Opportunity Innovation and Entrepreneurship

This document explores the importance of opportunity, innovation, and entrepreneurship in building a successful venture. It includes an analysis of an interview with an entrepreneur of Prism London Limited and its relation to relevant theory. The document highlights the role of constant market research, the development of innovative offerings, and the need to fulfill customer demands. It also emphasizes the significance of market opportunities and the impact of entrepreneurship on the economy.

Opportunity Innovation
And Entrepreneurship

Executive summary
An entrepreneur is defined as an individual who undertake risk in order to serve
community, individual and society with innovative products, services and ideas. 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. Opportunity
innovation and entrepreneurship offer adequate services and products at marketplace as by
controlling and managing production cost and for this sustained actions are implemented to make
better profit and higher sales. 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. Furthermore, effectiveness of
innovative opportunities is analysed through which appropriate information is collected and
induced as per attainment of long term goals and objectives. It aids an entrepreneur to make all
the possible change within skills making and employability with this something better is
presented within the competitive marketplace.

Table of Contents
Executive summary..........................................................................................................................2
INTRODUCTION...........................................................................................................................5
MAIN BODY...................................................................................................................................5
Analysis of Interview.............................................................................................................5
Relation of Interview with the Theory.............................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11
APPENDIX....................................................................................................................................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 (Carayannis, 2013). 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.
MAIN BODY
Analysis of Interview
As per the analysis of interview done with the entrepreneur of Prism London Limited
named Ms Anna Laub, it has been acknowledged that being an entrepreneur is not an easy task,
however if courageous enough to undergo risks, can yield profitable outcomes in a short span.
Further, it was determined that the main intent behind an entrepreneur undergoing
entrepreneurship is to develop offerings which can cater to the needs and demands of people
prevailing in the market place and derive satisfaction from as a result. An entrepreneur seeks to
operate their venture in a manner such that it can provide an overall boost to the economy of the
nation and provide employment opportunities to the local individuals of the country (Drucker,
2014). The entrepreneur centred the discussion over the premise that the continuity of an
entrepreneurial venture in marketplace for prolonged time period can be ensured through the
execution of constant market research. This provides assistance to them in gaining knowledge of
the latest trends and patterns prevailing in marketplace. These are looked upon as opportunities
or the steppingstones to the way to gain success. 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(Bahl, Lahiri and Mukherjee, 2020).
In addition to this, Anna told that entrepreneurship is a process which requires a person to
constantly stay engaged in the procedure of determining the customer demands along with the
strategies adopted by the rivals. This is important so as to develop and come up with a strategic
course of action or competitive move which is better that that of the rivals (Hisrich and Kearney,

2013). In the long run, this helps the venture in instilling a sense of loyalty within its customer
base from the very start. In relation to the entrepreneurial venture, the respective entrepreneur
mentioned that the venture was started with the development of all sorts of beach wear along
with swim wear. However, with the passage of time and market analysis, Anna decided to
expand the product portfolio by coming up with eyewear as well as footwear. Further, it was
drawn from the interview that the entrepreneur possessed keen interest in style editing and thus
leveraged those skills in taking Prism London Limited to all new heights. The passion of the
entrepreneur from the beginning lied in creation of stylish and comfortable to wear summer
clothing. The incorporation of sunglasses within the portfolio was carried out solely to meet the
demands of market(Cohen, Hsu and Shinnar, 2019).
The interview conducted with Anna Laub also revealed that the entrepreneur felt drawn
towards sketching and drawing diverse patterns and styles of clothes from a very early age. Thus,
such kind of experience also somewhere boosted the morale of entrepreneur in the initial stage of
business setup whereby otherwise many individuals tend to lose their courage (Kuratko, 2016).
Further, it was acknowledged that Prism London Limited gained due financial aid from the
family members of the founder to ensure sound and timely establishment of the venture. Further,
the entrepreneur had a prior experience as a style editor which assisted in duly carrying out the
growth and development of the venture in due course of time. Anna told that the current quantum
of employees within the entity were 20 and this was proposed to be increased in due course of
time with the expansion of business operations of Prism London Limited within the confines of
Japan, Italy and Spain(Dahle and et. al., 2020).
The conversation about the future planning of the entrepreneur for the venture revealed
that the staff performance in upcoming time would be put to review in constant intervals of 3
months (lapse of their probation period within the venture). In addition to this, Anna pointed out
that she had always liked the atmosphere of the premises to be light and positive so as to instil a
sense of motivation within the employees. This makes the manpower outperform their
capabilities as well as competencies, leading to the achievement of corporate goal as well as
objectives in due course of time. The entrepreneur highlighted that she had always encouraged
those individuals pertaining to the venture who have exhibited sheer dedication and loyalty to put
their efforts for the success of the entity. Such employees are rewarded and certified in a timely
manner so that they can continue with the same performance in future course of time also

