Applying Entrepreneurship in a Global Context
INTRODUCTION
Entrepreneurship is defined as the procedure of forming, developing and handling a newly established business venture with the purpose of developing value and making profits. Moreover, budding entrepreneurs are the entrepreneurs who pursue a plain business idea in order to overcome a problem or are at initial phases of forming a product. However, this might need specialised abilities which are essential to take their business idea to execution (Raji, et al. 2024) International entrepreneurship includes business which emerges through boundaries into many nations. In order to complete this assignment, the chosen business is Arkell & Wills Ltd which operating in the retail industry, aiming to diversify its business from local to international markets. For this the chosen international market is Italy. This report will analyse the global market demands and trend assessment, as well as recognise opportunities and assess challenges or threats in the international market. Further, it will critically assess the diverse innovation concepts, suggest the most suitable one for the business and present a critical assessment of the role of entrepreneurship in wealth generation.
Overview of selected business
Arkell & Will ltd is a UK based company in the retail sector, which offers clothing essentials for women like sweaters, scarves, and also accessories and cashmere care, was incorporated in the year 2016 (Akell & Wills Cashmere, 2025) The collection of these offerings by the business features a combination of both exciting and interested new styles as well as beloved classics. Each and every piece is developed with premium, soft and sustainable cashmere & wool mix, and finished with business’s signature copper branding, also subtle lurex stitching for an irrefutably deluxe touch. Moreover, the small business offers sustainable cashmere products with exceptional quality (Akell & Wills Cashmere. 2025).
GLOBAL MARKET DEMANDS AND TRENDS ANALYSIS
Global Market Demand discussion
While evaluating the international demand for the business diversification into global market especially Italy, it is very important to know the retail demands and trends. The overall international retail market has seen a shift to morally manufactured and sustainable goods, that is a rising demand crosswise global market. The consumers in Italy are mainly aware of environmental sustainability within their buying decisions. Italian consumers are particularly conscious of sustainability in their purchasing decisions. In the Italian market the demand for sustainable materials and fabrics is resulting into an environmental-friendly component which customers take into account while buying clothes (Statista. 2025). Arkell & Wills should take into consideration integrating sustainability into its offering, material sourcing approaches, as well as entire business practice in order to fulfil such demand.
In addition, Italy has a significant market for premium products, mainly within design and fashion, and also the country has capital as Milan which is an international fashion capital. Thus, there is a considerable demand for stylish, good quality products within the retail industry. The business can exploit such trend through customising their products in order fulfil the wishes of updated consumers in the country who gives priority to design, quality and craftsmanship. Moreover, there is also a considerable rise in the demand for online shopping, as emergence of COVID-19 increased the use of e-commerce, and also it has influenced the Italian retail market. This represents the chances of growth for the company to diversify its digital presence, and also offer customers with flawless experience of online shopping. Most importantly, the Italian cashmere clothing market is anticipated to grow at a compound annual growth rate of 6.4% from the year 2024 to the year 2030 (Grand View Research. 2025). Arkell & Will ltd has a great opportunity for the growth and success in the Italian market, as its offers brilliant and exceptional quality of cashmere apparels.
Global Market Trends Analysis
Within Italy, digital trends and transformations like improvements in the augmented reality, e-commerce and artificial intelligence are apparent, with a rising market trends to online retail, tailored customer experiences and mobile applications. The Italian retail sector, mainly the fashion industry, is observing a growing usage of online digital platforms which utilises artificial intelligence for the tailored suggestions, augmented reality for the virtual trail and styling rooms, and online applications for effortless shopping.
Furthermore, another chief global trend in the retail sector is growing concentration on customisation, as well as customer-centrality. Customers are progressively expecting the tailored experiences which provide for their particular wants, either by customised advertisement campaigns and product recommendations. The business can get advantage from exploiting data of customer to offers a tailored experience. In addition, through intregating personalised choices or providing exclusive products, Arkell & Wills ltd. can attract to desires of the consumer in the Italian market for customised, exclusive goods. Moreover, another trend in the global retail market is frictionless delivery. Features such as delivery on the same day, locker pickup and curb side pickup are turning out to be standard (Malenkov, et al. 2021) Overall, the demand for the flawless delivery services is shaping logistics. The business can employ delivery management technologies and tools, incorporate with the delivery partners and improve last-mile operations, this would assist the company to follow this trend and gain competitive edge in the market.
