Smart Contact Lens: Business Plan for Entrepreneurship Module

This report details a comprehensive business plan for a smart contact lens venture, addressing various aspects of entrepreneurship and business development. The plan begins with an introduction that highlights the innovative nature of the product and its potential impact on the market. It outlines the rationale for launching the business, including its mission and vision, and provides an in-depth analysis of the industry and market, incorporating PESTLE and SWOT analyses to assess the external and internal environments. A competitor analysis identifies potential threats and highlights the competitive advantages of the smart contact lens technology. The report also includes a segmentation analysis using STP (Segmentation, Targeting, and Positioning) to define the target market, along with a marketing strategy based on the 4Ps (Product, Price, Place, Promotion) and a market growth strategy. It further details the resources required for the venture, including financial aspects, and concludes with a risk analysis, outlining potential challenges and mitigation strategies.

Entrepreneurship and
Business Development

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
The rationale for launching the business and its vision and mission..........................................3
Review of the industry and market with a clear demonstration of an understanding of the
variables in the external environment including a macro/micro analysis of the market place.. .4
Competitor analysis and highlight the competitive advantage of your product or service.
Explain the reasons why you think your product/service will be successful in this market.......5
Segmentation analysis, providing market statistics (size and growth) to support your selection
of the target segment/s. Who will buy this product/service and why?.......................................5
Marketing strategy, using the 4P’swith the marketing mix analysis..........................................6
Market growth strategy...............................................................................................................7
Resources required for the venture including the source of finance...........................................8
Risk analysis using model and how those risks will be treated..................................................9
CONCLUSION................................................................................................................................9
REFERNCES:................................................................................................................................10
Books and Journals:..................................................................................................................10
APPENDIX:...................................................................................................................................11

INTRODUCTION
In the era of globalisation and modernisation, it is required by the owners to bring change
in existing working. This will lead to market growth and development which will rise the market
standards. Entrepreneurship is a procedure in which ideas are generated which are completely
new and unique, supporting innovation and creating a drastic change in market. Implementation
of product is earning profit along with resolving the existing issues which can support social
growth along with commercialisation (Achakpa and Radović-Marković 2018). In this pursuit,
entrepreneurs tend to launch new product or service which will change the standard of living of
existing individuals. In order to launch a new product, it is required by an entrepreneur to
develop a business plan which will present business ideas in a sheer manner. The problem of
weakened eyesight is a common problem and looking to this, the new product is launched which
has brought a dynamic change in relevant industry. The report includes development of a
technological innovative product which works for reversing the eye defect by simply applying
contact lens. The lens can be applied in eyes by the individuals having weak eyesight and lead
their normal life, while the lens will do its work. The report is a study which includes rationale
for launching the product giving mission and vision, review of industry where it is associated,
market segmentation, competitors and much more.
MAIN BODY
The rationale for launching the business and its vision and mission
The innovative product launched is the smart contact lens that can reverse the weakened
eyesight, along with serving the purpose of contact lens. This technology in the field of eyesight
is a miracle as it is protected from the harm that can be caused by wearing lenses for a longer
duration. Users can wear them for more than 20 hours everyday. Short Sightedness is a common
issue which is prevalent with ever age group and it is very hard to reverse the defect. Low vision
can be due to heredity, genes, age related issues, diabetes and others. If action is not taken and
situation gets on worse, there are chances of cancer in the eye, brain disorder, severe brain pain
and others. Mission and Vision of the smart contact lenses can be seen as:
The mission of the organisation launching smart contact lenses is to reduce the problem
and serve innovative measures for the same (Azizi and Mahmoudi 2019). The vision of the

organisation launching smart contact lenses is to detect the problem in the initial stage and
reversing it in an ordinary but innovative manner.
Steps and measures taken work for reducing the defect and providing sustainability so that
serious diseases can be prevented. The smart contact lens will result in rectifying the great social
issue which is lingering in the economy since ages.
Review of the industry and market with a clear demonstration of an understanding of the
variables in the external environment including a macro/micro analysis of the market
place.
The smart lens belongs to health industry which will reduce the eyesight defect in an
effective and efficient manner. Health Industry of an economy is bound to bring innovation and
newness because of high range of disastrous diseases in environment. In UK, the health industry
is focused majorly by the government body. In this efforts are made in order to provide tax
concessions and subsidies so that operations can be executed in a proper manner. The budget of
UK government lays extra focus by framing policies and funding the industry. In terms of
understanding the external factors of micro and macro analysis (Davidsson 2016), it generates a
need of PESTLE analysis. To determine internal factors SWOT is perform, whereas to determine
the external factors of the operational environment a detailed PESTLE is performed.
PESTLE ANALYSIS
Political Factors: The product is problem solving product and governing body of any economy
will obviously be supporting such products. The government itself is focused on reducing
diseases and in this manner they will support by framing easy and friendly laws for their
execution.
Economic Factors: The government will be supporting the new product and for this cause they
will be providing tax concessions, subsidies and rebates which will ease the process. This will
make entrepreneurs come up with new and innovative ideas which will develop the economy.
Social Factors: The acceptance of consumers is significant for working of product and catering
high demand. For this people are required to be made aware of the issues and their effects, along
with showing the measures through which they can be resolved.
Technological Factors: As it is another technological advancement in field of health industry,
there is a high need of working with technological advancements and improving them in order to
be more demanded by market (Henrekson and Sanandaji 2020).

