Report: Developing T-Babel, a Real-Time Translation Headphone

This report presents the entrepreneurial development plan for T-Babel, a real-time translation headphone. It begins with an introduction to the product and its proposed development, highlighting its ability to translate languages and provide high-quality audio. The report then delves into opportunity formation, describing the product's features, market needs, and the sustainable value proposition. A SWOT analysis is included. The product's marketing strategy, including promotional and pricing strategies, is also detailed. The report covers aspects like pricing skimming and penetration, and also addresses the resource requirements for the business plan. The report aims to provide a comprehensive overview of the product, its development, and its potential in the market.

Entrepreneurial Development

Table of Contents
INTRODUCTION...........................................................................................................................3
Section 1 : Introduction to the idea and its proposed development...........................................3
Section 2: Opportunity formation and a description of entrepreneurial product, service and
process.........................................................................................................................................4
Section 3 Opportunity development to develop the new product and service in to a venture....7
Market Competition....................................................................................................................8
Section 4: reflect on learning from process of entrepreneurship development & suggest how
your process of forming and developing your entrepreneurial product or service may offer
useful lessons in developing other, similar products..................................................................9
Reflection.........................................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
T- Babel is the product of the company which is real time translation device which will help
people in knowing everything in their own language. In this present report the new idea of
launching headphones will be developed and a proper plan will be proposed for its development
in the market. In addition to this, Opportunity formation and a description of entrepreneurial
product, service and process will be covered in detail. Other than this, Opportunity development
to develop the new product and service in to a venture will be discussed in brief. Furthermore,
Development understanding the market place and need of this product and its Marketing strategy
will be covered and analysed for the new product development.
Section 1 : Introduction to the idea and its proposed development
Introduction of the product: T- Babel is a real time translation device which will help people in
understanding the things in their own language. It will also help in listening high quality audio
where their will no more be any language limitation. This idea will help people as well the
entrepreneur in earning and higher growth due to the new and innovative idea which has high
quality and it will affordable for people. In this the business is planning to sale the product at
minimum price so that it can be sold to maximum people and revenue of the company will be
enhanced by the same. The idea will help in obtaining the objectives behind the idea and
attaining a different goodwill in the market to the entrepreneur. As any idea if gets successful
than it is being liked by the people than image of the product and entrepreneur gets enhanced.
New ideas are life blood of the society and this will also improve and develop the society as they
will get a new and better product to use.
Proposed Development: The entrepreneur is planning to develop the new product and for the
same proper planning for the launch and marketing strategy is required to be prepared. In
addition to this, development to the idea should be made for the purpose of growing in the
market. In this the proper marketing and sales strategies will be prepared along with the idea that
innovation is the best way to enter in to the market. It helps in gaining attraction of the customers
and attaining position in the market.
Swot analysis
Strength – The major strength of the T- Babel is its ability to translate each and every language.
Another strength of the products is its high quality audio along with its battery backup. It can be

used for 12 hours without charging. Other than this, the headphones can be used by deaf and
dumb people which is the biggest strength of the product.
Weakness – The product has a major limitation that is related to imitation, other competitors can
easily copy the product as it is not much rare. Companies can use the same technology in order
to develop a similar product. It will lead to lower the prices in the future and higher competition
is always seen in technological market.
Opportunities – Headphones are used by a huge number of users all over the world, people
enjoys listening to music through headphones. Therefore, the T-Babel has a great opportunity to
attract customers and achieve high profit in the market. Other than this, opportunity of growing
revenue by lowering the prices and increment in the sales can be seen. It will be a big
opportunity for the entrepreneur to develop the business in the near future.
Threats – The major threat that can influence the new product is the intense competition in the
market. There are huge number of competitors in the market which can be threat for the T-
Babel's failure. Furthermore, threat of failing of product as every new launch gives a threat that
the product will survive in the market or not.
Section 2: Opportunity formation and a description of entrepreneurial product, service and
process.
Business is the process where every employees or managers needs to develop their own
understanding in order to develop the new goals and objectives. With the help of some
approaches and models business can achieve their goals in appropriate manner (Connie Marie
Gaglio, (2018) Business opportunity involves sales or lease of any product or services
equipments etc. Besides, another most distinctive element which helps business to maintained
the proper effective environment is quality maintenance. Quality is the tool which keep the
business active in the market. Besides, business needs to focus on the customer needs and wants
in order to get benefits in the business environment.
Entrepreneurial product description: Here the idea is about a Real-Time Translation
Headphone device which is named as T-Babel. This product will be developed to provide
services of communication along with high quality audio facility will be provided while using
the headphones. In addition to this, The device will also allow the user to express themselves in
initial 25 offline mode language plus 100 in online mode. The Headphone comes with an

