Opportunities, Innovation & Entrepreneurship

This document discusses the importance of opportunities, innovation, and entrepreneurship in the context of Desklib, an online library. It explores the strategies and stages involved in finding and exploiting opportunities, the role of innovation in driving growth, and the characteristics of successful entrepreneurs. The document also highlights the case of Akshay Ruparelia, the founder of Desklib, and his journey in the real estate industry.

OPPORTUNITIES
INNOVATION &
ENTREPRENEURSHIP

TABLE OF CONTENTS
EXECUTIVE SUMMARY.............................................................................................................3
INTRODUCTION...........................................................................................................................3
OPPORTUNITIES: -.......................................................................................................................3
INNOVATION................................................................................................................................5
ENTREPRENEURSHIP..................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
APPENDIX......................................................................................................................................9
Background of Akshay Ruparelia............................................................................................9

EXECUTIVE SUMMARY
Akshay Ruparelia from selling sweets at the age 12 and becoming the entrepreneur at the
age 19 launched in October 2017 with two deaf parents. Working with the exams Akshay sold
his first property with over half million pounds. The company is 14th largest agency in the estate
business and making a great competition in UK market for competitor. Innovation in the
technologies helps the company in successful skills & personalities to a good entrepreneur.
Doorstep is known for its quality service and ranked in top 5 UK in customer service and
increasing in the growth direction.
INTRODUCTION
Opportunities innovation & entrepreneur are different attribute of a company and still they
present as an individual, its important to focus in all three of the attributes as to find the best
opportunities innovation to develop the skills in opportunities. Doorstep.co.uk is one of the best
Estate services in UK and is increasing its growth in UK top market and giving a tight
competition to its competitor (Tomich,2018). Akshay Ruparelia have started the company in
2016 December. The report will discuss the opportunities and innovation of the company to see
the best result for the company. Further in this they will explain the strategies for the
opportunities to get new innovations and growth.
OPPORTUNITIES: -
Opportunities refer to the occasion and situation in which to make possible to do
something which a person want to do or possibilities of doing something. For entrepreneurs’
opportunities are the chances to convert something new in innovations in portfolio business
against those to earn revenue. There is different framework that can be used by the company to
create different opportunities by the company. Company use different ways to find the best
opportunities and Doorstep work in the same process to find the best of the opportunities of the
company in the market. Finding the best opportunities help the company in getting the business
goals and also in expanding the business to a big platform. And in international market also.
The First stage is existing of new opportunities where the company find new
opportunities of the company in which direction the company need to perform the strategies and
task. It creates the viable opportunities which can help in creation of business for the company
(Kahn,2018). Opportunities of the company is to emerging market, high demand, multiple
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applications. The first stage shows the existing of opportunities of Doorsteps. In this stage the
company focus in finding the more and more of opportunities to work on.
The second stage is screening of Stage in this stage the different opportunities are being
screened in the stage to check the best for the company. In this stage the company scree the
product, knowledge of product, and its different characteristics which can affect the product of
the company. Screening help the company in finding the best of opportunities from many options
as in screening they create strategy which test the product and services which help in segmenting
the difference and find the perfect option which can help the company in getting the maximum
number of profits. Doorstep screen the market and find the best place to work in and working in
UK helping them as the audience and customer gets attracted towards the company service
(Nagle,2018).
The third stage is Evolution stage in this the different evolution and the influence of
characteristics for opportunities can be evaluated & compared in best selection in overall
opportunities available. Akshay have evaluated in the best opportunities available for the
company and worked on that. He is focusing in developing the market size and investing in new
places to expand the market. Working in the estate business helps in getting a lot of opportunities
to the company and the technologies can help in finding the best result as soon as possible. Use
of technologies and advancement in the process of working with the technologies help the
company in giving the personal touch to the product and desired to the targeted population.
The last stage in the process is of the exploitation stage in the process of opportunities
for the company. Opportunities has adequately been assessed & tis time to launch the business
idea and business of the company itself. This plan is all about the execution of the plan made in
the older process and it is crucial for the company as it is main for the company to get the goals
by the opportunities they are looking and Doorstep are doing exactly they plan to make the
execution so perfect in the expansion of the company product and brand on different location.
Exploitation stage is the physical stage where the plans are met with physical forces and works
on those to get the outcomes of the company.