Legal Factors: The laws and legislation which govern the aspect is required to be followed,
otherwise smart contact lens will be a fail as government will not support it. Along with this
criteria should be met which assures that it is not hazardous.
Environmental Factors: The operations which are performed is required to be sustainable, it
should not harm the environment. The resources required should be used in optimum quantity
and waste disposal should be managed.
Competitor analysis and highlight the competitive advantage of your product or service. Explain
the reasons why you think your product/service will be successful in this market.
In an industry there are few entrepreneurs who develop innovative ideas in order to meet
the issues which are prevalent in the society. The very less entrepreneurs will be working for
innovation in respective field of health care as it involves a detailed procedure which makes
competition low, but not negligible. Brain cancer, eye cancer, shortsightedness, brain disorder
are the diseases which is vastly growing in the market. There emerges an urgent need of finding
solutions to this issue by bringing new and innovative methods to protect interest and increase
life expectancy of individuals. Several real competitors which can be a threat can be seen as:
The Copper Companies, Johnson & Johnson, Bausch Health Companies Inc. can be regarded as
the possible threats in terms of catering attention of market consumers. Irrespective of the
popularity and loyal base of consumers towards the respective brands, smart contact lenses will
be a success and will gain the large insight of consumers as the technology they use has a
competitive advantage (Mansoori and Lackeus 2019). They have adopted policies apart from that
of existing lenses like extended use of lenses, specialisation of lenses to correct the short-
sightedness, colour variations and much more.
Segmentation analysis, providing market statistics (size and growth) to support your selection of
the target segment/s. Who will buy this product/service and why?
In order to analyse the segmentation of market and targeting the market consumers, STP
is required to be performed. STP stands for segmentation, targeting and positioning of a product
that is being operated and produced. STP works for simplifying the market segmentation of the
respective product or service. STP is a tool that is linked with majorly focusing on the consumers
by adopting personalisation measures. With the experience and timely surveys it is being made
clear that personalisation of consumers influences the shopping decision of consumers.

Implication of Smart Contact Lens can be seen as:
Segmentation: It is the first step which works for determining the market of product by
identifying and choosing the appropriate market segment in order to create a solid consumer
base. This segmentation is based on several aspects like:
 On the basis of Behavior: This relates as to what is desired and required by the consumers
(Nanda 2016). The need of specific product will generate innovation in market.
 On the basis of Demographics: The demographics relates to the need of consumers on the
basis of their age group. The desires differ according to the age category they belong and
in order to meet target market, entrepreneurs need to study this. On the basis of Geographic: Geographic segmentation refers to categorization of
consumers on the basis of a particular region, the need differs on the basis of where
people are located and placed.
Targeting: This step is second step refers to targeting and selecting a customer group to whom
the relevant product will be suited and is made for. It refers to selecting a group on focus can be
laid, in order to earn high revenues.
Positioning: The last and final step refers to actual launching of the product in the targeted
market so that product reaches to a diversified consumer base. The product makes a solid base in
market which helps in bringing competitive advantage.
Marketing strategy, using the 4P’swith the marketing mix analysis
Marketing strategy is a vital tool required by an organisation in order to meet consumer
needs and cater huge market space. Through marketing, products will reach to a large part of
consumers thus enhancing the sales and profit margins of Smart Contact Lenses. For this
purpose, organisations follow a strategy which mentions how product will work for catering
interest of high consumer group, so that work can be initiated in an effective and efficient
manner (O'Neill and Gibbs 2016). The marketing strategy includes 4P's of marketing with their
strategies help in increasing consumers by getting in touch with them . The 4P's of marketing
along with strategies of their implementation can be seen as under:
Price Mix: The solution used in contact lenses is very expensive which will increase cost of
production, leading to rise in prices. In order to reduce the cost so that product can be reached to
large number of consumers, a proper research and development plan is required to be executed.
This will bring new techniques at a lower rates.

