Opportunity Innovation and Entrepreneurship

This report explores the concepts of opportunity, innovation, and entrepreneurship. It discusses the importance of innovation in fulfilling market gaps and achieving a competitive edge. The report also analyzes the characteristics and strategies of successful entrepreneur Richard Branson. Additionally, it examines the relationship between the content and relevant theories, such as Schumpeter's Innovation concept of profit and the diffusion of innovation theory.

Opportunity Innovation and
Entrepreneurship

Contents
EXECUTIVE SUMMARY.............................................................................................................3
INTRODUCTION...........................................................................................................................4
About the entrepreneur...........................................................................................................5
Question will be asked in interview.......................................................................................5
Ethics that are considered.......................................................................................................6
Analysis of information..........................................................................................................7
Relation of content with appropriate theories........................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

EXECUTIVE SUMMARY
An entrepreneur is defined as an individual that analyse and understand market gap with
motive of fulfilling the gap that aids the person to establish themselves as an entrepreneur in
market. This also defines company manage and understand innovation perspective to accomplish
competitive edge in market. Innovation and entrepreneurship both are two different pillar which
coordinate with each other. Further, the term innovation is required at all places due to its
universal nature. This considers that existing or new both business undertake innovation
perspective. Along with this with implementing right communication methods it is easy to
evaluate and represent changes that add more value in company products in order to satisfy
customer needs and wants.

INTRODUCTION
The term entrepreneurship is explained as a process for designing, running, launching a
new enterprise by implementing an idea from paper to field. Initially business start at small level
and after establishment of business the capacity and willingness for organising, developing and
managing a business venture is enhanced. Innovation is an effective method which is used by
organisation or an entrepreneur for accomplishing different opportunities that exists in market
(Yan and et. al., 2018). Innovation also helps to achieve objectives and goals with creative
approach in minimum time period. This report is written from perspective of Richard Branson
which is a businessman who founded the Virgin group in the year 1970 and developed the
business in different fields. An interview will be conduct of entrepreneur and it helps to
understand about skills, traits and capabilities required by individual. Along with this different
theory related with opportunity, entrepreneurship and innovation will also be focused to
understand the ability for growing business in market.

About the entrepreneur
Sir Richard Charles Nicholas Branson was born in the year 1950 and it is well-known as the
founder of Virgin Group. It is a British multinational venture capital conglomerate which
provides various products and services to the individuals and this undertake banking, commercial
aviation, films, health care, retail and many more. The education background of Richard Branson
was completed from Scaitcliffe school and after that Cliff view house school in Sussex and in
last an independent school known as Stowe School is attend by entrepreneur but academic
performance of entrepreneur was too poor. The initial entrepreneurial step of Richard Branson is
to sale Christmas tree is not successful after that Branson launched a magazine which is named
as student in the year 1966 and first issue was published in January 1968 and it generates record
breaking sales (Aljohani, 2015). Moreover, the magazine advertise and promote popular album
and also interview various personalities that make a record breaking success for magazine. In the
year, 1972 a lot of investment is done by Richard in establishment of record store and after that
the brand VIRGIN is introduced in market. After that with constant efforts of Branson and Nik,
Virgin group achieve a lot of success in market.
Question will be asked in interview
 What is the motivation to become an entrepreneur?
 What are the ideal numbers of hours that are devoted by you to work?
 Which source or idea helps you for establishment of organisation?
 What is the most effective strategy that helps you to achieve success in market?
 How are you motivated for constant work performance?
 By which methods you are able for deal with failure situations?

Ethics that are considered
This is important for organisation that all ethical code of conduct must be followed within
the business. Similarly, at the time of interview consent of an entrepreneur is also included
because it helps for improving quality of individual responses (Bingham, Furr and Eisenhardt,
2014). Moreover, the main motive to asked question in an ethical manner is to gain better
information. Some ethical actions that are engage at interview of entrepreneur are mention as
follow:
 Informed consent- This is compulsory that all essential information related with interview
is given and at time of conducting interview participation of individuals is also identified to
gather relevant information. Moreover, purpose of interview is also disclosed to conduct
interview properly.
 Participation- The participation of the interviewee based on voluntary basis and this also
not forced because it helps to prevent the exploitation. Further, it also improves the quality
of response by conducting interview in an appropriate manner.
 Confidentiality- One of the most important perspective which is analysed in the report
determines that there are various questions are asked from the interviewee (Davari and
Farokhmanesh, 2017). Sometimes it is also personal so at that time confidential information
must be undertaken and not be displayed if it is not required.

