Turning Creativity to Cash: Entrepreneurial Ideas Report

This report explores the process of transforming creative ideas into a viable business, using a CCTV scanner manufacturing venture as a case study. It examines various sources of entrepreneurial ideas and innovation, emphasizing the importance of market gap analysis to identify unmet consumer needs. The report utilizes both primary and secondary data to assess market potential, including consumer surveys and market research. Furthermore, it applies the SWOT framework to evaluate the strengths, weaknesses, opportunities, and threats associated with the business idea, and analyzes the competitive and market environment to determine the feasibility of the venture. The report concludes with a discussion on the potential for success and the strategic considerations necessary for launching the CCTV scanner product.

Turning Creativity
To Cash

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different Sources of entrepreneurial ideas and innovation...............................................1
TASK 2............................................................................................................................................3
P2 Rationale and market gap for specific entrepreneurial idea..............................................3
TASK 3............................................................................................................................................5
P3 Data needed to support gap analysis in the determination of a specific entrepreneurial idea
................................................................................................................................................5
P4 Interpret data to provide evidence of market potential.....................................................7
TASK 4............................................................................................................................................9
P5 SWOT framework to collate evidence to support an objectives assessment....................9
P6 Determine the competitive and market environment......................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is the act of develop a business with new innovative ideas and apply in
creative way to turn in cash (Andreasen, Hansen and Cash, 2015) . Through idea they can create
opportunities as well as create employment so as a result contribute to develop national
economy. To create standard and livelihood as millions so they can apply in effective manner
and generate much more profit. The role of entrepreneurship is to weight up opportunities,
threats and personal capacity to transient an opportunity into a business idea. To better
understand the concept Blink vision has selected which is a new venture and want to
manufacture advance technology CCTV scanner. In the report focused on possible sources of a
new and innovative business idea, choice of specific entrepreneurial idea and examine market
gap. Apart from this use primary and secondary data to identify market potential and analysis of
entrepreneurial idea in reference to market and competitors.
TASK 1
P1 Different Sources of entrepreneurial ideas and innovation
There are defined different sources which is related to entrepreneurial ideas and
innovation in order to encourage and set up new business for an enterprise. There are considering
interest & hobbies, personal experience, market gap, talents and observation. When a person to
do innovation and give their best efforts so it will make successful. To start any new business
that time experience and talent best sources in order to apply innovative idea in effective manner
and get success in business. An entrepreneur firstly think about innovative ideas after than as per
plan manage all type resources which is need to start new business (Antrosio and Colloredo-
Mansfeld, 2015) .
Business idea – A business idea is considering as thought which is used and applied by
top position people like manager to innovate and modify business for commercial purpose. The
idea mainly build up by manager in subject to sale out their products as well as services to earn
money. For this follow a specific procedure for processing and experimenting a business idea.
An entrepreneur can sold out their plan those people who is interested in their idea such as
investors, firms and parties for a lump sum or a management contract or as agreed. Blink vision
is an enterprise which is a manufacturing of CCTV scanner. The purpose of produce this product
that to reduce crime and provide security.
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Potential Consumer – A person who can capable to become a purchaser of goods and
services from particular an enterprise. These customers are targeted through manager and
prepare strategies according to them for attract to purchase their products and services. In current
time business world people take interest in innovative ideas and they consider as regular
purchase of goods and services. Hence, it refers that by understanding future consumer who is
most likely to purchase goods for a business (Arora‐Jonsson, and et.al., 2016) .
Target Audience – There are consisting of specific group of people, age people,
identified as the intended recipient of an advertisement or message. These are known as target
population and company has a target people of household and commercial purpose.
So there are as per the requirement there are identifying that end goal is opening
accessible and analysis of STEEP factor to possible. Drucker's 7's source of development is
beneficial for carry out new thoughts.
Social Factor – The specific factor very important regarding to launch any new product
because it will helpful for society and fulfil the requirement of society people. In the context of
Blink Vision it is significant for to recognise the need of persons who lives in society. So the
company has been addressed new product which is CCTV scanner and it provides advantage as a
security perspectives.
