Opportunity Innovation And Entrepreneurship : Assignment

Opportunity Innovation
And Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
Analysis of Interview.......................................................................................................................3
Relation of Interview with the theory..............................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneur refers to the individuals who develops, manages and organisation business
or enterprise at their own level along with profitability as well as risk. Entrepreneurs mainly
focuses on bringing innovation in the society so that they develop it and grow their business in
order to gain profits (Burns, 2016). The present report is based on Prism London Limited. The
company was incorporated in the year 2009 and develops resort wear products to customers. At
present products of company are offered within UK only but owner is planning is to enhance its
product offering zone time to time. This report completely relies upon the information gathered
from interview transcript. In this, overall analysis of the interview will be explained. Along with
this, information gathered from interview will further going to be related with the theory in order
to enhancing the value of results in more effective manner.
Analysis of Interview
On the basis of information grabbed from interview session, it has been been analysed
that main aid of every entrepreneur is to develop innovative and attractive products for the
customers so that they can succeed at market place. Along with this, it has also been seen that
entrepreneurs not only focuses on bringing innovation but they also aims to focus on delivering
unique products to customers so that they remain competitive at marketplace. It also helps them
in in fulfilling their monetary requirements too with which they can expand their business as well
in right direction which will give high returns in the future (Carayannis, 2013). Growth of
entrepreneur does not only rely upon giving better quality services to customers but they are also
required to analyse need of customer and then develop the product accordingly so that they
requirement can be fulfilled and also gives motive to the customers to remain loyal with the same
brand for longer period of time. In addition to this, entrepreneurs are also required to place
continuous based efforts towards the growth of the company by keep focusing on enhancing their
number of offering among the customers. This can be well understood by analysing the same
scenario with the conducted interview. In this, the mentioned entrepreneur has initially started
business with developing all sort of resorts wear products like beachwear and swimwear but with
the passing time they have taken expanded their range of product by adding some more
associated products in their offering such as eye wear and foot wears. It has been also analyse
that this entrepreneur has high passion in the work of style editor which have been further

carried out with him in his own business that is development of resort wear. The passion of
entrepreneur was completely relying upon summer clothing which have been raised with the
time to the sunglasses as well as swimwear.
Along with this, it has also been seen that this entrepreneur was also feeling connected to
sketching and drawing designs of cloths at their own level. In this, entrepreneur has always
focused on providing high quality products to the customers with new designs in swim wear
(Drucker, 2014). Later, it has also been identified that founder of Prism London Limited has
received financial support from his family members at the time of establishing their business
effectively in London. The support of family was not only limited to the funding only but they
have also supported in resolving queries and questions associated with business plan. But like
other entrepreneurs this entrepreneur has also managed all the things like business activities at
their own in order to find out actual output of it in their own way.
The overall analysis of interview does not even relies upon the entrepreneur own life or
business conducting skills but it also includes included discussion on the actual initiation of the
business that means how it was started, how entrepreneur have chosen it as business activity.
From the interview session, it has been identified that at the initial stage this entrepreneur has
started its business in the field of whole sale business in clothing and footwear activity. This was
because of past background of this entrepreneur as a ex style editor and own passion towards
summer clothing. This have motivated him towards the specific business zone. At this level,
Prism London Limited has 20 employees which will further going to be increased by the time
after expansion of more stores in Italy, Japan and Spain.
Overall future planning of this business in terms of employees states that their
performance will going to be reviewed after every 3 months that means after completion of their
probation period. All with this, the entrepreneur also believes that employees should remain
happy at workplace so that they can give their full efforts to work and attain organisational goals
and objective in quick manner (Galindo and Méndez, 2014). Along with this, regular based
meetings will going to be conducted at workplace in order to check that actual performance of
employees and how they are taking initiatives for bringing change in the business so that actual
profits of the company can be raised.
It has also been seen that all of the products of Prism London are developed with the
fine combination of workmanship and modern designs. This means each and every product is

formulated with the uniqueness that means smart styles. Along with this, all of the products are
developed with various combination such as metal glasses of Japan, European fabric etc. all of
them are collaborated and used in such a manner that gives perfect fit to the one who wear it and
suits to every body type.
The overall experience of entrepreneur states that the best way of bringing innovative
products at marketplace is to use new designs, cloths, fabric, high skilled employees,
machineries etc. From the own experience of this entrepreneur, he keeps himself updated from
recent fashion show news. This, helps entrepreneur in improving their knowledge on the actual
designs and pattern which are being used in the market and what kind of patterns are accepted by
the customers in quick manner (Hisrich and Kearney, 2013). By observing all of them, founder
of Prism London Limited visualise every thing and designs different kind of swim suits to
customers which can give them high level of comfort zone along with the style. Products of
Prism London Limited are not only offered to the customers within UK, Spain and Italy but the
company also gives online ordering services to customers as they can easily order each and
product offered by this company from its websites. The last advise which have been given by
owner of Prism London Limited to all individuals who are aiming to become an entrepreneur in
future is to focus on presenting their own idea to customers in such a manner with own style so
that customers can accept in its own manner. All with this, this entrepreneur has further stated
that they are required to share positive and healthy relationship with employees and provide them
regular based training in order to improve their quality of work as with proper guidance they will
be able to perform work in rightful manner.
Relation of Interview with the theory
Theory of opportunity: Opportunity are termed as the feasible circumstances of market
which are in favourable condition of the individual through which they can attain their goals and
profits. Along with this, opportunities are also termed as the set of capabilities which contributes
in creating value. It is also seen as the gap among supply and demand which met and also fulfils
customers wishes. In simple terms, it can be said that business demand of market looks like in
favour of entrepreneur it directly develops opportunity for them (Lehner and Kansikas, 2012).
With the reference to the current stated information from the interview, it has been analysed that
founder of Prism London Limited has initial analysed that actual circumstance of market which
can give him business opportunity. In this, it is identified by him that demand of resort oriented