IDENTIFYING AND SCREENING OPPORTUNITIES
Evaluation of opportunities
In order to assess the possible opportunities for the company while diversifying into the Italian retail market, a PESTLE analysis can be done. This framework can be used for assessing the chief external factors, which are elaborated below, in the context of evolution of opportunities for Arkells & Wills ltd.:
Political Factors: Italy offers a stable political atmosphere with greatly placed rules and regulation on tariffs, business operations and trades, as the country is part of European Union. This represents a growth opportunity for the company to diversify its business in the country.
Economic Factors: The economy of Italy is eight-largest within the world, and also it has a substantial retail market. However, it goes through issues related to public debt and unemployment. Still the Italian customers has robust carve for luxury goods. In addition to this, the middle class segment in the country is also growing which provides with another opportunity for the company.
Social Factors: Consumers in Italy are progressively valuing the moral business activities and sustainability that represents an opportunity for the company, since its offerings line up with such trends. Also, the Italian retail market is highlighted by its robust culture of luxury and fashion, turning it to be appropriate market for the business to supply its fashionable and high quality products.
Technological Factors: The introduction and growth of electronic commerce, as well as digital retail is a chief chance of growth for the business (Capobianco, et al. 2021). In addition to this, the implementation of virtual reality, augmented reality and artificial intelligence within retail operations is rising, presenting opportunities for the company.
Legal factors: The country has a complicated legal mechanism with firm consumer protection rules associated with product safety, advertisement and product quality. Such rules can present challenges for the company, but these also can be taken as a distinguishing factor, by turning into a brand which follows strict ethical and legal norms.
Environmental Factors: Sustainability is a rising issues in the county, with Italian consumers progressively giving priority to environmental-friendly goods. This represents a great opportunity for Arkell & Wills ltd. for incorporating more sustainable activities in its business operations.
Analysis of challenges/threats
There are also challenges, which the company may face while expanding its business within the retail sector in Italy. Retail sector of the country is intensely competitive, especially within the premium and fashion product areas. The business must distinguish its business from the other competitor and supply products which highlight innovation, design as well as quality. Moreover, consumer in the country has diverse demands and liking in context of quality, price and style. The company must align its product with local preferences, and for that it needs to invest in product personalisation and also market research. More market challenges, involve complicated regulatory atmosphere, lowermost levels of internet diffusion in the country and e-commerce here remains less developed.
Assessment how opportunities outweigh challenges/threats
Regardless of the threats to the company, the opportunities present for diversifying into the retail market of Italy outweigh the challenges. The rising need for sustainable, premium quality products, combined with growing usage of e-commerce, represents a robust basis for development. Moreover, the robust cultural association of the company to luxury and fashion products provides an opportunity for the company to exploit its strong points in such fields. Through overcoming the challenges by researching the local market, adapting to cultural demands and competitive differentiation, the business could effectively position itself within the market of Italy, as well as attain sustainable development.
VALUE PROPOSITION AND BUSINESS MODEL
Value Proposition
In order to enter retail market of Italy, Arkell & Wills ltd. need to define its value proposition clearly, which states what the business offers exclusively that helps to place itself ahead of the competitors. Such value proposition of the company needs to be engrained in innovation, personalisation, sustainability, as well as premium quality. Consumers in the country are well-recognised by their gratitude for great craftsmanship and also their robust cultural affection or connection to fashion and luxury. In addition to this, Italian consumers are frequently keen to give a significant amount for unique and tailored products. The market demand in the country for ethically manufactured and environmental-friendly products is rising. Thus, incorporating sustainability activities within the business strategies can turn the company to be extremely appealing.
Overall, the value proposition of the company would highlight artistry and high quality, cultural pertinent, personalisation as well as sustainability. In order to stand out, the company would provide products which fulfil the greater norms of the design and fashion sector in Italy. Further, it would customize its offering as the preferences and demands of the country’s market, lining up with the fashion responsiveness in the Italy. Also, the business would offer the consumers within the unique chance to tailor their choices, which confirms uniqueness and exclusiveness (Krüger, et al. 2025) Moreover, confirming that the products are manufactured eco-consciously, with no or minimum influence to the environment would help the company to appeal a large number of customers.
Innovation Business Model
For attaining the profitability as well as sustainable development within the global market, the company needs to employ an innovative business framework or model, that would permit it to appeal probable partners and consumers. This also includes development of the robust brand presence in the country, and also generates sources of funding. Arkill & Wills can integrate omni-channel strategy as a segment within its innovative business model. This encompasses the incorporation of both offline and online channels in order to offer an exceptional shopping experience crosswise all the possible points of contact. The company can open its physical stores in Italy and also provide services and products through its website.
