09. Unit 27 software company

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P a g e | 1 Unit 27 Identifying Entrepreneurial Opportunities (TechSpiron Software Company )

P a g e | 2 Contents Introduction: ............................................................................................................................................................................. 3 LO1: evaluating source of new and unique nosiness venture: .............................................................................. 3 Ducker’s model of 7 sources: ......................................................................................................................................... 5 The Unexpected: ............................................................................................................................................................ 5 Contradiction: ................................................................................................................................................................. 5 Process demand: ............................................................................................................................................................ 5 Types of innovations: ............................................................................................................................................................ 6 Radical innovation: ....................................................................................................................................................... 7 Incremental innovation: ............................................................................................................................................. 7 Innovation in Tech Company: ....................................................................................................................................... 7 Paradigm shift: ............................................................................................................................................................... 7 Innovation strategy applying to this business: ...................................................................................................... 8 LO2: Enlighten the market gap: ......................................................................................................................................... 8 Describe the way of filling gap: ..................................................................................................................................... 8 LO3: utilizing primary & secondary research: ............................................................................................................ 9 Analysis: ............................................................................................................................................................................ 9 Interpretation of the data: ............................................................................................................................................ 12 Justifying source and different methods of data collection to identifying the market potential: .... 13 LO4: ............................................................................................................................................................................................ 13 SWOT analysis: ................................................................................................................................................................. 13 Competitive analysis: ..................................................................................................................................................... 15 Evaluating entrepreneurial concept: ....................................................................................................................... 15 Opportunities: ........................................................................................................................................................................ 16 Recommendations: .............................................................................................................................................................. 16 Conclusion: .............................................................................................................................................................................. 17 References: .............................................................................................................................................................................. 17

P a g e | 3 Introduction: The entrepreneur's job is to assess the opportunities, risks, and individual capabilities of turning a business idea into a successful enterprise. This study primarily provides students with an overview of where innovative business projects are created and gives them the opportunity to consider and evaluate new business ideas. One of the most pressing problems in business is the ability to spot opportunities. (Bezanilla, 2020) Identifying opportunities is an important part of the business process and often the first step. Essentially, this report focused on assessing the fundamental advances that are critical to actually improving the way each company thinks. A startup concept for TechSpiron software solutions was also the focus of this study. The association offers its customers great websites with dynamic plans at affordable prices. In addition, the company's goal is to provide quality content for its customers' websites. It is therefore imperative that this organization explores the potential for different sources of new brands so that the organization as a whole can gain further competitive advantage through its business operations. (Bezanilla, 2020) LO1: evaluating source of new and unique nosiness venture: Entrepreneurship is widely recognized as a key factor in the current economic climate. Businesses strive to expand business opportunities, create more jobs, and ultimately have a greater impact on corporate profits, revenue growth, lifestyles, and more. The number of startups is steadily increasing, but few successful entrepreneurs. Various internal and external ecological factors can completely affect general business activities. Therefore, special innovative thinking is essential to recognize imminent danger and provide justified answers about how to actually avoid it. Obstacles and difficulties are common sources of stress for all entrepreneurs. The majority respond to such obstacles with pressure and optimism, and other negative experiences commonly impede progress. For example, Bill Gates is one of the most famous businessmen. When he founded Microsoft, he faced many obstacles, but overcame them all and successfully launched the company. (Carson, 2018)

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P a g e | 4 Entrepreneurs do not see competition as a threat, but as an opportunity to learn more about their industry and target market look over there. When showing your opponent's tactics, you need to understand what makes their personality and progress so extraordinary. For example, Ali Baba organizer Jack Mama also focused on the customer and forgot about the opposition. He conducts in-depth market research and identifies the strengths and weaknesses of his competitors to create significant advantages in the course of his business. (Carson, 2018) The process by which two parties negotiate to settle disputes or disputes amicably is called negotiation. Getting more cost benefits is essential for business exchange and trade. A discussion dialogue has five main phases: preparation or preparation, data exchange, goal of exchange or question, termination, and execution. In the first stage of planning, two stakeholders gather data for the purpose of an effective discussion process. Associations also need to distinguish between interests, property interests, competitive relationships, and a variety of other variables before planning. In the second stage of the discussion cycle, various policies and guidelines are established to directly manifest acceptance. The third step in the process is negotiation. It is important that both sides understand the true value of the company. Trade also contributes to the development of long-term business relationships between parties. Formally entering into an agreement between the two parties is the next step – completion. Final step in the implementation process. It primarily shows the process, but also prepares for future negotiation opportunities. This approach strengthens entrepreneurial confidence and customer relationships. (Carson, 2018) Personal factors:  Consumers' perspectives, attitudes, lifestyles and self-concepts are influenced both by the culture and subculture in which they grew up and in which they currently participate. Nationalities, particular interest groups, and even religions are examples of subcultures. An individual's purchasing decisions may also be influenced by their social status within a particular culture or subculture. (Ducker, 2020)