clothing is high at marketplace. This idea has been further used by them as the complete business
structure. The theory of opportunity include some sequential stages that is opportunity
development, opportunity recognition and opportunity evaluation. All of them are described
below one by one effectively in detailed manner.
Opportunity development
This stage depicts opportunities which are initially seen as the concepts that are
developed with the passing of time. It is also seen as the continuous process that gives shape to
the business idea (Lowe and Marriott, 2012). In context of Prism London Limited, this stage can
be seen at that time when entrepreneur have realised business opportunity at marketplace
associated with demand of resort oriented clothing among customer.
Opportunity recognition
This stage is further bifurcated in three common processes like perception, discovery and
creation. Mainly this stage is comprise that how perception among individual are developed.
Perception, This is related to background and experience of entrepreneur. In context of current
case it has been anal sued that past experience of entrepreneur that is ex style editor has
influenced him to get motivated towards the establishing his own career in the same section in
order to establish their business. Discovery, in this process founder of Prism London Limited has
recognised available resources and actual needs of customers which helps them in realising
actual available opportunity in the same field. Creation, at this process, entrepreneurs focuses on
brining innovation in their idea so that they can create that kind of product which will fulfil
requirement of customers and also gives them high level of satisfaction (Mainela, Puhakka and
Servais, 2014). With reference to the founder of Prism London Limited, the entrepreneur follows
all process and then recognises the actual requirement of market so that right product can be
developed and provide better experience to customers. Here, the entrepreneur has added few
more product in its product portfolio after recognising customers requirement and added
footwear and eye wear in order to give them better level of experience.
Opportunity evaluation: At this stage, overall analysis of the business concept is done
effectively in order to check out that whether the business idea is feasible or not. This can be
carried out by way of a feasibility analysis which aims at addressing the question: ”whether the
proposed assemblage of resources can deliver desired value to people (Marcotte, 2014). It also
examines that the opportunity development will result in economic success or not. Also, there is

another type of evaluation known as formative evaluation where the plan adjusted in order to
ensure greater scope for success.
CONCLUSION
On the basis of the above described report, it has been analysed that entrepreneurs are the
one who brings innovation in the society by following their passion and developing new products
in the society. Along with this , it has been further analysed that companies can effectively grow
by understanding actual requirement of customers and developing a business product
accordingly so that it can fulfil their requirements. In addition to this, entrepreneurs are also
required to grab all kind of business opportunity available at marketplace so that their passion
can be converted into high returnable business solution. Furthermore, entrepreneur are also
required to provide positive working environment to employees too so that they can work freely
and provide their maximum efforts for organisational success. In this, theory of opportunity has
also been used so that analysis of business concept can be analysed on different level and provide
best results to all.

REFERENCES
Books and Journals
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Carayannis, E. G., 2013. Encyclopedia of creativity, invention, innovation and
entrepreneurship (pp. 36-47). Springer Science+ Business Media BV, Formerly Kluwer
Academic Publishers BV.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Galindo, M. Á. and Méndez, M. T., 2014. Entrepreneurship, economic growth, and innovation:
Are feedback effects at work?. Journal of Business Research. 67(5). pp.825-829.
Hisrich, R. D. and Kearney, C., 2013. Managing innovation and entrepreneurship. Sage
Publications.
Lehner, O. M. and Kansikas, J., 2012. Opportunity recognition in social entrepreneurship: A
thematic meta analysis. The Journal of Entrepreneurship. 21(1). pp.25-58.
Lowe, R. and Marriott, S., 2012. Enterprise: Entrepreneurship and innovation. Routledge.
Mainela, T., Puhakka, V. and Servais, P., 2014. The concept of international opportunity in
international entrepreneurship: a review and a research agenda. International journal of
management reviews. 16(1). pp.105-129.
Marcotte, C., 2014. Entrepreneurship and innovation in emerging economies: Conceptual,
methodological and contextual issues. International Journal of Entrepreneurial
Behavior & Research. 20(1). pp.42-65.
Mitra, J., 2013. Entrepreneurship, innovation and regional development: an introduction.
Routledge.
Priem, R. L., Li, S. and Carr, J. C., 2012. Insights and new directions from demand-side
approaches to technology innovation, entrepreneurship, and strategic management
research. Journal of management. 38(1). pp.346-374.
Simón-Moya, V., Revuelto-Taboada, L. and Guerrero, R. F., 2014. Institutional and economic
drivers of entrepreneurship: An international perspective. Journal of Business
Research. 67(5). pp.715-721.