Entrepreneurship and Business Development

The report discusses the feasibility study, competitive and STP analysis, proposed business model, marketing tactics, and risk assessment tools for entrepreneurship and business development. It explores the relationship between entrepreneurship and innovation, and the types of ventures and marketing tactics entrepreneurs follow to find success. The report also covers qualitative and quantitative planning tools that entrepreneurs can use to assess and mitigate their risks. The subject is Entrepreneurship and Business Development, and the course code and college/university are not mentioned.

ENTREPRENEURSHIP AND
BUSINESS DEVELOPMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
1- Conducting feasibility study with relationship between innovation and entrepreneurship.....3
2- Conducting a competitive and STP analysis to examine opportunity gap in the market........4
3- Drawing on relevant concepts and frameworks, and discussing propose business model as
well as how the new business will work......................................................................................6
4- What types of venture and marketing tactics entrepreneurs follow to find success................8
5- What are qualitative and quantitative planning tools that entrepreneurs can use to assess &
mitigate their risks........................................................................................................................9
6- What are the common mistakes that first time entrepreneurs make? ...................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is defined as one of those essential skills that has driven the attention of
individual person toward conducting strategic procedure and action such as business set up. It
helps a person to develop the best business plan and continue with implementation of effective
strategies that in return provide desire outcomes of them as well as others who are engaged in
planning process. The current assignment will be based on specific business plan and that is a
new restaurant venture named Venn. The study will explain feasibility study of new business
concept, explore relation between entrepreneurship & innovation. It will also define the
competitive analysis, STP and frameworks that discuss proposed venture model. The report will
also justify how business will world, type of marketing and company strategies. Furthermore, the
assignment will clarify quantitative & qualitative planning tools that a businessman could use to
mitigate & asses their risks. Lastly, it will also define common mistakes that first time they
make.
TASK
1- Conducting feasibility study with relationship between innovation and entrepreneurship.
In according to conduct the feasibility study 'Venn' aims to utilize the PESTLE analysis.
Analysis aims to work at providing information regarding various external factors affecting
business operations (PESTEL Analysis, 2021). The analysis includes:
Political Factors: These include different types of political factors which tend to affect
the working of firm. Factors including various government policies and their stability, tax
policies, new rules and regulations being imposed. For example government may impose new
rule regarding purchasing of vegetables. This may end up in changing revenue generating
structures of organization.
Economical Factors: Factors which aims to affect economy that most likely to directly
impacts company. Determinant includes economy growth or decline, inflation, cost of living and
many others. For example when there is rise in the inflation rate of economy may end up in
resulting the organization's price of products becoming high.
Social Factors: These determining factors influencing cultural norms, population
growth, career attributes etc. that may impact on company. For example 'Venn' market generally
get high demands from customer during festive season. These factors also aims to affect the
firms for making and developing different marketing strategies.

Technological Factors: Basically includes factors like new technology's adoption,
innovations and developments. Not being up to date with the most advanced trends may end up
in loosing market share or not being able to attract customers and results in decreasing profits.
For example with the new technology adoption and utilization as well as, if firm fails to match
up may resulting, decrease in the market position.
Legal Factors: Various factors which includes changes to legislation, resources or
import and exports or even taxes. Certain factors also includes various legal forces which tend to
determine business ability to operate. For example change in the resources prices or imposition
of new duties on import and export may tend impact the effectiveness as well as the working of
'Venn' in according to decrease in profit.
Environmental Factors: Lastly, these determinants includes various factors which tend
to affect the working environment of firm. Factor plays an important role for some industries like
tourism, farming, agriculture and many others. For example, weather conditions, or temperature
and climate also tend to influence the working of 'Venn' as people may order differently
according to their requirements.
The relationship between the entrepreneurship and innovation is both being connected
with each other. As with the proper utilization of entrepreneurial skills individual being focused
and tend to innovate different things (Al‐Jinini, Dahiyat and Bontis, 2019). Both are likely to be
the main driving force of development processes in organization as both have their own vital
areas to cover. For example, when an entrepreneur uses its skills and knowledge for improving
or enhancing some certain techniques or technologies he may result up with new, innovation.
As entrepreneurship may not being able to survive without innovation and both being
interdependent on each other. With the aid of entrepreneurship skills an individual may tend to
improve the effectiveness and efficiency. Apart from that also, tend to increase the profitability
along with providing customers with high quality standardized products. With daily rising
competition, innovation became an integral part of an organization in creating development,
improving operation and production function and gaining new customers.
2- Conducting a competitive and STP analysis to examine opportunity gap in the market.
It is quite important for a company and their management to consider varied actions,
models and tactics, which drive their attention toward gaining competitive benefits, increasing
profitability and more benefits in bulk. Venn as a new restaurant may consider competitive

