Opportunity Innovation and Entrepreneurship Doc

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Added on 2020-12-09

Opportunity Innovation and Entrepreneurship Doc

Added on 2020-12-09

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Opportunity Innovation andEntrepreneurship

EXECUTIVE SUMMARYInnovation, opportunity and entrepreneurship is interconnected with each other.Entrepreneurship is a topic which has capture the attention of scholars. Researcher have interestin developing the understanding about the way opportunity, innovation and entrepreneurshiphave impact on each other in entrepreneurial business concept. Report will have focus onanalyzing the entrepreneurial business concept. Information related to entrepreneurial businessconcept will be gathered from the secondary sources a such as books, journals, online articlesetc. Literature review will be included into the study for analyzing the perception of differentscholars as well as authors about each entrepreneurial business concept as well as opportunitieswhich can be captured by entrepreneurs. Primary information related to the entrepreneurialventure will be accumulated using interview technique.

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Table of ContentsINTRODUCTION...........................................................................................................................1BACKGROUND.............................................................................................................................1Innovation...............................................................................................................................1Opportunity.............................................................................................................................2Entrepreneurship.....................................................................................................................3CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................62

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INTRODUCTIONInnovation can be considered to be as strategic tool which is utilized by entrepreneur forcapturing various opportunities. The initial step in innovation procedure is to identify theopportunity. The factors which effects the entrepreneurial mindset and methods of doinginnovation are characteristics, skills and availability of resources. There are various forms ofinnovation, it totally depends on the entrepreneurs to select the best suits them. Among thedifferent innovation, systematized innovation and changes in very much important for achievingsuccess in business. The factors which influence an individual to start their own business will bediscussed in the report. In addition to this, assignment will emphasize on identifying the sourcesof innovation. BACKGROUND Kunal Patel is now an entrepreneur. Before becoming an entrepreneur Kunal wasworking as a partner in electronic company which was his family business. Before becoming anentrepreneur Kunal was involved in number of ventures which has helped in gaining theexperience which is very much important in order to establish as well as run successful business.(in context of question no. 1) Evidence can be found from interview that it is a private familyowned business started by grandfather of Kunal in 1970. It is engaged in real estate, pubs andfranchising business. With help of franchising business, they started ‘Good for heart’ delivery in2012. They started with 10 stores and within 6 years there were almost 29 stores in overallLondon.. The family background and his own characteristics has influence Kunal to start his ownbusiness. In addition to this, the opportunity to earn profit and scope of business growth hasencouraged kunal to start specific business. Kunal is now seeking for new as well as uniqueopportunities which he can exploit.Innovation According to the view of Eckhardt, Ciuchta and Carpenter (2018), innovation is verymuch crucial which is required to be facilitated by entrepreneur, as this will assist them infostering business growth. Entrepreneurial innovation is considered to be as product innovationwhich is done by entrepreneur themselves. The author argues that entrepreneurial venture is acreation of new company. According to the opinion of Hunt, (2018), innovation is the functionof entrepreneurship through which an entrepreneur produces wealth generating resources. As per1

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