(Doc) Entrepreneurship New Venture
13 Pages4584 Words171 Views
Added on 2020-01-15
(Doc) Entrepreneurship New Venture
Added on 2020-01-15
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Entrepreneurship New Venture 1
Table of Contents1. Executive summary .........................................................................................................................32. Nature of the business and competitive advantage...........................................................................3Introduction about business ............................................................................................................3Aims and objectives of the business ...............................................................................................4Description of the products or services and competitive advantage ..............................................43. Market...............................................................................................................................................4Market growth..................................................................................................................................4Market demand for start up..............................................................................................................5Market demand risk and opportunities............................................................................................54. Competitor analysis..........................................................................................................................65. Marketing plan..................................................................................................................................7Marketing strategies ........................................................................................................................7Segmentation, target and positioning ..............................................................................................86. Operational structure ......................................................................................................................97. Financials and forecasts...................................................................................................................9Financial feasibility .........................................................................................................................9Sources of finance .........................................................................................................................12REFERENCES ..................................................................................................................................132
1. EXECUTIVE SUMMARY In the current scenario, service industries such as restaurant and hospitality firms areflourishing at a higher rate. Now, customer spending in such sectors has increased. Hence, byassessing the growth in these areas, business entity has taken decision in relation to the opening ofrestaurant namely Delicious Delight. Thus, entrepreneur will offer dinning services to customers byestablishing the restaurant in Mosley Street of UK. Further, business entity will organize musicalshows and events in the restaurant. This in turn will entertain the visitors or customers to a largeextent. Hence, such uniqueness will attract a large number of customers of UK. Moreover, there areseveral people who feel happy and fresh when they listen music while taking lunch or dinner. Alongwith this, from the perspective of market growth, business entity will attain success by openingrestaurant in the market. In addition to this, to gain competitive advantage over others, late nightdinning services will be availed by the restaurant. Further, business plan in relation to start newmulti-cuisine restaurant is feasible from the financial perspective. Thus, entrepreneur will achievehis aim by preparing the cost effectual strategies. 2. NATURE OF THE BUSINESS AND COMPETITIVE ADVANTAGEIntroduction about business In this, entrepreneur has taken decision in relation to opening restaurant named as DeliciousDelight by taking into account the output of the research or investigation. Hence, in DeliciousDelight, business entity will offer huge variety of foods such as British, Mexican, Chinese,Continental, Italian and Indian. Along with this, entrepreneur will also provide late night dinningfacility to the customers. Moreover, students and youngsters prefer to go on walk on late night andprefer to eat snakes and other dishes (Saunders, 2011). Further, from the investigation, it has been found that there are very small number ofrestaurants which make arrangements regarding the musical shows or event for the entertainment ofcustomers. Hence, it is one of main uniqueness of Delicious Delight restaurant which will helpentrepreneur in build and sustain competitive edge over others, In this way, such unique conceptwill help business entity in making the ambiance of the restaurant lucrative. Hence, for settingsuitable pricing policy framework business entity will make analysis of the strategies that areemployed by the competitors. Moreover, now customers make evaluation of the quality of theservices and prices which are charged by the competitors. Hence, by making thorough and in-depthanalysis of the competitors business entity will prepare his own framework. 3
Aims and objectives of the business The aim of Delicious Delight is to offer highly quality nutritional food or dinning services tothe customers. This in turn will enable entrepreneur to evolve high level of satisfaction among thecustomers and thereby convert into loyalty aspect. In this way, by offering hygienic food to thecustomers business entity can maximize both productivity and profitability to the large extent.Further, entrepreneur has also undertaken the following objectives are:To offer amazing dinning services to the customers by organizing the musical events.To enhance the customer base and profitability by offering the variety of food. To provide customers with special ambiance which evolve high level of satisfaction amongthem. Hence, entrepreneur will direct his all efforts by keeping in mind the above mentionedobjectives. Moreover, business entity can develop suitable framework only when carry out someobjectives.Description of the products or services and competitive advantage The products and services offered by Delicious Delight consists huge variety through whichit can effectively create competitive edge in the marketplace. However, many restaurants and pubare already operating in the selected areas. However, proposed business will operate with uniqueproducts and services so as to increase attention of buyers. At this juncture, products of DeliciousDelight includes variety of dishes by focusing upon multi-cuisine such as British, Mexican,Chinese, Continental, Italian and Indian. It shows that at a same time, number of buyers are targetedtowards the restaurant. Furthermore, additional services related to musical show will be also beprovided through which buyers will get higher level of satisfaction. However, selected location isvery good for local residents as well as tourists who feel the need of food late night also. Owing tothis, Delicious Delight will offer its wide range of products and services till 2.00 pm. However,during morning it will be opened as soon as possible in order to provide breakfast and other relatedproducts and services. All of these aspect tend to create competitive edge of the business in themarketplace. Furthermore, variety of drinks will also be offered during the musical show wherebypleasant environment is created for customers.3. MARKETMarket growthIn the present era, growth aspect or level of restaurant sector is increasing at a high pace.This aspect can be supported from the report which is presented by Allegra food services. In this4
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