analysis as strategic framework that make its management able to identify major rivals and their
strengths that they may use to gain a lot of advantages.
In the UK, within hospitality sector, there are varied restaurants accessible, among which
each restaurant is running and managing their business growth. Competitive analysis may give
firm power to determine each rival and collect useful information about them, for purpose of
developing better and effective strategies that it may use to grow and become a top brand in the
market (de Waal and Osano, 2020). In order to conduct this form of analysis, management may
take certain stages into consideration and these are:
Identify competitors-
According to this stage, they may take approach to find out the rivals such as Moor,
House of Tides and more, who are able to give tough competition to Venn, in term of increasing
profitability.
Analyse rivals online presence-
Next stage is consideration of online presence of competitors, that enable organization to
use and create their social media existence (How to do a competitive analysis in 5 easy steps,
2021). It is important for them to asses their online existence by examining how functional their
websites are and easy it is to buy on their site or not.
Check online reviews-
It is also essential to find out online reviews of competitors consumers, which may give
Venn and its management ideas about not repeating those mistakes that put negative impact on
target market expectations.
Determine strengths and weaknesses-
After conducting above actions under competitive analysis, they may take action to
determine the weakness and strength of each rival, which enable Venn to grow and develop plans
of business start-up effectively.
STP-
Segmentation-
In order to target specific group or all consumers, management may consider
demographic, psycho graphic, and behavioural segmentation strategies. It may enable them to
make all the preparation regarding new venture and products accordingly (Jewel and Kalam,

2020). Segmentation is all about dividing wide target market into specific subset of customers,
whom organization provide its quality products and offer satisfactory services.
Targetting-
For purpose of targeting customers, Venn and its manager may take strategic approach
into their consideration. For instance, they may plan to use undifferentiated targeting strategy. It
may allow them to gain varied benefits in term of retaining and acquiring new consumers that are
interested in purchase of quality and tasty food items, which give them reason behind conducting
repetitive practice.
Positioning-
In order to set excellent image of restaurant in the UK hospitality sector, marketer may
take initiative to develop the best marketing plan and use the most effective social media
channel. It may allow them to generate the awareness about new business worldwide, for
purpose of gaining potential consumers' attention.
New business idea is feasible-
The new venture idea is feasible, because of varied reasons. For example, in the recent
time due to pandemic and health issues, people prefer to eat healthy food items. Through new
restaurant, management may fulfil this form of consumers preferences and needs, in term of
preparing tasty, healthy and satisfactory food items that individual consumer prefer to eat. They
may use organic food items and range of vegan food products, that people expect to obtain while
ordering food from good restaurant.
3- Drawing on relevant concepts and frameworks, and discussing propose business model as well
as how the new business will work
B2C is one of those concepts that drive the attention of entrepreneur toward developing
effective business plan or model. In case of Venn, the owner may chose business to consumer
concept, which enable them to directly deal with those consumers who are food lover and prefer
to eat health food item.
7Ps of marketing mix-
In the corporate world, there are different types of models and strategic frameworks
accessible that has been used to gain competitive advantages in bulk and for specific reasons. In
case of, new restaurant named Venn. 7Ps of marketing mix is applied in order to define how this
new business will work and perform to grow.

Product-
Organization will work in effective manner in term of developing list of those food items
that in the recent time after pandemic people prefer to eat, according to health concern. It may
help Venn to gain the attention of potential buyers.
Price-
Another approach that company may take into its consideration is current one according
to which it may choose and use low pricing strategy, that allow organization to work well and
grow continually (The 7Ps of The Marketing Mix, 2019). It may aid to retain and gain the
attention of beneficial guests.
People-
Furthermore, management may take action to hire skilled and experienced employees
who are able to perform in effective manner and contribute to prepare tasty meal according to
choice and preferences of target market. It may contribute to enhance guest satisfactory level
even better than last few weeks when individual person stay connect with other restaurants.
Place-
It is quite important for management to select the best and most appropriate location for
its new restaurant, in the UK, where people may reach easily and take pleasure of tasty & healthy
meal.
Process-
They may coordinate and collaborative with sustainable suppliers that are capable to
deliver fresh and chemical free vegetables to management. It may allow food department to
prepare a meal by taking guest health into consideration that is important for them to do that.
Promotion-
New venture will work in productive manner, when management may take initiate to
develop the best marketing plan. For instance, they may take initiatives to use social media
channels along with traditional marketing tools that contribute to generate excellent web traffic
and gain the attention of food lovers.
Physical evidence-
It is important for Venn and its management to select the specific source, through which
they may show business physical existence in the market, that allow customers to have trust on