Therefore, the analysis explains the different stages of the process in overall ways to
indicate how a business and ideas of business is identified and developed to perform the best for
the better result and development in the company growth. Doorstep working in the opportunities
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to get the result done in the favour to company growth and it is important for the company and
the CEO to focus on the new innovation for the company for regular development and evolution
for company. The concept of opportunity was evaluated to get the entrepreneurship and help the
Doorsteps to get the business in the UK and can also expand with the help of the process
knowledge.
INNOVATION
Innovation refers to the effective changes in the process, products and ideas. In an
organisation innovation basically refers to the implementation of the new ideas and also
improving the products and services of the company. Innovation helps an organisation in profit
earning and growth and also helps in maintaining the reputation of the company in the
marketplace. Innovation basically refers to the change in the business model and the environment
to deliver better products and services. Successful innovations are the part of the business
strategy, as it creates the positive culture of innovation. Innovation in the company helps in the
succeeding the business, through the better performance and the productivity.
It is very important for the owners to implement the innovations and new things. There
are different theories if the innovations. They are as follows:
Disruptive innovation: disruptive innovation is the most important theory of the innovation. In
this theory the small companies disrupt the market of the larger companies by offering the
different products and schemes to the customers. In some situations, the small company inferior
the performance of the large companies (Kahn, 2018). This innovation is a force and it has no
predictive power. The theory mainly refers to the way, the large companies get disrupted and it
also not guaranteed the success of the small companies.
Sustaining innovation: This innovation basically focuses on the improvement of the existing
products. It does not focus on the new market. It allows the company in completing the
sustaining improvements. it targets the demands of the existing customers.
There are two types of the innovations i.e., radical and incremental. They both are
interrelated to each other. Radical refers to the innovations that basically focuses on the
development of the new technology and the business models. Whereas on the other hand
incremental innovation refers to the process of the innovation, which focuses on the
improvement of the existing system and the existing products to make them cheaper and better.
Both the types of the innovations benefit the company from the input of the customers.
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Incremental innovations are inspired by the suggestions and feedbacks of the customers whereas
the radical innovations are on the basis of the research. Radical innovations are very rare to
happen, as the new technologies are launched.
Therefore, it can be concluded that, the owner of the doorsteps.co.uk can adopt the
disruptive style of the innovation, as the owner has the opportunity to start the new market with
their ideas. Also among the category of the innovation style, the Akshay ruparelia, the owner of
the doorsteps.co.uk, adopts the incremental innovations, where he can initially implement the
innovation in the products and services for the betterment and improvement (Godin, 2019).
Therefore, it has been proved that, Akshay Ruparelia has adopted the Incrementally disruptive
innovator method of the innovation, in which the changes are made incremental manner and this
results to the disruption in the existing market.
ENTREPRENEURSHIP
An entrepreneur is someone who organises, manages and assumes the risk of the business
and enterprise. An entrepreneur is the person who brings the positive change in the company.
Entrepreneurship is the process of discovering the ways of combining the resources. The main
focus of the entrepreneur is on the growth of the company by maximising the profit.
Entrepreneurship is collecting the ideas from the members and implement it for achieving the
goals of the organisations (Frederick, 2018). As efficient entrepreneur always leads in the
marketplace.
Basically the entrepreneurship is connected with the land, labour, capital and natural
resources for generating the maximum profit. There are number of types of entrepreneurship.
They are, ethnic, cultural, feminist, social and etc. the entrepreneurship has a certain set of the
characteristics, which helps in determining the overall personality. The ocean model or the big
five model is used to analyse the traits of the entrepreneur. The model is as follows:
Openness: it is the first and most important trait of the big five model. The basic characteristics
of openness are imaginations and insight. It is also called intellect and imaginations. It helps
determining the level of the creativity and skills for new experiences.
Conscientiousness: this trait basically refers to the act of the self-discipline that an individual
imposes on themselves. Akshay Ruparelia is definitely less on the Conscientiousness aspect. It
also determines the level of the care that an individual take in the life and work. If the scores of
the Conscientiousness is high, then it is said to be organised.
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Extraversion: this trait basically has two familiar ends, extraversion and introversion. In this trait
entrepreneurs basically easily communicate with each other to be successful entrepreneurs. In the
case of Akshay Ruparelia, it is much more extrovert as it is mandatory, as it makes it easily
adjustable with the people and it also helps in forming the strong relationship.
Agreeableness: in this traits, it concerns with the way of the people getting along with others.
The people with the high agreeableness tend to be well respected and sensitive to the needs of
the others, whereas, the people with the low agreeable tends to be less trusted and liked by
others.
