Opportunity, Innovation, and Entrepreneurship: Rubies in the Rubble

This report provides an executive summary and in-depth analysis of Rubies in the Rubble, a leading UK anti-food waste company founded by Jenny Costa. The report explores the core concepts of entrepreneurship, innovation, and business opportunity, emphasizing their interconnectedness in driving business growth and profitability. It examines how Rubies in the Rubble leverages innovation, such as implementing solar panels and ozone-friendly equipment, to reduce costs and enhance sustainability. The report also delves into relevant entrepreneurial theories, including innovation theory, which focuses on cost reduction and increased demand, and entrepreneurship theory, which emphasizes value creation and reward. Additionally, the report highlights the importance of business opportunity, the entrepreneurial process, and the role of disruptive innovation in the company's success. Through this analysis, the report underscores the significance of innovation and creativity in achieving a competitive advantage and creating a sustainable business model. The report concludes that the company's success is due to the application of business opportunity, innovation, and entrepreneurship.

Opportunity,
Innovation and
Entrepreneurship

EXECUTIVE SUMMARY
Entrepreneurship is an ability or capability of an individual to create, organise and
execute innovative ideas within business operation in order to attain increased level of
productivity and sustainable profitability ratio. However, innovation is one of the key element
for the growth of entrepreneurship as nit help them to make use of all business opportunity for
acquiring best positioning within the marketplace. This report is based upon Jenny Costa who is
a founder of UK leading anti-food waste company with an aim of reducing wastage of food
among community and deliver healthy life.
It can be summarized from the report that business opportunity is directly associated with
innovation which help Rubies in the Rubble in capitalizing possible growth platforms. It has
found from the evaluation that business opportunity implies for the consumer need or want that
can potentially be met or fulfilled by new enterprise. Further, it has been identified that theories
of innovation, opportunity and entrepreneurship is highly significant which provide assistance to
entrepreneur in obtaining high profit maximisation.
It has been articulated that theory of innovation helps in reducing overall cost of
production and thereby increases the demand for goods or services. It can be concluded that
innovation and creativity is the main aspect behind the success of Rubies in the Rubble. With the
motive to save electricity bills solar panels were introduced into “Rubies in the Rubble”. Along
with this, ozone-friendly equipment’s were implied in packaging, and major modification were
carried out to attain desired outcome in an innovative and creative manner. Entrepreneurship
theory emphasizes on creating sustainable value and entrepreneurial reward.

Table of Contents
INTRODUCTION ..........................................................................................................................1
MAIN BODY ..................................................................................................................................1
CONCLUSION ...............................................................................................................................5
REFERNCES ..................................................................................................................................7
.........................................................................................................................................................8

INTRODUCTION
The present scenario of marketplace becomes highly challenging or competitive which
threat every organisation to achieve their goal or objective in an effective and efficient manner.
However, entrepreneur is an individual who has an ability or willingness to develop, organise
and mange a business venture along with any of its risks in order to make a profit. Hence, there
is a relationship between entrepreneurship and innovation as it enable them to grasp all possible
opportunity in order to bring modification among society as well as to acquire best positioning
within an industry (Acs and et. al., 2017). For this report, Jenny Costa is considered who is the
founder of Rubies in the Rubble which is one of the UK leading anti food waste brand and a
publicly acclaimed, award winning, sustainable food product. This study covers the role of
business opportunity and its importance to innovation and entrepreneurship, application of
various theories related to entrepreneurship, innovation, opportunity is also mentioned here.