it. For instance, they may take action to utilise billboard, official website and social media
channel as physical evidences.
4- What types of venture and marketing tactics entrepreneurs follow to find success
In the world of business, there are different types of companies and ventures are existing
and running functions in effective manner by developing strategic plans and tactics. For
example, an entrepreneur may effort to find success in term of following the best business &
marketing strategies. They may take approach to utilize social media as digital marketing
tactic that contribute to generate and increase web traffic more than other entrepreneurs who are
running their ventures in productive and competitive manner (Nisar, Prabhakar and Strakova,
2019). It is one of those strategies that all entrepreneurs follow and gain success through their
implementation, which is quite essential and beneficial for them to implement in proper way. It
is the best marketing strategy that has been used by varied companies in order to grow and gain a
lot of success in the future.
Cost leadership is the best example of business tactic that also allow an entrepreneur to
find success, which is quite important for them to do so as it may help to enhance customers
satisfaction level and gain the attention of new (Haque and et.al., 2021).
Along with above two, there are different types of strategies has been utilise by an
entrepreneurial company at the beginning phase and during time of progress, underperformance
and consolidation. For instance, they may develop strategy to find out the best funding source,
through which it is quite easy for them to collect specific amount for starting a new venture.
With this plan, entrepreneurial companies may gain success and grow rapidly as well as
according to the plan that they had discussed with other stakeholders who are engaged in new
business development concept.
Product development is another tactic that used during period of growth and other
activities that in return provide desire outcomes to entrepreneurs (Cooper, 2019). Along with
above, it may also help to enhance the performance of a company such as Venn in term of
increasing performance, profitability and productivity. Workforce development is one of those
strategies that used by a company at any stage whether it is start-up, during period of growth,
underperformance and consolidation. It may drive the attention of management toward the
development of skilled workforce or team of players in the new restaurant, among which each
member is able to achieve strategic aim & objectives. Market expansion after success of current

business plan is another approach that restaurant management may use to grow and become a top
restaurant in the UK, which may have wide customer base, good financial base and greater
performance extent. It may help to generate more revenue for the organization than other rivals
are unable to do that.
5- What are qualitative and quantitative planning tools that entrepreneurs can use to assess &
mitigate their risks
There are varied form of methods and techniques as well as planning tools available that
used to find out and mitigate major risks that may put negative impact on success & growth of a
company whether it is established or start-up. In case of Venn, a new restaurant and its
management may take effective quantitative planning tools into their consideration. For example,
break even analysis is the best tool that firm may use to gain benefit. It may drive their attention
toward breaking specific amount of money into several elements such as below:
Break-Even analysis
Particulars Formula Figures
Selling price per unit 30
Variable cost per unit 10
Contribution per unit Selling price per unit - variable
cost per unit 20
Fixed cost 20000
BEP (in units) Fixed cost / contribution per unit 1000
BEP (in value or monetary terms) BEP (in units) * selling price per
unit 20000

According to break-even analysis, restaurant management may determine the factor that
put direct impact on its venture and that is money. It may drive their attention toward taking
strategic action to increase profitability and overcome the risk of loss.
Risk analysis is the best example of qualitative planning tool that aid to mitigate major
risks such as human resource, lack of time, funding sources and more. It is defined as procedure
of determining and examining potential problems that may impact negatively upon decision-
making process of Venn and initiatives that its management may take at initial level of business
start-up. It may drive the attention of individual person in the company toward considering what
factors that emerge as risk and create challenges, which is quite essential for management to
overcome via implication of effective methods and strategies. They may take approach to create
a risk register that aid to mitigate risk in term of mentioning ways opposite to a risk.
6- What are the common mistakes that first time entrepreneurs make?
Al tough first time entrepreneurs most likely to make several mistakes which tend to
provide them with lot of experiences to cope-up. Being a new entrepreneur as well as founding
successful start-up is quite difficult. These common mistakes includes:
Wrong investors: One of the major mistakes being done by first timer entrepreneurs as
they don't choose the correct investor for their business. It is very important to find and choose
the right person who being able to invest in the idea (Momtaz, 2021). As it's required to
understand the investment option first before choosing the investors. With selecting the right
investor aims to provide motivation to the new start-up to continue working and improving the
business. Not just that but with the aid of good investor also aims in providing access towards
investor's expertise and improve as well as growing.
Low Marketing: Another major mistake that new entrepreneurs likely to make is not
properly marketing their product. As entrepreneurs want business to grow on a large scale and
make it successful but also don't tend to invest on marketing. It is required to spend and promote
their product and spend on marketing for growing their business. With the aid of proper
marketing and promotion helps in gaining more attention of customers towards business and
attracting them (Rappaport, 2018). This also aid in finding the most right and suitable audience
for the product that entrepreneur is selling. The more time and money invested on marketing
results in more of grabbing attention of customers which enhance the growth of business.