(Burns, 2016). The sole belief always held by the entrepreneur behind the same had been to keep
the morale of employees high so that they could give their contribution in making the company
gain success and growth.
It has been determined that the products of Prisma London Limited are developed via
leveraging craftsmanship. 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 aids the venture in grabbing the attention of a pool of individuals prevailing within
the marketplace. Further, the entrepreneur told that the products of the organisation are
developed by using the metal glass from Japan, Fabric from Europe, and many other items from
different places. Such components sourced from wide array of locations are used for creating
swimwear and beachwear that can humans with suit everybody type.
Besides the above analysis, it has been acknowledged that an entrepreneur always needs
to keep their knowledge updated in order to ensure that they come up with innovative offerings
at rapid intervals of time. It is further also realised that the market trends and demands need to be
constantly taken into account in order to make sure that the venture sustains an upper hand over
the rival firms prevailing in marketplace. With the help of constant market research, a company
is also able to identify the opportunities for developing a new product or service that can
successfully gain the attention of a large base of audience (Marcotte, 2014). It is with this only
that the entrepreneur of Prism London Limited has over the course of time been successful in
creating products that could capture a significant market share while also satisfying the
customers to a great extent. The only suggestion that has been provided by Anna Laub is that
entrepreneurs should gain proper knowledge of the industry they seek to gain entry into. This
will not just enhance their scope of long term existence in market but also help in inflating the
revenues and growth prospects of the firm. Lastly, it is also inferred that the development of
healthy and strong relationships with personnel pertinent to the company is important to
encourage them to give their full potential for the accomplishment of corporate goal and
objectives in pre defined course of time. Entrepreneurship is a whole new experience that
provides individuals establishing their ventures with an opportunity to develop their learning and
skill set by practically applying their experiences and background.
Relation of Interview with the Theory
Theory of opportunity

This theory is based on the premise that constant market research needs to be carried out
in order to identify a market opportunity that can be converted into a profitable venture (Simón-
Moya, Revuelto-Taboada and Guerrero, 2014). The meaning of term business opportunity is
mainly related with the sale of a product or services that as per the favourable time and relevant
occasion. Thus, business opportunity reflects a favourable condition for effective and viable
attainment of set business gaols along with leading a good business position and chance to
prospect and achieve advancement success. Further, the innovation and entrepreneurship are two
very closely related and interconnected words in a business word where entrepreneur used to
apply innovation in to bring new and creative ideas to life(HASAN and Gafforova, 2019). 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 development:This is the third stage which simply specified opportunities
that can be seen as concepts in the initial time which further develops with the passing time
(Mainela, Puhakka and Servais, 2014). Opportunity development can be seen as continuous
based process that provides effective shape to the overall business idea. 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.
Opportunity recognition: Opportunity recognition is divided into three processes such as
perception, discovery and creation. With the reference to Prism London Limited, the first and
foremost process that is Perception is mainly associated with the entrepreneur’s background. For
current scenario, it can be said that entrepreneur of Prism London Limited was ex style editor by
profession which have further influenced him to start his own career within same industry. The
second process Discovery is linked with the recognition of available resources which contributes
in fulfilling expectation of customers and acquires opportunity at marketplace (Galindo and
Méndez, 2014). At last the third process related to the same that that is creation it can be said that
inclusion of this contributes in bringing innovation working pattern as well as products and

