the importance of technology. The taken
organisation Bluelight Technology took this opportunity in order to provide the customers with
the selfie drones. Through the selfie drones,people can take the selfie with their hands free. This
drone is designed in such a way that it itself takes the selfies of people based on the expressions
and timing set by the owner. The government of the UK is highly appreciating the entrepreneurs
for introducing their own businesses. The total value for introducing the new concept is £200,000
out of which £100000 is provided by the government. Out of this £100,000, £70,000 will be
provided in form of low-interest loan (with an APR of 0.8%) which can be paid in next 10 years,
and the remaining £30,000 are provided in the form of a grant. This concept will be launched in
niche market due to high investment.
The target consumer for the selfie drones are youth who can adopt the new technologies
easily without any problem. Even the young generation prefers the technology in their living so
that they can easily do their work (Hang, Garnsey and Ruan, 2015). The youth generation is
most active n social media due to which they likes to take selfie of everything they does. The
Selfie drone is a little bit costly for the youth but due to its features, both youth and upper middle
class family can buy this product. Also this drone can be used by the professional photographer
for filming an event or function. The product is technologically advanced due to which it can
attract huge number of customers from every age group.
3. Competitor analysis which looks at the competitive marketplace
Competitors analysis is the process of analysing marketing and strategic management for
determining the strengths and weakness of the existing and future competitors. Through this
analysis, the taken firm Bluelight technology can acquire a upper competitive edge in the market.
This analysis provides the strategies for identifying the threats and opportunities by using
suitable strategies. Bluelight Technology can use the Porter's five forces model for analysing the
competitive market.
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Illust
ration 1: Porter's five force model
Source: Porter's five force model, 2018
Porter's five force model: This model was developed by Michael Porter for determining
the forces which forms the competitive environment and can effect the profit of the taken firm.
This model states that if the competition in an industry reduces the profit of the business, then it
is considered as unattractive (Porter's five force model, 2018). This analysis is done mainly on
Industry. There are five forces in this model which will be discussed below:
Threat of new entrants: When profit in a industry is high, then there are more chances of
competitors to enter in that industry. And if these new organisation compete with each other,
then the market share and profit of the firms declines. The taken organisation Bluelight
technology is present in technology industry which keeps on changing according to the trends.
So the chances of new entry in this industry is very high which can impact the profit of the firm.
The taken firm needs to introduce unique features in their product for attracting the consumers as
well as to make their product differentiable from other competitors products.
Bargaining power of suppliers: Strong bargaining power of suppliers means that the
suppliers are having power to bargain with firms due to less availability of them in market. If the
power is high, then suppliers can sell their products at higher rates or prices. The suppliers in
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drone industry are few due to which their power is low. Hence, the Bluelight technology can
enjoy the low bargaining power of suppliers for purchasing the raw materials.
Bargaining power of buyers: This power is affected by the ability of consumers in
effecting the pricing and quality of the product and service provided to them (Wood and
McKelvie, 2015). When the consumers are less in number then they can affect the prices and
quality of products. The drones of the Bluelight technology does not have huge number of
customer base due to which the consumers has high bargaining power.
Threat of substitutes: It is the threat which arises due to the substitute of the product
provided by the taken firm. The consumers can switch to alternative product or substitute
product when they do not like the quality or prices of a product. The availability of substitute
products can increase the switching power of consumers. The product of Bluelight i.e. selfie
drone is presently unique in features and there are low chances of introduction of substitute
products from the competitors.
Rivalry among existing competitors: The firms of a industry needs to compete with each
other for getting a high market share and profit. Due to the competition, profit of the firms can
decrease. Due to the intense competition, organisations could not control the prices of their
products as the competitors prices keeps on changing. The firm Bluelight Technology has low
competition in the industry due to the new concept of selfie drones.
The Bluelight technology needs to determine the changes in customers minds through the
above discussed analysis for introducing the selfie drones to fulfil such requirements of
customers. The chances of getting success in the market is high for the selfie drones as they are
unique and is not introduced by any company in the market. Drones are available in the market
but selfie drones is a new concept. The product will be launched in niche market by determining
the preferences of customers. Risk in technological business is always high due to which the
chances of getting high profit is also high.