MAIN BODY
Entrepreneur
It is an individual who have the skills or capability to develop, anticipate current and
future needs and also bears most of the risk in order to accomplish organisational pre determined
goal in an innovative and creative manner. However, they are considered as the main integral for
the growth or development of society as it provide enormous job opportunity, improve GDP rate,
enhance the performance of firm by empowering them to adopt innovative technologies. In
regard of this report, Jenny Costa is an entrepreneur and founder of Rubies in the Rubble which
commenced in the year of 2011 and its headquartered in London, UK. Along with this, it is
considered as one of the leading anti food waste company which makes delicious, premium
products from fruit and vegetable that would otherwise be discarded due to failed aesthetic
criteria or supply and demand imbalances (Caneque and Hart, 2017). It is a small business with
less than 10 workforce and have turnover of £1 million. In addition, business opportunity is a
consumer need or want that can potentially be met or fulfilled by new enterprise. However, it is
an important element for every entrepreneur as they are considered as an innovator who makes
an effort to bring novel ideas or technologies which lead them to acquire best positioning within
competitive marketplace (Schaltegger, Lüdeke-Freund and Hansen, 2016). Hence, opportunity
is directly connected with innovation which help entrepreneur to make use of all possible growth
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platforms and also to make corrective course of action for attaining increased level of proficiency
and efficiency in a better way.
Hence, there are several theories for innovation, opportunity and entrepreneurship which
provide proper guidance to entrepreneur for obtaining profit maximisation within prescribed time
limit without any hindrances. Some of the theories are explained below:
Theory of Innovation
This concept is one of the familiar term in present marketplace as it introduced to
understand change that was seen as an exception to stability and equilibrium. However,
innovation refers to any new policy that an entrepreneur undertakes to reduce overall cost of
production or increase the demand for goods or services. Moreover, the innovation theory states
that the entrepreneur gains profit by taking an initiative to examine existing or emerging trend of
industry and acquire latest or novel views for the enlargement of market share as well as to
improve the living standard of society or community (Devece, Peris-Ortiz and Rueda-Armengot,
2016). Moreover, innovation is regarded as the catalyst for growth and success of business as
well as help them to acquire updated tools or techniques in order to attain increased level output
or sustainable profitability ratio. Furthermore, innovation becomes a critical element for
entrepreneurship as it is signified as the facilitator to entrepreneur and a way of empowering
people to take charges of lives and economic prosperity. Along with this, there are various level
of innovation within an industry such as incremental, disruptive, architectural, radical which act
a route for company to create and transform new knowledge into fresh products.
Hence, in regard of Jenny Costa she makes an attempt to think differently from others in
order to enhance the living standard of community or society. The main feature behind Rubies in
the Rubble success is innovation and creativity which lead them to acquire impressive position
within the competitive marketplace of UK. Moreover, Jenny applied Disruptive Innovation into
their business operation as makes an effort to examine the trend within the market and based on
that they introduce innovative technologies or processes which help them to attain high level of
productivity and profitability ratio (Galindo and Méndez, 2014). Apart from this, this has assist
them in saving excess and unnecessary costs which incurred in repairing machines or equipments
for creating better working condition for employees. Hence, the money so saved was utilized in
purchasing and ascent present appliances for increasing productivity or sales growth.
Furthermore, before conducting market research for increasing innovation or creativity, demands
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of a product is determined in order to acquire positive response from the potential respondents.
Additionally, Jenny has observed that innovation is a powerful thing which can proved to be a
strength if enforced appropriately as it assist them to expand their market share or size in UK
market. Along with this, solar panels were introduced into “Rubies in the Rubble” to save
electricity bills, ozone-friendly equipments were implied in packaging, and many more major
modification were carried out to attain desired outcome in an innovative and creative manner.
However, innovation is considered as one of the powerful determinant yet it contains
huge level of risk which becomes a major challenge for entrepreneur to survive among industry
for a longer period of time (Gundry, Ofstein and Kickul, 2014). Thus, one of the main element
which hinders the way of innovation is cost as it imposed large amount of money to adapt within
business operation and also becomes challenging when it comes towards employee performance.