Additionally, for improving the innovative business model of the company, it can collaborate with the local artisans, business and also designed in order to redevelop exclusive products which provide for preferences and demands of the Italian market. Such partnership could assist the business to incorporate within the local Italian market, and also reinforce its appeal and legitimacy to the Italian culture. Further, collaboration with sustainability promoters and environmental-friendly bodies would improve the company’s image as a publically accountable business (Wannakrairoj, and Velu, 2021) Along with these; the subscription-driven framework can also be taking into consideration. Such model could provide consumer unique accessibility to exclusive products, special proposals as well as seasonal arrays, confirming steady and reliable revenue streams and cultivating customer faithfulness.
CRITICALLY ASSESS INNOVATION CONCEPTS
Innovation concept discussion
One of the innovation concept is open innovation, it is an innovation management approach in which organisations commercialise their own as well as external ideas. One of the approach benefits is its capability to uncover chances of growth which might be ignored while following completely internal-concentrated method. Moreover, it permits organisations to gather helpful perceptions directly from the consumers, and such concept proved to be cost effective, as well as external knowledge integration augments the absorptive capacity of the enterprises. However, the business can even face challenges in adopting such approach, these challenges can be usage of internal innovation ability to increase returns, integration of external innovations, and free-riding problems.
Moreover, disruptive innovation takes place when an organisation develops an entirely new service or product through utilising new tools and technologies to resolve a less described issue. Through providing more reasonable substitutes to present solutions, such innovation makes services and technology obtainable to a wider customer base. Another benefit of disruptive innovation involves increased accessibility, new market opportunities, improved productivity as well as efficiency and more. On the contrary, disruptive innovations result in job displacement, intense competition, market instability, significant implementation costs, consumer resistance, and also privacy and ethical concerns.
Furthermore, sustainable innovation is defined as the development and execution of new processes, services or products which makes a favourable contribution ecologically, socially and economically (Ianioglo, 2022.) Advantages of this innovation approach are environmental wellness, community and social benefits, sustainable and inclusive development. But, sustainable innovation also comes with some challenges which are great upfront costs, complexity from different stakeholder demands, tough to reconcile sustainability and economic objectives.
Suitability of discussed innovation concept for selected business
The most suitable innovation concept for Arkell & Wills ltd. in order to enter Italian market is open innovation. Such innovation permits the business to partner with local artisans, designers and experts, and also it lines up with Italian market trends related to suitability. In addition to this, open innovation allows the company to gain perceptions within the local market in an effective and fast way. Through involving with the consumers and business partners within the country, the business can get helpful and appreciated feedback, as well as alter its products in order to meet the demands of the evolving market. Such innovation approach decreases the danger in relation to cultural mistakes and confirms that Arkell & Wills ltd remains receptive and adaptable to the evolving global markets trends, specifically of Italian consumer market.
Justification of maintaining competitive advantage in international market
Within an intensely competitive retail sector of Italy, upholding a competitive edge is essential for ensuring success in the long-run. Open innovation offers the company with the flexibility to innovate and adopt constantly on the basis of feedback from consumers and trends in the market. Further, the company would highlight its sustainable practices and also activities associated with local adaptation, which in turn improve its image and attract eco-conscious customer and helps it to stay competitive. Along with this, through accepting such innovation concept, the company will be capable of tapping into new resources, knowledge and ideas, ensuing consistent innovation (Surya, et al. 2021). This will benefit Arkell & Wills Ltd. through building a sustainable, solid brand within Italy, as well as distinguish the company from other competitors. The capability to respond quickly to market changes and requirements of customers can turn out to be a main influence in upholding competitive edge within the global market.
ROLE OF ENTREPRENEURSHIP IN WEALTH CREATION
Entrepreneur’s wealth creation
Entrepreneurship plays a critical role in generation of wealth, mainly within the global market, acting as a driver of economic development, financial prosperity and innovation. Through diversifying in global marketplace, enterprises intend to improve their profitability and also make considerable contributions to the wider economic environment. For the company, expansion within Italian market provides a chance to exploit entrepreneurship in order to create sustainable wealth, for the local community as well as for the business. Further, entrepreneurship is important while entering into the new market, since it nurtures innovation crucial to adapt business strategies, services and products to fulfil the demands and wishes of local consumers. However, entrepreneurship covers risk taking, as well as the readiness to have a grip on well-though-out risks can result into substantial rewards. Arkell and Wills ltd. can place itself at the lead of present market trends, attaining a competitive edge, eventually creating wealth.