artificial intelligence, one just need to download the language package. Other than this, it works
12 hours without charging which will be very convenient for people to use.
Development understanding the market place and need of this product
Self actualisation needs: It is a need which is given by Abram Maslow where he says that the
needs of the individual for their own growth and personal development (Okoye, Uniamikogbo
and Sunday, 2017). This new idea of the product will help in growth as it will make people
understand things in their own language. This will also help in personal growth to deaf and dumb
people. As the earphones will make understand the person about what is being written. So it will
fulfil the self actualisation need of the person.
Social needs: Every person has their social needs where they need to develop relationship with
people for their satisfaction and emotional concerns Edward and Malecki , (2018). It will help in
bringing the people together as the device will help in communication of people and this will
allow in fulfilling their social communication. Thus, the new entrepreneur idea will help in social
growth and business development.
Safety needs: Every individual likes to feel secured and to have a safe environment so that the
control of desires can be met by the same. Here the CEO of the organisation also launch the
product and wishes always to be on a safer side. This new idea will help both the entrepreneur
and people safety in terms of using it and considering the same.
Physiological needs: These are the needs which are very important and counted as a priority
until all the needs are met. In addition to this, this product will meet the physiological need as it
will provide services to deaf and dumb people as well. This will give more development to the
product as well as this needs are considered by the people for the sake of their own self.
Resource of business plan:
In this project the entrepreneur is developing a new business product and the funding is
always required to develop the same. Every business person needs money to start a new business
or new product development and for the same development product is required to be developed.
So here the entrepreneur is raising funds from Venture capital and drawing loan from bank.
Along with this, Majorly the CEO has the plan of Crowdfunding where the funds will be raised
from large number of people in small amounts. Other than this, if any more funds will be needed
than it will be borrowed on interest with friends. After raising the funds CEO will be planning to

develop and manufacture the earphones so that it can be launched in the market as soon as
possible.
Sustainable Value proposition: This concept says that the product should be such that it satisfy
the needs of the customer and lower environmental impact than traditional business model. IN
this current business idea the organisation is planning to develop such earphones which are very
innovative as they can be used even by deaf people Mumin and et.al., (2016). These earphones
are also very good at quality and it will sell at affordable pricing of £135.00. Other than this, the
CEO is planning to make long term without charging earphones which can be used continuously
for 12 hours. In order to develop this value proposition the entrepreneur has an innovative idea
which can be developed by focusing on its major above criteria. In addition to this, this idea will
help maximum people in every possible way.
Marketing strategy: To develop and launch a new idea in the market a CEO of the entity needs
to develop a proper strategy and one should do not confuse it with market plan. It will be
developed by following ways where the major concentration is on the following aspects:
Promotion: The CEO has the plan to develop the product and introduce the same by adopting
different promotional strategies. Here the product will be launched through distributing some
free samples so that people can come to know the use of the product. This has helped in the
growth of the market and increasing the demand of the product, Ben Spigel, (2018). It will also
be considered that promotion can be done in so many ways but it depends on the targeted market
and type of product. As here the new headphones are being launched the best promotional
strategy is by way of describing it's all features through advertising. Now the same can be done
by various ways but through social media and television is the best way of advertising and
reaching maximum number of people.
Pricing: It is one of the marketing strategy through which the product can be launched in market.
There are various different pricing policies of the product in which various other aspects such as
substitute product pricing or competitors pricing are considered and then prices are being
determined. It will help in covering maximum market by way of determining affordable pricing
for the targeted customers. It has also been understood that prices should be such that it covers
the cost of the company. All the indirect and direct expenses should be met by way of covering it
in pricing of the product. The most important pricing strategies are defined below:

