Entrepreneurship: Business Plan and Strategies for Food Corner Company

This report reflects the different resources required to manage new business startup right from innovative new ideas to execution of the business plans. In the context of Food Corner Company this report delivers the business plan and entrepreneurial strategies adopted by the association to accomplish business success.

ENTREPRENEURSHIP

EXECUTIVE SUMMARY
This report reflects the different resources required to manage new business startup right
from innovative new ideas to execution of the business plans. In the context of Food Corner
Company this report delivers the business plan and entrepreneurial strategies adopted by the
association to accomplish business success.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
BUSINESS DETAILS.................................................................................................................4
MARKET/ INDUSTRY ANALYSIS.........................................................................................4
PRODUCT/ SERVICE DESCRIPTION.....................................................................................7
USP AND COMPETITOR ANALYSIS.....................................................................................8
OPERATIONS PLAN.................................................................................................................9
RISK AND COTINGENCY PLAN..........................................................................................10
SALES AND MARKETING STRATEGY...............................................................................11
FINANCE AND FUNDING PLANS........................................................................................12
MANAGEMENT TEAM..........................................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is nothing but transferring the ideas inti business opportunities. These
involves creation of new ideas and resources in order to order to start off with new business
projects. It involves taking large risk of financial expenses and losses and implementing a
successful business venture into the marketplace. Entrepreneur has gather different measures into
a unit to make the most successful out of the findings. These involves managing and identifying
the best possible human capital, financial resources, ideas, physical infrastructure and supported
legal documentation to give to the ideas into the action plans. This report delivers competitor
analysis, risk analysis, sales and marketing strategy, source of business finance and management,
market analysis, product description and how the business manages the internal management
teams (Alvarez and Barney, 2020).
BUSINESS DETAILS
With entrepreneurial business startup of starting the business ideas in the sector of food
industry. This report talks about the business startup as “Food Corner”, which is UK based
business initiation in order to bring value to the customers by offerings them the most quality
food products and services. Using the food ingredients of vegan and organic ingredient, gluten
free and using natural sugar by seeing the trend of rising consciousness of people living in UK
for healthy lifestyles and quality living. The business also offers natural homemade increase and
brewed coffee to people. The tasty and yummy food menu attracts the customer segments with
affordable pricing to purchase the products offered by the company. The business outlet will also
take all the measures of maintaining cleanliness and hygiene by proper sanitization in order to
maintain the environment clean and safe (Berglund, Bousfiha and Mansoori, 2020).
Location: 220, Bakers Street, London, UK
MARKET/ INDUSTRY ANALYSIS
In order to analyze the market environment the Pestle and Porter five forces model can
be applied to determine that how good the business can flourish in external business
environment.
Pestle analysis

P- Political factor
The favourable political factors helps the business in the positive manner wherein the
unfavourable political factor might affects the business in the negative manner. With the
favourable credit policies of the UK government in order to support small and medium business
by offering them the financial support and other business solution which helps the business to
build market position in the external environment. Food Corner company takes help from the
government grants in order to run the business without any obstructions.
E- Economic factors
When there is stable economic condition in the specific geographical boundary it serves the
business with prosperity wherein the unstable economic condition might turn the business to
losses. With stable economic condition in UK, Food Corner Company finds it easier to resist in
the external business environment, wherein the business can easily find the target customers and
business profitability in the marketplace (Blundel, Lockett and Wang, 2017).
S-Social factors
Social factors involve the cultural and social beliefs and views of the people in the external
environment. With the high rising consciousness of people, the food corner business satisfies the
social values of the people by delivering them organic food, vegan products, gluten free products
for delivering food services to the customers and promoting healthy lifestyles of the people.
T-Technological factors
Technological factors involve the technological advancement in the market environment wherein
Food Corner Company uses technological advanced tools like cloud based software in order to
store data of the business which also helps to build privacy and security business. Using
technological tools in the business helps the business to accomplish efficiencies in the business
activities (Bylund and McCaffrey, 2017).
L-Legal factors
Legal factors involve complying to all the legal legislation formulated by the government of UK
and norms by the company in order to deliver the ethical positioning of the business in the
marketplace, some of the legal laws that the business comply with are defined below:

