Opportunity Innovation and Entrepreneurship

This document explores the meaning of business opportunity and its centrality to innovation and entrepreneurship. It critically evaluates current practices in the management of innovation and entrepreneurial endeavors. It also analyzes the readiness of an existing business for entrepreneurial and innovation opportunities. The case study focuses on Prism London Limited and its entrepreneur, Ms. Anna Laub.

Opportunity Innovation
And Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................4
MAINBODY....................................................................................................................................4
Introduction to entrepreneur...................................................................................................4
Critically understand the meaning of business opportunity and its centrality to innovation and
entrepreneurship.....................................................................................................................4
Critically evaluation a range of current practices in the management of innovation and
entrepreneurial endeavours.....................................................................................................6
Analyse an existing business, with a view to evaluating its propensity / readiness for
entrepreneurial and innovation opportunities.........................................................................7
Communicate effectively with a specialist audience and identify, select and critically evaluate
appropriate information for inclusion in a written research report. .......................................7
Quality of the preparation of support documents including Entrepreneur profile and topic
guide.......................................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................12

INTRODUCTION
An entrepreneur can be said to be a person who has the courage to undertake risks in
order to bear the fruitful outcomes. They are the ones who take each and every measure which
can ensure the setup of a venture that proposes to resolve a social or economic issue being faced
by the society at large. Their working and thought process are largely centralised upon
innovation which facilitate them to undergo entrepreneurship and tap a market opportunity to
establish a venture around it. The present project is based upon the entrepreneur of Prism London
Limited, Ms Anna Laub. This is an enterprise that was setup in the year 2009 and provides swim
wear, beach wear along with resort wear. The venture is currently functioning in the peripheral
boundaries of UK. With the passage of time, the entrepreneur of this venture seeks to attain entry
into several new markets. The project consists of analysis of information gained from the
respective entrepreneur and setting relation of such findings to relevant theory.
MAINBODY
Introduction to entrepreneur
The entrepreneur selected for this report is Ms. Anna Laub, she is the entrepreneur of
Prism London Limited. During her initial day she had to face a lot of challenges (Allen, 2018).
Prism London makes luxury beach wear, sunglasses etc. Anna Laub is responsible for the
smooth working of the organisation and she is responsible for the creativity in the product and in
the marketing. After she overcame all these challenges she was able to take this company
to a place where its standing now.
It has been determined that the products of Prism London Limited are developed via
leveraging craftsmanship (Birchley, 2018). It tends to imply that the offerings of this
entrepreneurial venture over the course of time have been constantly developed by incorporating
innovation and technology at its best. This provides assistance to the venture in grabbing the
attention of a pool of individuals prevailing within the market place.

Critically understand the meaning of business opportunity and its centrality to innovation and
entrepreneurship.
Opportunity
Business opportunity means that the venture might be able to sell or lease any products or
services that that will enable the entrepreneur to commence the business (Vyas and Vyas, 2019)..
For this the entrepreneur have to continuously monitor the market so that the entrepreneur can
gain more knowledge about the market and can easily analyse the latest trends in the market. In
case of Anna Laub she also at her initial days used to monitor the market so that she could easily
grab that opportunity and start her climbing from that ladder of business opportunity(Gámez-
Gutiérrez and Abril, 2019). These business opportunity can be seen as stepping stone of the
business, the entrepreneur have to just realise the opportunity. The timely exploitation of such
market opportunities enables the entrepreneur to capture the attention of a large base of audience
and appeal to them by providing them with high quality offerings that possess the potential of
disrupting the market place. For grabing the business opportunity, Anna continuously monitored
the market and came up with new innovations and other techniques . For being a good
entrepreneur they have to be creative and innovative. Both the term,which are entrepreneur and
innovation go hand in hand as when there is a need of entrepreneur that means that there is a
need of innovation. The mind of the entrepreneur should be creative so that they can sell their
product in the market with innovation. Often people don't understand the relation between an
entrepreneur and innovation (De Lange and Dodds, 2017). But often when there is a problem
entrepreneur solves the problem with innovation. Innovations can create more business
opportunity for entrepreneur. Thus, a vital role is played and lead out by innovation in
enhancing the success of entrepreneur through making them enable to remain superior and better
that other through creating and producing outstanding products and services. In relation to Prism
London Limited, the entrepreneur identified the market opportunity associated with development
of swim wear and beach wear for all body shapes. The exploitation of market opportunity was
done by Anna in accordance with the Theory of Opportunity. The three phases of this theory are
explained as follows:-
Opportunity recognition: Opportunity recognition is the first phase which will help the
entrepreneur to recognize an opportunity and to work for it. In this stage the whole analysis
process is done (Urbano and et. al., 2019). With the reference to Prism London Ms Anna Laub

