Entrepreneurship Research Report: Secret Escapes Business Analysis

This individual research report delves into the realm of entrepreneurship, examining the business model of Secret Escapes, founded by Alex Saint and Tom Valentine, a company specializing in luxury travel deals. The report analyzes Tom Valentine's entrepreneurial journey, highlighting his innovative approach and strategic decisions, including his previous roles at eBay and other companies. It explores Secret Escapes' unique business model, focusing on offering heavily discounted hotel stays and holidays to its members and its strategies for market expansion. The report includes a topic guide with questions about innovation, entrepreneurial motivations, fears, and advice for new entrepreneurs, as well as an analysis of interview data. It also relates the findings to Schumpeter's Theory of Innovation, emphasizing the role of entrepreneurs in driving economic growth through innovation and disruption of the market. The conclusion underscores the importance of innovation and risk-taking in achieving competitive growth.

Individual research report

Contents
INTRODUCTION...............................................................................................................................3
MAIN BODY.......................................................................................................................................3
CONCLUSION....................................................................................................................................7
REFERENCES....................................................................................................................................8

INTRODUCTION
In today's dynamic business environment, business has progressed well beyond
traditional definition of start-up, it encompasses companies of all varieties from the micro
level to the corporate level at all levels. Innovation can therefore be shown by slow and fast-
growing, old and young, small and large, private, non-profit and public sector organisations
(Suddaby, Bruton and Si, 2015). People who display the abilities of entrepreneurship are
entrepreneurs, individuals create values out of nothing. Instead it includes goal, enthusiasm
and dedication that encourages other members of the team to work against target. It contains
the calculated risks faced by the businessman to reach their targets. Entrepreneurship is
nothing but a style of learning, interpreting and functioning which is strongly influenced by
resources, positive value-creation leadership and a sensible approach. Entrepreneurial activity
is a human act that results in the development, improvement, regeneration and recognition of
principles.
MAIN BODY
Identify and select an entrepreneur: Now a day’s, most of people focus on introducing
innovation to start their new business with the aim of generating larger profitability level. In
this context, Tom Valentine is a famous entrepreneur who start a business is known as Secret
Escapes, it is free to join members only websites and app, specialising in best in market flash
sales for luxury travel. He is the person who has better skills and abilities to present and
introduce their innovative ideas within their business that helped them in attaining
competitive success in market place. In addition of this, Tom also worked in product &
marketing director at E- Trader Group, as product lead at Quiet Riots Ltd, programme
director at Seatwave, strategy and business development manager at eBay. As their Turnover
was £66m (2013) as the main target of tom is working towards £1bn by 2019.
Secret Escape was founded by Alex Saint and Tom Valentine in the year 2010 in
London, United Kingdom. This a hotel industry that sells discounted luxury hotel stays and
trips with the help of their websites. Members of Secret Escape can avail a discount of upto
40% on hotels and holidays and this basically includes sfacilities such as room upgradation,
spa treatments and benefits. Currently more than 400 people are associated with the company
and doing their best for providing effective services and facilities to its customers.
Previously, in the year 2005, Alex Saint launched “Dealchecker” which act as an incubator
for Secret Escape. Later on, when Valentine joined Secret Escape with his experience of

working with eBay, it came out to be very valuable and profitable. As a result, Secret Escape
attracted almost $72.86 million through venture funding.
They have considered technology as their biggest strategy as 70% of the customers
use online websites, application to check and avail the deals provided by them.
Business model and what makes their business more unique
 Tom run their business Secret Escapes that offer heavy discounted four and five start
hotel stays and holidays to its customers as per their needs and wants. In addition of
this, persuades its members to take trips that they wouldn’t have taken otherwise
(González, Husted and Aigner, 2017). As its customers are happy with its services
that they offer to them as per their requirements. As their most of customers said that
their planning of trip makes them more satisfied and loyal as well.
 Another unique aspect of this company is that they also offer up to 70% off to their
members who are working with hotels and sell their remaining rooms and
accommodation services at a cheapest price. Along with this, they also create income
from wherein there would otherwise have been none.
 The main reason behind it that hotel includes best services as they don’t want empty
beds.
Apart from this, company also achieve growth in UK and at the same time company also
expanding their business into Germany, Sweden, Poland, Denmark, Norway and US as well.
Tom always tries to keep their business trading in market as hey look at sales in every market
to make its brand image stronger and more competitive as well (Turkina and Thai, 2015). For
attaining the same, tom also looking for area where they have their strong image in supply
their products and also invite more and more customers to make its base stronger.
Furthermore, they also keep in mind about its performance in market and marketing
campaigns that support them in establishing its competitive brand image at wider market
place.
Prepare the topic guide:
Q1) According to you, innovation is crucial for every business to attain growth?
Innovation is essential to entrepreneurship. Throughout the extremely competitive
environment in which people live, creative ideas that is what will differentiate you from rest
of us. The target is not just to create an ordinary start-up. People need to innovate in able to