Analysis of information
For identifying and analysing the characteristic, skills and traits of Sir Richard Branson it is
identified that this is important to analyse the response which is evaluated from interview. This
factor also helps to become a successful entrepreneur. Some characteristic of Richard Branson
are mention as follow:
Openness to new ideas- All ideas that are new and creative attract Richard Branson which
determines that respective entrepreneur is open for new ideas. This also defines that problems are
solved by filling the gap between individual requirement and products. Moreover, the ideas to
help for performing task with innovative approach. More the new ideas are adopted by the
individuals to complete project than there is more probability to improve overall productivity and
performance of organisation as entrepreneur complete work with new ideas (Devece, Peris-Ortiz
and Rueda-Armengot, 2016).
Taking failure as a learning lesson- Entrepreneur are always motivated to work even after
facing failure persons are interested to identify weak areas because it helps to improve
performance. Along with this it is also identified that Richard Branson face failure at initial steps
for business. But again with new improvements it is identified that creativity helps to improve
aspects and works to accomplish more success in organisation. It determines that by taking
failure with positive approach goals and objectives are also achieved in an organised manner.
Innovation- Richard Branson work with innovative personality it determines that selected
entrepreneur always updated with new information. This helps persons to add innovation
perspective in their personality and it helps to come up with unique and new ideas that help to
overcome from barrier with innovative solutions. Moreover, it also helps to enhance brand image
in market by constantly adding innovation in market because more customers are attracted
towards innovation.
Become always progressive- The nature of Richard Branson is always progressive and they
always look forwards to identify opportunities in the market. With this it is also analysed by
management that by constant progress an organisation is able to achieve more success and this
also helps for accomplish of competitive edge in market (Galindo and Méndez, 2014). Further,
Richard Branson also never waste the extra time and use it for identifying new methods to
enhance the portfolio of business.

Visionary in nature- From the response of Richard Branson it is identified that the nature of
entrepreneur is visionary and it helps to formulate long term vision in order to achieve more
success. Further, mission and vision of organisation are also decided that need to be achieved in
minimum time period. It also defines that expansion of business helps in attracting more number
of customers to reach towards more number of customers.
Strategy utilised by Richard Branson- The strategy which is adopted by Richard as an
entrepreneur related with the product differentiation. This is because it helps to adopt innovation
in the products in order to offer new products by adopting new solutions building effective
relations. This also helps in expansion of business with selection of factors that help to achieve
success in market.
Typology of Richard Branson- With the analysis of above interview it is said Richard
Branson works as an innovative individual. This determines that by focusing on effectiveness
and quality of products it is easy to complete all work through providing good quality services. It
also makes the business more successful by matching work with individual personality. Along
with this competitive market is also increased through customer satisfaction and it make traits to
provide better solutions which increase sales of company. In last, progressive nature also make a
business more successful with offering customer solution that increase customer base of
organisation (Grillitsch and Sotarauta, 2020).

