Entrepreneurship and Innovation: The Key to Success

This report explores the relationship between entrepreneurship and innovation, highlighting the importance of innovation in business success. It discusses the story of entrepreneur Matt Robinson and his ventures, GoCardless and Nested. The report also delves into different types of innovation and their impact on businesses. It emphasizes the need for continuous exploration of new opportunities and the role of innovation in gaining a competitive advantage.

Opportunity Innovation
and Entrepreneurship

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................3
About Entrepreneur..........................................................................................................................4
Questions from Entrepreneur...........................................................................................................4
Analyse data and information..........................................................................................................5
Relate to the theory..........................................................................................................................6
Conclusion.......................................................................................................................................9
References......................................................................................................................................10

EXECUTIVE SUMMARY
Entrepreneurship and innovation go hand in hand. The entrepreneurs always come up
with some idea of innovation or creativity which is then turned by them into a business plan. It is
necessary for entrepreneurs to take risk along with running their business. The following report
discusses about one of such entrepreneur Matt Robinson. An interview with the entrepreneur is
conducted in order to understand his aspect on innovation and its importance for
entrepreneurship. The following report also discusses about the motivators for entrepreneurs.

About Entrepreneur
Entrepreneurship is when any business idea is converted into reality in order to make profits
from a company. Entrepreneurs are those people who are taking risk in order to earn profit from
new entrepreneurial enterprises. Entrepreneurs only focus on understanding various financial
benefits and developing ideas of products as well as services which might earn profit for them in
the business. In the following report entrepreneur Matt Robinson is studied (Dodgson and Gann,
2020). He is the owner of GoCardless organisation which is working for recurring payments of
businesses. Another business organisation started by Matt Robinson was Nested.The value of
business stands for more than £400, million and the growth rate of business is recommendable.
The business of Matt Robinson has two basic functions which are helping the seller to sell a
home as well as helping the buyer to buy their new house.
Matt Robinson was a law graduate who graduated from Oxford university. His achievements
in a short term with these major two companies which are worth 1 million now is remarkable. He
had a mindset of an entrepreneur of coming up with new ideas and bringing new opportunities
for the consumers in the market. Even after being a law student he worked on himself and
provided him with different business opportunities which might provide an edge over others in
the competitive world. While he started the business more than 60% of the properties in business
remained unsold. Even he had to face losses at the beginning as most of the clients withdrew
their advertisement from the website due to this ineffective service. He founded the gap between
his services and his strategies and brought changes in the market.
Questions from Entrepreneur
It is necessary to ask correct questions and important questions in order to get correct data.
Matt Robinson is a young entrepreneur running two of his own companies. Below are some of
the questions which were asked from him during:
 What are the drivers of decision to invest your money?
 There are a number of resources needed to run a business operation, what are the major
resources according to you?
 Is it possible for a person to become an entrepreneur or without bringing in a new
business idea?

 What are the major effects of innovation in today’s business?
 How would you view your own entrepreneurship?
Analyse data and information
With the help of conversation that was held with Matt Robinson there were a number of
different theories about entrepreneurship revealed. Below mentioned are some of the major
understandings from the research work:
Growth, not profit: It is necessary for businesses these days to understand that growth of
business is more important than profits. Two companies which were introduced by Matt
Robinson are of huge amount today. He believed that it was required to focus on new ecosystem
which can develop the companies (Castaño-Martínez, 2020). It is often seen that the profits will
remain less in the initial stage of a business. It is necessary for entrepreneurs to make sure that
they are increasing the valuation of their business and earning profits gradually.
Finding the Gap: In order to bring in new innovation it is necessary to find the gap in the
business. The gap refers to various opportunities which are remain unexplored by a number of
businessmen. Matt Robinson always focused on various small details about the problems which
are occurring in the business. Most of the new companies these days who come up with new
innovation are finding the gap in order to fulfil the need of customers so that they can bring a
new innovation.
Changing mindset: There are times when people believe that the children of a family you are
going to run their business. These days this concept is no more valid. There are a number of
people were coming up with new ideas and innovations. Matt Robinson was interested in
working in selling of real estate and buildings but with a different idea. It is necessary for
businesses to do a lot of research in order to bringing new opportunities for them self. Innovation
have always been a key for success throughout this century. Development of new products as
well as services have their own limitation in the market.
Following your interests: From the about description it is clear that idea of running a family
business is old now a days. It is necessary for entrepreneur to follow their own interest and come
up with new ideas even though they fail in the beginning they can effectively develop a
successful business (Cervelló-Royo and et. al., 2020). It is seen that more than 60% of start-ups
these days do not have the operational profit during their initial time. Matt Robinson have

accepted that there were a time when his companies were a verge of shutting down but however
he kept them floating for a longer period of time.
Relate to the theory
Disruptive innovation
Innovation has been a major topic in order to meet researches to understand the
development from last decades. Disruptive innovation is very popular in these days with the
culture of start-up companies. It is basically the creation of new values by bringing in new
products as well as services in the already existing marketplace and creating a different market
for them. Disruptions basically means changing the shape of ecosystem it can be either for a
limited period of time or for a longer period of time as well (Cervelló-Royo and et. al., 2020).
However, with the passing time disruptive innovation have converted into sustainable innovation
for a number of companies. GoCardless and Nested Came up with different ideas in order to
introduce different products and services to the market. Both of these have online mode of
payments and have brought in disruptive innovation. Nested disrupted the market place by
introducing a positive change in the real estate industry by supporting both buyers and sellers. It
was required as both of them needed guidance which Nested provided them with free of cost.
Entrepreneurship innovation theory
Entrepreneurship innovation theory is one of the most important theories in present time.
Below mentioned are the four points through which innovation can be done with the help of the
story:
 Launching of new products or services or upgrading the existing one.
 Introduction of new market
 Application of new process for sales of production.
 Acquiring new resources for production
 Bringing in new innovation and monopoly through disruption
It is not necessary for an individual to acquire all the knowledge of the world in order to
bring innovation in the business. The above mentioned points related to this theory explains that
instead of knowledge it is required for an entrepreneur to make sure that they are always
focusing on bringing in new ideas and innovations for their products and services (Wu, Song and
Yang, 2020). It is necessary to focus on continuous exploration of new opportunities and
upcoming in the market. Matt Robinson have stated that he focused on bringing in new ideas and