P a g e | 5  Wealth, income, race, education, ethnicity, gender, employment, and power derivative are examples of socioeconomic factors that contribute to the formation of social classes and hierarchies. The vast majority of people want to move up in society, and this desire is often reflected in their purchasing habits. Situational factors:  Customer perception is influenced by three cognitive processes: Selective attention, prejudice, retention. "Selective attention" is the method a customer uses to choose what to focus on. The strategy marketers use to ensure that their message stays in the viewer's mind is called "retention." (Ducker, 2020)  If a customer has a strong enough desire for a product or service, it can be a deciding factor in their purchase. Physiological, biological and social needs can always be valid reasons for action.  Customers' satisfaction with our products and services depends on their attitudes and attitudes. This is an important consideration when creating brand graphics that communicate your target audience's beliefs and ideals. (Ducker, 2020) Role of Innovation in new business Tech Company: This includes both company organization and the provision of state-of-the-art corporate management systems or processes. These can be based on completely new technology or on existing technology. (Fraser, 2019) Paradigm shift: A change in worldview occurs beyond the framework of innovation and creation, with associated changes in assumptions. The Industrial Revolution and the Digital Age are two of the most important paradigm shifts. Innovation takes the longest time to materialize, but when it does, it completely changes what was previously known. Low-code/no-code software development: This concept may seem like a contradiction, since coding is the foundation of software development. (Fraser, 2019) However, even as software development becomes more sophisticated, the requirement for software delivery does not go away. Today's software development teams are under

P a g e | 6 constant pressure and new talent is reluctant to work in such stressful conditions. (Fraser, 2019) Big data security: Software development has evolved to meet the needs of big data, from data collection to storage to analysis. With the increasing focus on big data from consumers, regulators and governments, securing all data collected is a top concern for all businesses. Types of innovations: Innovation software can not only be used to develop new ideas. It can also be used to open up new markets and develop disruptive business models that were previously unthinkable. Used in this way, innovation software becomes a valuable tool that can completely reshape existing markets. (Gallen, 2019) Disruptive/Radical innovation: Disruptive innovation is when a new product or service is born from below that ultimately outperforms its competitors. This is an invention that completely transforms existing markets and industries by replacing complexity and high cost with simplicity, ease, accessibility and affordability. (Gallen, 2019) Because disruptive innovations exist in small niche markets, they may initially be rejected or ignored by established market players, but new ideas and products ultimately transform the industry fundamentally. Mass cars are an example of disruptive technology. This is a disruptive innovation because it has changed the transportation market. Essentially, horses were used instead. Benefits:  One of the fundamental characteristics of disruptive technologies is their ability to deliver novel and tangible benefits to their customers. When this kind of technology comes along, it changes everything in the company. The Internet has changed the way people used to learn through libraries, newspapers, and even social interaction.