Along with this, entrepreneurship is a driving force for job creation. Since the company diversifies within Italian market, adopting Omni channel approach will require it to open corporeal stores, and put in place marketing groups and establish distribution networks. This will lead to creation of job opportunities for the local people. Moreover, entrepreneurial leadership is very important for circumnavigating complication within the global marketplaces. Also, entrepreneurial outlook can act as driving force for innovation, enabling the business to create products which distinguish itself from the other competitors. The company can drive wealth generation through creating innovative and creative solutions to issues gone through by the company itself and also consumers. For instance, implementing technological improvement such as artificial intelligence for offering customised services or augmented reality for virtual trail rooms can develop an extremely effective shopping experience for customers.
Moreover, entrepreneurship within global marketplace includes handling risks, like unanticipated economic disturbances, practice not lined up with culture and market instability (Ughulu, 2022). Entrepreneurs are skilled at recognising possible dangers and formulating plans in order to eliminate them. Through nurturing an entrepreneurship culture, the company can consistently acclimate to situations in the market, confirming that it relics to be competitive and pertinent. Such active methodology to innovation as well as risk handling supports wealth generation with the time.
CONCLUSION
Based on the above analysis and discussion, it can be concluded that the company’s diversification into retail sector of Italy present numerous opportunities such as stable political system, introduction of e-commerce, sustainability, economic growth and more. Although, there has been numerous challenges, like complex legal system, intense competition and more, the opportunities outweigh such threats. Moreover, global retail market trends and demands involved sustainability, ethical sourcing, personalisation, new technologies such as artificial intelligence, augmented reality and virtual reality. Value proposition for the business in international market has been rooted to the demands and trends of the market, and suggested innovation business model involved components of subscription based model, Omni channel approach and more. Further, the report also involved critical assessment of diverse innovation concepts, and the suggested most appropriate concept for the company has been open innovation. Lastly, critical evaluation of the role of entrepreneurship in wealth generation in the global market has been presented.
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REFERENCES
Books and Journals
Capobianco, N., Basile, V., Loia, F. and Vona, R., 2021. Toward a sustainable decommissioning of offshore platforms in the oil and gas industry: A PESTLE analysis. Sustainability, 13(11), p.6266.
Ianioglo, A., 2022. Innovation and Entrepreneurial. Innovation, research and development and capital evaluation, p.63.
Krüger, K., Weking, J., Fielt, E., Böttcher, T., Kowalkiewicz, M. and Krcmar, H., 2025. Value drivers for Metaverse business models: A complementor perspective. Journal of Management Information Systems, 42(1), pp.143-173.
Malenkov, Y., Kapustina, I., Kudryavtseva, G., Shishkin, V.V. and Shishkin, V.I., 2021. Digitalization and strategic transformation of retail chain stores: Trends, impacts, prospects. Journal of Open Innovation: Technology, Market, and Complexity, 7(2), p.108.
Raji, M.A., Olodo, H.B., Oke, T.T., Addy, W.A., Ofodile, O.C. and Oyewole, A.T., 2024. Real-time data analytics in retail: A review of USA and global practices. GSC Advanced Research and Reviews, 18(3), pp.059-065.
Surya, B., Menne, F., Sabhan, H., Suriani, S., Abubakar, H. and Idris, M., 2021. Economic growth, increasing productivity of SMEs, and open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), p.20.
Ughulu, J., 2022. Entrepreneurship as a major driver of wealth creation. International Journal of Economic Behavior and Organization, 10(3), pp.78-82.
Wannakrairoj, W. and Velu, C., 2021. Productivity growth and business model innovation. Economics Letters, 199, p.109679.
Online
Akell & Wills Cashmere. 2025. Online. Available through: <https://arkellandwills.co.uk/?srsltid=AfmBOor-4x04QDK_FnBklgDDvQog2OeH8N9THuehQe2T4kW96DP8vxbn>
Grand View Research. 2025. Online. Available through: < https://www.grandviewresearch.com/horizon/outlook/cashmere-clothing-market/italy>
Statista. 2025. Online. Available through: < https://www.statista.com/topics/6155/sustainable-fashion-consumption-in-italy/#:~:text=In%20Italy%2C%20environmental%20consciousness%20and,consumers%20consider%20when%20purchasing%20clothes.>
