Entrepreneurship and Innovation: PDF

Entrepreneurial
interview

Executive Summary
Entrepreneurial innovation is equally essential and sustainable for the early stages of new
ventures. However, the further has been outlined the theories of entrepreneurship such
sociological theory, resource based theory, resource based theory etc. study also explained the
Business opportunities has comes from sustainability, good relation, market reputation and
confidence.

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN REPORT...............................................................................................................................1
[12: 58] Interviewer : Critically compreinced the concept of innovation entrepreneurship and
opportunities................................................................................................................................1
[1 : 28] PM Interviewer : Business opportunities centrality to entrepreneurship and
innovation....................................................................................................................................2
[1 : 57 PM] Interviewer : Theoretical practices..........................................................................3
[2: 28 PM] Interviewer : Discussing current practices of management intern of entrepreneurial
and innovation.............................................................................................................................4
[2: 58 PM] Interviewer : Analysis of existing business for evaluating its readiness of including
entrepreneurial.............................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
APPENDIX......................................................................................................................................9

INTRODUCTION
Entrepreneurship and innovation play a vital role in knowledge of creation and
exploitation to generate value and drive sustainable economic, social, technological and
organisational development. Entrepreneurial innovation is equally essential and sustainable for
the early stages of new ventures. However, the present study will be base on entrepreneur
innovation. Further the study will be discuss about the concept of innovation entrepreneurship
and their importance to getting business opportunities. However, the further study will also
outline the theories of entrepreneurship which is based on resource based, sociological base etc.
at the end of the segment research will cover the current practices of management interns of
entrepreneurial and innovation.
MAIN REPORT
[12: 58] Interviewer : Critically compreinced the concept of innovation entrepreneurship and
opportunities.
Time : 1 : 00 PM
Interviewee: According to interviewee, Innovation is the concept which is based on the new
idea, thoughts, imagination. According to each and every entrepreneur innovation is the most
required concept to run the business smoothly and sustaining. In order to critique, Innovation
might have create the challenges situations for the businesses which is not controllable. UK has
been the most leading country in terms of entrepreneurship (Agogue, Lundqvist and Middleton,
2015). Large number of UK population has successfully achieved their financial independence
and career opportunity. Entrepreneurs makes their business environment into business
opportunities through innovation and creativeness. For example Richard Branson who is a CEO
of the Virgin group. He originated the idea and concept of Virgin Group which is now a popular
brand name in UK. Richard Branson is known for its eccentric personality and his extravagant
wealth. Basically the concept of innovation sparkled business opportunity in both positive and
negative manner. On the same side, Innovations also contains the instability of getting success.
Also interviewee stated that, Innovation can help to develop original concept while
giving the innovator a proactive, confident attitude to take risks and get things done. The
relationship between innovation & Entrepreneurship is recognized as key building blocks of
1

competitive and dynamic economies (Alsos and et.al., 2016). In contrary, sometimes
entrepreneurs fails to meet the needs and wants of the buyers with their innovations. Such
situations reduces the scope of business opportunities for the development. There are some
external or internal factors in the business environment affect the entrepreneur at different
situation. Internal constraints affect the business capabilities, management and base of the
organisation, all such threats also reduces the possibilities of innovation as well (Alvarez and
Barney, 2017). In contrary, external constraints includes the business environment,
characteristics of the particular industry the firms access to capital labour technology and
markets.
Also interviewee stated that, However it has been concluded that the business
opportunities can only comes from new ideas and concept. For that, entrepreneur should have
focused on the concept of innovation (Shu, Ren and Zheng, 2018).
[1 : 28] PM Interviewer : Business opportunities centrality to entrepreneurship and innovation.
Interviewee:
Time : 1 : 30 PM
Innovation centrality to business opportunities
Business opportunities has comes from sustainability, good relation, market reputation
and confidence. Beside, All such factors are also very important to create the new innovative
culture within the work place. Innovation is the widely used term to build the new creative
product or services for the customers. This term also has been use to gain success and gain the
competitive edge within the market (Bao, Zhou and Chen, 2017). Many of the small
entrepreneurs and medium entrepreneur are sustained because of the new innovations. On the
same side, for making new product or services or developing the business opportunities
Innovation is the most required source. But on the same side, innovation is created by the
entrepreneurs also innovation supported by employees, entrepreneurs etc. So that, the importance
of entrepreneur in making business opportunity is also very vital. It has been analysed that,
innovation is a helpful tool that leverage the centrality global resources in order to collectively
bring the decentralisation to the world.
Also interviewee stated that, It has been analysed that innovation is the most effective
process to create business opportunities like new product concept, ideas etc. that automatically
2

