Business Opportunity Project

The assignment involves three parts: (a) critical analysis of business opportunity, (b) developing creative and innovative ways to make the most recognized opportunities, and (c) evaluating alternative approaches to creative thinking. The research diary for Rowlinson Knitwear discusses the company's strategy to connect customers with their mobile phones, provide personalized services, and launch a series of activities to reach desirable outcomes.

BUSINESS OPPORTUNITY
PROJECT.

Table of Contents
Infographic.......................................................................................................................................3
RESEARCH DIARY.......................................................................................................................4
(a) Critical analysis of business opportunity and its centrality to innovation and
entrepreneurship.....................................................................................................................4
(d) identify and assess viability of an opportunity and justify it for new products, services and
ventures by emerging trends...................................................................................................5
(f) Develop creative and innovative ways to make the most recognised opportunities an
evaluate alternative approaches to creative thinking..............................................................5

Infographic
RESEARCH DIARY
For an organisation to lead in market have to adopt relevant changes and market
trends that are very obligatory to remain enough competitive into marketplace. In order
to mega trends are macro factors and global factors of development that impacts on
widely on business (Grayson and Hodges, 2017), society and people who relate with
them. This diary based on Rowlinson Knitwear, which is a UK clothing organisation and

its main operations are based on various clothing and other designing functioning. It is
based on milestones for fashion industry and how they influence taste and preferences
of consumers and related changes in the sector.
(a) Critical analysis of business opportunity and its centrality to innovation and
entrepreneurship.
Business opportunity refers to the available options and choices to acquire larger
market share and increase profitability ratio by gaining a competitive advantage for
future growth. Major goals and objectives of any industry consists of finding out new
ways to launch a product by offering different attributes and features within their
products in comparison to their competitors (Burns., 2016). There is a close relation in
business opportunities, innovation and entrepreneurship because each factor relates to
offering innovative and unique products to deliver to its consumers.
In case of Rowlinson Knitwear, which is an established brand name in UK
fashion industry and the company provides clothes and related accessories at
affordable prices to their consumers. For consistent success in marketplace, the firm
has to focus on giving products to enchant their consumer base. There are large
number of competitors in front of Rowlinson Knitwear, which makes it essential for the
company to focus on providing effective products and services to lead in marketplace.
In that case, the firm must focus on releasing new products into market place or focus
on renovating existing ones so that consumers should remain loyal towards
organisation. Innovation could be the key to its success.
The emerging trends in context of Rowlinson Knitwear should be in their retail
strategy, business environment and major decisions should be taken to given delighted
experience to consumer base (Ojala,, 2016). Their emerging changes and trends
consist of deploying new processes that are based on operations research to determine
single shipment of inventory by sending to two central warehouses. To cut down cost
organisation focus on limit their spending on advertisement and promotions which is
one of important marketing tool to attract larger consumer base.

(d) identify and assess viability of an opportunity and justify it for new products, services
and ventures by emerging trends.
To lead in market, organisation have to implement some new and emerging
products and services that proved beneficial for organisational growth and
enhancement. In order to assess viability of project, Rowlinson Knitwear, which is an
effective clothing company, must accept changes that also requirements of today's
world. Changes are necessary for organisation to keep update to their consumers about
their latest stock and fashion trends that help to grab attention of consumers.
Technological advancements happening in the marketplace is one of the most emerging
opportunity for this firm to adopt in light of recent trends of the clothing industry. In
future, Rowlinson Knitwear by the name of “RK-Pay” would give facility to shoppers
through which they can attach their mobile phones to look for selected new and
emerging fashion trends in real time when consumers click on sensors of stores or AR
enabled windows of shop. It initially aimed to launch in approximately at 100 stores that
technology and services are irresistible for Rowlinson Knitwear and drag attention of
millennials of stores and buyers to shop their products and services. This would be
viable for the company as it must effectively invest in technology to succeed in the
future. Moreover, it is within the company's financial and technological capability which
makes it effective and quite possible for the company.
(f) Develop creative and innovative ways to make the most recognised opportunities an
evaluate alternative approaches to creative thinking.
For every organisation to achieve success, it is very important for them to
creatively think in innovative ways so that they can give better products and services to
get better opportunities (Gaglio., 2018). In case of Rowlinson Knitwear, their new and
innovative attribute consists of facilities to connecting people with their mobile phones
so that they can acknowledge about new and emerging trends of market (Abdelkafi and
Täuscher., 2016). To grab attention of large number of customers, organisation will
have to launch a series of activities that shows steps that have to be followed to reach
at desirable outcomes and goals. Another aspect through which the firm could apply
creative thinking to effectively make the most of the opportunity is making RK-Pay quite
customer friendly despite of being technologically superior. Provision of convenience to

customers in an application like this and giving them personalised service would be
creative enough for the firm to grab new customers in the market (Vogel, 2017).

REFERENCES
Books and Journals
Abdelkafi, N. and Täuscher, K., 2016. Business models for sustainability from a system
dynamics perspective. Organization & Environment. 29(1). pp.74-96.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Gaglio, C.M., 2018. Opportunity identification: review, critique, and suggested research
directions. In Reflections and Extensions on Key Papers of the First Twenty-
Five Years of Advances (pp. 1-47). Emerald Publishing Limited.
Grayson, D. and Hodges, A., 2017. Corporate social opportunity!: Seven steps to make
corporate social responsibility work for your business. Routledge.
Ojala, A., 2016. Business models and opportunity creation: How IT entrepreneurs
create and develop business models under uncertainty. Information Systems
Journal. 26(5). pp.451-476.
Vogel, P., 2017. From venture idea to venture opportunity. Entrepreneurship Theory
and Practice. 41(6). pp.943-971.