exploring new properties in order to become an entrepreneur. He worked on finding the gap in
the market which was unexplored by other people and also considered on answering various
questions on how this gap can be filled with the help of investment he could make in the market.
During the interview with Matt Robinson it was analysed that he with the help of the other
founder of the company were working on various ideas on how to ease the business for other
people. They came up with new products which will help the customers to easily collect
recurring payments. This was a great innovation which helps them to set up their business in a
short period of time. There are also a number of old companies which are required to invest in
research and development continuously in order to make sure that they are introducing new
products and services in the market to sustain in the market for the longer period of time. Nested
which was another venture is started by Matt Robinson was also one of the business which was
unexplored. However, this business has faced losses in the beginning as 60% of the people have
already replaced their advertisement from the website. However, with time and extensive
research on how people by their properties the problem was solved by Matt Robinson.
Matt Robinson have always considered himself as a serial entrepreneur who is a believer of
how managing innovation in a business will help them to develop and sustain the business for a
longer period of time. He is agreeing on the factor that there are a number of other important
factors to become an entrepreneur not only knowledge is important (Modi, 2020). It is necessary
that the human resource which is working for the company is effective enough to bring in all the
objectives and goals of the company. He believes that machines can only help and assist human
beings on development of new ideas but the power of technology is limited and it is only human
that can think of something new.
Types of innovation
Innovation can be divided into four major types which are product, process, position and
paradigm.
 Product innovation can be simply described as development or launch of new products as
well as services in the market in order to conduct the business activities and fulfil the
required needs of the customers. Metro business and used product innovation in both of
his businesses.

 Process innovation refers to a new process or modification of the currently existing
process in the business. It is necessary in service industry in order to increase their
revenue to bring on new innovation in the processes.
 Position innovation can be said to be use of various field of marketing in order to make
sure that the products as well as services of the company are positioned differently in
order to earn more profits and revenues for the company.
 Paradigm innovation is a different and unpopular kind of innovation in the market. In this
innovation is done with the help of changing perspective through which the opportunities
which are arriving to a business’s look towards. Matt Robinson have revealed that the
major reason why his company is exploring most uncommon ways and various path to
earn profit is this innovation (Pololikashvili, 2020). An example can be considered here
before the beginning of nested it was necessary for them to understand that the online
sale of property can bring in profits for the organisation. The thought considered of
basically selling the houses which failed to get their buyers in order to earn profit.
Innovation is necessary for all the different kinds of businesses weather be a small business
or a multinational company. The major reason behind innovation is the changing needs and
desires of market as well as customers. It is necessary that company is bring innovation in their
business from time to time in order to sustain in the market. However there are a number of
myths related to innovation that only extraordinary minds can bring in innovation. However it is
necessary to have desire in order to become a successful businessman and bring in innovation.

Conclusion
With the help of the following report it can be concluded that in the coming time it is necessary
to understand the importance of innovation is the business in order to make sure that the business
is developing a leading towards success. Managing innovation becomes a great challenge for the
entrepreneurs in order to understand the required needs of the consumers. It is necessary for a
company to make various procedure in order to make sure that they can implement various ideas
in their operations. Innovation is the key to success for budding entrepreneurs. They have started
the business with the help of various innovation and in order to stay in market they need to
continuously bring in more innovations. It is also required by organisations to hire more power
of ground workers who can essentially fulfil the requirements of the organisation. Innovation
also helps the organisation to make sure that they are exploring all the opportunities which are
upcoming for them in order to attain success in the marketplace. It is a great way to gain
competitive advantage over competitors and keep customers happy as well as satisfied.

References
Books and Journals
Dodgson, M. and Gann, D., 2020. Philanthropy, Innovation and Entrepreneurship. Springer
Books.
Castaño-Martínez, M.S., 2020. Innovation, Value Creation, and Entrepreneurship by
Opportunity: An Analysis of European Countries. In Analyzing the Relationship
Between Innovation, Value Creation, and Entrepreneurship (pp. 43-63). IGI Global.
Cervelló-Royo, R. and et. al., 2020. Sustainable development, economic and financial factors,
that influence the opportunity-driven entrepreneurship. An fsQCA approach. Journal
of Business Research, 115, pp.393-402.
Cervelló-Royo, R. and et. al., 2020. Sustainable development, economic and financial factors,
that influence the opportunity-driven entrepreneurship. An fsQCA approach. Journal
of Business Research, 115, pp.393-402.
Modi, P., 2020. New Entrepreneurship in India: Challenges and Resolutions. Purakala with ISSN
0971-2143 is an UGC CARE Journal, 31(37), pp.559-565.
Pololikashvili, Z., 2020. Tourism and the Sustainable Development Agenda: Seizing opportunity
in crisis. In International Trade Forum (No. 1, pp. 16-17). International Trade Centre.
Wu, A., Song, D. and Yang, Y., 2020. Untangling the effects of entrepreneurial opportunity on
the performance of peasant entrepreneurship: the moderating roles of entrepreneurial
effort and regional poverty level. Entrepreneurship & Regional Development, 32(1-
2), pp.112-133.