Opportunity Innovation and Entrepreneurship

This assignment explores the concepts of opportunity, innovation, and entrepreneurship in the context of Prism London Limited. It includes an interview transcript with the entrepreneur, Anna Laub, discussing the start of the business, funding, employees, unique services, and success factors. The analysis highlights the importance of market research, customer satisfaction, and continuous efforts for long-term sustainability. The interview also reveals the passion for design and the use of high-quality materials in the products of Prism London Limited.

Opportunity Innovation
And Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................4
Interview Transcript.........................................................................................................................4
Analysis of Interview.......................................................................................................................8
Relation of Interview with the Theory...........................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneur can be referred to as a person who is engaged in development, management,
setup and running of a new venture. Hereby, the rewards are enjoyed by them while the risks are
also assumed by them. These are the personnel who seek to come up with innovations at market
with a view to resolve the economic or social issues being encountered by society as a whole.
The following project is based upon Prism London Limited which is an organisation started
during 2009. This company deals in manufacturing and sale of beachwear, swimwear and resort
wear. In the present context, this enterprise is functioning only within the confines of United
Kingdom but with the evolution of time, it seeks to gain entry into emerging markets. This
project is based upon data collected by way of interview from the entrepreneur of selected
company. Apart from this, interrelation of such interview information and theory of opportunity
is covered in this assignment.
Interview Transcript
The below mentioned interview is taken with the entrepreneur of Prism London Limited,
namely, Anna Laub. The interview is taken with a view to gain knowledge of the key areas and
aspects associated with the venture. Also, the transcript aids in getting acquainted with the
success story and hardships that the venture and entrepreneur went through in the initial years of
this start-up.
1. When did you start your business?
I had setup this venture (Prism London Limited) in the year 2009.
2. How was the idea to setup this business generated?
The idea to develop this venture owe to my likelihood for sunny climate and obsession of
giving attention to details. Both of these made me observe the clothing pattern of people in
resorts and on beaches. As a result of this, I decided to start Prism London Limited developing
all types of resort wear swim wear and beach wear items. I have always loved swimming and
possess a great passion towards it. Thus, the whole idea of this venture was based on the premise
that I could apply my knowledge and interest level in developing fashionable and classy clothes
that could be worn on beaches to look stylish. At first, I thought that the venture would only deal
in clothing but with the passage of time, I realised the significance of diversifying into areas such
as eye wear and footwear.

3. Why did you choose the particular business activity?
I selected the wholesale of apparel as well as footwear items as the business activity due
to 2 main reasons. The first was that in past, I had been an ex style editor. The second was that I
had always had an immense passion towards summer clothes, specially the swimwear. After
having completed my graduation course, I began operating as a style editor. With the passage of
time, I got indulged in development of swimming clothes. I have always had keen interest in
sketching. I researched about the people who would provide assistance to me in development of
products by providing me with best quality materials at best pricing.
4. How did you get your funding for the business?
I was determined that I wanted to start a business which would deal in swimwear and
footwear. For the funding, I enquired my father if he possessed the financial resources to do the
same. After a round of questions and answers between us, he got convinced with my idea behind
the setup of this business. As a result of this, my father agreed to provide me with funds for
setting up the business and starting the business operations. During the initial course of business
setup, it was my father only who provided me with appropriate guidance as well as direction in
relation to operational and financial activities.
5. How many employees do you have?
At present, the company is composed of 25 individuals who work together in a
collaborative manner for the accomplishment of organisational goals and objectives. The
common purpose which drives the vision of each organisational member is the enhancement in
scale of operations of entity over the course of time. The management hopes to get bigger and
bigger with the passage of time. Prism London Limited is looking forward to expand in a number
of emerging markets whereby it is currently not carrying out its business operations. To achieve
this, we would definitely hire more number of individuals who are capable of taking company to
new heights at global scale.
6. How do you review your staff?
Whenever a new candidate is admitted in the company, their review takes place after the
elapse of time period of 3 to 6 months, varying on person to person basis in accordance with
their level of improvement. Post the passage of probation period, each employee is reviewed on
an yearly basis. I have stipulated a standard process and template for every corporate meeting

which is held in the organisational premises. It is checked if the employees are happy with their
salary, responsibilities and accountability and in case they are not, changes are incorporated to
derive satisfaction from them.
7. What is unique about your services?
All of the Prism London’s products mainly combine with the modern design as well as
workmanship. This has been seen that sunglasses are made in Treviso, Italy. In this each and
every frame have own and unique style as the person who is wearing it, while the metal
sunglasses get made up in Japan. The clothing get very special fabrics and it also get made in
Italy with the use of fine European Fabric. In order to satisfy customers according to business
value this is essential that our products quality is high. Thus, the main focus is to have each and
every detail and perfect fact for each body type in order to satisfy essential needs of customers in
a well defined manner. All the collections of mine are duly mix and match shapes, sizes and
styles. While in the zone of footwear it is done with the use of fabric which is exclusively from
present Prism and snake skin
The sandals and espadrilles get made with leather from Spain and it is also handmade product.
As per my opinion, I consider myself different from other swimwear designers as I really
like to be unique and I don’t design the clothes which are already popular in the market place at
present time period.
8. Your business activity is only in UK or is it worldwide?
Our business is based within Spain, UK and Italy but with the help of website and online
ordering services we satisfy customer needs from all around the world and provide them with our
best offerings.
9. What is the key for success for your business?
The main key success for my business is to offer something new and unique in
marketplace in each and every season. This makes us different from other fashion brands
available in market.
10. What do you think is the best way to innovate your products?
The best thing in order to innovate the product is always to bring something unique, new
with of high quality fabric and more that will attract individuals in best effective manner.

