Importance of Innovation in Entrepreneurship: A Case Study of Quick Shopping

This report focuses on the importance of innovation within entrepreneurship and the success of Quick Shopping, an ecommerce platform for small retailers. It discusses the impact of mega trends and emerging trends on the market, key trends for the future, identification of business opportunities, and feasibility study. The report highlights the IT infrastructure, network of small retailers, and integration of mega trends as factors contributing to the success of Quick Shopping.

Opportunity innovation
and entrepreneurship
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EXECUTIVE SUMMARY
The current study focuses over the importance of innovation within entrepreneurship and
manner in which it remains helpful within a success of a business. This report focuses over an
innovation planned to be brough by Quick Shopping firm in ecommerce industry, where it
provides a online platform to small retailers to have a virtual interaction with its customers
directly. At this platform the small retailer can display their product or services in order to
approach the customer and offer them a medium of online shopping which at individual level is
not possible for small retailer. From this report it has been determined that there are certain
factors that help this business to get successful such as IT infrastructure, network of small
retailers and mega trend conversion into work.
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CONTENTS
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Impact of Mega trend study and emerging trend on market........................................................3
Key trend for immediate future and long term............................................................................4
Identification of business opportunity and development of business..........................................5
Justification/feasibility study.......................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
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INTRODUCTION
Entrepreneurship is defined as the process of designing, launching and running a new
business which is based on an idea or new concept. The entrepreneur is a person who always
willing to search for a business opportunity and convert it into action plan to achieve market
success (Sahut and Peris-Ortiz, 2014). The current report is based on the development of a new
ecommerce business named as Quick Shopping which creates a platform to provide a virtual
interaction between the buyer ad seller. This report includes a discussion regarding the impact of
mega trend and emerging trend in market, Key trends for future, busines opportunity and
development, justification for the feasibility of business opportunity.
MAIN BODY
Impact of Mega trend study and emerging trend on market
Entrepreneurship is refers to the process of setting up a business by unlocking the
business opportunity and brining new idea to start a business while taking on all the financial risk
in the hope of profit. The Entrepreneurship practices are con sider to be a good source of brining
innovation in the business world by determining the opportunities [present in market, as they
focuses toward identifying the trends prevailing in market and manner in which it must be
integrated within the operations (Turner and Pennington, 2015).
There are several industries that are growing at a rapid pace, but among them Ecommerce
industry hold numerous of opportunity that support a business to reach million of audience
without being physically available at a place. Another reason behind the growth opportunity
present in Ecommerce industry is that it involve techno-driven execution of business that provide
more efficiency in executing the business practices. But in order to operates effectively within
ecommerce industry it is crucial for a business to firstly investigate about the mega trend and
emerging trend so that business opportunities ca be identified.
The study of mega trend is very much crucial for an entrepreneur as it help in identifying
or predicting the demand pattern for the future of the industry. This information further support a
business to determine the key area as well as opportunities over which they must work to bring
something differentiated from the players already operating the industry. This innovative
approach in the form of business opportunity support a entrepreneur to outshine in the industry
by taking up right decision in term of business practices. On the other side the emerging trend
study is also very helpful as it supports an entrepreneur in determining the demand of customers,
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competitive factor as well as other concepts that are emerging in sector and can be a part of
business success by creating opportunity for future growth.
Hence, the study of mega trend or emerging trend in industry will support the
entrepreneur in getting idea about the things that are going to be in focuses in near future that
may create demand and can be become a factor for business opportunity for success. In the
current scenario the two most present and influenced business mega trend that are shaping up the
industries globally are related with the unprecedented evolution as well as adoption of
Information & Technology and Sharing Economy (Galindo and Méndez, 2014). Investors
mainly consider these trends in isolation but not together as it become quite difficult, so the
integration within both the factor may be a greater business opportunity for near future.
Key trend for immediate future and long term
The Ecommerce industry is getting more competitive due to increasing use of internet
among business and its customers. So in order to remain competitive, trends in ecommerce
industry are required to monitor constantly. This will help in aligning the business as per the
demand of market. Following are some immediate trends in Ecommerce industry,
Unstoppable online sales growth: The businesses are putting more emphases toward
developing the customer friendly websites so that more comfortable and easy shopping
experience they get which help in keeping them bind with the company.
