This document discusses the importance of innovation and entrepreneurship in business. It explores different theories and types of innovation and provides insights from a serial entrepreneur. Find study material and solved assignments on Desklib.
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Opportunity Innovation and Entrepreneurship 1
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Contents About Entrepreneur.....................................................................................................................................3 Questions from Entrepreneur.......................................................................................................................3 Analyze data and information......................................................................................................................4 Relate to theory...........................................................................................................................................5 Conclusion...................................................................................................................................................8 References...................................................................................................................................................9 2
About Entrepreneur An entrepreneur is considered as a person who sets up a business or organizations, taking on money related risk in the desire for benefit or profit. Business entrepreneur plays a key role in any economy(Awolaja, 2020). These are the individuals who have the right skill as well as initiative important to foresee present and future needs and carry great new plans to the market. The respective report is based on the Marc Biles who is founder and CEO of Ratio as well as he is United Kingdom based serial entrepreneur. Marc Biles got his entrepreneurial start while he is working in to some degree unlinked role which is as an operator in a call centre. At the point when this first side gig demonstrated successful, Biles was extended to a full time employment opportunity as a special tasks or project executive at venture firm The Richmond Group. Throughout the following decade, Biles launched 13 brands for the organization. He built up a specific connection to one of these ideas i.e. Ratio, a software organization that constructs items for making unpredictable, archaic markets simpler and progressively effective as well as ended up assuming control as the organization's CEO. Outside of Richmond Group, Biles has launched another three associations with fellow benefactor Tara Flynn(Castaño-MartÃnez, 2020). Ratio is a software organization. Recently owned by Bournemouth-based VC, the Richmond Group; Tara Flynn and he finished a management buyout of the organization in October 2013. Questions from Entrepreneur Posing the correct question it is essential to discover right data. Marc Biles is a young businessentrepreneurhoweverhehasunderstandingof runningthreeorganizations.The following are a couple of questions which will be asked from him to know information: 1. How would you settle on choices about where to invest money or fund? 2. An organization needs different assets to run its functions so according to you which are most important resource for business? 3. Do you feel that an individual can't turn into a business person without having new thoughts in his/her mind? 3
4. What is the significance of innovative or advance management in the present business world? 5. What sort of business person or entrepreneur you are in your view? Analyze data and information Discussion with Marc Biles uncovers different things about various theories of business visionary or entrepreneur and their mentality. Below some of the main points are defined which can be known or understand by the research work:- Change in mentality –There was the point at which an individual beginning a business by thinking about that felt that one day my kids will oversee it. His/her family members go along with him/her and it essentially builds up a family run business(Evansluong, 2020). However, this idea has evaporated and these days’ business visionaries or entrepreneurs center on recruiting those individuals that can expand the total worth of the business. Marc Biles is keen on building a business over the long run however he never considers old working styles. Prior business people or entrepreneur use to earn cash by just creation as well as selling things. Respective system doesn't work any longer as specialists need to do a great deal of research in finding a million-dollar opportunity. Innovation is critical to achievement in this century, the improvement of item and advertising has its restrictions. Development, not benefit –Marc Biles is originator of three organizations, the three firms concentrated on their valuation increment of benefits or profit. This is story of every next beginning up over the globe. Ratio launched by Marc Biles is generating high profit and they are as yet considering extending their business as opposed to utilizing assets for improving net revenue. New ecosystem focuses on earning huge amount of profit in the short period of time(Fu, Wennbergand Falkenhall, 2020). It is impossible by acquiring benefits as they stay less in introductory stage. In this way, business visionaries or entrepreneur center on expanding valuation of their business and afterward offer stakes so as to procuring millions in single day. Marc Biles has done same with his first business. Serial entrepreneurs put their cash in new business so they can again manufacture an organization with high valuation so its stake can be sold in future. 4
