Enterprise and Entrepreneurship

This presentation provides an overview of enterprise and entrepreneurship, including the process of generating a business idea, conducting feasibility studies, identifying potential market opportunities, and creating a vision for your business. It also discusses the challenges and opportunities in the restaurant industry and provides strategies for success. References are included for further reading.

Title
Enterprise and Entrepreneurship

Table of content
INTRODUCTION
Motivation for choice of business
The process you went through to generate the business idea
Feasibility studies conducted
Details of the product or service to be offered
Potential market opportunities
Attractiveness of the industry
Vision for your business
CONCLUSION
REFERENCES

Introduction
 Enterprise is a small company or business it includes activities of
managing companies and business also. An individual who develop new
business by taking risk and enjoying rewards is known as entrepreneur. As
it is commonly known as an innovator, source of new ideas business
procedure goods and services. Entrepreneur plays an important role in an
economy by applying skills and initiative necessary to satisfy needs by
proving new ideas to market. Entrepreneur became successful by taking
on the risk of a start up and is rewarded with fame, name and
opportunities.

Motivation for choice of
business
 As fast food become more and more popular every year. Despite the rising
concern about health in the society, specific sector goes higher and higher in
growth every year. There are certain factors that motivate for selecting food
industry business are market competency, easy customer adaptability, large
customer attractiveness. At present environment audience are interested to
spent huge part of their income on trying different food items to taste. Today
people are become foody so the chance of business growth in the respective
industry is more. The main aim of every business is to earn maximum profit

The process you went through to
generate the business idea
 Focus on your core product: the core opportunities that are
which was identified according to market trend social
environment as well as comic conditions of the United
Kingdom. The core product which was identified belongs to
hospitality industry any food & beverage sector that is
restaurant.
 Keep your pitch simple: In concise and attractive manner we
create our market in this industry.

Cont.
 Map it: Mapping is to be done by restaurant after doing deep research and survey.
 Planning: Time to time planning is require to be done to set the business properly as
it require to plan in effective and efficient manner.
 Utilize marketing tools that work best: The best available options are selected by
the organisation to create awareness in market and to promote business. Different
mode of advertising is use like Social media, new paper, and local advertisement on
Televisions etc.
 Implement a plan of action: The action that is set to perform is implemented in the
same manner as they are set so that it give positive result.

Chances of successful
 It’s not easy to get success in restaurant industry. Most of the
restaurant does make their past in initial year and 85% go out of
business within five years. The big market diversifies with big enough
niches demanding new accessibility, concepts and packaging. There
are many trend related to fortified , vegan, organic, gluten free, health
and super food. To run restaurant business successfully it is necessary
for the product to taste good. As solid and realistic business plan is the
basis of successful business

Cont.
By following various strategies restaurant can increase their sales and chances of growth and success as
these are describe in detail as follows:
 New device provide: By using new device to produce it can make large quantity of product at the
same time and satisfy huge customers.
 Innovation: With new varieties or by offering new items it can attract large audience.
 By offering discounts: To increase sales time to time festive offers are provide by restaurant. Various
schemes or combo packs are offering by temptation so that large audience attract that increase the
chance of business success.
 Increase awareness: By using various methods of advertising like social media, news paper the food
brand can promote the name of restaurant.

Details of food items and services to be offer
 In “Temptation” restaurant offer various variety of Fish and chips as
this is great staple of Great British summer, cream tea, Falafel,
Cornish pasty, Apple crumble, Spaghetti Bolognese, Roast dinner,
Chicken tikka masala, Chips and gravy. Haggis are the famous food
that are available in this restaurant and it also offers best service for
taking orders and satisfy the demands of customer on time. No matter
how tasty the menu is, audience not interested to come back if they
face bad experience with their customer service.

Cont.
 External Opportunities: Taste of people are changing day to day as
they become aware of health hazards of eating fast food. More dinner
than ever prefer healthy options in place of fatty processed food. It this
way healthy eating of fast food items means for the modern consumer.
 Internal Opportunities: As this model offer opportunities to invest more
money into their local economies as large food chain Other small fast
casual chains by meat and other ingredients locally.

Cont.
 Opportunity in alcoholic beverage: As most of the fast casual operator
believe alcoholic beverage are become in more demand and become
more popular in 2020. But great interest in creative low alcohol by
affecting volume option too.
 Offer more technology: As customer want technology that reduces
transaction and increase convenience.
 Delivery service: As half of restaurant operator say that are interested to
choose delivery option offer.