Relation of content with appropriate theories
Effective theories play an important role in the innovation and also it is utilised by the
entrepreneurs to implement ideas with practical approach. It also helps for developing
competitive edge in market by analysing theories and its relations with entrepreneurship.
Schumpeter’s Innovation concept of profit: As consistent with this idea an entrepreneur
can earn earnings by means of introducing innovation of their services and products in order that
the converting needs and wants of clients can be efficiently met that may assist in maintaining
the loyalty of customers with employer. As in step with this concept the main characteristic of
entrepreneur is to introduce innovation so that the performance of business enterprise can be
advanced which could assist in growing the income of enterprise. This theory may be utilized by
James Dyson in order that with the help of his modern nature effective innovations can be
brought in enterprise that may assist in increasing their income together with improving the
picture of corporation in market (Marcotte, 2014). Also this assist in making the techniques
greater efficient so that the price of production may be decreased by using improving the
strategies thereby growing call for in marketplace because of decreased costs so that profits of
enterprise may be enhance by satisfying needs of customers properly. James Dyson can
efficaciously practice enterprise techniques with the help of this concept as it can assist in
integrating strategies with innovation so that the sales in corporation can be improved by way of
enhancing the performance of production so that expenses may be decreased and income of
organization can be improved.
Human motivation theory- The theory of human motivation is formulated by
McClelland and according to this there are three different driving motivators which undertake
needs of achievement, power and affiliation. This also determines that motivators are making
progressive to motivate people. It also refers that characters and nature of person are two
important factors and it also helps in adopting factors related with motivation (Turner and
Pennington, 2015). This also results organisation achieve all goals which management decide to
achieve. Along with this it is also said achievement is a motivation factor and to achieve new
things continually increase the probability for achieving company goals. With this theory it is
also said achievement is the motivation factor and it helps in motivating Richard Branson to
utilise essential skills that helps to achieve all target on estimated time. This also helps for

utilising innovation and it bought changes that constantly increase possibility to bought specific
results from company operations.
Further, according to Richard Branson innovation and customer satisfaction are two important
factors that motivate him to complete all work in an appropriate manner.
Diffusion of the innovation theory- The diffusion theory was identified by E.M. Rogers
in the year 1962 and the purpose of this theory is to explain innovative and the new ideas which
are diffused in the society. Along with this by right culture it is also identified that individuals
adopt respective culture and it becomes an important part of individual live (Williams and
Williams, 2014). Moreover, this theory is also adopted by Sir Richard Branson for identifying
wants and needs of customers so products are offered according to customer requirements.
Moreover, this also improve the lives of innovative ideas so all individuals easily accept
company products. Profits and sales of products is also increased because persons purchase more
items from Virgin group.

CONCLUSION
In last, with analysis of above report it is identified that innovation is an important factor
for becoming the successful entrepreneur in the market. This also refers that innovation helps to
accomplish opportunities which exists in business environment. With the analysis of business
opportunity it is also analyse that more market area is covered which leads company to sale its
products at global platform. Innovation performs an essential role for accomplishing business
opportunity by understanding customer and market requirements. Business practices also lead
management to acknowledge and engage entrepreneurial endeavour for success of business.
Along with this innovation is also useful for attaining needs of customers and satisfy them in
proper manner. Innovation theories are also utilised by entrepreneurs and the organisation that
helps company for achieving competitive edge in market. In the last, ability of innovation also
depends on the characteristic, nature and skills which helps persons for determining the extent of
innovation because it helps to make changes in society.

REFERENCES
Books and Journals
Aljohani, M., 2015. Innovation and Entrepreneurship Integration in Education. Ohaio State
Model. International Journal of Teaching and Education, 3(3), pp.1-20.
Bingham, C.B., Furr, N.R. and Eisenhardt, K.M., 2014. The opportunity paradox. MIT Sloan
Management Review, 56(1), p.29.
Davari, A. and Farokhmanesh, T., 2017. Impact of entrepreneurship policies on opportunity to
startup. Management Science Letters, 7(9), pp.431-438.
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.
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.
Grillitsch, M. and Sotarauta, M., 2020. Trinity of change agency, regional development paths
and opportunity spaces. Progress in human geography, 44(4), pp.704-723.
Marcotte, C., 2014. Entrepreneurship and innovation in emerging economies. International
Journal of Entrepreneurial Behavior & Research.
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.
Williams, N. and Williams, C.C., 2014. Beyond necessity versus opportunity entrepreneurship:
some lessons from English deprived urban neighbourhoods. International
Entrepreneurship and Management Journal, 10(1), pp.23-40.
Yan, X and et. al., 2018. Fostering sustainable entrepreneurs: Evidence from China college
students’“Internet Plus” innovation and entrepreneurship competition
(CSIPC). Sustainability, 10(9), p.3335.