Opportunity, Innovation and Entrepreneurship

This report explores the relationship between opportunity, innovation, and entrepreneurship. It discusses the importance of business opportunity and its centrality to innovation and entrepreneurship. It also examines innovative opportunities in the hospitality industry, such as remote check-in and check-out and smartphone-operated rooms. Additionally, it explores the role of innovation in entrepreneurial management practices.

OPPORTUNITY,
INNOVATION AND
ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation and entrepreneurship have a deep relation and thus complements each other
for helping the individual to establish business. Innovation is basically the process through which
organizations comes up with new ideas, processes, procedures etc. Entrepreneurship on the other
hand is the process through which an individual is able to start the new business and hence
flourishes it. Marriott is the hospitality company being established in 1927 by J. Willard Marriott
and headquartered in Maryland, U.S. It provides a range of services and amenities to the
customers.
This report gives a brief about business opportunity and centrality to innovation and
entrepreneurship, innovation and entrepreneurial management practices and innovative
opportunities.
MAIN BODY
Business opportunity and centrality to innovation and entrepreneurship
Business opportunity is basically the whole package of business investment as well as
includes the sale and lease of the product or the service which enables the purchaser as well as
licencee to start their business and thus flourish it. In short, it is the simple investment which
enables the buyer ion order to stare and begin their business. It assists the seller of the licensor to
explore the various opportunities that will help to secure their business and thus expand on wider
geographies (Turner and Pennington, 2015).
Entrepreneurship
Entrepreneurship is basically the process through an individual start its own business and
thus bears all the risks as well as profit pertaining to that business. The significance and the
centrality of entrepreneurship is imperative wand therefore helps the growing entrepreneurs to
establish their business and success in their work. Many successful entrepreneurs like Arne M.
Sorenson and multinational organisation believes that while taking the route to entrepreneurship,
the most important and the leading indicator as well as parameter for the future entrepreneurship
is skills that are required for searching the business opportunity (Hechavarría and Welter, 2015).
Individual who is deciding to start its own business need to have the prior knowledge as well as
cognitive properties which are necessary for identifying and exploring the business opportunities.
There are mainly four elements in the business opportunity which creates value for the
entrepreneurs like Arne M. Sorenson that are need, way for fulfilling the need, methods for

applying in fulfilment and the procedure to benefit. These elements help the business
entrepreneurs to find the business opportunity and hence grab it. When entrepreneurs like Arne
M. Sorenson will have the skills of future entrepreneurship then it usually triggers the business
opportunity through which they can move further for establishing their business and for growing
it. Business opportunity and the entrepreneurship shares a close relation where business
opportunity helps the entrepreneurs to successfully set its business and hence develop it in wider
geographies. The business opportunity helps the entrepreneur to have a well-through and
continuing relation with other individual and with the buyer. There are basically wide range of
business opportunities available to entrepreneur like franchisee, licensing which eventually will
help them to successfully enter the new market and advertise its product and services. The wide
range of business opportunity eventually helps in facilitating the process of entrepreneurship and
effectively managing all the aspects of business.
Innovation
It is generally evident that the business opportunity and innovation has an unbreakable
relation and creates value for the business to gain competitive advantage. Innovation plays a
great role within any organization and thus helps them to establish its position in market and
capture the great market share. Business opportunity proves to be great source for the
organizations to bring innovation and creativity within their business, products ans services.
Innovation is basically the process through which there is generation of any new idea, process or
method that creates value for the firm a well as for its stakeholders (Swanson, 2017). Thus, when
the organization ceases business opportunity then they are able to look for the cues of innovation
that will help them to not only expand ion the wide geographies but will also help to enlarge the
customer base. On the other hand, innovation also have a great impact on the business
opportunity as it assist the organization to start their business successfully. For example- The
Marriott is deciding to open its new outlet in different country then innovation will play a major
role. If the business will provide innovative products to the target market which will fulfil the
needs of customers then it will make their establishment of the outlet efficient and smooth. Thus,
in this context, innovation also have a profound impact on the business opportunity. In contrast
to this, as business opportunity is the sale of product for starting the business thus it will
accelerate innovation within their organization swiftly. Thee opportunities provides a chance to
the business for innovating their products, services, structure etc. and hence helps them to gain

