Entrepreneurship Development Project: Dryer with Ultra Violet Rays

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ENTREPRENEURSHIP DEVELOPMENT

EXECUTIVE SUMMARY
The entrepreneurship development project for a new innovative idea for the growth of the
organization, which has been establishing by an enthusiastic entrepreneur. The organizational
research analyst has done this project report and different idea and their features are motion,
which helps them to, makes their product effective and efficient. Entrepreneurs are very
enthusiastic and innovative which takes the creative decisions to in their product, in this project
report entrepreneur decisions is more helpful for managing organizational activities to generate
more opportunities. In this report, the idea of the product has taken by the entrepreneur to build a
Dryer with Ultra Violet Rays, which is more helpful for saving electricity, non-harmful for the
environment and attractive among the market. In the sigh of technology, an entrepreneur takes
effective decision to launch this innovative Dryer with tremendous features. In this report
mention various marketing strategies and identification of different aspects which may affect the
product. It will mention that the critical analysis of the product is very essential for the success of
the organization and it will be done by different business strategies.

TABLE OF CONTENTS
EXECUTIVE SUMMARY.........................................................................................................................2
SECTION 1 INTRODUCTION..................................................................................................................4
SECTION 2: OPPORTUNITY FORMATION, COMPRISING A BRIEF DESCRIPTION OF YOUR
ENTREPRENEURIAL PRODUCT, SERVICE, OR ORGANIZATION PROCESS & AN
EXPLANATION OF THE PROCESS IN WHICH YOU FORMED YOUR ENTREPRENEURIAL IDEA
.................................................................................................................................................................... 6
SWOT ANALYSIS.................................................................................................................................6
PESTLE ANALYSIS..............................................................................................................................7
SECTION 3: OPPORTUNITY DEVELOPMENT, WHERE YOU DISCUSS HOW YOU INTEND TO
DEVELOP YOUR CHOSEN PRODUCT/SERVICE/PROCESS INTO A SIGNIFICANT VENTURE
BY DRAWING ON FEATURES OF ONE OF YOUR CHOSEN DEVELOPMENT PATHWAY
PERSPECTIVES.......................................................................................................................................10
ANSOFF MATRIX THEORY..............................................................................................................10
MARKETING MIX (4P’s)....................................................................................................................12
PORTERS 5 FORCES MODEL............................................................................................................13
SECTION 4: CONCLUSION AND PERSONAL REFLECTION............................................................16
REFERENCES..........................................................................................................................................17

SECTION 1 INTRODUCTION
Innovation and creative implementation help to make effective research and it provides a
featured product to the whole world to use and get benefits by saving time and cost. In this
modern generation, everybody needs some innovative products that can reduce their time and
cost, which helps them to manage their things effectually. The innovative organization Happy
Home Technologies Ltd. introduces the creative product, which is Dryer with Ultra Violet Rays,
this product has unique features, which helps to reduce cost and time. This product is the
indicator of innovation technology in this generation and plays an essential role in the
development of the organization. For the success of this product, it needs a more effective
market and customer base for using such technology. An entrepreneur is a person who introduces
several changes in the technology for uses in a creative way. In this report, make the discussion
about the formation of opportunities by the help of this innovative product and their features,
which is the way of organizational success. Different marketing and business strategies are
applied for the development of a product such as SWOT analysis PESTLE analysis and
competitive profile matrix helps to provide analysis on the existing competitors in the market. It
is also mention in the report that different theories and models help to signify the developing
opportunities of this product which are ANSOFF matrix theory, Marketing mix and Porters 5
forces model.
Mission
To provide efficacious innovative technology to the largest customer base and enhance the
production of the product to circulate in the whole world.
Vision
To broaden this innovative technological product among the different markets and in a maximum
number of customers for fulfils their requirements.
Aims and Objectives
The aim of the organization to be the first innovative organization to produces such technological
products in the market.