Price Skimming: Here in this strategy the company plan to charge high prices of the
innovative product. It will help the entrepreneur in gaining the advantage of earning high profits
due to the fact that they are bringing something new in the market (Akande, Mathew and
Oluwaseun, 2018). It is a big advantage but when the competitors come up with something this
kind of product than it has to lower its prices. It is majorly used when the entrepreneur likes to
earn reward for its new research and development. In addition to this, high growth and revenue
can be earned by this pricing strategy and it will also help in future development and financial
strong of the product.
Penetration pricing: This strategy is used when the CEO of the organisation is planning
to introduce the product at lower prices. It will help in capturing the large market and earning
more revenue from the same. This strategy plays a major role in increasing the demand as the
lower prices of product always attract maximum number of customers (Lindh, 2017). In this
report the entrepreneur is planning to implement the same strategy where the product will be
launched at lower prices and higher market will be covered through the same strategy. Other than
this, the T- Babel will also determine the knowing of growth by this pricing strategy as the
product will be launched using the same strategy.
Section 3 Opportunity development to develop the new product and service in to a venture.
To develop the new product in the market entrepreneur should develop and learn the
different opportunities that can be developed through this new product. Growth in the business
can majorly be earned by way of business development and developing the policies for the same.
In addition to this, new products are being developed for the same as the entrepreneur is planning
to develop a new business plan for new strategies and market planning for the reason being
growth and gaining a different position in the market (Sraha, 2015)To develop the new product
and growing the business and making it a better one. To do the same the entrepreneur is taking
the following aspects in to account.
 A complex channel for distributing the headphones will be developed and a proper
strategy will be formed for the same. Such distribution channels should be planned that it
will maximise the sale of the new product.
 The major strength of the T- Babel is its ability to translate each and every language.
Another strength of the products is its high quality audio along with its battery backup. It

can be used for 12 hours without charging. Other than this, the headphones can be used
by deaf and dumb people which is the biggest strength of the product.
 Distribution channel should be such that it cost minimum and the targeted market can be
covered by the same. For this the proper planning is required to be made by the business
person so that maximum benefits can be attained by this.
Sales strategy
Sales strategy will be prepared for the headphones in the following way that is described in
detail below.
This will be a concept where the planning regarding sales will be made in such a way that
maximum sales can be gained by it. This will also increase the profits and growth by way of this
new product. This will give a different position if the sales will be enhanced. But it is not an easy
process as it is tough to cover the maximum market. It can be developed by proper planning and
knowing regarding the targeted market which should be covered as per the goals and objectives
of the business.
Targeted group: The entrepreneur is planning to sale its product majorly to young group of
people as this are the ones who use headphones more. Other than this, it is also being planned
that all the features will be displayed to deaf people as well so that they can also understand the
product more. It is being demonstrated that market will be segmented on the basis of age and
people between the age of 15 to 35 will be targeted majorly. It is easy to reach these people as
they are more active on social media and promotion of the product will be done through different
social media websites. So it will be easy to let them know about the features of the product and
they can also learn its way of operation.
Break even analysis: It is that situation where the revenue of the company comes equal to the
expensed. It is the situation where no profits and no loss are gained and these will help in
attaining that situation where there will be no losses and no profits.
Sales: 499500
Units sold: 3700
Total cost: 250000
Fixed cost: 100000
Break even point: 1058.76

Market Competition
There are more than 3,000 organisations engaged in production of headphones and
earphones. However, most of these organisations are operated at a small scale and has a limited
market research. There are also many multinational global organisations which are engaged in
designing as well as manufacturing the earphones. The top 5 headphones manufactures are Bose,
Beat Electronics, Sony, Sennheiser and Skull candy.
Headphones and Earphones market:Dynamics
Affordable technological enlightenment to enhance growth of the market, rising demand
of new technology, enhancing interest in headphones, growing use of tablets and smartphones
and increasing partnership with mobile companies are contributing to the growth of global
market for earphones and headphones.
Earphones and Headphones Market: Segmental Analysis
Presently, the wired headphones sections leads the global market with 59% share as
compared to 41% by the wireless technology segment. It is, still, expected to change over the
next few years, creating the wireless section the pre-dominant market segment.
Customers are expecting to pay low prices but it is not possible due to the cost of the product.
Price of Headphones can not be reduced.
Section 4: reflect on learning from process of entrepreneurship development & suggest how
your process of forming and developing your entrepreneurial product or service may offer
useful lessons in developing other, similar products.
Reflection
Entrepreneur's journey is full of enlightening and challenging lessons, it is essential to
consider and pay attention to these lessons in order to take the business to the next level. In the
above report I learned about product development techniques which can be very helpful in
achieving success in the business. It is important for a business owner or entrepreneur to focus
and believe on the ideas or thoughts related to the business or a new product. The entrepreneur is
planning to develop the new product and for the same proper planning for the launch and
marketing strategy is required to be prepared. The entrepreneurs must have essential skills or
abilities to make most appropriate strategies that can help in successful implementation of a plan
as well as achieving desired goals and objectives. In this project of product development I