Technological Factor – To acquire mass market so there is need to share advanced
technology which can beneficial for market as well as society. The Blink Vision can launch new
product of CCTV scanner which can scan human body and give signal for dangerous. The
product use by people for personal and commercial perspective. In the product have advanced
feature and helpful to know who have hidden things or any other dangerous things which can
create problem to any other individuals.
Economic Factor – with the help of this factor examine the success of an organisation
and identify inflation rate, exchange rate, economic growth so on. In reference to Blink Vision
can determine those factor which can impact on the business for example exchange rate
influence of their business so it will create problem for exports.
Environmental factor – Before launch new product need to analysis environment
situation which can not affect to launching program. In this factor consider climate, weather etc.
It can essential because analyse the new product development can be successful (Baer, 2016) .
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Political Factor – To introduce new product in market need to know government
policies and strategy which can favour or not. There includes employment law, consumer
protection act, protection act and copyright. There is need to analysis political environment
closely.
Peter F. Drucker can set different ideas which is beneficial for Blink Vision in order to
intensify their business as per market share within qualify time frame. There are including -
Incongruity – The particular term has been applied to develop mechanise & project in
reference to necessities and in other terms demanding to clients in successful and productive
way.
Process Needs – An enterprise can intensify to their procedures regarding to requirement
of objectives and request to meet with viable manner.
Industry & market structure need – The plans and strategies can be defined in particular
framework which can followed by in particular structure. It can set as per requirement ans
provide benefit to characteristic sort and examine the procedures.
Demographic – The company has been targeted demographic people where consider
location of the company and sold out their products in selected particular area where most of the
targeted are recognised.
TASK 2
P2 Rationale and market gap for specific entrepreneurial idea
Market gap defines about the consumers who can not meet with their needs and wants
and did not buy the product of particular company. In present time each organisation wants to
growth and success so for this they applied effective strategies and changes their work style. The
particular style select as per the organisational objectives to confirm several changes and
happening or may be happened in outside of business. That time company can get opportunity to
introduce of new product of the market and take as a challenge. Hence, customer take interest to
purchase new product in market related to technology. The gap states that different in between
demand and supply regarding to new product and services. It defined that when customer can not
satisfy with new product that time create gap (Biani, 2018) . A complete purpose of several
businesses is to make new innovative and creative contemplations which is not produced yet.
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Objective Current
State
Future
State
Gap
Identificati
on
Gap
Description
Factors Remedial
Action
To increase
customer
base up till
20000
5000 sales 20000  Few
com
petit
or
 Tech
nolo
gical
adva
nce
ment
People want
to be safe &
connected to
their
belongings
 Awa
renes
s of
bein
g
safe
increase
crime rate
 Mar
ketin
g
 Upd
ate
order
proc
essin
g
soft
ware
Product
Feature &
Functionaliti
es
Limited
Features &
functionaliti
es
Increase in
following
year
Yes There are no
uniqueness
Product just
launched so
it has
limited
features
Conduct
review
among
existing
customer &
improve the
product
based
A gap analysis provide full information of product as well as lack of product variation as
per their performance regarding to business information system as well as software application.
It defines that how can business can not meet with their expectations. If business can show how
can they take steps to get success so they can assure about growth. As example Blink vision is an
international company who planning to launch new product into particular market as innovative
technology CCTV scanner. Before launch product need to examine all suitable software which is
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related to product because it is essential to have a proper analysis of new product. There are
understanding the present and potential future conditions are given below -
Creative Idea – It mean bring out innovative product which is not came yet and company
can apply into market. In reference to Blink Vision has introduced new product CCTV scanner
as advanced technology which can provide satisfaction to customers. The main objective of the
company to provide security to their clients and those people who need to tight security to feel
secure. The particular product make them confident and provide extra security in effective
manner. It would help to attain their objectives as well as meet customer expectation.