generate revenue for the entrepreneurs (Cardon, Glauser and Murnieks, 2017). The basic concept
of innovation is to sustained the business opportunities, increase productivity and make the
business more competitive.
Entrepreneurship centrality to business opportunities
Also interviewee stated that, Maintaining the innovation is the most difficult job for an
entrepreneur. Besides, business opportunities is the simplest term which is packaged business
investment that allows the buyer to begin a business. Entrepreneurship business is running
through an individual who is capable to take this position (Chell and et.al., 2016). Such an
individual person creates the business opportunities for their business through analysing the
market situations. Basically, the role of entrepreneur is very important in the business that better
promote the opportunity and task which also responsible to handle the business challenges and
opportunity. According to me In other words, entrepreneur occupy a central position in a market
economy. Entrepreneur are equally very essential which helps to generate a new wealth and
existing business in order to bring the new business opportunity and growth system. However,
entrepreneur also support the system effectively and generating the work goals. It has been
analysed that without the help of entrepreneurship innovation can not be happened.
[1 : 57 PM] Interviewer : Theoretical practices.
Time : 2 : 00 PM
Interviewee :
Opportunity based entrepreneurship theory
According to the given answer by interviewee In entrepreneur business opportunity has
been found from sociological, economics, marketing and from other fields. The theory of
opportunity based entrepreneurship is given by Peter Drucker and Howard Stevenson (What are
the theories of Entrepreneurship, 2018). According to me This theory also emphasize the deep
knowledge for entrepreneurship venture. Such kinds of entrepreneurs does not cause any kind of
new change within the company. This theory waits for some specific purposes in order to
manage the working opportunity and task to make the highest performing goals.
Resource based entrepreneurship theory
Also interviewee stated that, Resource based theory is the another theory of resource
which also based theories on the way individuals that leverages different types of resources to
3

get the best outcomes (Pittz, White and Zoller, 2019). According to me This theory is given by
Jay Barney in the context of firms, which is a strategic management theory designed to elaborate
the difference between firms performance. This difference has been analyse on the basis of the
businesses and their style of utilising their intangible or tangible resources (Coduras and et.al.,
2016). By utilising the resources in productive manner. Resources that might be important for
entrepreneurs which includes special information, leadership capabilities, education and
experiences, etc. it has been argued by resource based theory that competitive advantage has
been gained through gaining the best utilisation of resources (What are the theories of
Entrepreneurship, 2018). Resources are the most essential things without the expectations of
output if not possible. Resources based theory of entrepreneur highly support strategic planning,
Previous experience, venture resources and owners business skills. Overall it has been evaluated
that entrepreneur businesses uses different kinds of resources which helps to gain the competitive
advantage opportunity.
Social logical Entrepreneurship theory
Also interviewee stated that, The sociological theory centres its explanation for
entrepreneurship on the various social contexts that enables the opportunities entrepreneur
leverage. Sociological theory is also known as Anthropological theories which better makes the
study more effective and concluded in a better form. The anthropological model approaches are
the best approach of entrepreneurship by placing it within the context of culture and examining
how cultural forces (Dufays, 2019). According to me This theory is more energetic and
influencing with different context and manner. This theory of social logical is based on the
culture which define how cultural difference or factors can affect the entrepreneur behaviour in
different context. Such social factors changes the perception of entrepreneurs as well. For
examples : Social entrepreneur are always be ready to help others and try to meet the needs of
basic needs of people.
[2: 28 PM] Interviewer : Discussing current practices of management intern of entrepreneurial
and innovation.
Interviewee:
Time : 2: 30 PM
4