manufacture an excellent product, a strong brand and to develop your customer network.
Innovation does not really mean creating anything new: entrepreneurs often take something
like this that continues to exist, strengthen it, modify it, end up making it stronger and make it
a good for their users. New innovations are what make a start-up successful.
Q2) What factors influence you to become an entrepreneur?
Entrepreneurial activity has been a thing of the past. But in current years, probably related to
the economic, social and cultural situation, the importance of entrepreneurship has expanded.
This is becoming more and more common to set up a business with your own to obtain
financial independence. In this context, there are some important factors that help a person to
become an entrepreneur such as Determination, Analysis, Passion, Vision, Team work,
Education, Communication, Flexibility, Creativity, Sociability and many more. All these are
directly contributing in making them able to start a new business and accept risk to attain
higher success at market place.
Q3) What motivates you and how you generate new ideas?
Now a day’s market is competitive and dynamic in nature which includes various aspects that
affect any kind of business organization. This is the reason that, entrepreneur needs to
analysis the market tends. In this competitive in market place is always motivates people to
generate new ideas within their business to make it more successful. Taking risk is also a
major aspect that motivate an individual to generate new ideas and at the same time also
established success within the new business. New and innovative ideas is also beneficial in
increasing the possibilities to capture customers attention about the services that company is
offers.
Q4) According to you, what is your greatest fear and what you do to manage that fear?
In initial year of new business, major fear is competitiveness in market place that create
issues in-front company can be reduce the growth. This type of risk is reduced motivation
level of people who start their business in market place. Change in customers taste and
preferences is also major issue that can be put negative impact over the company because it
starting of the business entrepreneur can not be able to understand customers demand. By
focus on the members definitely helped priorities what to work on at the time of initial stage.
This can be effective in improving the possibilities of improving the performance of new
business in market place.

Q5) As an entrepreneur what guidelines would you like to give to the new entrepreneur or
who are wishing to start their new business?
Sustain in market is not an easy task as it required various aspects and area that help people in
improving their styles and way of running this business. In this, entrepreneur who wants to
start their new business is required innovative ideas, critical thinking, alternative ways, ability
to take risk and many more. Along with this, understanding about market is also important
because it help them in introducing innovative ways to invite more and more people towards
its services. Individual should be more confidence and also encourage their team members to
do their best so that they can easily accomplishing their targets in an effective way.
Analyse data
As per collected data from interview it has been analysed that, innovation is one of the
important activities for every people who start their new business (Dino, 2015). As, it
provides various opportunities to expand their business in market place and also influence
customers towards its offerings. Along with this, there are various factors that also motivate
and influence to other to run their new business with the aim of generating larger profitability
level. As, a successful entrepreneur should be creative and flexible in nature who are able to
take risk and also accept all the critical aspects within the business. With the assistance of
this, business man can easily reduce the possibilities of arising any kind of issues at the time
of running their new business in competitive market. Furthermore, change in market and
customers taste is become a major issue for an individua who are wishing to operate a new
business. Thus, proper understanding about the market is important that directly contributes
in handling the customers and their demand as well. It directly contributes in generating
larger profitability level and capture market share as well from its competitors (Hechavarría
and Welter, 2015). Apart from this, motivating and encouraging others for starting new
business is also effective because, running a start-up within the nation is beneficial in
developing economic growth as it creates various employment opportunities for local people
that assist in improving their living standard and growth rate as well. All these are possible by
innovation and start-ups as entrepreneurs are always focus on coming up with innovative
ideas in market to increase competitiveness in market place.
Relate to theory:

This is a common fact that entrepreneurship is a crucial factor in economic growth.
The entrepreneur is the person who holder and works under risk. Yet economists have made
no effort to develop a systemic entrepreneurial theory.
Schumpeter’s Theory of Innovation: It is an effective theory that is develop by Joseph
Schumpeter as he believed that entrepreneurs easily disturb the circular flow of the economy
because they have enough new and innovative ideas that help in generating larger
profitability and at the same time also develop the economic growth as well. Entrepreneurs'
activities reflect a situation of imbalance as their activities disrupt the normal circular flow.
Entrepreneur inventions are responsible for the recent economic growth of the country.
Mainly, it includes different aspects that could involve by entrepreneur within their business
to attain success like Innovation of new products, novel methods or production process, new
source of supply of raw materials, innovation in management and many more (Turner and
Pennington, 2015). All these are help entrepreneur in attaining competitive success at market
place. This is possible by introducing creative and innovative ideas within the market that
also can be beneficial in capturing larger market share and competitiveness as well. As per
him, the inventor has invented new techniques and new materials. as the innovator is
someone who implements inventions and innovations to create combinations. With the aid of
such new styles, it generates new or better products that yield both satisfaction and benefit.
Entrepreneurs have been given a significant role in the cycle of economic development to
ensure that the speed of growth is sustained effectively. In this regard, technology requires
radical changes, and entrepreneurs are making the required changes. Therefore,
entrepreneurship, brings economic growth and development as innovation bring lots of ideas
that can be beneficial in improving overall growth of the business.
CONCLUSION
From the above-mentioned research, it has been evaluated that innovation is one of
the important aspects that contributes in improving the opportunities to attain competitive
growth at market place. In this, entrepreneur is the one who have a different vision of doing a
task or an activity as compare to another individual. As they don’t feel scared taking risks and
go through various stress of uncertainty. Along with this, entrepreneur have also ability to
expand their business by providing innovative services to customers in order to capture their
attention and make them satisfied. This can be beneficial in increasing overall performance of
the new business in market place.

REFERENCES
Books and Journals
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Dino, R. N., 2015. Crossing boundaries: Toward integrating creativity, innovation,
and entrepreneurship research through practice. Psychology of Aesthetics, Creativity, and the
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González, M. F., Husted, B. W. and Aigner, D. J., 2017. Opportunity discovery and
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