However, proper training and development program enable personnel to get along with new
technologies or techniques and also perform their best contribution towards an accomplishment
of desired goals or objective in an appropriate way (Phillips. and et. al., 2015). Hence, in context
of Jenny Costa she encourage their employees to grasp all possible opportunity and provide
various platforms to enrich their skills or capability for achieving organisational goals or
objective in an efficacious and expeditious manner. Furthermore, Innovation matrix plays a vital
role in every business operation as it enable an entrepreneur to examine the current status of
company productivity as well as help them to match with firm pre determined goal in order to
capture best position among competitive industry. Hence, Jenny Costa also followed the same in
Rubies in the Rubble to meliorate innovation function according to want or demand and funds
accessible. Moreover, several steps were applied before implementation that proceeded with
designing, followed by analysing of alternatives, identification of barriers, need of budget, and
many more. Along with this, innovation assessment was conducted to evaluate the received
outcome or results and also to fill up the gap for obtaining maximisation of profit with an
optimum utilisation resources.
Theory of Entrepreneurship
It is also namely as an entrepreneurial value creation theory which explains the
entrepreneur experience in its fullest form that begins from entrepreneurship intention and the
discovery of entrepreneurial opportunity (Hechavarría and Welter, 2015). Along with this, this
theory implies two stage of value creation framework i.e. venture formulation and venture
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monetization which embedded dynamic capabilities that reconfigure the entrepreneurial
competence to create sustained value and appropriate reward. Moreover, entrepreneurship is not
merely the process or procedure of founding a new venture but rather it is defined as an activity
of value creation and appropriation in an uncertain business environment. This process
encompasses that identifying external opportunity, matching resources at hand to effectuate an
entrepreneurial competence, if necessary creating sustainable value and appropriating
entrepreneurial reward. In the first stage of venture formulation, entrepreneur driven by
entrepreneurial intention or an aspiration for reward, discovers external opportunity in order to
gain competitive advantage in an innovation and creative style (Leyden and Link, 2015). IN the
second phase of venture monetization, entrepreneur may obtain external resources such as
venture capital or strategic alliance if necessary an build or acquire complementary dynamic or
changing capabilities. IN context of Jenny Costa, she observed the strong position of
entrepreneur in the UK market and that motivated her in establishing up her own anti waste
company. Hence, in order to take insight new heights, roles and responsibilities or performance
of an entrepreneur were examined so that they can have better control over business practices or
function. Along with this, the work was delegated into an suitable way between all the personnel
so that each individual targets are attained without any delay and there will be less chances of
arising conflict of interest and ambiguities among employees. Due to this, Rubies in the Rubble
were able to generate healthy working condition which results in enrichment of sales and profit
margin. Furthermore, a new policy and guidelines were formulated for implementing within the
restaurant in order to maintain company's code of conduct as well as add value to firm brand
image.
Theory of Opportunity
This theory defines as situation where products and services can be sold at a price greater
than the cost of their production. An entrepreneurial opportunity is a situation where
entrepreneur can take actions to make profit and wealth maximisation within prescribed time
limit in an impressive or productive way. Therefore, opportunity is regraded as one of the
important component for every entrepreneur as it enable them to acquire increased level of sales
as well as help them to gain competitive advantage in a better manner (Mainela, Puhakka and
Servais, 2014). Furthermore, entrepreneurial opportunity develops at the nexus of individual
yearnings with monetary and social condition apparent as great to make another product in order
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to bring positive attitude among personnel or community that add value to brand image. There is
always a clashes between supply and demand of product among population regarding price as
when one commodity cost raises the demand for other increases and vice versa. Therefore,
business concept plays a crucial role within every business operation or function as it enable
them to make use of available resources in order to obtain maximisation of profit in an trenchant
and prompt way (Mosey, Guerrero and Greenman, 2017). IN addition, Opportunity
development indicate that opportunities come forth as concepts and further get formulated over
the course of time as it can be signified to be a continuous nor ongoing proactive procedure
which is constituent and primal for the shaping of a business venture in an impressive and
productive style. Furthermore, Opportunity recognition comprises of three different processes,
that is namely as , perception, discovery and creation. Thus, perception implies that various
persons understand varied expectation owing to the heterogeneity in people's sensitivity towards
opportunities. Along with this, Discovery is purpose at recognize the fit between resources and
market demand. Thus, to match the market needs and resources, several opportunities are formed
or developed. On the other hand, Creation is intent at initiation of a new fit between resources
and needs by transfer rapid innovations (Newth and Woods, 2014). In this context, Jenny Costa
also precede this procedure and significantly acknowledged the needs of market place and people
so as to come up with radical innovation in aspect of developing an anti food waste company
which is called as Rubies in the Rubble, which come up with innovative and unique dishes and
flavours at regular intervals that help them to attain increased level of sales growth as well as add
value to firm brand image.