4. Gap analysis for closing the gaps
Gap analysis is the process in which actual performance is compared by expected
performance for determining the gap or variation. By identifying the gaps in performance,
management can take proper measures for closing the gaps. The firms such as Bluelight
technology needs to utilise their resources in optimum manner for achieving the desired
organisational goals (Lee, 2012). In present world, the technology is changing at a rapid pace
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according to the needs and preference of consumers. The firm Bluelight technology is
introducing their selfie drones which will face low competition in the market due to providing
unique features in their drones. Objectives of the Bluelight technology for launching the selfie
drones are given below: Introducing innovative technology: The firm is launching a new and innovative
technology for consumers through this selfie drone. By using this drone, the selfie addicts
can take the selfie without using the hands which will assist the firm in getting an upper
competitive edge in market.
 Profitability and employment generation: The new concept of selfie drones will provide
the employment opportunities to people as it will be produced at large level. When the
business will be conducted a huge level, then the customer base along with the sales and
profit of the firm will increase which will assist the firm in providing more employment
opportunities to local people.
5. Market research for supporting the viability of the new business idea.
Marketing research is carried out by the organisations for determining the trends of
market and to gather the necessary data of such trends. Through the market research, researcher
as well as entrepreneur can determine the needs and requirements of the existing or potential
consumers (Siegel and Renko, 2012). Primary and secondary data sources are mostly used by
the entrepreneurs for conducting the research. In primary research, the data is gathered by using
the questionnaires, surveys and interviews of the target audiences. Through this research, market
potential and business idea can be assessed properly as the data gathered from primary sources is
considered as reliable and feasible. Whereas in secondary research, the data is mainly collected
by using the books, newspapers, internet sources and journals etc. Secondary research is also
called as the desk research (Walsh, 2012). By using this research, new concept or business ideas
can be developed. The sample respondents taken in this research is 50 for taking the views and
opinions for the selfie drones.
QUESTIONNAIRE
Name:
Age:
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Gender:
Q1. Did you know regarding the concept of Selfie Drones?
A. Yes
B. No
Q2. Did you occasionally takes a selfie?
A. Yes
B. No
Q3. Does the future of photography depends upon the Selfie drones?
A. Agree
B. Disagree
C. Don't Know
Q4. Did you think that the selfie drones will become popular in upcoming future time?
A. Agree
B. Disagree
C. Can't Say
Q5. Do you purchase the product offered by Bluelight Technology?
A. Yes
B. No
Interpretation
Q1. Did you know regarding the concept of Selfie Drones? Frequency
A. Yes 23
B. No 27
Total 50
Mean 25
Median 25
Mode 23
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A. Yes B. No
21
22
23
24
25
26
27
Frequency
23
27
Interpretation: It can be said from the above chart that out of 50 respondents, 27 does
not understand the concept of selfie drones, whereas remaining 23 understand the term selfie
drones. Mean, mode and median for this graph is 25, 25, 23.
Q2. Did you occasionally takes a selfie? Frequency
A. Yes 30
B. No 20
Total 50
Mean 25
Median 25
Mode 10
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A. Yes B. No
0
5
10
15
20
25
30
Frequency
30
20
Interpretation: From the above chart, it is evident that 30 people occasionally takes
selfie whereas remaining 20 does not take selfie. available above it is concluded that 25 persons
out of 30 love to take selfies. Mean, mode and median for this graph is 25, 25, 10.
Q3. Does the future of photography depends upon the Selfie drones? Frequency
A. Agree 16
B. Disagree 18
C. Don't Know 16
Total 50
Mean 16
Median 16
Mode 0
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A. Agree B. Disagree C. Don't Know
15
15.5
16
16.5
17
17.5
18
Frequency
16
18
16
Interpretation: From the above graph, it can be said that 18 people doesn't think that the
future of photography depends upon the Selfie drones, 16 says that the future of photography
depends upon the Selfie drones, whereas remaining 16 does not know about this. Mean, mode
and median for this graph is 16, 16, 0.
Q4. Did you think that the selfie drones will become popular in
upcoming future time? Frequency
A. Agree 13
B. Disagree 20
C. Can't Say 17
Total 50
Mean 16
Median 17
Mode 13
10