I usually get lot of updates from the shows as well as YouTube. It inspires me a lot as to get idea
of design. Furthermore it has been identified by me that a lot of design get updated for me with
fashion shows that I continuously watch through this. I get different type of ideas and I sometime
mix it to create my own.
Every day I wake up with anxiousness in order to offer something new in swim line while
in my idle time I do sketches. It has also seen that I like to visualise all the different manners
through which I can create swimsuit which can consider more like a version.
11. Can you please advise how a new company in the market can make their way to success?
My advice regarding the way to lead a new venture at market place to success is to carry
out extensive market research before gaining entry into market and actually starting the business
operations. I feel that a real entrepreneur is the one who paves his own way for establishing
extensive brand image of the venture within people at market place. Thus, I am of the belief that
the best way to align the operations of an entity with rapid growth and success is not undertaking
the steps taken up by other successful entrepreneurs but making own fingerprints upon the
offerings being released within public.
12. What do you think is the most important element for success of your business over the course
of time?
I believe that employees are the most important part of any venture and thus the
employment relations should be effective enough to motivate them effectually. This makes them
realise their true potential and thereby put immense efforts for the accomplishment of
organisational goals and objectives within pre defined course of time. When the staff members
are provided with adequate training to enrich their personality as per organisational
requirements, they strive to give their best performance for the fulfilment of customer needs and
demands. Thus, with the unified initiatives taken up by all, the company gains rapid success as
well as growth at market place.
13. Do you find yourself aligned with the new technologies coming up in market place?
Yes, I firmly believe in staying update with the market environment in which the
business operates. Any new technology being used by our rivals is taken into account by us. We
then carry out research upon that technology and consider the pros and cons of applying the same

in organisational premise. In case the pros exceed the cons, the technology is applied to gain
fruitful outcomes for the firm.
Analysis of Interview
As per according to the data and information that has been allocated form different
interview session, this has been evaluated that main aim that an entrepreneur hold is to develop
attractive as well as innovative products and services to customers in order to effectively serve
them with best. In addition to this, entrepreneur also look towards to make significant increase in
nation economy along with offering more employment opportunities. Along with this, it has been
determined that entrepreneur not operate their services in order to increase their profitability but
also tend towards satisfying needs and demands of customers with unique services and products.
In order to ensure long term sustainability entrepreneur is required to effectively analyse
dynamic need and trends as further fulfil them with strategic measures as to ensure high growth
development. Further it has been evaluated that entrepreneur is required to engage in the process
of analysing customers demand and satisfy the same with qualitative offering as to ensure loyalty
from customers. This will aid them to ensure long term sustainability in marketplace along with
higher profitability and productivity. Further it has been identified that entrepreneur is required
to engage in the process of continuous based efforts as to keep focus on increasing their overall
number of offering among consumers. This can be effectively identified with the evaluation of
interview. In present, mentioned entrepreneur initiated their business with the effective
development of all types of swimwear and beachwear. In addition to this, with the passage of
time entrepreneur expanded their products range by adding footwear and eye wear. Along with
this as per according to the interview it has been identified that, entrepreneur have had keen
interest as style editors that have been further being carried out by him through his own business.
Further it has been identified that entrepreneur passion was totally relying upon summer clothing
that have been duly raised with the time of swimwear and sunglasses.
In addition to this, according to the interview it has been duly identified that entrepreneur
also feel connected towards drawing and sketching design of cloths at their own level. Within
this, entrepreneur keenly focused towards offering best effective and qualitative services to their
customers along with new design in swim wear. Along with this, it has been evaluated that
Prism London Limited founded duly received financial support form their family members in
order to effectively establish their business in provinces of London. In addition to this, it has

