Exploring Entrepreneurial Opportunities in the Hospitality Industry

This document explores and develops a new business venture in the hospitality industry. It includes market and industry analysis, individual contribution, and a reflective statement. The business idea focuses on serving vegan fast food and beverages through a virtual platform, with 24/7 services and customizable orders.

Entrepreneurial
Opportunity

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
BUSINESS IDEA............................................................................................................................3
INDIVIDUAL CONTRIBUTION ................................................................................................11
Reflective Statement on the group task and self performance.............................................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurs are those business owners who are establishing their business by
developing a new and innovative business idea that offers new products and services to
customers and to the society. Entrepreneurs explores and exploits the present opportunities in the
marketplace, develop creative offerings for fulfilling the needs of customers and render them
value (Clark and Ramachandran, 2019). The current presentation is developed for the same
where a new business idea is developed for which micro and macro level market and industry
analysis is conducted. Moreover, the next segment is a report in which individual contribution is
provided in a reflective summary form for showcasing the work performed and skill set.
MAIN BODY
BUSINESS IDEA

The current presentation is developed for the same where a new business idea is
developed for which micro and macro level market and industry analysis is conducted.
Moreover, the next segment is a report in which individual contribution is provided in a
reflective summary form for showcasing the work performed and skill set.

Business will be dealing in hospitality industry through virtual platform serving best
quality vegan fast food and beverages to the customers. The fast food and beverage delivery
service will be available for 24*7. That is customers will be able to order and enjoy healthy as
well as tasty food and drinks whenever they wish.
Features of the offerings and the new business:
 Vegan fast food and drinks
 24*7 services
 Flexible delivery and pickup option
 Orders can be customisable
 Pre-orders are accepted
The New Business road test tool is used to perform industry and market analysis which
has seven team domains and where effective knowledge about the market stability and
profitability of the business can be gained. The evaluation of the new business idea is performed
under in the next segment.

 At first the business can not keep everyone happy and serve all the segments. Company
can serve or keep satisfied only a subset of the market according to which most potential
segment to whom VEGAN HUB can attract and serve are health conscious people who
are focusing over being environment friendly and thinking through health prospective as
well.

The social trend of moving to vegan offerings and increasing concern about the
environment developed the opportunity for VEGAN HUB. The company is of small size holding
fresh service offerings with gives it the potential to grow and develop further in next six to eight
months.

 Buyer power will be moderated no other business entity in market is available offering
the number of services offered by VEGAN HUB. Moreover, the uniqueness of recipes
served and innovative drinks renders competitive edge and restrain customers from
switch.
 Threat to substitutes is high as the services offered can be copied except the recipes if
patented by the VEGAN HUB which will rise cost for the owners.
 Competitive Rivalry is moderate as existing competitor are few in the market as well as
they are also on establishing stage and do not hold much power over VEGAN HUB.
These few resources that is the patents for recipes, experts for the job, ample amount of
delivery service executives with best skills makes the brand sustainable. As well as, the

uniqueness of product offerings that is Vegan food and beverages make the entity more
environment friendly and sustainable as the trend is being followed too.
The mission, personal aspirations and risk propensity test for entrepreneurs:
The Mission Statement of VEGAN HUB is clearly stated by its products and service
offering to render new dimension to the hospitality industry around the world by working with
trends and for the society. The company is offering vegan products which automatically renders
a new perspective to the society and supports in making the world a better place to live for the
present and future generations.
Team Domain: Ability to Execute on Critical Success Factors:
The identified and determined Critical Success Factors of VEGAN HUB are as follows:
 The uniqueness of the offerings.
 Best quality of products that is food and beverages being served along with best services
during and after sales. Customer focused approach.
 The competitiveness in the market for moving along with the changing trends that is
passion for innovation and invention.
The process which is most essential for measuring and monitoring the CSF's VEGAN
HUB is to effectively communicate them to those who are responsible for them and all the other
important parties in the business. Through which regular monitoring and supervision is

mandatory too where the owner of VEGAN HUB have to be focused and concentrating on
meeting the CSF's developed.
The internet is the best data source where more than enough information is available
which are needed to be sorted before using. Trend analysis is conducted through internet as well
by gathering and examining figures and statistics exiting companies and developing ones as well.
The presentation holds a in-depth evaluation of the business idea as market and industry
analysis is performed. The micro and macro level examination of the industry and marketplace is
performed.

INDIVIDUAL CONTRIBUTION
Reflective Statement on the group task and self performance.
Entrepreneurship and an entrepreneur are the building blocks of the industry and the
economy (Hansen, Monllor and Shrader, 2016). The concept of entrepreneurship enabled the
society to have new offerings every now and than with changing trends and market requirements.
In order to generate one effective and efficient business idea and establish it, several
entrepreneurial opportunities are required to be explored and thoroughly evaluated.
The new business venture idea which is developed and presented in class through
presentation is of an hospitality industry, developed with following the trend of increasing
awareness amongst people and businesses for environment that is leading increasing demand and
consumption of Vegan food products either drinks, fast food, meals or snacks (George and et. al.,
2016).
In the team domains I was covering the industry attractiveness segment where a in-depth
industry analysis was conducted by using Porters Five Forces model. The industry analysis
conducted on Macro-level in which competencies and competitiveness of the firm over five other
forces was examined. Through the model first entry barriers and other related factors were
evaluated showing the lower level of threat for VEGAN HUB as the industry is developing,
regularly flourishing and increasing by moving boundaries. The suppliers and customer’s power
is low and moderate as the need is being fulfilled and the suppliers are available in plenty
number.

As identified and known existing competitors also have low influence but the threat from
substitutes is high because duplication can be done easily if the services VEGAN HUB will offer
are efficient and attracting the market as well as keep them satisfied. All over form my
determination of facts and data it is visible that the industry is not saturated or going to saturate,
trends are changing and opportunities are developing increasingly in the respective business
sector (Emami, 2017).
CONCLUSION
The above presentation is developed for exploring and developing a new business venture
which is creative and new concluding the need to effective test to be conducted before entering
the market and for holding a competitive edge form other in the marketplace either the existing
competitors or the new emerging firms. The presentation holds a in-depth evaluation of the
business idea as market and industry analysis is performed. The micro and macro level
examination of the industry and marketplace is performed.

REFERENCES
Books and Journals
Clark, K. and Ramachandran, I., 2019. Subsidiary entrepreneurship and entrepreneurial
opportunity: An institutional perspective. Journal of International Management. 25(1).
pp.37-50.
Emami, A., 2017. Gender risk preference in entrepreneurial opportunity: evidence from
Iran. International Journal of Entrepreneurship and Small Business. 30(2). pp.147-169.
George, N. M. and et. al., 2016. A systematic literature review of entrepreneurial opportunity
recognition: insights on influencing factors. International Entrepreneurship and
Management Journal. 12(2). pp.309-350.
Hansen, D. J., Monllor, J. and Shrader, R. C., 2016. Identifying the elements of entrepreneurial
opportunity constructs: Recognizing what scholars are really examining. The
International Journal of Entrepreneurship and Innovation. 17(4). pp.240-255.
Morris, W. and James, P., 2017. Social media, an entrepreneurial opportunity for agriculture-
based enterprises. Journal of Small Business and Enterprise Development.
Park, J. Y., Sung, C. S. and Im, I., 2017. Does social media use influence entrepreneurial
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Shu, R., Ren, S. and Zheng, Y., 2018. Building networks into discovery: The link between
entrepreneur network capability and entrepreneurial opportunity discovery. Journal of
Business Research. 85. pp.197-208.