The objectives of the organization are:
 To make long-term profit maximization
 Provide effective services to the customers
 Growth of the organization with the Social/environmental concerns

SECTION 2: OPPORTUNITY FORMATION, COMPRISING A BRIEF
DESCRIPTION OF YOUR ENTREPRENEURIAL PRODUCT, SERVICE,
OR ORGANIZATION PROCESS & AN EXPLANATION OF THE
PROCESS IN WHICH YOU FORMED YOUR ENTREPRENEURIAL IDEA
Innovative technology have their defined room for the success, the entrepreneur has to identify
the idea, which is applicable in their organization to make product effective. There are various
opportunities for the formation of the opportunities and all these opportunities will help to get the
best of the best results. The new innovative product Dryer with Ultra Violet Rays has been
introducing by the Happy Home Technologies Ltd. and the motive of the product is to provide
effective features to the customers who help them to reduce cost and time.
SWOT ANALYSIS
STRENGTHS WEAKNESSES
 This product has exclusive features and
different functions
 This dryer product is more innovative
and creative (Yuan, 2013).
 This product introduces with the finest
quality and impressive designs
 This organization provides a multi-
purpose product, which has different
functions for use.
 The quality of this product makes it
more durable (Yuan, 2013).
 Dryer with Ultra Violet Rays is the first
innovative invention in the world.
 There is a shortage of potential
employees for the marketing of this
product.
 Lack of capital and fund for expanding
production of the product
 Lack of availability of numerous
unique materials is required to
assemble this product (Yuan, 2013).
 The organization faces various
problems related to internal
management.
OPPORTUNITY THREATS
 This Dryer with Ultra Violet Rays is an
innovative product is very new in the
market (Sevkli et al. 2012).
 Various competitors try to adopt this
technology and this is the only threat of
this product (Yuan, 2013).

 Not a single competitor in the market
who have this kind of technology
 In this modern age, every corporate
person and other customer need
effective technology to reduce their
time and cost, then this product has and
point.
PESTLE ANALYSIS
A PESTLE analysis is referring to as the tool of business strategy, which is used for evaluating,
monitoring, discovering, and tracking macro or external economic factors. Moreover, these
factors mainly affect the business and its separate product line. The main identification work to
provide their response in the form of managing different activities, which might be making an
impact on the current and future condition of the market (Zalengera et al. 2014).
Figure 1: Pestle Analysis
Source: Aithal (2012)
POLITICAL FACTOR
For the beginning of the organization, the product has to face numerous challenges, which
directly affect their sales, revenue and other portion. Political and politically motivated factor

affects the organizational process (Cadle et al. 2014). Political factor refers to the situation where
all the foreign trade policies, trade restrictions, political stability or instability, Government
policies, competition regulation and other changes made by the government. It mostly affects the
situation of the product in the different market; it changes norms, rules and regulation of the
business. There are assorted resources available that new organization can utilize for promoting
their products and its services but due to official changes done by the government, it would not
be possible (Srdjevic et al. 2012).
ECONOMIC FACTOR
Economic factor considers in financial and monetary term, which provides the proper analysis
that various rates and policies change due to the different parameters of amendments. The
government makes changes in their tax policies, international exchange rates, unemployment
rates, fluctuation of taxation and inflation rates, which make an immense impact on
entrepreneurs business, monetary policies. Economic reforms are the main reason of the
exceeding prices of raw material and other necessary products (Aithal, 2012). Proper
identification of political changes by the government will help in getting effective information
about the new product Dryer with Ultra Violet Rays of Happy Home Technologies Ltd (Srdjevic
et al. 2012).
SOCIAL AND CULTURAL FACTOR
Social behaviour and culture of the nation is the main concern of the analysis, which helps to get
and collect essential information about the religion, tradition, population, customer perception,
demographics, and lifestyle trends (Aithal, 2012). Dryer with Ultra Violet Rays product is not
common in the market it needs proper market analysis, which helps them to identify the changes
required by the customers. The product should be manufactured according to the values of
society and culture, which helps to develop the process for the betterment of Happy Home
technologies Ltd.
TECHNOLOGICAL FACTOR
The external factor, which affects most of the organizational way to manufacture their innovative
product and provide services to the customers (Aithal, 2012). The way the organization uses to
build its distribution structure and channel to circulate products in different localities.
Technology is the sources of income and strong support for the organization to maintain its
sustainability in this competitive market. Communication and other technological tools are very