the competitive advantage. Thus, without exploring the business opportunity a firm cannot
survive in this cut-throat competition. Business opportunity have a profound effect on the degree
of innovation which is being bought up by the business. Arne M. Sorenson has bought a wide
range of innovation in its business behind which the main factors that has helped in this is the
business opportunity. Through Joint Ventures and licensing, Marriott entered the new market and
hence began to look for numerous evidence which might help them in bringing innovation within
products and services. This also helped them to understand the level of competition and level of
innovation which the competitors are offering to the customers.
Innovation and entrepreneurial management practices
Innovation plays an essential role in defining the business to the customers and taking the
brand message to the wider audience. It not only helps in gaining the competitive advantage but
also helps the organization to enlarge the customer base which is a milestone for the starting
business (Devece, Peris-Ortiz and Rueda-Armengot, 2016). Thus, in order to avail the benefit of
innovation, the firm need to have a range of management practices which will help them to
flourish their business and thus gain the market share.
Continuous improvement
This is one of the best practice in the management of innovation that helps the
organizations and entrepreneurs to compete and hence drive their business. The approach of
continuous improvement is generally known by the name Kaizen. It is the activities which
business carries out for improving the business functions and well as inculcating innovation in
each and every aspect. When the organization will remain engaged in making improvement then
it will eventually help them to establish position in the market. With the help of Kaizen principle
that is continuous improvement, Marriott is able to notice that in which areas the improvement is
required and where the expertise will be required for handling the different level of innovation
(Davari and Farokhmanesh, 2017).
Innovation funnel
This is the another most important management practice that helps to drive the innovation
and keeps it on the right track. It is basically the mechanism which helps the organizations to
have a constant stream of ideas which will be viable and hence will drive the business. Through
applying this practice, the entrepreneurs can easily manage its overall operations and hence this
would also help them in making the great profit. With the help of innovation funnel, Marriott is

able to generate the seed of idea and also helps them to filters out those useless ideas that would
not help company to gain success and competitive advantage at last. Besides this, this is the
management practice in innovation that will help Marriott to design new products and services
according to the target market and attract them through innovative ideas (Burns, 2016).
Entrepreneurial endeavours
Not only does the innovation require the best management practices but the when the
entrepreneurs starts the business then some of the practices are essential which are required for
making the business successful.
Establishing the clear objective
Before starting any business, the entrepreneur need to have the clear objective that will
lead them to the milestone (Mrożewski and Kratzer, 2017). Sometimes the objectives remain
vague as they are not aware of which to achieve and how to achieve. Therefore, having the clear
and well-through objective is highly essential. This is the practice which entrepreneur should
follow in order to make its business successful. Objective defines entrepreneur that what is to be
achieved and what will be the favourable outcome of it. Thus, entrepreneur need to have the
practice of continuously evaluating the objectives that whether they are meeting the strategic
direction of company or not. This helps them to keep their view on the right track and hence also
help them to enter the market with greater efficiency.
Developing mission and vision
A mission statement is basically the statement which outline what an organization or an
individual have to achieve while on the other hand vision is the statement which outlines what
path will be followed to achieve the desired objectives. This is the another management practice
which the entrepreneur carries out before establishing the business. Developing the structured
mission and vision statement is highly important as it will guide the entrepreneur towards the
right direction. Through this, entrepreneur will be able to channelize their efforts ion the right
track and thus will achieve its main goals and objectives. Mission and vision are vital to the
company and thus help entrepreneur to know their current position and what they intend tom
achieve (Phillips and et.al.,2015).
Innovation
This is the another most important management practice which the entrepreneur need to
follow in order to achieve the success and thus it is one of the most important approach which

helps the organization to achieve milestone and hence gain competitive advantage. Arne M.
Sorenson was considered as the best entrepreneur who have innovated its product to a great
range in order to make its business successful and have achieved the milestone. It has bought
innovation in its phones that helped Arne M. Sorenson to achieve their goals and objectives.
Thus, this is one of the most important management practice which helps entrepreneurs to
establish their business (Eckhardt, Ciuchta and Carpenter, 2018).
Existing business
Arne M. Sorenson is basically the managing director of hotel Marriott and is associated
with managing the entire operations of the hotel. This hotel mainly provides a range of services
and product to the customers like room accommodation, food and beverage, restaurants and
various other business. The hotel serves the large raged of people and hence provide services at
an affordable range that suits the needs and demands of the customers. Arne M. Sorenson has
developed this hotel with the great efforts and thus oversees its functioning and operations to
establish the position in market (Martin and Wilson, 2016). Besides this, the hotel also provides a
range of lodging services and facilities to the customers which eventually compels the customers
to visit this hotel. This hotel also provides a great number of rooms to the visitors who came to
visit different places and hence offers a great range of services and amenities. Arne M.
Sorenson, flourished the business few years back when the advent of technology was on peak.
There are range of rooms which is provided by Marriott like luxury rooms, normal rooms, Ultra
premium rooms etc. These rooms are basically segmented on the types of customers like how
they are willing to pay, what quality services they want, does money matter for them or the
quality matter etc. The hotel also provides other services like swimming pool, gym. Besides this,
the most exciting feature of this hotel which attracts the customers is its compliance of the food
standards. The chef which are mainly present in the restaurant are highly trained and developed
to deliver high quality food ad beverages to the customers. They are extremely disciplined and
instructed to comply to the food standards like proper hygiene, cleaning of utensils time to time
with infection free dishwasher etc. The hotel has been a remarkable destination for the visitors to
stay when they come to visit different places. Recently, the hotel developed a loyalty programme
for attracting the customers where it made them aware of the latest offers being released on the
rooms and other services. The hotel is equipped with various amenities like air-conditioner, 24
hours cleaning and advisory staff as well as separate gaming zone for the children.