services so that they can easily satisfy the customers’ requirement. Here, it can be said that
entrepreneur of Prism London Limited believes in following all the processes in order to
recognise market opportunities and then develop their products and services accordingly in order
to enhance customers experiences with them. This further supports them in gaining competitive
edge in rightful manner.
Opportunity evaluation: This is the last stage, in which overall analysis is made on the
business concept so that they can easily make a conclusion whether the proposed plan is feasible
or not. 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 today’scompetitive 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. It hasbeenobserved that current practices in the management of
innovation and entrepreneurial endeavours aim at turning invention into innovation which realise
and depend on the entrepreneur positions and how they gets funding and manages their venture
to become successful(Kearney, 2020). Thus, current practises of innovation management and
entrepreneurial endeavours comprises of having and leading out constant improvement to create
value for customers along with implementing lean start-up model for reduction in wastage of
resources along with more effective allocation of resources to create and support an innovative
culture for producing and delivering quality products and services.

CONCLUSION
On the basis of analysis done of the interview with an entrepreneur 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
marketplace.
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. For this working efficiency and its credibility
both get enhanced and it is processed with support and fulfilment of expectation of marketplace.
for this living standards and possibility to enhance working lifestyle is advanced with better
adequateness.
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. As it assists to make effectual
level of interpretation with this possibility to analyse and interpret market attentiveness and
requirement is attained on regular basis.

REFERENCES
Books and Journals
Bahl, M., Lahiri, S. and Mukherjee, D., 2020. Managing internationalization and innovation
tradeoffs in entrepreneurial firms: Evidence from transition economies. Journal of World
Business, p.101150.
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.
Cohen, D., Hsu, D.K. and Shinnar, R.S., 2019. Enhancing Opportunity Identification Skills in
Entrepreneurship Education: A New Approach and Empirical Test. In United States
Association for Small Business and Entrepreneurship. Conference Proceedings (No. 1,
pp. 23-34). United States Association for Small Business and Entrepreneurship.
Dahle, Y. and et. al., 2020. Six pillars of modern entrepreneurial theory and how to use them. In
Fundamentals of Software Startups (pp. 3-25). Springer, Cham.
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.
HASAN, A. and Gafforova, E.B., 2019. Strategic entrepreneurship: A management method for
improving the performance of small and medium-sized tourism enterprises (SMTEs).
Управленец.10(3). pp.25-35.
Hisrich, R. D. and Kearney, C., 2013. Managing innovation and entrepreneurship. Sage
Publications.
Kearney, C., 2020. Entrepreneurial Leadership and Its Impact on the Emergence of
Entrepreneurial Ventures. In Organizational Mindset of Entrepreneurship (pp. 9-24).
Springer, Cham.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
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.
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.

APPENDIX
Interviewee: Ms Anna Laub
Interviewer: XYZ
Interview Setting: Interview conducted in office of Entrepreneur
[Begin Transcript 00.00.10]
(Start of Interview)
Interviewer: How did you get your concept for the business?
Interviewee: Prism just took over when I was looking for swim wears that was really liked by
me and I was very excited to wear but there were not many options available in the
market at that period of time. It seemed so strange for me that there were not much
choice and people have to spend more money, effort and time to find easily. So that that
time the idea came in my mind.
Interviewer: What is your easy going approach for growth?
Interviewee: I always wanted to come up with swimwear. I always looking forward to
collaboration in order to experiment in order to offer customers that they love to wear.
Interviewer: What according to you is the importance of curation in standing out from the
crowd?
Interviewee: I think that it is important to trust few voices in order to have a clear path. Prism
mainly stands for its hand-finished, luxury and hand-made product. Each and every thing about
our product is paramount and beautifully made. We always make sure that customers have most
comfortable and fashion forwarded product.
Interviewer: Why bricks & mortar stores are not still dead for your business?
Interviewee: We do our business in both online as well as store, but the fact has been accepted by
us that there is a bigger pool of customers in online stage. But we also want to serve people who
really love to visit store. So we conduct dual process in order to support customers from both
channels.
Interviewer: Thanks for your time
Interviewee: You’re welcome