CONCLUSION
It has been summarised from the above discussed report that innovation is a key aspect of
entrepreneurship business level strategy with implication for quality, price and sustainability.
Along with this, it enable them to identify current and emerging market trend as well as help
them to implement best strategic decision in order to obtain profit maximization with an
optimum utilisation of resources. Moreover, there are different theories for opportunity,
entrepreneurship, innovation which assist an entrepreneur to accomplish their business objective
in an impressive and productive way. Furthermore, they takes an initiative to acquire novel ideas
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or updated technological for attaining increased level of productivity and sustainable profitability
ratio in a better manner.
By summing up this report, it has been articulated that entrepreneur can attain success and
gain competitive advantage by offering unique products or services to the customers. It can be
seen in the report that Jenny Costa attained success by placing more emphasis on innovation and
creativity. It can be summarized from the report that entrepreneurship focuses on value creation
aspect. Besides this, it can be inferred that appropriate delegation of roles and responsibilities
helps business entity in creating healthy working environment.
It can be presented from the evaluation that Rubies in the Rubble created effective
working culture by undertaking the strategy of delegation. It can be concluded from the theory of
opportunity that entrepreneur should lay focus on the identification of gap which exists at
marketplace. Hence, by capitalizing such opportunity firm can maximize wealth, profit and
brand image. In other words, by providing customers with innovative products and services
business entity can build competitive position over the competitors.
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REFERNCES
Books and journals
Acs, Z. J. and et. al., 2017. National systems of innovation. The Journal of Technology Transfer.
42(5). pp.997-1008.
Caneque, F. C. and Hart, S. L. eds., 2017. Base of the pyramid 3.0: sustainable development
through innovation and entrepreneurship. Routledge.
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.
Gundry, L. K., Ofstein, L. F. and Kickul, J. R., 2014. Seeing around corners: How creativity
skills in entrepreneurship education influence innovation in business. The International
Journal of Management Education. 12(3). pp.529-538.
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.
Leyden, D. P. and Link, A. N., 2015. Public sector entrepreneurship: US technology and
innovation policy. OUP Us.
Mainela, T., Puhakka, V. and Servais, P., 2014. The concept of international opportunity in
international entrepreneurship: a review and a research agenda. International journal of
management reviews. 16(1). pp.105-129.
Mosey, S., Guerrero, M. and Greenman, A., 2017. Technology entrepreneurship research
opportunities: insights from across Europe. The Journal of Technology Transfer. 42(1).
pp.1-9.
Newth, J. and Woods, C., 2014. Resistance to social entrepreneurship: How context shapes
innovation. Journal of Social Entrepreneurship. 5(2). pp.192-213.
Phillips, W. and et. al., 2015. Social innovation and social entrepreneurship: A systematic
review. Group & Organization Management. 40(3). pp.428-461.
Schaltegger, S., Lüdeke-Freund, F. and Hansen, E. G., 2016. Business models for sustainability:
A co-evolutionary analysis of sustainable entrepreneurship, innovation, and
transformation. Organization & Environment. 29(3). pp.264-289.
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