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Discover gap -Innovation happen when somebody discover gap in current framework or system. Now a day new business is based on the innovative as well as creative ideas because through it they able to earn high amount of money. They innovates new idea, products as well as services on the grounds that their endurance depends of how they fill gap and win benefits through it at the potential marketplace. Marc Biles likewise focuses around little insights concerning the issues which company as well as customers faces on consistent schedule. Present pattern shows that the majority of the new billion dollar organizations are utilizing innovation for maintaining their business. Organizations like Ratio are working on a simple ideas example help clients in getting most innovative software so that they can attain their desire goal as well as objectives in successful manner. In addition to this they know that they cannot do this in the old manner, for attracting clients or customer’s company need to adopt innovative ideas so that they encourage customers to visit at their office(Ghezziand Cavallo, 2020). They generally innovate and introduce new procedure where both innovation as well as advice of operators works in collaborative manner so customers can get an incentive for cash. Follow your interest -As talked about over, the idea of family run business is obsolete as business people or entrepreneurs themselves don't stay in their promoted firm. They offer stakes to others for millions and afterward begin something new in light of the fact that sooner or later their own thought doesn't energize them. Over 60% new businesses don't stay operational after first year due to funding(Sayili, 2020). The explanation can be anything other than one thing is evident that numerous supposed business visionaries don't have fearlessness energy to follow their advantage when things go south. Marc Biles also acknowledges that sometime in the past Ratio was very nearly closing down yet their enthusiasm when key to keep it gliding or floating. Relate to theory Disruptive Innovation -Innovation has consistently stayed a key subject of research as its significance is constantly expanding from the last 3-4 decades. Disruptive Innovation is well known of late as a result of a beginning up culture. It essentially implies the making of new qualities by introducing products, system, or services in existing business sector or by making new market. Disturbance implies shaking a total eco-framework; it might 5
be for a restricted timeframe on account of lower execution yet on the off chance that the organization can keep up another worth system for a more drawn out period at that point, with time, problematic advancement can change over into maintainable development. Marc Biles determine their own market as well as customers which help them in gaining high competitive advantage at the marketplace. It is idea of respective person that they will offer quality as well as innovative services to all of their customers even if they are first or 10000th(Stephens, 2020). This ideas or thought of Marc Biles attract their clients or customers which help them in earning money and developing three successful businesses. ï‚·Entrepreneurship innovation theory -It tends to be considered as the most relevant theory of right now. It expresses that development should be possible through below mentioned four aspects: oLaunching on new products or service or by improving the past one. oIntroduce a totally new market oApply the new procedure of production or selling oAcquire new sources of raw material oBring new structure in an industry like end monopoly through disturbance or disruption An individual doesn't require being the most brilliant individual on earth or getting all the information for utilizing development in business. Previously mentioned focuses technology that as opposed to concentrating on specialized information; business visionaries should focus on discovering some new thoughts so they can go through them for setting their business. Consistent difficult work and want to "investigate" will stay a key factor for business enterprise in anticipated time(Sun, Liand Xu, 2020). According to Marc Biles he turned into a serial entrepreneur as a result of his propensity for investigating stuff. On the off chance that he finds a gap in the market that is as yet unexplored and individuals are not inquiries about it then he thinks about that "gap" a potential wellspring of interest (in present) and winning in (future). By conducting the meeting with Marc Biles, it tends to be analyzing that he, with another author, was attempting to take a shot at a fundamental thought for example the most effective method to ease business of organizations. They built up another item that 6