Neuroticism: this trait refers to the factor of meanness or incompetence. It also encompasses
one’s emotional stability and general temper (Ziegler, 2019). It also refers to the ability to accept
and process the negative situations and emotions in people. Akshay ruparelia is also maintain a
positive outlook towards the opportunity in the life, which helps in showing the strong
personality.
Therefore, it is concluded that the different entrepreneurial skills indicate the strong
personality of the Akshay ruparelia and his skills and nature along with intelligence. Thus ocean
model helps in analysing the different traits of an entrepreneur.
CONCLUSION
The analysis done in the report help in identify the clarity of importance f three aspects of
the entrepreneur, the analysis in report tell the function and ways to find the best result for the
company in the process and the importance of finding the innovations to increase the company
objectives. Report further explained Akshay goals and the ways in which it helped the company
to get and find the opportunities and innovation to increase the value of the company and get the
best new technologies which help in better performance. The report also explain the 5
personality model in this analysis (Moe,2017).
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REFERENCES
Books and Journals
Agnihotri, A. and Bhattacharya, S., 2020. Doorsteps: Disrupting the UK real estate industry.
SAGE Publications: SAGE Business Cases Originals.
Atal, D.K., Singh, R. and Das, S., 2017. Estimation of stature from foot length in North Indian
Population. Journal of Indian Academy of Forensic Medicine. 39(2). pp.149-
152.
Frederick, H., O'Connor, A. and Kuratko, D.F., 2018. Entrepreneurship. Cengage AU.
Godin, B., 2019. Theories of innovation. In The Invention of Technological Innovation. Edward
Elgar Publishing.
Harriss, J., 2017. Universalizing elementary education in India: Achievements and
challenges (No. 2017-3). UNRISD Working Paper.
Kahn, K.B., 2018. Understanding innovation. Business Horizons. 61(3). pp.453-460.
Kolhe, M.L., Labhasetwar, P.K. and Suryawanshi, H.M. eds., 2019. Smart Technologies for
Energy, Environment and Sustainable Development: Select Proceedings of
ICSTEESD 2018. Springer.
Moe, W.W. and Schweidel, D.A., 2017. Opportunities for innovation in social media
analytics. Journal of Product Innovation Management. 34(5). pp.697-702.
Nagle and et.al., 2018. Opportunities for innovation in genetic transformation of forest
trees. Frontiers in plant science. 9. p.1443.
Tomich and et.al., 2018. Transforming agrarian economies: Opportunities seized, opportunities
missed. Cornell University Press.
Ziegler, M., Horstmann, K.T. and Ziegler, J., 2019. Personality in situations: Going beyond the
OCEAN and introducing the Situation Five. Psychological
assessment. 31(4). p.567.
Online
Akshay Ruparelia Age, Family, Biography, Net Worth & More, 2020. Online. Available
Through: <https://starsunfolded.com/akshay-ruparelia/>.
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APPENDIX
Background of Akshay Ruparelia
Doorsteps, was established in the mind of Akshay Ruparelia when he was just 16 years
old that he wanted to start an online homebuyers and sellers agency. It was in October, 2017 that
his online website was launched as doorsteps.co.uk, which is the 18th biggest estate agency
within 16 months of going online. He is the youngest businessman to be able to sell £100 million
in just one year. There is a lot of transparency which is present in the company which attracts
more customers and the organizations have been increasing rapidly. Akshay is Indian origin and
the youngest millionaire in United Kingdom. He has always been inspired by Michael O Leary
who is the owner of Ryanair which is the low cost airlines. His first project was being hired by a
Sussex man for selling his house and a piece of land beside it for which Akshay had to pay 40
pounds to his sister’s boyfriend for driving him down to the property for clicking pictures since
he did not have a license or a vehicles even. And it was within three weeks that Akshay was able
to sell the property so quickly (Harriss, 2017). He invested £7,000 and hired mothers which were
self employees and they showed the customers the properties which he had picked up the tasks
for. In order to give 3.25% of his business he gathered £400,000 in 2017 which is a great factor
for the company to have. Both his parents are deaf and mute which is why he mastered the sign
language at a very young age which is a great factor.
Akshay is thinking for the future growing business in the market which is why this online
estate business was developed by him. Akshay is currently 22 years old who did his schooling
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from Queen Elizabeth High School, London and has currently put Oxford University for
economics and mathematics on hold since he wants to focus on his business and using his entire
mind for that. Both his parents are deaf and mute which did not stop him from achieving his
goals and objectives since he has to make sure that his can create a better place for his parents.