selected T- Babel which is a real time translation device that may assist people in understanding
the things in their own language. It may also assist in listening high quality audio where their
will be no language limitation. I was confident about my idea due to its uniqueness and
innovativeness. I also learned about the importance of a business plan as well as various
resources used for developing or implementing it. I identified that there are various resources
used in development of a business plan. There are various strategies which needs to be
considered while planning or developing a new product. These strategies include pricing
strategy, sales strategy, marketing strategy etc. I learned that an entrepreneur can not ignore any
element related to these strategies as sales, pricing and marketing strategies plays an important
role in the success of any product. I identified that any product can not be successful in market if
there is not appropriate strategies for its sales, promotion and pricing of the product.
CONCLUSION
From the above report it has been concluded that entrepreneur is planning to develop new
headphones that is named as T-Babel. This idea will help people as well the entrepreneur in
earning and higher growth due to the new and innovative idea which has high quality and it will
affordable for people. In addition to this, to develop a new product always a proper planning and
analysing of the target market should be done before launching the product in the market. Other
than this, funds has to raised from such sources where the cost of raising fund is minimum so
that it can be beneficial for the entrepreneur in order to run the business successfully.
Furthermore, proper strategy for sales has been prepared so that sales can be enhanced and
maximum growth and revenue can be earned by the same.

REFERENCES
Books and Journals
Connie Marie Gaglio, (2018). Opportunity Identification: Review, Critique, and Suggested
Research Directions, in Jerome A. Katz , Andrew C. Corbett (ed.) Reflections and
Extensions on Key Papers of the First Twenty-Five Years of Advances (Advances in
Entrepreneurship, Firm Emergence and Growth, Volume 20) Emerald Publishing Limited,
Edward J. Malecki , (2018). Entrepreneurs, Networks, and Economic Development Revisited,
in Jerome A. Katz , Andrew C. Corbett (ed.) Reflections and Extensions on Key Papers of
the First Twenty-Five Years of Advances . Emerald Publishing Limited.
Ben Spigel, (2018), Envisioning a New Research Agenda for Entrepreneurial Ecosystems: Top-
down and Bottom-up Approaches, in Jerome A. Katz , Andrew C. Corbett (ed.) Reflections
and Extensions on Key Papers of the First Twenty-Five Years of Advances (Advances in
Entrepreneurship, Firm Emergence and Growth, Volume 20) Emerald Publishing Limited.
Mumin Dayan and et.al., (2016) "The effect of entrepreneurial orientation, willingness to
change, and development culture on new product exploration in small enterprises", , Vol.
31 Issue: 5, pp.668-683
Okoye, E.I., Uniamikogbo, E.O. and Sunday, A.A., 2017. Accounting Skills for Sustainable
Entrepreneurial Development: A Study of Selected Small and Medium Scale Enterprises in
Edo State, Nigeria.
Akande, O.O., Mathew, O. and Oluwaseun, Y., 2018. Statutory Institutional Finance Scheme
and Entrepreneurial Development in Lagos State. IJAME.
Lindh, I., 2017. Combining physical and virtual realities to enhance students entrepreneurial
development. International Journal of Innovation and Research in Educational
Sceience, 4(3), pp.271-282.
Sraha, G., 2015. Public policy makers: improving export promotion programmes and
entrepreneurial development in a lower emerging economy. African Journal of Economic
and Management Studies, 6(1), pp.55-71.