Feasibility analysis
A Product Viability Study is a crucial step for emerging goods and
services. This may be an idea or a theory that may profit from
conceptual tests or even exploratory analysis to further grasp or
discover whether a need or demand still occurs for the product. In the
context of above new business it has been done below in such manner:
 Product: A lot of prospective buyers are fascinated by the fresh
organic food. The modern food is available in various colours and
tastes. These products are made from organic produce and natural oils.

Cont.
 Price-Prices are known as the mechanism that decides how
much cash the new organic food is received from purchasers
and consumers. Penetration strategy is the price technique used
to market he fresh food. This means that this commodity is sold
for high volumes at a low price. The food rate is determined for
consumer penetration and market share selection. This food
uses a technique to enter the commodity to sell. This organic
produce is available between £ 10 and £40 in the price bracket.

Cont.
 Promotion- Aggressive campaign plans are the advertising tactic used for the fresh
organic produce. That implies that each and every corner of the latest organic food is
supported. There are few marketing efforts planned by radio, television, mode magazines,
newspapers, etc to publicise new food.
 People-The workers working in the administration of the food production process are
qualified and professional. They require the successful management of all people who
make fresh active vibrant food.
 Process-The food is grown by the method of compressing natural ingredients for the
extraction of the vibrant and flavoured food. They are sold at a reasonable price to
consumers

Financial feasibility

Potential market opportunities
The five-power model of Porter effectively identifies five strategic
powers of an market that helps distinguish company advantages and
disadvantages. The 5-force model of Porter has been named after
Michael E. Porter, a Harvard Business School professor.
 Competition in Industry- There is a great deal of competition in
every sector on the market. There are only few companies that have
neither cost leadership nor a distinguished leadership that face rivalry.

Cont.
 Bargaining power of buyers- This applies to how consumer responds
towards commodity as prices keep oscillating. In food business
negotiating power with consumers is strong. This occurs when there
are a variety of alternatives available in industry. Business faces
intense competition and it actually losing its share to somebody else is
quite probable. Due to this organisation must go through an intensive
market analysis to strategically analyze needs and desires of a client
and if they do not fulfil their needs anyone else could.

Cont.
 Threat of substitutes- This is a form of threat where a competitor is
willing to satisfy its customers ' requirements. That makes it possible for
companies to turn to another business or even another product as they
face problems as they can't deliver goods to customers. There is a very
strong possibility of commodity replacement in food. In price, goods, etc.
there are many rivals. They look for opportunities to draw other industry
buyers. The only advantage of organic food is that consumers that are
committed to its organic feature cannot meet their rivals.

Attractiveness of the industry
 At the beginning of food processing, it is assumed that this sector
requires both medicinal and food products, their processing,
combining, compounding or packing. Foods are considered as the
basic type of commodity used by all humans. Food items include
panniers, candy, desserts etc. There are few light oils, fewer sugars
etc. The food industry is a corporation that will thrive as a corporation
in order to produce food worldwide. There are no obstacles to the use
of fruit, such as cultural and social

Vision for your business
 The food market has a fantastic future. It is inferred,
within the framework of the food industry, that a food
business needs to be started and a successful moment to
thrive in the market. When business starts, it means that
less difficulty happens and that profits are produced in less
time. Food is used by men and women around the world
and production firms raise a lot of money nearly every day

Conclusion
 The topic above concludes that market analysis is important as new
goods or services are launched to the marketplace. This is useful to
manage whether the commodity will earn profit or cash. Before
introducing new goods on the market, the organisation has to evaluate
both consumer trends and decisions. Porter’s Five Force Research and
7P 's advertising blend are the various kinds of study a business may
perform to know market growth within the industry. The
competitiveness of industry and market vision is nice to assess.

References
Kuratko, D.F., 2016. Entrepreneurship: Theory, process,
and practice. Cengage Learning.
Burns, P. and Dewhurst, J. eds., 2016. Small business and
entrepreneurship. Macmillan International Higher
Education.
Etzkowitz, H. and Zhou, C., 2017. The triple helix:
University–industry–government innovation and
entrepreneurship. Routledge.
Lipset, S.M., 2018. Values, education, and entrepreneurship.
In Promise of development (pp. 39-75). Routledge.