Innovative opportunities
Any organization cannot survive without innovating its products or services thus it
becomes necessary to continuously explore various creativity strategies to fulfil the fluctuating
needs of customers. The various innovative opportunities that are available to the hotel are
Remote check-in and check out
Since the advent of technology, the consumer trends has taken a drastic turn. Nowadays
each and every customer wants innovation in each and every aspect and has become technology-
oriented. Marriott have the opportunity to take the advantage of remote check-in and check-out
which will enable the customers to easily check-in as well as check-out through the use of their
mobile. The visitors can install the app of the hotel where they can easily buy clicking on the app
check-in according to their convenient and time. This is the most important opportunity which is
available to the hotel and thus can use it for enlarging the customer base as well as for gaining
the large market share (Schmitz and et.al.,2017).
Smartphones operated rooms
This is the another technology which has become remarkable when it comes to the
hospitality industry. This hotel can make use of this technology which will help them to attain
competitive advantage. It will help the customers to control their room even from remote areas.
The visitors can consistently control the room with the help of smartphone or the tablet. Not even
that, they can also order for the food just by sitting across anywhere and can browse the various
things. Therefore, this is the renowned and the leasing technology which the hotel can use which
will ultimately provide it with the chance to entice more and more customers. Besides this, it will
also drive their business up and will accelerate the profit ratio. Thus, this is an important
opportunity (Bayon, Lafuente and Vaillant, 2016).
Increasing supply chain
Having hold on the supply chain is another innovative opportunity which is available to
Marriott and hence is considered and the most important innovative opportunity available to
company. Supply chain is the one which helps in taking orders from the customers, processing
and it hence ensuring the fast delivery. This forms a major part of any organization which helps
them to gain the market share and hence attain competitive advantage. Innovating the supply
chain and using the recent technology for efficiently managing it is the golden opportunity which
is available to Marriott and hence will help them to have a great position in market. Company

can have For example collaborative mobile robots which will provide higher flexibility as well as
scalability in comparison to other technologies. It will help Marriott to increase the order
frequency and will facilitate the accuracy with which product is delivers.
CONCLUSION
It has been summarized that innovation is the key to success which helps the entrepreneur
to succeed in future and hence establish its business. The business opportunity are of various
types like franchisee, licensing etc. which helps the entrepreneur to innovate and thus understand
the main skills which are required for the entrepreneurship. Besides this, there are range of
management practices for the innovation as well as entrepreneur which helps them to gain a
market share and thus attain competitive advantage. Along with this, the innovative opportunities
are available to entrepreneur which will help them to enlarge the customer base and expand in
wider geographies.

REFERENCES
Books & Journals
Bayon, M.C., Lafuente, E. and Vaillant, Y., 2016. Human capital and the decision to exploit
innovative opportunity. Management Decision.54(7). pp.1615-1632.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Davari, A. and Farokhmanesh, T., 2017. Impact of entrepreneurship policies on opportunity to
startup. Management Science Letters. 7(9). pp.431-438.
Devece, C., Peris-Ortiz, M. and Rueda-Armengot, C., 2016. Entrepreneurship during economic
crisis: Success factors and paths to failure. Journal of Business Research.69(11).
pp.5366-5370.
Eckhardt, J.T., Ciuchta, M.P. and Carpenter, M., 2018. Open innovation, information, and
entrepreneurship within platform ecosystems. Strategic entrepreneurship journal.12(3).
pp.369-391.
Hechavarría, D.M. and Welter, C., 2015. Opportunity types, social entrepreneurship and
innovation: Evidence from the panel study of entrepreneurial dynamics. The
International Journal of Entrepreneurship and Innovation.16(4). pp.237-251.
Martin, L. and Wilson, N., 2016. Opportunity, discovery and creativity: A critical realist
perspective. International Small Business Journal.34(3). pp.261-275.
Mrożewski, M. and Kratzer, J., 2017. Entrepreneurship and country-level innovation:
Investigating the role of entrepreneurial opportunities. The Journal of Technology
Transfer.42(5). pp.1125-1142.
Phillips, W and et.al.,2015. Social innovation and social entrepreneurship: A systematic review.
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Schmitz, A and et.al.,2017. Innovation and entrepreneurship in the academic setting: a
systematic literature review. International Entrepreneurship and Management
Journal.13(2). pp.369-395.
Swanson, L.A., 2017. –Opportunity Recognition and Design Thinking. Entrepreneurship and
Innovation Toolkit.
Turner, T. and Pennington, W.W., 2015. Organizational networks and the process of corporate
entrepreneurship: how the motivation, opportunity, and ability to act affect firm
knowledge, learning, and innovation. Small Business Economics.45(2). pp.447-463.