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P a g e | 7  Disruptive technologies have the potential to create new companies in existing industries. In untapped markets, early adopters of new technologies can establish themselves as thought leaders. (Fraser, 2019)  When incumbents voluntarily adopt breakthrough technologies, they can benefit from excellent growth potential not only in current industries, but also in emerging industries. Challenges:  The presence of dominant concepts and the tendency to maintain successful business models, as well as a strong inward orientation, excessive bureaucracy, and a tendency to maintain routine and the status quo are some of the obstacles to disruptive innovation. Risk aversion, inability to forget learning, lack of foresight, innovation and management skills in the face of high risk and uncertainty are the result of these factors.  Even when innovations succeed, they often fail and do not initially yield financial gains. The biggest management challenge for companies is to balance their technological capabilities with past, present and future market prospects. Incremental innovation: These are slow changes that companies logically make to expand the usefulness and benefits of their advertised product or service. These innovations by themselves cannot be fully appreciated, but if they are sustained over time, they can be an important foundation for the further development of the company. Incremental innovation, in contrast to radical innovation, focuses on improving technology based on what already exists rather than on something new or original. Modifications are made to technological processes or products to enhance technology and utility based on primitive characteristics. (Kaya, 2010) Benefits:  One of the benefits of incremental innovation is low risk. Incremental innovations are continuations or improvements to existing goods and services, so they are less risky. The company has done this before and already knows where the products and

P a g e | 8 services they offer are the best. Therefore, the chances of making a serious mistake are very small.  In addition, incremental innovations are already implemented, making them cost- effective. This will allow the company to focus on incremental innovation without spending large sums of money on research and development. Most products and services are only updated without impacting basic functionality. Challenges:  “Internal misalignment” and “time risk” are the risks that have the greatest impact on the failure of step-by-step efforts. Surprisingly, “lack of qualified staff” and “poor planning and measurement at the project stage” top the list of hidden dangers (the difference between failure and success of innovation efforts). I'm here.  “Uncertainty about demand for innovative goods and services” and “poor customer insight” were the two biggest threats to this type of innovation. Difference between disruptive & incremental innovation:  Large companies now often employ tiered promotions. Ventures that are more resistant to risk and change are less expensive and less complex. Problematic developments are known to occur in start-ups because they allow new companies to act as direct competitors to established markets. Your business goals should drive the arrangement you choose. Continuous change can be ideal if you want to increase competition, capture industry-wide share, or logically increase your productivity. Problematic development is a strategy to pursue when trying to chase undiscovered markets or otherwise transform an industry. (Kaya, 2010)  There is a big difference between a sensational trend and a stable trend. Radical development is the ability to create something completely new for the world or for a particular industry. On the other hand, continuous development is the ability to create something new for the company. A well-known argument is that steady development makes an organization more profitable, while extreme development makes it less profitable. Additionally, groundbreaking developments such as progressive leaps sometimes require understanding significant financial issues.

P a g e | 9 Therefore, the benefits of such development will take longer to materialize, as opposed to continuous revelations. (Kaya, 2010) Innovation strategy applying to this business: 1. The rapidly changing market has increased interest in steady development. Since then, offshoring has become widely known and is now the preferred strategy for companies looking to expand their development, implementation and financial execution. (Markland, 2020) 2. Time and patience are very important in development. When employees are fully committed to completing client work, the door is not open for thinking and generating new ideas. There is also a lot of development going on there. 3. True progress requires that organizations not only create the culture that sustains them, but also that they transcend themselves and incorporate new and imaginative ideas on a regular basis. (Markland, 2020) 4. Balancing effort is one of the best ways to keep employees focused on progress. Even just realizing that your group puts a lot of time and effort into developing a product or service is a great way to motivate everyone. 5. High-performing organizations that emphasized both meetings and individual workspaces for each delegate were clearly associated with ingenuity. 6. Additionally, we found that social and open environments were better suited for conceptualizing innovative thinking. Set a solid time when you don't have any regrettable plans to encourage conceptualization and improved thinking. Use this artistic freedom to bring real progress to your business. And if something doesn't go as expected, do your best. (Gallen, 2019) LO: 02: Idea : Establishing a group of software experts to improve programs can be beneficial to any club, especially where promotion is the focus. (Mohamed, 2019) Aim : You can take advantage of the diversity of your team, access talent from all over the world, and hire based solely on skills. Bringing together talented engineers from a variety of industries gives companies a head start on conception and imagination. (Carson, 2018)