Product Mix: The quality of product should be supreme as it will be applied in sense organs i.e.
eyes. If the quality is deteriorated, it can lead to harming the users health which will hamper the
reputation and brand image. The smart contact lens will be inserted in the eye which is very
delicate part of body, so product is required to be of supreme quality. To ensure the quality a
proper research is required so that it may not harm any user. This will increase the consumer
base with high level of individuals resulting in good brand name.
Promotion Mix: Promotion refers to increasing the knowledge about a product in minds of
consumers by making them aware of the use of smart contact lenses. Along with this advantages
of using the product will be explained by means of advertisement in a creative and eye catchy
manner (Salmivaara and Kibler 2020). To work with modern era the product will also take
measures by going online and serving digitally along with physical methods. Along with this tie
ups with several medical institutions can also be made.
Place Mix: The place mix refers to expanding market where operations are needed to be
performed. Place mix also serves the purpose where the product is brought and to where it is
transferred. This can be achieved either by diversification of sales on online platforms or by
reaching new geographical boundaries so that high market consumers are reached that too of
varied regions.
Market growth strategy
To determine the market growth strategy, Ansoff analysis is required to be performed.
The market growth strategy defines respective plan which can be used for development of the
market and increasing sales. Ansoff Matrix is used when planning is required for future growth
and development (Satar and Natasha 2019). It describes how a task can further be executed. The
strategies of Ansoff Matrix can be seen as:
Market Development: This refers to entrance of existing product in new market to expand the
market of operations.
Product Development: This refers to launching new product in the existing market to increase
the product line and market captivity.
Diversification: This refers to launching completely new product in a completely new market
using the same brand name.

Market Penetration: This refers to increasing market share by focusing on existing market with
the existing product but with new strategies which can develop the interest that was reduced till
date.
For the innovative product, smart contact lenses, in initial stage market penetration will be
considered a better strategy. It is because the product is completely new and will require lot of
time to ensure its adaptability. The cost incurred will be high for diversification in new markets
which is hard for new entrepreneurs to incur.
Resources required for the venture including the source of finance
There are various resources which are needed while executing operations and for this
purpose it becomes important for managers to procure them in an efficient manner. The
resources which will be required in manufacturing the smart contact lenses will require chemical
solutions, plastic polymers. These are required to be of optimum quality which are to be
procured from trustworthy suppliers by proper research and at an efficient rate so that cost is not
increased (Sinatti 2019). Apart from this there is need of raw materials for packaging purposes.
All these require a high amount of capital investment. The funds required are either brought from
home, but they are inadequate so to resolve this issue there emerges a need of procuring
resources from outer sources. The sources of funds can be seen as:
Venture Capital: Venture Capital can be seen as an extended idea from where large funds can be
be procured as it involves a number of individuals. The members are small contributors and
individual personalities who bring in their money in order to help new ideas. This is a great
source as, along with funds, ideas to improve operations can also be generated. This makes this
factor very popular as more an d more people who have access funds and good knowledge will
invest. This will thrive success among the members and entrepreneurs.
Start up Loans: The government of UK is providing support by providing loans, space in order
to help new start ups. When an idea is innovative and will work for development of the society,
the government will take special interest in the same and will help. There are various policies
which are made by government so that new entrepreneurs can seek help and employment is
enhanced (Westhead and Solesvik 2016)). The start up loans are easy to avail after detailed study
of the idea. There are many times when interest charged is less or negligible in order to reduce
pressure on them.

Risk analysis using model and how those risks will be treated.
In an organisation which is working under modernised environment and governed by
political parties, there emerges a huge need of analysing the risks. When risks are analysed, it
becomes easy to cater challenges or eliminate them before they occur. The model is framed
through which risks can be evaluated and assessed before hand. To analyse risk which can be
incurred by the smart contact lenses can be seen as:
Identification of Risks: First of all, risks are needed to be found out by observation and past
experiences. The major risks that comprises with a new entrepreneurship idea can be regarded as
lack of research and development, suitable talent and much more.
Evaluating the Risks: After risks are identified they are required to be evaluated on the basis of
which risks will majorly affect business and which will not. Apart from this risk evaluation is
also on the basis of the time of their arrival (Woolley 2017.
Management of Risks: After risks are identified, there emerges a need of managing them in
order to reduce the complexities in operational process. Risks can be managed by preparing
appropriate strategies and policies in favour of organisation.
Follow Up of Risks: After risks are managed by strategies, there emerges need of having a last
follow up as to policies are working accurately or not.
CONCLUSION
The report studied above on Entrepreneurship and Business Development shows
development and execution of a new and innovative idea which is technological advanced. The
new product that is developed is Smart Contact Lens which will reduce the eye defect of
weakened eyesight. From the above it can be concluded that for development of a new product
or new service, it is required by the entrepreneur to develop a thorough idea of the market where
operations are required to be performed. When market is studied, competition rivalry can also be
reduced. The product reduces the eye problem and for this launching process is briefed, along
with this motive of several parties is also seen. The marketing mix tells what will be the strategy
to make product cater more market. The strategy for growth explained through Ansoff's Matrix
tells that product development will be helpful and profitable for smart contact lenses. The
importance of risk analysis is also explained.