was a ex style editor by profession and within this industry she had a lot of opportunity to
innovate something new with her entrepreneur skills. It is the skill of the entrepreneur to
recognize the gap in the industry and fill it in an innovative way. So being in the industry for
along time helped her entrepreneur skills to gain perception about the industry and to discover
the loop holes and create a innovative business opportunity.
Opportunity evaluation: This is the second stage in this stage in which analysis is made
on the business concept so that they can easily make a conclusion whether the proposed plan is
feasible or not. If not feasible then the entrepreneur have to come up with innovation so that they
can grab this opportunity (Gupta, Mithani and Guha, 2019). This can be effectively done by
simply conducting feasibility analysis which clearly examines that the proposed plan would
provide them expected profitability or not. On the other hand, the businesses can also make use
of formative evaluation in order to determine scope of success for the same plan. In context with
Anna Laub she had to come up with a an innovative plan so that they can grab this opportunity.
Opportunity development: This is the third phase which simply specify opportunities that can be
seen as concepts in the initial time which further develops with the passing time. Opportunity
development can be seen as continuous based process that provides effective shape to the overall
business idea (Shrestha, 2017). For Prism London Limited, the respective stage can be identified
when entrepreneur realised that demand of resort oriented clothing customers is the biggest
business opportunity for them at marketplace.
Critically evaluation a range of current practices in the management of innovation and
entrepreneurial endeavours.
In today’s competitive world innovation is most needed and essentially required by all
entrepreneurs to ensures success through effectively grabbing all existing opportunity in a more
effective way. Thus, a range of practices are applied for management of innovation and
entrepreneurial endeavours. Some of the main practices that are being used by the entrepreneur
of Prism London are leadership, care for employee, managers training. Through the practice of
leadership Ms Anna binds the whole business by motivating the employees (Hevner and Gregor,
2020). The another practice that the entrepreneur does is to care for the employees as this will
help in making them more motivated and goal oriented towards the organisation and the last and
the main practice that Anna Laub dos is that she continuously train her manager so that they can
easily foresee the business opportunity and can acquire new skills from it and they can easily.

Through these practices Anna Laub also pave way for innovation and it will also help to reduce
the waste.
Analyse an existing business, with a view to evaluating its propensity / readiness for
entrepreneurial and innovation opportunities.
The environment of business is very dynamic in nature and it changes from time to time,
so the business have to adopt to these changes, so that they can innovate their products and go
for new products (Martín, Castaño and Picazo, 2020). The reason for the dynamic nature is
because of the changing trend. Trend changes in the industry very fast and the business should
continuously monitor these changes so that they can innovate their existing product to meet the
requirements of the changing trend. The fashion industry are the one who have to innovate their
products the most as the fashion changes in seconds. Prism London being in production of
luxury swimwear and sunglasses have to continuously monitor the changes in the market. They
always have to have a proper planning so that they can achieve their expected results in a
required time frame. A lot of times company have to make the plans to achieve the objective and
also to grab the opportunity that come in the between.
There were a lot of time when Ms Anna Laub had done planning for the future
organisational goals and to achieve them she had to use the entrepreneurial skills. With the help
of entrepreneurial skills the entrepreneur can foresee an opportunity and can work for garbing it
before their competitors. The basic step of this is to analyse the environment to grab or develop
an upcoming opportunity. After analysing the next step for the entrepreneur is to make a decisive
plan in which they should include what they have to do when an opportunity is arising in
between the process and after that thy should also develop a contingency plan in case the main
plan fails. In the planning process the entrepreneur have to think creatively so that they can do
the marketing of their product easily (Mavaddaty and et. al., 2018). The second last step for Ms
Anna will be to implement the plan and to do follow up action. The key for success of a plan for
an entrepreneur is that they should have an innovative and creative main and contingency plan.
Communicate effectively with a specialist audience and identify, select and critically evaluate
appropriate information for inclusion in a written research report.
With the help of good a communication an organisation can easily do the best
marketing that they can provide for their product. In case with Prism London they continuously

monitor the information provide about them in various sites and with various reviews. Their
products are the luxury swimwear, sunglasses and other accessories. There are various steps so
that they can easily communicate with their specialist audience. The first step is that Prism
London have to identify all the sources which are providing the information about their product
irrespective of the customer base that they have. After they have identified the source they have
to do the process of selection, in this process they have to select the most important or the
relevant one which can harm the working of the company. After that they have to evaluate them
and take corrective measures because the information provided is of two types positive and
negative (Njoku and Cooney, 2020). For positive information Prism London have to provide
some sort of appreciation to the source and use that as a means of marketing. For the negative
information they have to use the principal of empathy so that they can put themselves another
shoes and can feel the frustration or the reason for negative information and then Prism London
can easily rectify the any mistake made by them. Also for handling customer grievance they
should employ customer care and chatbots as these will help them in retaining the unsatisfied
customers.
Quality of the preparation of support documents including Entrepreneur profile and topic guide.
The most important task for an entrepreneur is that they should either create or be the first
one to grab the opportunity. In case of Prism London, although they weren't the first one who
grabbed this opportunity but they were the one who made full use of this opportunity and with
this they stepped the stone of success. Prism London was a big success because Ms Anna Laub
with her entrepreneur skills formed various strategies which helped Prism London to create and
grab various opportunity time to time. With the help of the creativity the entrepreneur was able
to provide various innovation the products so that they can easily satisfy their customers. With
the help of various business practice Ms Anna was able to hold all the organisation together so
that they can help in fulfilling the organisational objectives (Piñeiro-Chousa and et. al., 2020).
Only through these practices she was able to to train the managers so that they can keep the
employees motivated.
CONCLUSION
On the basis of analysis done above, it can be said opportunity is what provides
entrepreneurs with the chance to build a venture around it so that market demands can be

fulfilled. Besides this, it has been acknowledged that entrepreneurs even need to carry out
constant market research into the needs and demands of customers prevailing in market place.
This provides assistance to them as well as the entrepreneurial venture to come up with
innovation at regular intervals of time. As a result of this, the venture is able to come up with
offerings that possess the potential to meet the expectations and demands of consumers. When
efforts are taken on the part of an entity to fulfil customer needs, this instils a sense of loyalty as
well as trust within them towards the organisation. This tends to inflate the volume of sales along
with the profit margins for the venture in the long run so that it can enhance its scale of
operations in the near future. Along with this, it has been determined that the journey of an
entrepreneur together with the establishment of a venture takes place as per the premises of
theory of opportunity.

REFERENCES
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