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P a g e | 10 How this will work: Entrepreneurship is an approach to social and organizational change that effectively addresses both business and social issues. Experience, knowledge, and the right skills are essential for an individual to accurately determine entrepreneurial ideas. Successful businesses should be founded by their customers, even if the support and services they provide meet their needs and desires. Therefore, it is important to identify the requirements in order to attract more customers psychologically to your brand. This allows management to increase the number of loyal customers, which in turn improves the company's overall performance. Critical thinking should be an entrepreneur's "skill" for new concepts, according to this in-depth study of the entrepreneurial cycle. Ingenuity allows financial professionals to come up with innovative strategies that bring many benefits in their daily lives. (Mohamed, 2019) SWOT analysis: Strength TechSpiron Software Solutions could start a business with the support of Aldgate East's staff efficiency and technical prowess. From an organizational point of view, the competitiveness of employees can be an advantage for entrepreneurs. Ingenuity of representatives and superiors It may improve your business opportunities. High-end computers with low failure rates, with high levels of service and spare parts availability. Get the income you need from Virgin Cash and improve the quality of your business. Weaknesses TechSpiron software solutions may have material flaws, including: They are understaffed and reluctant to use cutting-edge technology. Boss doesn't think about her one-time promotion of employee. In fact, there is not enough training to help people learn new skills and abilities. Lack of registration in IT certification design and Packing operations in various factories can affect an organization's business opportunities. Ignorance of this hierarchical thinking in the oriental market Aldgate could also be a corporate flaw.

P a g e | 11 The new funding will help the company overcome all these shortcomings. Opportunities No unexpected changes in the political arena, mainstream parties in a strong position, no danger of marginal parties winning elections. This could be a huge opportunity for TechSpiron software solutions to make your business run more smoothly. There are many shortcuts to entering the company's market, making it more difficult for new competitors to enter. Better access to innovation and licenses related to globalization, open Organizing inter-organizational communication and coordination is very beneficial for organizations starting a business. Virgin Money branch support also increases the potential of concept companies. Threats Unfavorable exchange rates reduce export competitiveness due to the growing number of international competitors and prominent international players. Dynamic worldwide segment profiles reduce administrator concerns provided by the organization. This can pose the greatest threat to TechSpiron software solutions. Difficult access to technology and foreign companies holding licenses for critical manufacturing processes prevent them from manufacturing their own products. The cost of patent processing is also highly valued. Virgin Cash's earnings will be able to overcome these hurdles now that all these threats stem from a revenue shortfall. Competitive analysis: Market analysis requires comprehensive research to be able to assess competitive behavior in the current market environment. Strategic reviews enable entrepreneurs to assess the strengths and weaknesses of their market competitors and implement successful strategies to gain significant advantages. (Nathan, 2019) The stock market and rental property acquisitions dominate the Aldgate East market. IT organizations such as TechSpiron Programming Arrangement have an incredible reach in this market to further develop their business. The IT business mainly consists of advanced

P a g e | 12 tasks and other computer-aided development, and has nothing to do with natural substances other than electronic products and other products on the market. Even if the company may run into difficulties, such as internet problems or machine failures, those difficulties clearly make you consider leaving the company. Aldgate East Technologies Ltd. and other of his Aldgate East companies are already well established in the poetry market. TechSpiron programming agreements must have sufficient financial backing to support their business in order to compete with current businesses in the heart of the economy. Nevertheless, the company's activities have the potential to enrich the outsourcing business market. This business idea is particularly useful, but it requires a bet to elevate it. This idea has the potential to grow as a business and gain market acceptance thanks to Virgin Money. (Nathan, 2019) LO3: utilizing primary & secondary research: Purpose of research: To effectively identify market opportunities, a survey was conducted with managers from various IT companies in the UK. Several ready-made questions have been developed by experts to enable effective differentiation of autonomic factors. (Shepherd, 2015) Primary & secondary research: TechSpiron software solutions utilize qualitative and quantitative secondary data interpretation methods to effectively examine critical information. Through subjective methodologies, perceptual strategies can be used to link selective behaviors to a set of perceptions. To learn more about Aldgate East's potential market and the barriers that stand in the gap, refer to a variety of papers, magazines and articles. (Shepherd, 2015) In addition, business owners should conduct interviews with customers in specific markets to determine customer requirements and other issues that may widen the gap. Analysis: Q: 01: Will the TechSpiron Software Solution's ability to be creative help it grow its business in that possible market?