Focus on Finances: Businesses and finances go well with each other so it is required for
new entrepreneur to focus on their finance. Observing and checking the finances for the business
tend to know more about the where the business stands (Jäckle and et.al., 2021). To know about
the major areas company is lacking, what more maybe improved and getting knowledge about
the areas required more finance than other areas to succeed. Apart, from that it also helps in
evaluation of areas business required to focus in providing more finance and which areas
required to cut the spendings.
Listening about customers: Different types of feedback and reviews aims to provide
help for new entrepreneurs and when they don't listen to their customers results in decreasing the
productivity and even in major losses. When new businessman's pay attention towards these
various reviews and feedbacks helps in improving the working of business and remove the major
obstacles (Smith and Wiggins, 2017). Along with that when customers look that business care
about their reviews, business being able to earn their loyalty, as well as improve the grabbing
more of new customer market. With the aid of that also provides in improving the business in
grow and increasing the profits.
CONCLUSION
From the report it has been concluded that entrepreneurship and business development
plays a vital role in business organization to grow. As this aims to improve the growth of
business. The report shows feasibility study of restaurant as well as their relationship with
entrepreneurship and innovation. Analysis also shows about competitive and STP analysis for
evaluate opportunity gap and why new business being feasible. Along, with that frameworks and
concepts proposed and different marketing and business strategies should entrepreneurs follow
for finding success. Analysis shows more about qualitative and quantitative planning tools that
entrepreneur uses to assess risk. Lastly, it shows common mistakes by first time entrepreneurs
make.

REFERENCES
Books and Journals
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orientation, and technical innovation in small and medium‐sized enterprises. Knowledge
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Cooper, R. G., 2019. The drivers of success in new-product development. Industrial Marketing
Management. 76. pp.36-47.
de Waal, A. and Osano, E. M., 2020. A Competitive Analysis of East African Cement
Companies using the High Performance Organisation Framework. International Journal
of Management and Applied Research. 7(4). pp.454-470.
Haque, M. G and et.al., 2021. Competitive Advantage in Cost Leadership and Differentiation of
SMEs “Bakoel Zee” Marketing Strategy in BSD. PINISI Discretion Review. 4(2).
pp.277-284.
Jäckle, A. and et.al., 2021. Improving Survey Measurement of Household Finances: A Review
of New Data Sources and Technologies. Advances in Longitudinal Survey Methodology.
pp.337-367.
Jewel, M. M. H. and Kalam, K. K., 2020. The Importance and Level of Adaptation of STP
Strategies for Growth in Foreign Markets: In the Case of Soft Drinks Company. Asian
Journal of Economics, Business and Accounting. pp.13-23.
Momtaz, P. P., 2021. Entrepreneurial finance and moral hazard: evidence from token offerings.
Journal of Business Venturing. 36(5). p.106001.
Nisar, T. M., Prabhakar, G. and Strakova, L., 2019. Social media information benefits,
knowledge management and smart organizations. Journal of Business Research. 94.
pp.264-272.
Rappaport, A., 2018. Eight Common Mistakes Mediators Make When Trying to Generate
Business. New York Dispute Resolution Lawyer. p.49.
Smith, V. and Wiggins, N., 2017. The perks of customer feedback: how even bad reviews can
benefit your practice. Journal of Aesthetic Nursing. 6(6). pp.320-321.
Online
How to do a competitive analysis in 5 easy steps. 2021. [Online]. Available Through:
<https://www.impactplus.com/blog/5-ways-to-perform-a-competitive-analysis-
establish-your-presence>
PESTEL Analysis. 2021. [Online]. Available Through:
<https://corporatefinanceinstitute.com/resources/knowledge/strategy/pestel-analysis/>
The 7Ps of The Marketing Mix. 2019. [Online]. Available Through:
<https://blog.hurree.co/blog/marketing-mix-7ps>