Mobile shopping is growing: - Ecommerce growth has been increased due to increase
within the usage of mobile devices. As people not only buy product using mobile but also use it
as a tool to make up their mind for making purchases (10 Ecommerce trend. 2020). The current
generation more like the things to be more handy tool, so businesses must ensure that their online
stores must be easily accessible through mobile phone to approach more customers.
Voice commerce: This is one of the most increasing trends where customers mainly
perform internet search with the help of using voice search option. In this the customers make
use of any one of the virtual assistances from the amazon, Google or Microsoft in order to
perform a voice search with the help of using smart devices (Hechavarría and Welter, 2015).
Despite of all these there are certain trends that are expected to be used for longer period
of time and companies are approaching to integrate in their operation to provide more better
services. These are mentioned below:
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Artificial intelligence: - the Ecommerce platform is used by number of customers which
make it difficult to handle huge amount of data as well as check it for consistency. Hence, the
concept of AI is evolving which provide a feature of automation where businesses can perform
automatic anomaly detection using multivariate statistical analysis as well as artificial neural
network that help in detecting fraud.
Virtual reality: - This trend is also gaining its conceptualisation in Ecommerce industry
which provide consumers a real view to product they are planning to purchase and can determine
how it look when they actually get it. this help in forming up a decision and also help in
attracting more and more consumers to make purchases.
Identification of business opportunity and development of business
By analysing the several trends that are present in Ecommerce industry, it can be said that
this sector holds up number of business opportunities that provide a new direction where
entrepreneurs can develop their innovative idea and can come up with a plan to set up business
(Dino, 2015). From the above analysis it has been found that the busines opportunity available in
market is operating an online platform to provide more convenient shopping experience to the
customers. Other than this it is also found that an organisation planning to enter into Ecommerce
business can integrate its operation with certain technological factors or trends such as voice
search, mobile use, artificial intelligence etc.
An organisation named as Quick shopping is planning to enter into an ecommerce
business where it provide a platform to all the small retailers operate their business at several
streets of London. At this platform, these retailers or small busi8ness operators can directly
interact with the customers using online platform which provide them with more accessibility to
several features which help in enhancing the quality of services offered by them and also provide
an opportunity to approach larger number of customers with proper technical assistance
(Bingham, Furr and Eisenhardt, 2014). Hence, this idea is about new business is to create a
ecommerce platform to connect the buyer and small retailers in order to ease the process of
purchasing and selling by enhancing its efficient with the integration of technological support to
it. This will allow the small businesses to grow and at the same time allow the Quick shopping
portal of ecommerce to get acceptance in market by integrating with the small established
retailers and earning profit by providing them technical assistance to operates at ecommerce
platform.
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There are certain features that make this business plan to be more effective and better for
achieving success in competitive market. These are mentioned below:
 IT infrastructure: The Quick shopping is planning to launch an ecommerce portal
where retailers can add their online store over it and approach the customers. Other then
this they are provided with the features to promote their product with the help of pop up
suggestions over the page which easily grab attention of customers, ensure assortment of
product or services offered by them etc. Despite of this customers get more convenience
in shopping as they get an option of voice search where they can search the product they
like and want without being scrolling things (González, Husted and Aigner, 2017) . Other
than this they also get virtual assistance for both buyer as well as seller where they get a
computerised voice to guide actions to be performed and with that they can also interact
by asking questions or doubts they have about a particular feature.
 Network of small business: - It mainly tie up with the small retailers that are operating
at street of London which ensures that the products can be offered to consumers with
high quality at low price that become a point of attraction. Other than this it also leads to
getting adequate charges from retailers regarding the services offered by Quick shopping
as it is providing them with the an option to grow their network and maintain a long
customer base which not only leads to increase in online sale but may also increase the
customer visit to there physical store.
 Converting mega trend in busines plan: As discussed earlier, there are two main mega
trends that are prevailing in Ecommerce industry such as IT support and shared economy.
By considering this the Quick shopping made a plan to set up an ecommerce business
where it connect all the niche retailers of London street over a network where they can
interact with their customers virtually and offer their services or product to them by
integrating the whole process with IT infrastructure (Suddaby, Bruton, and Si, 2015).