permitted their customers to gather repeating installments without any problem. Without a doubt it was a development that permitted them to contact new statures in a brief timeframe.Otherthannewcompanies,oldorganizationsareadditionallyputting vigorously sum in innovativework asthey comprehendthatpresentationof new items/administrations is fundamental for continuing in the market(Toms, Wilsonand Wright, 2020). Settled, another endeavor of Marc Biles is additionally another market which was likewise unexplored. He investigated an example that practically 60% of the individuals who were happy with their products as they are provide them quality services through which they can effectively make their easier as well as effective in future. MarcBilesseeshimselfasaserialentrepreneurwhosolidlyacceptsthat overseeing advancement is the best way to build up a reasonable business. He concurs that information isn't the main factor that can lead an association to progress, without creative mind as well as proper investigating business can't make due for long. He likewise accepts that workers are the most significant asset in organizations as they have the ability to envision things. Machines can help people in investigating and growing new thoughts, yet innovation has its own constraint and it can't take care of us with new thoughts. Types of innovation –Innovation are of fundamentally four kinds i.e. product, procedure, position and paradigm. Product is considered as development as well as launching of new products and services at the potential marketplace in order to conduct effective business functions and operations. This kind of innovation was utilized by Marc Biles in all of his ventures. Another kind is process which is determined as innovation where organization builds up another procedure or alter current one(von Blohand et. al., 2020). It is popular in service industry since income or revenue of association relies upon productivity of their present procedure. In addition to this next is Position which is determine as innovationwhichisregularlyuseinfieldofadvertisingwheresameitemsor administration is situated in an alternate manner so it can earn money for the venture or enterprise successfully. Furthermore, paradigm is an unpopular as well as diverse kind of development or innovation. Here, advancement is finished by changing the point of view of looking 7
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towards a chance(Yu, 2020). Marc Biles uncovers that one of the principle explanations for steady achievement is that he attempts to investigate things in an unprecedented manner. It is their ideas Ratio that they want to offer same kind of services to all of their customers if he/ she are first or 10000th. This concept of conducting business help respective person in attracting more and more customers and encourage them to attain their services through which they increase their earning or profit. Conclusion By analyzing above mentioned point it can be summarized that for a business innovation is essential because through that they able to attract more and more customers as well as investors towards the business. In addition to this it will also help in sustaining business and earning high profit at the potential marketplace. Moreover, by adopting innovative ideas or thoughts a company able to grab huge opportunities which help them in growing business successfully around the world. 8
References Books and Journals Awolaja, A. M., 2020. Entrepreneurial Opportunity And Collaborative Research Efforts As Panaceas For Improving Academic Entrepreneurship Among Ekiti State University Staff.Archives of Business Research.8(3). pp.42-52. Castaño-MartÃnez,M.S.,2020.Innovation,ValueCreation,andEntrepreneurshipby Opportunity:AnAnalysisofEuropeanCountries.InAnalyzingtheRelationship Between Innovation, Value Creation, and Entrepreneurship(pp. 43-63). IGI Global. Evansluong,Q.,2020.Opportunitycreationasamixedembeddingprocess:Astudyof immigrant entrepreneurs in Sweden(Doctoral dissertation). Fu,K.,Wennberg,K.andFalkenhall,B.,2020.Productiveentrepreneurshipandthe effectivenessofinsolvencylegislation:across-countrystudy.SmallBusiness Economics.54(2). pp.383-404. Ghezzi, A. and Cavallo, A., 2020. Agile business model innovation in digital entrepreneurship: Lean startup approaches.Journal of business research.110. pp.519-537. Sayili, K., 2020. Retaining skilled employees: A human capital model with innovation and entrepreneurship.Managerial and Decision Economics. Stephens, M., 2020. Cities as custodians for entrepreneurial opportunity. InUrban Studies and Entrepreneurship(pp. 31-49). Springer, Cham. Sun, D., Li, S. and Xu, X., 2020. Analysis of reform and development strategies of China’s Internet innovation and entrepreneurship education.Entrepreneurship Education, pp.1- 17. Toms, S., Wilson, N. and Wright, M., 2020. Innovation, intermediation, and the nature of entrepreneurship: A historical perspective.Strategic Entrepreneurship Journal.14(1). pp.105-121. von Bloh, J. and et. al., 2020. Transnational entrepreneurs: opportunity or necessity driven? EmpiricalevidencefromtwodynamiceconomiesfromLatinAmericaand Europe.Journal of Ethnic and Migration Studies.46(10). pp.2008-2026. Yu, W., 2020. Creative industries agglomeration and entrepreneurship in China: necessity or opportunity?.Industry and Innovation.27(4). pp.420-443. 9