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P a g e | 13 77% 23% creative help ability yes no 77% participants agree with that TechSpiron does have ability to of creative help while remaining 23% doesn’t. (Simmons, 2019) Being creative means coming up with something new, whether it's a service, a method, or a way to make reality clearer. Successful management of innovation projects requires companies to change, which has far-reaching implications for their competitiveness in the long run. An organization's ability to respond creatively to new and more complex challenges is based on a set of supported actions that inspire creativity. Q: 02: Is there a need for an IT company in the Aldgate East area specifically?

P a g e | 14 82% 18% need of IT company yes no 82% of the population agrees that east area does need an IT company while 18% still doesnot agree with that. After conducting research, the main goal of TechSpiron programmers was to pinpoint market gaps in order to drive the business in a profitable way. (Shepherd, 2015) One of his methods of assessing sales opportunities when there is more competition than supply is called a market gap analysis. This approach allows the Association to identify underserved markets. By using market gap research, business owners can make rational decisions rather than making decisions based on customer information Perhaps gap analysis is a necessary part of strategic thinking. If companies detect problems with whole analysis, they can take a more appropriate approach to the situation or realign their methodology. The gap between a company's capabilities and its current market

P a g e | 15 position is often determined using a market gap analysis. Everything the club expects and what it achieves is always unique. By following the steps outlined below, an entrepreneurial company can obtain important data and other information through a useful gap analysis. (Simmons, 2019) i. Recognize the areas to be studied and characterize the goals to be achieved. ii. Create an ideal future scenario. iii. Examine the current situation. iv. Compare Current Situation to Ideal Situation v. Interpret Shortfalls and Determining Differences vi. You have to establish your position at the gate. vii. By studying various obstacles in the market, you can achieve your goals. Interpretation of the data: The entire market at a given point in time is the potential market for a product or service. Indicates the maximum demand limit for a product or service. Potential demand is usually driven by transactions or volume. However, data analysis addresses the mechanisms by which data are interpreted to reach precise conclusions. Information gathered through data analysis is given credibility and its meaning and consequences are also defined. You need to go through numerical data to find the market mean, variance and frequency distribution and continue with quantitative data analysis. Key information from the study sheds light on the potential landscape of the Aldgate East market. The report also assigns

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P a g e | 16 market importance and potential, explains the fatal environment of the market and potential requirements of IT companies like TechSpiron Programming Arrangement in the special Aldgate East market. (Su, 2020.) Justifying source and different methods of data collection to identifying the market potential: We need to collect a large amount of data and information about the Aldgate East market in order to realize its potential as a TechSpiron software solutions market. This allows companies to assess the current market conditions for that particular location. The following advances can be applied for critical information gathering: Observation : Grouped queerness perceptions can be a quick and effective way to obtain information about the lowest impedance social events. Market awareness provides productive data about the expected current market conditions. Surveys: This process allows you to use surveys to research potential markets. It helps companies to recognize various challenges and problems in the market. Surveys allow professionals to properly classify and plan data collection systems. (Su, 2020.) Interviews: Conducting interviews in this market allows companies to gain a deeper understanding of their customers' mindset and the needs of each market. Group Discussions: Group discussions are very useful for companies to discuss business-related issues and make efficient decisions. Collective action is always better than individual decisions. LO4: Evaluating entrepreneurial concept: Competitive market research enables companies in the field to identify their competitors and develop strategies to compete with them. The idea of starting an IT business can be a