Father, Kaushik Ruparelia who is a care worker and mother, Renuka Ruparelia who is an
assistant teacher for the deaf children with Camden Council which is situated in London. His net
worth is £12 million as of 2017 which is a great achievement for a young man like him. He has
finished his high school graduation but he is not a master of any subject yet because he is a very
practical businessman who has learnt and implemented his ideas in reality at a very young age.
He got the right knowledge and got inspired by the right businessman and even followed them
which are why he was able to get this reputation in the market so effectively (Akshay Ruparelia
Age, Family, Biography, Net Worth & More, 2020). Akshay has made the business gain a lot of
value in the market which will have to be well maintained and for that there is a requirement of a
lot of focus and he is having a lot of ideas which have to be implemented effectively so that the
organization will be able to capture a larger market base for themselves. There is a motivation
which Akshay got from within about his idea and his parents supported him as much as possible
so that he could do what he believed in.
In the beginning, Akshay could not attend the clients while he was attending college
which is not good for business which is why he had to hire a call centre to be able to take the
requests and queries on his behalf. It was in his free time or breaks he would call back his clients
and make a strong bond and relationship with them in order to get more people in this
organization. There are a lot of people who want professional help and guidance in selling the
properties and selling them right which is being provided to them through this agency which is
through transparency (Atal, Singh and Das, 2017). Word of mouth has been the most helpful for
Doorsteps to be able to have a good functioning. It was in 2018 they were awarded the best
emerging online agent and also received the negotiator awards in 2018. Akshay has been
successfully able to sell over £1 billion homes across United Kingdom will date. He has made it
so easy for the organization to be able to make the people believe that selling properties is as
easy as selling cars which are why the company has been able to develop effectively in this
industry. There are no hidden fees and completely hassle free which is a great factor for the
organization to be able to have a good and fantastic pricing for the properties. Experience does
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make a lot of difference and Akshay knew that but he was certain about the idea he had for this
company which is why the company is being able to operate effectively in the market.
There are a number of good staffs which is hired in the organization which is focusing on
the customer services so that the customers are comfortable with the changes which are coming
in the organization. There are a lot of technological driven approaches which are being used in
the organization which is a very beneficial factor because that is trending in the market and the
customers are gathering a lot of information online. There is a better peace of mind which is
provided by Doorsteps when they interact with the customers directly which is a great factor for
the company and there is consultants which are provided to the customers as well. There are 5
stars reviews which the company has gained for themselves over time which is a great factor.
TrustPilot is a favourable site which is visited by a lot of customers. The agency is being featured
in a lot of agencies like Evening Standard, Economic Times, Business Standards, etc which is
making the company be able to get in a competitive advantage and larger customer base for
themselves (Kolhe, Labhasetwar and Suryawanshi, 2019). The customers of Doorsteps have
saved more than £10 million which is a great factor otherwise they would have lost this amount
in the estate agency fees which is why there is a loyalty which the agency is having in the
market. There is a good learning which Akshay has from the people who have experienced
something in the market like Michael O Leary had a lot of falls and rises in the market. There is
a lot of learning which one can understand and not make the same mistakes in the future which is
going to be very effective. There is a requirement of confidence which is why Akshay has been
able to get in those changes in the estate industry which the other old businesses in the market
could not and Akshay believed this is going to make the organization have a better place in the
market.
It is very essential for businesses to get in innovation and creativity in the market so that
they will be able to capture the market effectively. The trends and needs of customers are
shifting which will have to be considered in the market so that there will be better profitability so
that there are more investments which can be made by the organization and expand further.
Getting a business online is the best method which organizations can use to expand themselves
which is a great factor. The customers want the detailed information about all the processing
which is taking place in the market so that they can have better operations. The company’s logo
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mentions that better services, much better price which is a great advantage for the company
because a lot of customers are getting attracted because of this factor. There is a good
transparency and information which is present on the website for the customers and numbers and
mailing id’s which are having customers replying to all enquires so that the customer’s value is
present. It is very important in an estate business to be able to provide all the facilities which
they require to make them feel comfortable because estate is a business in which people invest
the most and if this factor is used effectively then any business in this industry will be able to
operate effectively (Agnihotri and Bhattacharya, 2020). Akshay says there is no imagination
which the customers have and Doorstep will not be able to provide them with which is this
organization can provide the exact expected house and environment which the customers look
for in Britain. There are a lot of characteristics which are required in an entrepreneur which is
having experience and having the strength to take risks in the market which is present in Akshay
which is why the business has been able to grow effectively in the market.
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