Report on Opportunity Innovation and Entrepreneurship: Case Study

This report delves into the realm of entrepreneurship, focusing on opportunity, innovation, and business development through a case study of Marc Biles, founder and CEO of Ratio. The report explores Biles' entrepreneurial journey, starting from his early experiences in a call center to launching multiple successful ventures. It analyzes his approach to decision-making, resource management, and the significance of innovation in today's business landscape. The report discusses key concepts such as disruptive innovation and entrepreneurship innovation theory, relating them to Biles' strategies and experiences. It also examines different types of innovation – product, process, position, and paradigm – illustrating how Biles has applied these in his ventures. Through this analysis, the report provides insights into the mindset of a successful entrepreneur and the critical factors driving business success, emphasizing the importance of adapting to market gaps and leveraging innovation for sustainable growth. The report highlights Biles' focus on building long-term value, prioritizing development over immediate profits, and the significance of employees as a vital resource for driving new ideas and innovation.

Opportunity
Innovation and
Entrepreneurship
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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
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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-Martínez, 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
business entrepreneur however he has understanding of running three organizations. 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?
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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, Wennberg and 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.
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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 (Ghezzi and 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
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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.
 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:
o Launching on new products or service or by improving the past one.
o Introduce a totally new market
o Apply the new procedure of production or selling
o Acquire new sources of raw material
o Bring 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, Li and 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
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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. Other than new companies, old organizations are additionally putting
vigorously sum in innovative work as they comprehend that presentation of new
items/administrations is fundamental for continuing in the market (Toms, Wilson and
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.
Marc Biles sees himself as a serial entrepreneur who solidly accepts that
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 Bloh and 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
innovation which is regularly use in field of advertising where same items or
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
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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.
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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-Martínez, M. S., 2020. Innovation, Value Creation, and Entrepreneurship by
Opportunity: An Analysis of European Countries. In Analyzing the Relationship
Between Innovation, Value Creation, and Entrepreneurship (pp. 43-63). IGI Global.
Evansluong, Q., 2020. Opportunity creation as a mixed embedding process: A study of
immigrant entrepreneurs in Sweden (Doctoral dissertation).
Fu, K., Wennberg, K. and Falkenhall, B., 2020. Productive entrepreneurship and the
effectiveness of insolvency legislation: a cross-country study. Small Business
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. In Urban 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?
Empirical evidence from two dynamic economies from Latin America and
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.
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