Business Opportunity: Analyzing Entrepreneurship and Innovation

This document explores the concept of business opportunity and the role of entrepreneurship and innovation in achieving success. It analyzes the experiences of entrepreneur Mark Biles and provides insights into strategies for identifying and measuring business opportunities. The document also discusses the importance of innovation in business and the different types of innovation. Overall, it offers valuable information for individuals interested in entrepreneurship and business development.

Business opportunity

Table of Contents
About Entrepreneur.........................................................................................................................3
Questions from Entrepreneur...........................................................................................................3
Analyze data and information..........................................................................................................4
Relate to theory................................................................................................................................5
Conclusion.......................................................................................................................................7
References........................................................................................................................................8
REFERENCES................................................................................................................................9

About Entrepreneur
Entrepreneur is defined as an individual who starts own business or develops a very good
business idea that can be helpful for achieving the needs and demands of people. The main
objective of any entrepreneur is to earn profit and money by providing any new and innovative
service or product. New business entrepreneurs have a significant role in development of
country’s economy (Awolaja, 2020). There are very few individuals who have the ability and
skill to manage business in effective manner and achieve success. Hence, it is concluded that for
a person to become a good entrepreneur there are various skills and inbuilt opportunities that he
has to find out and do good work. There are various individuals who focus upon managing the
future demands and needs for carrying out the work and business plan within market properly. In
the following report, entrepreneur chosen is Mark biles. He is a UK based entrepreneur and CEO
of Ratio. This entrepreneur started his journey by working in various call centres and operating
different job roles. After working in the call centre, there was a big time for Marc in which he
got a gig which was successful (Castaño-Martínez, 2020). He was provided opportunity for full
time employment for performing special task. He was appointed as project executive at the
Richmond Group.
Mark biles has launched approximately 13 brands for the company and he developed good
network and connection in context of the business idea. This resulted in the launch of software
organisation naming Ratio. This company is involved in in making products and items which are
unpredictable. These items have great opportunity for progressing within market and managing
the operational activities effectively. Apart from Richmond Group, mark piles has also launched
other three associations with the help of Tara Flynn. At present, Ratio which is a software
organisation is owned by Bournemouth based VC i.e. Richmond Group. Tara Flynn sold the
company in in October 2013.
Questions from Entrepreneur
There are some questions which will be asked to Marc Biles who is a young business
entrepreneur and running three organisations successfully. Some of the questions are mentioned
below which will help in knowing more about his business opportunities –

1. How do you identify business opportunities and what metrics do you use to measure their
viability?
2. Who is the one entrepreneur to be your greatest example and inspiration?
3. How would you rank the key 5 skills needed to be a successful entrepreneur?
4. What strategies do you use to explore entrepreneurial opportunities to improve your
business performance.?
Analyze data and information
From the analysis and discussion of Marc Biles, it is concluded that he has analysed various
innovation theories for managing the business idea and maintaining success in market. He was a
very optimistic person who has worked upon managing the growth and development of his own
skills and abilities to become a successful entrepreneur (Evansluong, 2020). There are various
essential factors which we have analysed while researching about this entrepreneur which are
listed below –
 Change in mentality - every person has to face both positive as well as negative aspects in
life. Similarly, mark has also faced negative activities happening with him while working
upon his business idea. While developing the business, the individual think about his
family and kids who will be overseeing his work when they will become adults. There is
never a single person who runs a business, however it is the whole family which has to
struggle and run a successful business. This is a very white idea which provides vision
about entrepreneurs on recruitment of individuals that will work wholeheartedly and
manage their family also while working upon the business idea. Mark biles is an
individual who has been working effectively for managing the success of business in long
run. This person never used traditional working style. In context of earlier business work,
the person has to earn money e and then invest it in business.
No development means no benefit – Marc Biles has started 3 organisations and please provide
valuable services and products to customers that is helpful for these organisations in increasing
the profits and revenue generated. Mark has launched ratio which is a company that provides
huge revenue to the organisation and it is the best business idea generated by Marc. It is seen that
new ecosystem in size upon the making of huge revenues at a short interval (Fu, Wennberg, and
Falkenhall, 2020). This is not possible for the individual to remain at introductory stage and

achieve the benefits and profit of business. It takes time to become business visionary for
successful entrepreneurs which can easily expand the brand value among the customers. Mark
biles is a serial entrepreneur and he put the cash generated from ratio in a new business in order
to manufacture it in a new organisation that will provide high brand value in future.
 Discover gap - business innovation only occur when there is any discover present in the
current system of the business. All organisations are working upon innovating their
products and services as customers are more attracted towards a new product. If an
entrepreneur has to increase the profit and revenue of the company, it is important that
he is focusing upon innovating the business idea and providing a new product to the
customer. This can be done by fulfilling the discover graph and providing a product
which can be provided to potential customers effectively. Mark biles is a person who has
emphasize upon little insides regarding various issues that are faced buy customers.
According to the present framework, majority of new billion-dollar organisations have
been focusing upon innovating the product in order to run successful business. Ratio is an
organisation that works upon managing the business ideas properly and maintaining the
innovative software. Main objective of this company is to achieve desired results by
providing good services to customers.
 Follow your interest - the concept of running of business within family is obsolete. The
reason behind this is that entrepreneurs do not stay within the advanced company. They
have to provide steaks to other individuals in order to achieve profit of millions.
According to a statistics, there are approximately 60% of new businesses which are
operational when funding is done to them in first year. Business stationeries do not have
fearlessness energy for following the advantage and managing the work properly. There
is also acknowledgement about the closing down of the enthusiasm and managing the
floating of successful business properly.
.
Relate to theory
 Disruptive Innovation - - innovation is the most important aspect while managing any
work. While conducting the research, it is very important to analyse the innovation in
order to manage the work in proper manner. Innovation plays a significant role in