P a g e | 17 great opportunity for entrepreneurs to start a business in Aldgate East. This strategy will help you seize the opportunity to get Virgin Money support for your project and cash in on your growth. Due to the same market conditions in Aldgate East, entrepreneurship plans like TechSpiron software solutions help entrepreneurs grow their businesses without having to compete in the market. With Virgin Money support, you can recover from financial crisis and grow your business more smoothly. (Su, 2020.) Opportunities: You should know about the three urgent advances you should take if you have any desire to send off a product organization and exploit the market potential. The first thing that needs to be done is to establish context, which includes not only your own life circumstances but also those of your surroundings, your experience, and the connections and relationships you have. The second is the process of coming up with ideas, putting them together into interesting proposals, and letting your imagination run wild. The final step is the invention process. You may have heard the term before, and since it is important, we will specifically explain it and highlight specific practices. Particularly for distinguishing a business opportunity in programming. (Bezanilla, 2020) Recommendations: To help you start a successful software company, here are some suggestions: i. Rather than just focusing on changing clients and getting them over completely to pay, a client driven firm makes due on the impetus of fixing the challenges that the clients face. ii. Business runs much more smoothly when there are fewer risks. A software-based company can accomplish this by launching an MVP (Minimum Viable Product). An MVP is the product's most basic form, containing only its core functions. Customers' feedback can be used to make changes and additions to the MVP after it is introduced. (Simmons, 2019)

P a g e | 18 iii. Businesses use the Co-Marketing strategy to promote each other's products. This gives participating businesses access to the user bases of other businesses and allows them to grow their customer bases. (Bezanilla, 2020) iv. Continuously direct exhaustive exploration on the necessities, the issues that individuals are encountering, how critical your program will be for them — are there some other, more straightforward techniques to handle the issue, does the issue genuinely irritated them, etc. — prior to planning any product. v. Realizing how something presently stands and how changing specific parts of it will impact the outcomes is fundamental for development. Businesses are the same; you must be aware of certain indicators of their condition. Conclusion: Imagination is very important in finding important business opportunities, and a productive attention to market gaps and various obstacles in the market can help companies run their business more smoothly. To better integrate the business, the TechSpiron programming contract must implement the development of Virgin Cash and generate breakthrough ideas to generate revenue from this company to drive business in Aldgate East. (Carson, 2018) References: Bezanilla, M.J., García-Olalla, A., Paños-Castro, J. and Arruti, A., 2020. Developing the Entrepreneurial University: Factors of Influence. Sustainability, 12(3), p.842. Carson, S.A., 2018. Identifying critical risk factors in the decision-making process of angel investors and venture capitalists: A Delphi research study. Ducker, K.J., Lines, R.L., Chapman, M.T., Peeling, P., McKay, A.K. and Gucciardi, D.F., 2020. Validity and reliability evidence of a point of care assessment of salivary cortisol and - α amylase: a pre-registered study. PeerJ, 8, p.e8366. Fraser, S., 2019. Entrepreneurial Borrowing: Do Entrepreneurs Seek and Receive Enough Credit?. Foundations and Trends® in Entrepreneurship, 15(5-6), pp.431-663.

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P a g e | 19 Gallen, Y., Lesner, R.V. and Vejlin, R., 2019. The labour market gender gap in Denmark: Sorting out the past 30 years. Labour Economics, 56, pp.58-67. Kaya, C. and Rust, C., 2010. Knowledge Transfer from Designers to Home Crafts Makers: Negotiating Methods to Study Actions in Context. In Proceedings of DRS 2010: Design & Complexity (pp. 776-790). Markland, D.A., Niven, A.G. and Markland, D., 2020. Using self-determination theory to understand motivation for walking: Instrument development and model testing using Bayesian structural equation modelling. Mohamed, M.J., Rye, T. and Fonzone, A., 2019. Operational and policy implications of ridesourcing services: A case of Uber in London, UK. Case Studies on Transport Policy, 7(4), pp.823-836. Nathan, M., Vandore, E. and Voss, G., 2019. Spatial imaginaries and tech cities: place- branding East London’s digital economy. Journal of Economic Geography, 19(2), pp.409- 432. Shepherd, D.A., Williams, T.A. and Patzelt, H., 2015. Thinking about entrepreneurial decision making: Review and research agenda. Journal of management, 41(1), pp.11-46. Simmons, S.A., Wiklund, J., Levie, J., Bradley, S.W. and Sunny, S.A., 2019. Gender gaps and reentry into entrepreneurial ecosystems after business failure. Small Business Economics, 53(2), pp.517-531. Su, X., Liu, S., Zhang, S. and Liu, L., 2020. To Be Happy: A Case Study of Entrepreneurial Motivation and Entrepreneurial Process from the Perspective of Positive Psychology. Sustainability, 12(2), p.584.

09. Unit 27 software company

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