Behavioural Segmentation – There are considering moral values and behaviour of
various types of customers as well as an enterprises. As per the context of Blink Vision has been
conduct the code and circulated in to different category. There are define about the objective of
the business that arranger good quality of their product and apply new technology in effective
manner. With the help of this attain objectives on time and collect better decision (Boylan-Kemp,
and Huxley-Binns, 2016) ).
Geographic Segmentation – There are including portions and isolation which is related
to different customer as well as their different criteria like climate, population, size and region. In
Blink Vision manager can adopt the segment of geographic where target to mainly local region
and dominion and growth of customer in the new market. Thus, it will help to acquire raised
higher profits or market share in new settled market.
TASK 3
P3 Data needed to support gap analysis in the determination of a specific entrepreneurial idea
Primary data – The meaning of primary data that collect information and data from first
hand sources by using different types of methods like interview, questionnaire and survey or
personal experiments. For example Blink vision plan to launch new product in market so for
know about market need to gather all appropriate information in order to survive in effective
manner. For collect different types information need to using surveys, question and interviews in
people mind.
Secondary data – It is a form of use already exist information in own way and research
on already exist data. These data collected from experiments, questionnaire, studies and survey.
As example Blink vision going to launch new product so for this know interest of people and
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collect all appropriate data which can help to know effectiveness of their product (Charness and
Grieco, 2018) .
As per requirement to know perception of different types of peoples and take session of
query regarding to new product. It can provide better suggestion to do work and improve their
weakness in effective manner. To survive for long time into market need to the Blink Vision can
produce of CCTV scanner.
Q1) Do you aware about the term CCTV scanner? Frequency
1) Yes 15
2) No 5
Q2) Do you think, this unique idea is helpful for security purpose?
1) Strongly agree 5
2) Agree 10
3) Strongly disagree 5
4) Disagree 5
Q 3) According to you, the idea of CCTV scanner is helpful in context to
the growth of Blink Vision?
1) Yes 13
2) No 2
3) May be 3
4) Not sure 2
Q 4) Name the individuals who got benefited form this product of firm?
1) Consumers 5
2) Suppliers 5
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3) Owners 8
4) Workers 2
Q 5) What are the benefits are achieved by your business after using
product of Blink Vision?
1) Effective management expenses 5
2) Cost reduction 10
3) More Profits 5
P4 Interpret data to provide evidence of market potential
Yes No
0
2
4
6
8
10
12
14
16
Row 3
Interpretation – There are taking about 20 respondents to conduct research about the product in
reference to CCTV scanner. So there are getting that mean – 10 and median -10 and mode - 0
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Interpretation – As 25 respondents the particular business idea can provide growth because from
the research it is getting that there are most of the people agree with the innovative idea.
Interpretation – The company has been taken about 20 respondents to search out answer of
particular question after that it is getting that 13 respondents agree with that.
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Interpretation – As per the above data it is getting that owners can in effective manner to get
benefit.
Interpretation – There are getting that cost reduction is most important and as per the point of
respondents of 20 people.
TASK 4
P5 SWOT framework to collate evidence to support an objectives assessment
There is required to conduct SWOT analysis of Blink vision in order to provide benefits
to viability and feasibility of new business venture to addressed CCTV scanner. Through SWOT
analysis can analysis of internal activities of business and know about strength, weakness of the
organisation (Conner and Silvia, 2015) . Through it deduct weakness and try to convert into
strength and improve in their strength. There are determining internal opportunities and threats of
an organization are as follows -
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Strength – In present time everyone wants to advance technology so there are CCTV
scanner consider as strength of the company. It can fulfil the requirement of Hi-Tech equipment.
The particular idea has been implemented into real world then accessibility of adequate funds as
well as skilled employees to turn out to be greatest strength for an enterprise. Collectively with
the creative mind and innovation can do in effective manner because it can help to deduct rate of
crime and attract to those consumer who can use these types equipment. So it can consider as
their strength (Crilly and Cardoso, 2017). They conduct research and develop in proper time gap
that helps to eliminate gaps to perform in effective way.