As according to Interviewee, In order to start the new business opportunity and fast
development goals. According to me It requires to better understand the opportunity to make
analyse the business opportunity and gained. It also can be developed in order to better
implement the new innovation styles and growth. In order to manage the sustainable business
and long term durability of the business (Khajeheian, 2017). However, the new business cannot
much affordable and influenced in order to sustained the business more growing. In order to
shaping innovation in management (Piperopoulos, 2016). Entrepreneurs should focusing on the
new technologies. In terms of development in goods and services. To also measure the outcomes
and growth. Also primary factor driving change is the development of computer and information
technology. According to interviewee there are some practices that entrepreneurs. Committed is
the measure task and tool to devote a lot time to avoiding conflict rather than airing their real
opinions and working to find common ground. This is the most beneficial practice of
entrepreneur which is very helpful for entrepreneur business (Leyden and Link, 2015). Diversity
is the another effective management practice which must have adopted by the company.
Diversity is the important management practices which might have creating new innovative
thoughts and ideas. For example: people came from different places with their unique thoughts
and ideas. They been creating the new ideas of development. The positive and negative impacts
of organisation on the wider concept is the leading business opportunity which has been gained
by the company.
Also According to me management should have proper discipline and line of system that
focus on the operation management and also manage the financial marketing opportunity.
[2: 58 PM] Interviewer : Analysis of existing business for evaluating its readiness of including
entrepreneurial.
Time : 3 : 00 PM
Interviewee: According to me day to day running business is a critical job for an
entrepreneur to get success. To review the performance or availability of the business, it is most
required to maintained the business approach and maintained the form of business opportunity
and gained. For example Richard Branson evaluate their entrepreneurial business on the basis of
competition, evaluation of profit revenue (Montiel-Campos and Palma-Chorres, 2016). In other
words, Entrepreneur spirit is an attitude and perspective inclined to seek out change rather than
5

just adapting to routine and strict plans. Entrepreneur should also select the method of market
research in order to performing the business evaluation. Market evaluation is the best way to
create the long lasting results to meet out the business gain and opportunity to grow innovation.
It helps to improvise the potential internal growth and also helpful to analyse the strength of
potential competitors. In order to conduct market research might have involved face to face
interviews or by conducting market research. Virgin group is known for risk taking Richard
Branson grab the business opportunities in order to analyse the market needs and wants. Virgin
group has invested in most of the each sector such as travel, transport, leisure, entertainment,
telecoms and media (Olugbola, 2017). On the basis of analysis by getting proper evaluation
process company would have been getting benefited in terms of better knowledge of company
assets. Or might be benefited in terms of better understand the company existing value and
helpful to obtain the company value as well. On the behalf of the evaluation company can might
also helpful to access to more investors by influencing the business opportunity and gained.
However, on the basis of business evaluation it has been found that Virgin group required to
form a new aims and objectives of the company to gain the business value and results of
development (Phillips and et.al., 2015).
CONCLUSION
On the basis of above study it has been concluded the importance and the concept of
innovation entrepreneurs and opportunities. Study defined the relationship between
entrepreneurship and business opportunities also. Besides that research has been undertake the
the theories of entrepreneur by supported examples. Therefore, study also outlined the current
practices of management in terms of entrepreneurial and innovation. It has been concluded by
the study how much entrepreneurship businesses required to grow with the help of supporting
theories and practices.
6