been determined that support that has been received by founder of Prism London Limited Nit
only stayed limited to financial support but he also gain support from his family via resolving
questions as well as quires related to business plan. But as entrepreneurial trait this entrepreneur
duly manage all of their activities by their own.
It has been determined that evaluation of overall interview not only depend upon own life
of entrepreneur and business conducting skills but is duly covers discussion that has been made
on actual initiation of business that further include the manner in which it was initiated and the
way entrepreneur have selected it as their business activity. In addition with this, it has been
effectively identified from the interview session that entrepreneur initiated his business within
whole sale business related to footwear and clothing. This is mainly due the background of
entrepreneur as ex style editors which is also his passion. Thus, this passion effectively
encouraged him towards summer clothing and further motivated him towards a specific form of
business zone. In addition to this, it has been identified that Prism London Limited has overall
number of 20 workers that will duly going to increased with the passage of time with expanding
stores in Spain, Japan and Italy.
The futuristic planning of the respective venture indicates that the staff performance
would be reviewed within a time span of 3 months which implies elapse of their probation phase.
In addition to this, it is analysed that the owner possesses the belief that the personnel must stay
cheerful as well as glad while at the work premises so as to put in their maximum efforts for the
attainment of corporate objectives in due course of time. Apart from this, it is ascertained that
regular meeting sessions would be executed with a view to ensure that the output delivered by
employees of the enterprise is in accordance with the requirements of Prism London Limited.
The key purpose hereby is to seek information regarding the initiatives taken by staff members to
bring about positive changes within the premises of this corporation and thereby inflate the
revenues as well as profitability of entity.
It is acknowledged that the offerings of the respective corporation are designed and
produced by capitalising upon the craftsmanship. This implies that the merchandise is developed
by incorporating uniqueness and innovation within them so that they can significantly appeal to
the audience. Further, it has been drawn from the interview transcript that the offerings of the
company are designed and created by making use of materials such as Japan's metal glass,

European fabric and so on. These components are integrated in order to adequately and
relevantly cater to the needs and demands of end user as per their body type.
Apart from the above analysis, it is recognised on the basis of overall experience driven
by the entrepreneur, that the most effective way of coming up with innovative and unique
offerings within the market is by leveraging new design, clothing materials, fabrics, talented
staff, latest technologies, hi tech machines etc. It is further determined that the entrepreneur
keeps himself up-to-date regarding the latest fashion show news in order to identify the emergent
trends as well as patterns. Through this, the organisation is able to effectively fulfil the needs and
demands of consumers and retain them for a long period of time in future context. By taking into
account the latest trends prevailing at market place, the entrepreneur of Prism London Limited is
able to develop various types of swim suits which can provide customers with comfort,
convenience and ease. The piece of advice that is given by the owner of respective company to
the individuals who are undergoing entrepreneurship to gain entry into corporate world, is to
focus on developing new ideas or presenting old ideas in their own unique manner. Through this,
they would be able to appeal to customers in an effective manner. Lastly, it is recognised that it
is important for a firm to build healthy relations with staff members by conducting regular
training and development sessions such that their personality can be enriched with desired skills
and knowledge.
Relation of Interview with the Theory
Theory of opportunity
Opportunity are the circumstances which are helping and creating circumstances which
are feasible and in favour of an individual so that they can achieve higher share of profits.
Opportunities are referred to as capabilities which are having a contribution in creation of value.
This is related with market demand which can be met and customer requirement can be fulfilled.
Business demand of a market is related with what opportunities can be developed in favour of a
entrepreneur. This is in reference to the present gather information from interview. It is also
analysed that circumstances of market can provide business opportunities. It can be identified
that demand in the market is oriented with clothing in the external market. This idea is further
implemented so that a complete business structure can be used. The opportunity theory includes
some stages which are in sequence such as development of opportunity, recognition of
opportunity and evaluation. All such stages are discussed below:

Opportunity development: This stage is related with various opportunities which can be
seen and various concepts which are developed with time. It is a continuous process which is
giving shape to a business idea. In case of Prism London Limited, this stage can be as a
entrepreneur have realised this business opportunity and then this is associated with the Market
demand of resorts which is related with clothing amongst their customers.
Opportunity recognition: This stage can be bifurcated in three processes such as
discovery perception and creation. Mainly this is the stage which related with how Perception is
developed in individuals. This is having a relation with experience and background of customers.
In context of current case it is analysed that the past experience of the entrepreneur is
influenced to become motivated towards establishment of career in same section for
establishment of the business. Discovery in the process, founder of Prism London Limited has
able to recognize various resources & needs of customers which is helping to realise actual
opportunity in the similar field. Creation, in this process, entrepreneurs are focussing on
adoption of innovation in the idea is that they are able to create brining innovation in their idea
which can help them in building product according to their idea. In Prism London Limited,
entrepreneur has to follow all the policies so that actual requirements of market can be developed
and better experience can be provided to their customers. Entrepreneur has added some products
in their portfolio after a analysis of customers. This is helping in providing better experience to
their customers.
Opportunity evaluation: At this stage, analysis of business concept is done in a effective
manner to check if the business idea is feasible or not. This can be done by a feasibility analysis
which also addresses the question whether the proposed resources can help in delivering of
desired value to their customers”. This is a evaluation which is also known as a formative
evaluation so that plan is adjusted to ensure success.
CONCLUSION
As per the discussion done above, it can be said that innovation, opportunity and
entrepreneurship are 3 interlinked concepts that have due importance in today's corporate era. In
addition to this, it has been recognised that entrepreneurs can identify market opportunities to
undergo entrepreneurship and open a new venture. Besides this, it is important for them to take
into account the needs as well as choices of customers in order to develop offerings which have
the capability to disrupt the market place and solve the issue faced by society. With this,

organisation is able to gain a high share in market and thereby significantly appeal to the
audience of a nation. Apart from this, it is recognised that the journey of entrepreneur as well as
setup of entrepreneurial venture takes place in accordance with the theory of opportunity.

REFERENCES
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