research that has been expanded from various decades. The concept of disruptive
innovation is started with the development of culture. This consists of managing the new
and advanced qualities and features that can be what in a product, service or system that
will help in attracting the customers. While disruptive innovation, there can be
disturbance which can lead to eco framework and managing of restricted time frame on
account of lower execution. When the organisation has no other chance for opportunity to
innovate the product, it is not easy to maintain the growth and development properly e
for managing work. Mark Biles has determined the customer and market opportunities
properly which has helped him to gain the competitive advantage. It Is very essential for
the company to manage the business operations and innovations properly so that it is easy
to achieve success. The company of Mark Biles attract the clients by saying that they
will offer innovative service whether you are the first or 10000th client.
 Entrepreneurship innovation theory - It tends to be considered as the most relevant
theory of right now. It expresses that development should be possible through below
mentioned four aspects:
o Launching on new products or service or by improving the past one.
o Introduce a totally new market
o Apply the new procedure of production or selling
o Acquire new sources of raw material
o Bring new structure in an industry like end monopoly through disturbance or
disruption
It is not required by people to you have amazing skills to live a normal life. There is no need
of developing and growing the skills are abilities if the person has no ambition to do anything.
New entrepreneurs must focus upon technology as it will help in managing the business activities
properly. there are very difficult times in which there is need of investigation within the business
enterprise as it is helpful for analysing the needs and demands of customers. As per the
viewpoint of Mark biles, it is concluded that it is very important to find the gap between market
and unexplored region because of which it is not possible to grab more number of customer base.
When there was meeting conducted with mark biles , it is analysed that he was attempting for
taking short within fundamental thought for the example that he has done a great job within the

business organisation. They are working upon managing the products and items for customers
which will help in achieving goals properly. It was easy for the company to analyse the fact that
innovation is the fundamental for longetivity of business. It is very essential for the company to
conduct researches that will help in managing the requirements of customers properly and
providing them products and items according to their wish. Mark Biles stated that he has
analysed that approximately 60% of customers are satisfied with the products offered by their
organisation and this has helped the company in in increasing the profits and revenue every year.
Mark Biles is a serial entrepreneur who has been working in market for achieving the desired
results. According to him, research and grabbing information regarding the product as well as
customer is the most important and creative thing which an entrepreneur can do for maximizing
the profitability of company. There are several machines that have helped for investigations and
development of new ideas which will attract clients and customers.
There are basically four types of innovations that include product, procedure, position and
paradigm. Product innovation is related to the launching of new product or service within
market. Mark Biles has always believed in product innovation as the reason behind his success is
innovative products and services. Procedure innovation consists of managing the innovation
within process of the company which is used for preparing the product or service. Position
innovation means that the company has to advertise and promote the products properly so that it
is easy to reach the potential customers.
Conclusion
From the above discussion, it is analysed that it is essential to focus upon innovation in
business as it is helpful in managing the work properly. It is concluded that business innovations
are important for managing the work properly. It is essential to attract the investors for increasing
the number of customer base. It is essential for the individuals to manage the work properly.
There are various innovative ideas and strategies used for managing the business opportunities.
Also, it is very important to manage the achievement of goals by using the innovation theories
properly.

References
Books and Journals
Awolaja, A. M., 2020. Entrepreneurial Opportunity And Collaborative Research Efforts As
Panaceas For Improving Academic Entrepreneurship Among Ekiti State University
Staff. Archives of Business Research. 8(3). pp.42-52.
Castaño-Martínez, M. S., 2020. Innovation, Value Creation, and Entrepreneurship by
Opportunity: An Analysis of European Countries. In Analyzing the Relationship
Between Innovation, Value Creation, and Entrepreneurship (pp. 43-63). IGI Global.
Evansluong, Q., 2020. Opportunity creation as a mixed embedding process: A study of
immigrant entrepreneurs in Sweden (Doctoral dissertation).
Fu, K., Wennberg, K. and Falkenhall, B., 2020. Productive entrepreneurship and the
effectiveness of insolvency legislation: a cross-country study. Small Business
Economics. 54(2). pp.383-404.
Ghezzi, A. and Cavallo, A., 2020. Agile business model innovation in digital entrepreneurship:
Lean startup approaches. Journal of business research. 110. pp.519-537.
Sayili, K., 2020. Retaining skilled employees: A human capital model with innovation and
entrepreneurship. Managerial and Decision Economics.
Stephens, M., 2020. Cities as custodians for entrepreneurial opportunity. In Urban Studies and
Entrepreneurship (pp. 31-49). Springer, Cham.
Sun, D., Li, S. and Xu, X., 2020. Analysis of reform and development strategies of China’s
Internet innovation and entrepreneurship education. Entrepreneurship Education, pp.1-
17.
Toms, S., Wilson, N. and Wright, M., 2020. Innovation, intermediation, and the nature of
entrepreneurship: A historical perspective. Strategic Entrepreneurship Journal. 14(1).
pp.105-121.
von Bloh, J. and et. al., 2020. Transnational entrepreneurs: opportunity or necessity driven?
Empirical evidence from two dynamic economies from Latin America and
Europe. Journal of Ethnic and Migration Studies. 46(10). pp.2008-2026.
Yu, W., 2020. Creative industries agglomeration and entrepreneurship in China: necessity or
opportunity?. Industry and Innovation. 27(4). pp.420-443.

REFERENCES
Books and Journals