Employment rights act, 1996: This law involves delivering the employees the equal rights and
benefits at difficult situation so that the employees feel comfortable in the working conditions.
National minimum wage act, 1998: It states to deliver minimum wages and salaries to all the
employees at work in accordance to the jobs performed by them.
E-Environmental factors
Environment factors involves taking measures in order to protect the environment and prevent
environment pollution. Food Corner Company takes measures in order to address the
environmental measures such as going cashless, minimizing the use of plastic products, using
paper products or product made out of leaves which also helps with better digestion of the food.
Porter five forces model
Porter five forces of model helps to identify the competitive advantage of the business in the
market place, it also helps the business to analyse the competition and formulate favourable
policies in order to beat with the rising competition in the marketplace. It has five factors such as
consumer power, supplier power, competitive rivalry, substitute products, new entry in the
marketplace (Chakraborty, Thompson and Yehoue, 2016).
Consumer power: Consumer power is defined by the power of the consumer to bargain that
further reduces the profitability of the business. Wherein the businesses need to implement right
pricing strategies in order to develop strong consumer perception. Food corner company sets
prices of the products which are affordable as low prices of the products reduces the profit
margin and high prices demotivate the consumer to purchase.
Supplier power: Supply power is determined by the ability of the supplier to reduce the quality
and earn more revenue. The food corner company should choose the right supplier who delivers
quality products at lower prices (Frederick, O'Connor and Kuratko, 2018).
Competitive rivalry with rising competition in the market place competitive rivalry has become
a major threat to food corner Company in order to cope up with the competition in the market
place the Association formulate different competitive strategies in order to deliver differentiated
products in the market place which also helps to build strong consumer perception. Apart from

that competitive analysis helps to implement new pricing strategies, add feature to the product
and other benefits driven by the product, Right distribution channels in order to attain
competitive advantage in the marketplace.
Substitute product is determined by the similar utility providing products where in customer
compares and chooses the product with higher utility and reduced prices. Food corner company
provides food services at affordable prices increased value food ingredients with benefits health
and all other measures that attract the customers in order to purchase the offerings of the
company.
PRODUCT/ SERVICE DESCRIPTION
Product: The products of the company includes offering food services using high quality
ingredients and deliver value to the customers. The Food corner company uses ingredients in the
food recipes such as Organic products, vegan products, plant based proteins, gluten-free products
and other natural ingredients with the high rising health conscious living pattern of people in UK,
the company satisfies the needs of people by quality product. Featuring attractive prices and
rebates that grab the attention of the people to purchase the products (Kuratko and Morris, 2018).
Food Corner
Menu
Fish and Chips
Bangers and Mash
Full English Breakfast
Sunday Roast
Toad in the Hole
Shephe rd's Pie/Cottage Pie
Steak and Kidney Pie

Services: Services offered by the company include delivering high-end solutions to achieve
customer satisfaction. The company also uses Online platforms in order to deliver the food
services to customers irrespective of the location, wherein the customers just need to book online
the food they want and the Association will deliver the food at their doorsteps. Moreover, the
association deploys the employees who rightly serve the needs of the customers by effective
communication and handling customer grievances and complaints in order to deliver quality
services to the customers.
USP AND COMPETITOR ANALYSIS
The USP of the market offering is that remind by the unique feature or value that any
association delivers. Thus, the food company delivers USP of quality services and value products
that are not easily found as a fordable price. The association maintains proper cleanliness and
hygiene wherein the employees or the working staff in the outlet beers gloves and mask in order
to come comply with the COVID-19 safety measures in the workplace, proper sanitization in
order to improve the customer experience. The working staff are deployed to check the quality of
the food ingredients used to deliver value to the customers. The company also uses effective
pricing strategies by promotion at different occasional seasons discounts and rebates additional
food products at buying certain services and so on in order to grab the attention of the customers
(Lyons and Zhang, 2018).
It becomes crucial to analyze the competitive analysis in order to evaluate the exact position of
the company in the market place. Thus, competitive analysis determines the positioning and the
market share of the business and evaluate certain strategies in order to cope up with the
competition. Thus, Food corner company formulate certain competitive strategies in order to sell
differentiated products and acquire the position in the market place. These strategies are
discussed below in brief:
Product strategies: It involves determination of the product features, the pricing strategies, the
utility derived pertaining to the product value. Wherein the business evaluates the positioning of
the product in the minds of the customers which helps to implement right strategies such as what
can be the prices of the product, what improvements should the business implement in the
product to satisfy the customer needs and desires, what additional benefits should the business