This in turn help in enhancing the shopping experience of customers by simplifying their
process of shopping. Other than this it approach to work over the mega trend in business
support it in getting easy acceptance in market and achieving eth competitive edge as the
entrepreneurial plan is totally new to the market.
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Justification/feasibility study
This business opportunity is consider to be fruitful as the competition is relatively higher
within the industry and it is very difficult to set up a business setting where the operators share
their own product or services to cater the need of customers as number of players already exist in
market. But this concept of approaching small businesses to deal in marketplace is totally new
concept which will help in Quick shopping to establish its existence much faster, as it not only
get work over increasing its demand but also create growth opportunity for small businesses
(Devece, Peris-Ortiz and Rueda-Armengot, 2016).
According to the view point of Cohen. D., 2012, Ecommerce provide a customers with a
growing array for web-enabled devices which provide anytime, anywhere information required
by the customers regarding a particular product or services. This Ecommerce platform provide
small business retailer with the extra shop front and entrance to their stores by connecting it to
the online platform. Ideally the customers demand for a website that can provide them with eth
best possible user experience. They mainly look for a site where they get larger number of
product access with more simplicity, security and speed as well s carry special offers to buy
directly without visiting a place.
Hence this business plan of Quick shopping fits in this scenario as it provides a platform
to the small retailers where they can display variety of their product in more simplified manner
that provide ease of access through voice search option. Ensure security as it provide access to
authorised users only who have their profile on portal and their data remain hidden as well as ad
read with the help of machine learning without being disclosed in front of any part.
CONCLUSION
From the above performed report it can be summarised that the entrepreneurship is
proves to be successful when a business be able to determine the business opportunity present in
market place and convert it into a business plan. Other than this they are also required to
determine the pattern of emerging trend prevailing in market so that appropriate business plan
can be developed with eth help of emerging trend or opportunities available in busines market.
So that appropriate actions can be taken and direction can be set to perform the business
effectively. But before entering with an innovation or new idea it remains crucial for a busines to
determine the feasibility of that particular innovation in term of future performance, market
sustainability and customers reactions so that if there any changes required then it must
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incorporate in timely manner before it gets reach to final consumers. Therefore, an organisation
must identify the trends as well as opportunity in market then formulate a plan for bring
innovation to exploit those opportunity and after performing feasibility analysis it must be
launched in marketplace.
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REFERENCES
Books & Journals
Bingham, C.B., Furr, N.R. and Eisenhardt, K.M., 2014. The opportunity paradox. MIT Sloan
Management Review, 56(1), p.29.
Devece, C., Peris-Ortiz, M. and Rueda-Armengot, C., 2016. Entrepreneurship during economic
crisis: Success factors and paths to failure. Journal of Business Research, 69(11),
pp.5366-5370.
Dino, R.N., 2015. Crossing boundaries: Toward integrating creativity, innovation, and
entrepreneurship research through practice. Psychology of Aesthetics, Creativity, and
the Arts, 9(2), p.139.
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.
González, M.F., Husted, B.W. and Aigner, D.J., 2017. Opportunity discovery and creation in
social entrepreneurship: An exploratory study in Mexico. Journal of Business
Research, 81, pp.212-220.
Hechavarría, D.M. and Welter, C., 2015. Opportunity types, social entrepreneurship and
innovation: Evidence from the panel study of entrepreneurial dynamics. The
International Journal of Entrepreneurship and Innovation, 16(4), pp.237-251.
Sahut, J.M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small
Business Economics, 42(4), pp.663-668.
Suddaby, R., Bruton, G.D. and Si, S.X., 2015. Entrepreneurship through a qualitative lens:
Insights on the construction and/or discovery of entrepreneurial opportunity. Journal of
Business venturing, 30(1), pp.1-10.
Turner, T. and Pennington, W.W., 2015. Organizational networks and the process of corporate
entrepreneurship: how the motivation, opportunity, and ability to act affect firm
knowledge, learning, and innovation. Small Business Economics, 45(2), pp.447-463.
Online
10 Ecommerce trends. 2020. [Online] Available through:<
https://www.oberlo.com/blog/ecommerce-trends>.
Cohen. D., 2012. E-commerce provides an array of opportunities to small retailers. [Online]
Available through: <
theguardian.com/small-business-network/2012/dec/20/ecommerce-small-retailers>.
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