REFERNCES:
Books and Journals:
Achakpa, P. and Radović-Marković, M., 2018. Employment women through entrepreneurship
development and education in developing countries. Journal of Women's
Entrepreneurship and Education, (1/2), pp.17-30.
Azizi, M. and Mahmoudi, R., 2019. Learning outcomes of entrepreneurship education:
Entrepreneurship education for knowing, doing, being, and living together. Journal of
Education for Business, 94(3), pp.148-156.
Davidsson, P., 2016. The field of entrepreneurship research: Some significant developments.
In Contemporary entrepreneurship (pp. 17-28). Springer, Cham.
Henrekson, M. and Sanandaji, T., 2020. Measuring entrepreneurship: do established metrics
capture Schumpeterian entrepreneurship?. Entrepreneurship Theory and Practice, 44(4),
pp.733-760.
Mansoori, Y. and Lackeus, M., 2019. Comparing effectuation to discovery-driven planning,
prescriptive entrepreneurship, business planning, lean startup, and design thinking. Small
Business Economics, pp.1-28.
Nanda, R., 2016. Financing high-potential entrepreneurship. IZA World of Labor.
O'Neill, K. and Gibbs, D., 2016. Rethinking green entrepreneurship–Fluid narratives of the green
economy. Environment and Planning A: Economy and Space, 48(9), pp.1727-1749.
Salmivaara, V. and Kibler, E., 2020. “Rhetoric Mix” of Argumentations: How Policy Rhetoric
Conveys Meaning of Entrepreneurship for Sustainable Development. Entrepreneurship
Theory and Practice, 44(4), pp.700-732.
Satar, M.S. and Natasha, S., 2019. Individual social entrepreneurship orientation: towards
development of a measurement scale. Asia Pacific Journal of Innovation and
Entrepreneurship.
Sinatti, G., 2019. Return migration, entrepreneurship and development: Contrasting the
economic growth perspective of Senegal’s diaspora policy through a migrant-centred
approach. African Studies, 78(4), pp.609-623.
Westhead, P. and Solesvik, M.Z., 2016. Entrepreneurship education and entrepreneurial
intention: Do female students benefit?. International Small Business Journal, 34(8),
pp.979-1003.
Woolley, J., 2017. Infrastructure for entrepreneurship. In Oxford Research Encyclopedia of
Business and Management.

APPENDIX:
Pestle Analysis:
Political Factors: The product is problem solving product and governing body of any economy
will obviously be supporting such products. The government itself is focused on reducing
diseases and in this manner they will support by framing easy and friendly laws for their
execution.
Economic Factors: The government will be supporting the new product and for this cause they
will be providing tax concessions, subsidies and rebates which will ease the process. This will
make entrepreneurs come up with new and innovative ideas which will develop the economy.
Social Factors: The acceptance of consumers is significant for working of product and catering
high demand. For this people are required to be made aware of the issues and their effects, along
with showing the measures through which they can be resolved.
Technological Factors: As it is another technological advancement in field of health industry,
there is a high need of working with technological advancements and improving them in order to
be more demanded by market.
Legal Factors: The laws and legislation which govern the aspect is required to be followed,
otherwise smart contact lens will be a fail as government will not support it. Along with this
criteria should be met which assures that it is not hazardous.
Environmental Factors: The operations which are performed is required to be sustainable, it
should not harm the environment. The resources required should be used in optimum quantity
and waste disposal should be managed.
Marketing Mix:
The 4P's of marketing along with strategies of their implementation can be seen as under:
Price Mix: The solution used in contact lenses is very expensive which will increase cost of
production, leading to rise in prices. In order to reduce the cost so that product can be reached to
large number of consumers, a proper research and development plan is required to be executed.
This will bring new techniques at a lower rates.
Product Mix: The quality of product should be supreme as it will be applied in sense organs i.e.
eyes. If the quality is deteriorated, it can lead to harming the users health which will hamper the
reputation and brand image. The smart contact lens will be inserted in the eye which is very
delicate part of body, so product is required to be of supreme quality. To ensure the quality a

proper research is required so that it may not harm any user. This will increase the consumer
base with high level of individuals resulting in good brand name.
Promotion Mix: Promotion refers to increasing the knowledge about a product in minds of
consumers by making them aware of the use of smart contact lenses. Along with this advantages
of using the product will be explained by means of advertisement in a creative and eye catchy
manner. To work with modern era the product will also take measures by going online and
serving digitally along with physical methods. Along with this tie ups with several medical
institutions can also be made.
Place Mix: The place mix refers to expanding market where operations are needed to be
performed. Place mix also serves the purpose where the product is brought and to where it is
transferred. This can be achieved either by diversification of sales on online platforms or by
reaching new geographical boundaries so that high market consumers are reached that too of
varied regions.