derive from the services it offers and so on. When the customers are satisfied with the product
they tell other people with the word of mouth and the cycle goes on which brings increment in
the sales and profit margin of the business (Maritz and Donovan, 2015).
Promotional strategies: In order to influence the customers to purchase the offerings of the
company it becomes crucial for the association to promote the products and services. The
company uses online promotional tools such as digital marketing, social media marketing, search
engine optimization and traditional tools such as magazines, brochures to promote the offerings
of the company. Effective promotion communicates the marketing message and helps to
influence the customer Perception wherein the customer feels valued and thrived to purchase the
offerings of the company. Thus, Food Corner company carry effective promotional strategies in
order to acquire the competitive positioning in the market place.
OPERATIONS PLAN
The operational plan of the company includes the overall business strategy that how the
business is going to execute the determined business objectives. The operational plan includes
different elements such as planning, execution, monitoring, resource allocation and management
in order to implement the business plan into actual business plan (Mayer, Siegel, and Wright,
2018). The operation plan formulates by Food Corner company is discussed below:
Planning is the first step where in the business identifies the opportunities and determines in
advance what all activities has to be carried to achieve the business goals.
Organizing includes deploying the right employees, deploying them the work to do, identifying
the resources and execution of the work.
Monitoring and controlling is the next step after organizing where in the business monitors the
developments of the business functions and implement corrective actions to activities which
needs to be improved.
Resource management involves identifying the resource required in order to manage the
inventory and minimizing the wastage and cost (Morris, 2015).

Production capacity is to regulate the production requirements by reducing the wastage and
serving the right amount of the food to The demands of the customers.
RISK AND COTINGENCY PLAN
Risk and contingency A crucial to determine because the business can be affected by
number of factors such as the changing customer preferences, financial resources and other
resources that can bring losses to the business in future period of time, thus preparing alternative
plan or a risk plan becomes crucial in order to combat with such future uncertainties in the
business.
RISK FACTORS IMPACT STRATEGIES
Changing customer
preferences
Due to high market demand
An increasing population the
customer demand keeps on
changing just like seasons so
sticking to a specific market
offering would bring losses
and can also lead to business
failure.
The business plan flexible
improvement in the market
offering as per the changing
market demands with
technological changes, social
changes, political changes or
any other that best satisfies
the current customer
demand. does the business
does not make huge
investments in managing and
developing the supply and
demand, the business uses the
concept of minimum
utilisation of the resources to
reduce the cost and save
sufficient business funds to
meet any flexibility in the
future time period.

Data and security Data and security plays an
important role, if not
managed rightly then the
unethical hackers could steal
the important data of the
company which can also
bring huge losses to the
business.
The Food corner company
manages the privacy and
security of the data by
implementing data protection
software such as firewall to
make high-level privacy of
data of both business and its
customers to avoid of any
such uncertainty of the data
loss.
SALES AND MARKETING STRATEGY
Sales in marketing strategy is Determined by the actions that the business takes in order
to boost the sales and promote the market offerings of the company. It involves delivering the
marketing message to the end customers in order to enhance the profitability margins of the
business. Effective sales and marketing strategies will help the business to generate more
revenue and increase the profitability of the business by 40% in six months (Olanrewaju and
et.al., 2020).
STP
Segmentation involve dividing the large number of customer segments into small units. food
corner company chooses the customers who are highly health-conscious and medium income
earning.
Targeting techniques involves delivering value to the identified segmented customers. With the
high living standards of the segmented customers the association delivers right market offering
that satisfy their demands.

With the positioning technique, the association conducts different marketing campaign in order
to influence the purchase behaviour and grab the attention of the segmented customers with
attractive market offering.
Marketing mix
Marketing mix involves the combination of different elements that helps to promote the market
offerings of the company. The marketing mix used by the company is discussed below:
Product: The Food corner company delivers the Product that satisfy the higher quality Standards
of the business. The products of the business include Bangers and mash, Sunday roast toad in the
hole and others.
Price: The pricing strategy used by the business involves the cost based pricing strategy which is
defined by covering the cost incurred in production of the specific product. This Pricing strategy
helps the business to cover the cost incurred and earn revenue above the cost (Omorede,
Thorgren and Wincent, 2015).
Place: Place in the marketing mix is it meant by the selling Point, where in the business delivers
the market offering of the company in both physical outlets and online platforms.
Promotion: The association uses effective promotional strategies in order to influence the
purchase behaviour of the customers wherein the promotional strategies includes advertising via
online platforms, social media marketing, TV advertisements, brochures in order to reach out to
large number of customer segment and deliver the marketing objectives.
FINANCE AND FUNDING PLANS
The business monitors its funding from different alternative sources such as commercial
banks and directors fund.
RESOURCES ESTIMATED COST
STAFF MANAGEMENT COST £30000
LOGISTICS £30000
RAW MATERIALS COST £20000
MAINTAINENCE COST £25000
TOTAL £105000