necessary to manage production activities, which help them to produce according to the
customers, but the sometimes-new product, have to face various challenges like those that lack of
advance technology refers to the big losses (Cadle et al. 2014).
ENVIRONMENTAL FACTOR
Environment and social responsibility are also one of the essential factors, which have to concern
at the time of new entry in the market. There are various opportunities will grab by the
organization by the help of this essential factor which helpful for making more effective results.
Charity, donations and other works, which helps to the welfare of the society, are helpful to build
brand value and help to manage more things (Fozer et al, 2017).
LEGAL FACTOR
Rules and regulations are the main reason t makes various changes in the process and procedure,
which might bring more changes in the operational process of the production of products (Aithal,
2012). Legal factor makes more impact on the existing situation of the organization and it
provides the essential terms and plans to process. The changes in the laws and legislature by the
new amendment may change the tax, interest and exchanges rate (Fozer et al, 2017).

SECTION 3: OPPORTUNITY DEVELOPMENT, WHERE YOU DISCUSS
HOW YOU INTEND TO DEVELOP YOUR CHOSEN
PRODUCT/SERVICE/PROCESS INTO A SIGNIFICANT VENTURE BY
DRAWING ON FEATURES OF ONE OF YOUR CHOSEN
DEVELOPMENT PATHWAY PERSPECTIVES
The innovative product has various features, which reduce time, and cost of unusual things, it
attracts the customers to but this product and enjoys the services. It is invited product and there is
not a single product exist in the market, which has a comparison (Gianos,2013). There are
different theories and models uses to represent the product and develop different opportunities,
which are the following ways:
ANSOFF MATRIX THEORY
This theory has been introducing by Igor Ansoff in 1957, he introduces the Product/Market
diagram for business expansion. The minimalism of this model has four strategic options defined
can be generically applied to ethnological industry (Gianos, 2013).
Figure 2: Ansoff Matrix Theory
Source: Kaivo-oja (2012)
MARKET PENETRATION
Marketing penetration refers to the existing market and existing product; it provides the brief
information about the substitute product in a different market, from where customer can able to

take advantages with the options (Gianos, 2013). It helps to promote the product with different
procedure and process which helps to increase the revenue of the organization the new product
Dryer with UV rays needs to promote their services and features which is more helpful to
increase sales. This process is more helpful for positioning of the company and increase the
brand value (Kaivo-oja, 2012).
MARKET DEVELOPMENT
Market development refers to the new market and existing product; there are numerous decisions
which organization takes to develop its brand value in new markets for better response. There are
different products, their benefits available in the market, but this innovative product has unique
features and these features are attracting customers in a new market (Gianos, 2013). Market
development refers to product export in new markets and uses promotional tactics in different
regions.
PRODUCT DEVELOPMENT
Product development, this is the best source to develop innovative invention in the different
market because the product is unique and interesting which makes different impression o the
technology of the organization (Gianos, 2013). In this component, mainly focusing on the
existing customers and this process is very much useful to supply this in various places and
customers. This innovative product is work to introduce new technology and also reduces time
and cost which makes effective impression o the organizational process by providing such
facilities (Kaivo-oja, 2012).
BUSINESS DIVERSIFICATION
Business diversification perceptibly refers to this new innovative product, an organization can
easily set up their market for increasing product sales (Kaivo-oja, 2012). It helps to manage
various activities, which introduces the new market ad new products in the market. Business
diversification refers to the process of new product introduces in a new market for a better result,
in this process organization have to make more efforts to promote and advertise their services at
each level (Kaivo-oja, 2012).

MARKETING MIX (4P’s)
Figure 3: Marketing Mix
Source: Huang and Sarigöllü (2014)
PRODUCT
At the beginning of the organization, they need to focus on the efficiency of the product, which
has been, introduces in market diversification, it increases the flow of the outflow and inflow of
the organization, which manages more things to carry (Gordon, 2012). There are various
products exist in the market which has been considered in the substitute products, this product is
new as invented new technology in the market which provides effective support to the customers
to reduces their time and cost. It needs to be identifying the right product and services at the right
time, which is more helpful for the organization (Huang and Sarigöllü, 2014).
PLACE
There are plentiful markets exist in the whole world, organization have to identify the market
where they can promote their innovative product and introduces a different way to promote and
advertise (Leonidou et al. 2013). With the formation of new products and services, an
organization can establish its distribution channel for circuiting their products in various places
and regions. For the development of h organization, they have to identify the places where they
can promote their product and its services, which help them to increases the sales as well as