Weakness – The company has been introduce new product in market and it will based on
the consumer interest because they already use CCTV so they can not easily change. The product
based on technology and their chances of successful is lower. The company has been targeted to
customer in particular criteria if in this field they can not take interest so company does not get
growth and success.
Opportunity – To launch new innovative product in market with advanced technology
so it will be consider as opportunity for the company. It can help to compete in competitive
market and addressing new innovative product Blink Vision CCTV scanner to get success in
future. Through the scanner companies easily scan to people and aware for dangerous things. As
a result it works in effective manner and prepare strategies.
Threats - In the technology environment already exists many companies which can
become threats for new company. It can reduce to become successful business venture by Blink
vision. The company is facing problem regarding to fund due to raise high competition in new
market so it will indicate as threat. Together with this threat of new in the market with no
experience may lead a business to take back steps and results in failure of business venture.
Conclusion – As per the SWOT analysis it has been concluded that the internal
environment is good for new products. They can easily survive and get new opportunity in
market. After recognition of weakness of the company they can reduce on time and launch their
new product in effective manner. To launch any new product in the market it is required to
analysis of internal activities that prepare effective strategies according to that.
P6 Determine the competitive and market environment
Competitiveness can define about the capability of the company to compete in
competitive market. A well establish organisation already know about their strength as well as
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their weakness so on the basis of their internal capabilities search out of their benefits regarding
to their competitors. Specifically, before launch any type of new product need to analysis of
market activities and collect all appropriate information (Curtin and Sanson, 2016)
Competitive Market – It states that when in market exist same type many companies
that time create competition in between different companies so it will consider as competitive
market. They must to know about their competitors who has already dealing in technology and
create competitive environment. For example – Blink vision can introduce new product which is
CCTV scanner with advance technology and unique features.
Substitution market – There are many options of each products so there has been
recognised that Blink vision produced of several competitive brand. Hence, if a company did not
get substitution of their brand so they can distinguish their product with their competitors.
Target Market – To launch new product company has been target to audience in
particular area which is consider as group of people and approach of the company consider to
sold out their products. Target audience of Blink vision can target to those people who want to
much more security at personal and commercial level (Hughes, 2016).
Small scale condition – There are considering to small scale factor which can related to
profitability as well as productivity such as customers, suppliers and internal staff.
Large Scale condition – They are related to outside factors which can not control by
company in their effective manner. These are known as technological, political, economical,
environmental and social.
Porter Five factor model for Blink Vision CCTV Scanner - Existing Competitors – The competition consider where there are already company has
been innovate the particular product. The competition is not intense. So there is required
to know already exist competitors that can create problem for us. Threat of substitution – It is consider as high for company regarding to new innovation
and invest in R&D activity. It is moderate in the industries where a person always look
foe less value and high quality. So it is necessary to update every information which is
related to rival industry in respect to frame best effective policies. Threat of new entrant – Threat consider as high range because new entrant because any
company can not innovate this particular product in market. Blink Vision focus on
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customer central approach to attract clients and provide free fitting services to come out
from threat. Bargaining power of supplier – Suppliers include switching cost and company supplier
in relation. Less power has been held by suppliers so in this potentially skilled labours
enjoy more bargaining power.
 Bargaining power of buyer – The market has provided many options so there are
increase option buyers regarding to Blink vision CCTV scanner so on the basis they can
set price of their product (Kachelmeier, Wang and Williamson, 2015). Buyers always
wants to low price with good quality so entrepreneur provide low cost strategies.
CONCLUSION
As per the above report it has been concluded that an entrepreneurship can get different
types of opportunities in reference to get success and growth. There are company has been
introduced of new innovative product which is consider as advanced technology and create
employment to develop national economy. They can fulfil the gap and company research about
the market. Before launch product in market need to analysis of market and know strength and
weakness of the company.
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REFERENCES
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