Commercial banks: The business acquire both long-term and medium-term loans from the
commercial banks in order to meet the financial requirements and conduct the business
functioning without any obstructions (Shepherd and Patzelt, 2017).
Director’s fund: Another financial source of the business includes the funds invested by the
director of the company where in the director render sufficient fund to the business in order to
meet the short-term requirements of the business, this is an effective technique which helps not
only to meet the financial requirements but managing the sources of finance without any security
and any extra interest charges.
MANAGEMENT TEAM
Management of team is it in mind by deploying different individuals and teams to
monitor and execute different business functions and carry organizational objectives in the most
efficient manner. The association deploys different units to manage the Raw materials is and the
performances of the individuals in the workplace. The function is carried by the organizations
defined below:
Management of raw materials: Management of raw materials involves deploying different
individuals in order to monitor the requirements of the raw materials, supply in the demand of
the raw materials which is required to meet the sufficient customer demands by minimizing the
cost and optimum utilization and of the available resources (Welter and Gartner eds., 2016).
Personal management: Personal management is determined by managing the performances of
the individual and identify the grey areas which needs to be covered or improved in order to
accomplish the standard working of the business. Them ploys in food corner a given specialized
training for different job positions so that their employees are highly efficient and productive
when they’re assigned which certain tasks.
CONCLUSION
The above discussion clearly states different resources required for starting a new
business venture. These resources involves identifying the purpose of the business That what the
business actually wants to deliver is to the targeted customers, market analysis which involves

evaluation of the market that whether the business Will sustain in the marketplace and the
competitive analysis to acquire the competitive advantage, the business should rightly describe
the product that it want to deliver to the customers, the products and services should have unique
features and innovative utilities that attracts the customers, the business should have a well-
defined operational plan to execute the functioning, financial resources helps into allocate the
funds In to write business activities, risk in contingency plan, management teams, the sales and
marketing strategies helps the business to promote and advertise its product and influence the
purchase behaviour of its customers in order to acquire the sales and profitability margin.

REFERENCES
Books and journals
Alvarez, S. and Barney, J. B., 2020. Has the concept of opportunities been fruitful in the field of
entrepreneurship?. Academy of Management Perspectives. 34(3). pp.300-310.
Berglund, H., Bousfiha, M. and Mansoori, Y., 2020. Opportunities as artifacts and
entrepreneurship as design. Academy of Management Review. 45(4). pp.825-846.
Blundel, R., Lockett, N. and Wang, C., 2017. Exploring entrepreneurship. Sage.
Bylund, P. L. and McCaffrey, M., 2017. A theory of entrepreneurship and institutional
uncertainty. Journal of Business Venturing, 32(5), pp.461-475.
Chakraborty, S., Thompson, J. C. and Yehoue, E. B., 2016. The culture of
entrepreneurship. Journal of Economic Theory. 163. pp.288-317.
Frederick, H., O'Connor, A. and Kuratko, D. F., 2018. Entrepreneurship. Cengage AU.
Kuratko, D. F. and Morris, M. H., 2018. Examining the future trajectory of
entrepreneurship. Journal of Small Business Management. 56(1). pp.11-23.
Lyons, E. and Zhang, L., 2018. Who does (not) benefit from entrepreneurship
programs?. Strategic Management Journal, 39(1), pp.85-112.
Maritz, A. and Donovan, J., 2015. Entrepreneurship and innovation. Education+ Training.
Mayer, C., Siegel, D. S. and Wright, M., 2018. Entrepreneurship: an assessment. Oxford Review
of Economic Policy. 34(4). pp.517-539.
Morris, M. H., 2015. Entrepreneurship as experience. Wiley Encyclopedia of Management. pp.1-
6.
Olanrewaju, A. S. T. and et.al., 2020. Social media and entrepreneurship research: A literature
review. International Journal of Information Management. 50. pp.90-110.
Omorede, A., Thorgren, S. and Wincent, J., 2015. Entrepreneurship psychology: a
review. International Entrepreneurship and Management Journal. 11(4). pp.743-768.
Shepherd, D. A. and Patzelt, H., 2017. Trailblazing in entrepreneurship: Creating new paths for
understanding the field. Springer Nature.
Welter, F. and Gartner, W. B. eds., 2016. A research agenda for entrepreneurship and context.
Edward Elgar Publishing.