REFERENCES
Books and Journals
Agogue, M., Lundqvist, M. and Middleton, K. W., 2015. Mindful deviation through combining
causation and effectuation: A design theory‐based study of technology
entrepreneurship. Creativity and Innovation Management. 24(4). pp.629-644.
Alsos, G. A. and et.al., 2016. Entrepreneurs’ social identity and the preference of causal and
effectual behaviours in start-up processes. Entrepreneurship & Regional
Development. 28(3-4). pp.234-258.
Alvarez, S. A. and Barney, J. B., 2017. Resource‐based theory and the entrepreneurial
firm. Strategic entrepreneurship: Creating a new mindset, pp.87-105.
Bao, J., Zhou, X. and Chen, Y., 2017. Entrepreneurial passion and behaviors: opportunity
recognition as a mediator. Social Behavior and Personality: an international journa. 45(7).
pp.1211-1220.
Cardon, M. S., Glauser, M. and Murnieks, C. Y., 2017. Passion for what? Expanding the
domains of entrepreneurial passion. Journal of Business Venturing Insights. 8. pp.24-32.
Chell, E. and et.al., 2016. Social entrepreneurship and business ethics: Does social equal
ethical?. Journal of business ethics. 133(4). pp.619-625.
Coduras, A and et.al., 2016. Measuring readiness for entrepreneurship: An information tool
proposal. Journal of Innovation & Knowledge. 1(2). pp.99-108.
Dufays, F., 2019. Exploring the drivers of tensions in social innovation management in the
context of social entrepreneurial teams. Management Decision.
Khajeheian, D., 2017. Media entrepreneurship: A consensual definition. AD-minister, (30),
pp.91-113.
Leyden, D. P. and Link, A. N., 2015. Public sector entrepreneurship: US technology and
innovation policy. OUP Us.
Montiel-Campos, H. and Palma-Chorres, Y. M., 2016. Technological entrepreneurship: A
multilevel study. Journal of technology management & innovation. 11(3). pp.77-83.
Olugbola, S. A., 2017. Exploring entrepreneurial readiness of youth and startup success
components: Entrepreneurship training as a moderator. Journal of Innovation &
Knowledge. 2(3). pp.155-171.
7

Phillips, W. and et.al., 2015. Social innovation and social entrepreneurship: A systematic
review. Group & Organization Management. 40(3). pp.428-461.
Piperopoulos, P. G., 2016. Entrepreneurship, innovation and business clusters. Routledge.
Pittz, T. G., White, R. and Zoller, T., 2019. Entrepreneurial ecosystems and social network
centrality: the power of regional dealmakers. Small Business Economics, pp.1-14.
Shu, R., Ren, S. and Zheng, Y., 2018. Building networks into discovery: The link between
entrepreneur network capability and entrepreneurial opportunity discovery. Journal of
Business Research. 85. pp.197-208.
Online
What are the theories of Entrepreneurship. 2018. [Online]. Available
through :<https://yourbusiness.azcentral.com/theories-entrepreneurship-23795.html>.
8

APPENDIX
Transcript of Interview
9

Interviewer (Question) Interviewee (Answer) Time
[12: 58] Interviewer :
Critically compreinced
the concept of
innovation
entrepreneurship and
opportunities.
Interviewee: According to
interviewee, Innovation is the
concept which is based on the new
idea, thoughts, imagination.
According to each and every
entrepreneur innovation is the most
required concept to run the business
smoothly and sustaining. In order to
critique, Innovation might have
create the challenges situations for
the businesses which is not
controllable.
Answered at 1: 00 PM
[1 : 28] PM Interviewer
: Business opportunities
centrality to
entrepreneurship and
innovation.
Business opportunities has comes
from sustainability, good relation,
market reputation and confidence.
Beside, All such factors are also very
important to create the new
innovative culture within the work
place. Innovation is the widely used
term to build the new creative
product or services for the
customers. This term also has been
use to gain success and gain the
competitive edge within the market
Answered at 1: 30 PM
[1 : 57 PM] Interviewer
: Theoretical practices.
Opportunity based
entrepreneurship theory
According to the given
answer by interviewee In
Answered at 2: 00 PM
10

entrepreneur business opportunity
has been found from sociological,
economics, marketing and from
other fields. The theory of
opportunity based entrepreneurship
is given by Peter Drucker and
Howard Stevenson.
[2: 28 PM]
Interviewer :
Discussing current
practices of management
intern of entrepreneurial
and innovation.
As according to Interviewee, In
order to start the new business
opportunity and fast development
goals. According to me It requires
to better understand the opportunity
to make analyse the business
opportunity and gained. It also can
be developed in order to better
implement the new innovation styles
and growth.
Answered at 2: 30
[2: 58 PM]
Interviewer : Analysis
of existing business for
evaluating its readiness
of including
entrepreneurial.
Interviewee: According to me day
to day running business is a critical
job for an entrepreneur to get
success. To review the performance
or availability of the business, it is
most required to maintained the
business approach and maintained
the form of business opportunity and
gained. For example Richard
Branson evaluate their
entrepreneurial business on the basis
of competition, evaluation of profit
Answered at 3: 00 PM
11

revenue.
12