Entrepreneurship and Business Development

This report discusses entrepreneurship and business development, including a new business plan, location, pricing strategy, market entry strategy, STP, market analysis, financial and competitor analysis, market growth strategy, value chain, business model canvas, and appropriate quantitative and qualitative concepts for identifying potential risks.

Entrepreneurship and
Business Development

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
New business plan.......................................................................................................................3
Location.......................................................................................................................................3
Pricing strategy............................................................................................................................4
Market entry strategy...................................................................................................................4
STP..............................................................................................................................................5
Market analysis............................................................................................................................5
Financial and Competitor analysis.............................................................................................8
Market growth strategy................................................................................................................9
Value chain..................................................................................................................................9
Business model canvas................................................................................................................9
Appropriate quantitative and qualitative concepts for identification of potential risks.............11
CONCLUSION..............................................................................................................................11
REFRENCES.................................................................................................................................13

INTRODUCTION
Entrepreneurship refers to making new products or opening new business, creating right
environment for new venture. It is important to make plans for opening new business so that
better decisions can be taken and more revenue can be generated (Landström, 2020). The report
will examine, pricing strategy which will be used for attracting more people, market entry
strategy, segmentation, targeting and positioning of company for longer time periods. Micro and
macro analysis of market is done mainly to identify factors that may affect performance of
company. Business plan will forecast accurate plans for new restaurant, which includes
competitor analysis, market growth strategy, business model canvas will are some of the basic
essential aspects in entrepreneurship.
MAIN BODY
New business plan
New business plan is correlated to open a restaurant in London, UK. The name of
restaurant is ‘La Italia’, where it provides good quality food items and service which is highluy
componential. This restaurant is being opened because nowadays, people are more attracted
towards new restaurant where they can go and enjoy with family and friends. In this restaurant
there are different type of dishes and having comfortable rooms where guest can stay (Jukova
and et.al., 2019). Competition is increasing day by day in this field so, managers has conducted
market analysis to identify needs of customers and according to that products are made. It is
important to make plans so that goals can be achieved. Training will be provided to staff
members so that they can provide better services to customers. This lead to increasing sales of
company and more revenue can be generated. Managers has done proper market survey before
opening restaurant so that business can be run smoothly.
Location
Location of restaurant is in the Lane street, London, UK. After analysing market, it has
been determined that in this location there is no restaurant and people are fond of eating new
food items. So, to satisfy their needs this location has been selected, this will further help in
attracting more people and more profit can be earned. It is the responsibility of managers to
choose correct location so that more revenue can be generated. When opening new organization,

managers should determine all the factors to ensure that all things are properly arranged.
Selecting appropriate location is important for growth and development of firm. So, in London
there was no restaurant in nearby places and this is an advantage for ‘La Italia’ restaurant
because more people will come to eat food and enjoy with their friends and family.
Pricing strategy
Pricing strategy refers to make plans for deciding price of products and determine
competitor’s strategy. For gaining competitive advantage in market, it is important to keep prices
low as compare to other restaurants. This strategy will help in attracting more people and build
good image in minds of customers within longer time periods effectively (Chen and et.al., 2019).
People want good quality products at low prices and due to increasing competition, consumers
are attracted towards restaurants which is providing products at low prices. For entering into new
market, managers apply some pricing strategy so that they can attract customers and profit can be
earned. There is different type of pricing strategy which can be applied such as, penetration
pricing strategy, competitor pricing strategy, price skimming strategy etc. This helps in entering
into new market and suggest better ideas to attract people.
Managers of La Italia company will determine application of penetration pricing strategy
to enter into new market and to gain competitive advantage in market. Penetration pricing
strategy means strategy in which initially prices are kept low as compare to competitors to attract
customers and after sometime, prices are increased when sales is increasing so that profit can be
earned. This is a strategy which is implemented by most of the companies to build good image in
market and more revenue can be generated (Kung and Zhong, 2017).
Market entry strategy
When a firm enters into new market then they have to apply some strategy which help
them to enter into new market and build good image in minds of customers. There are some
market entry strategy such as:
Joint venture- This means when two or more parties agree to work together to complete specific
task is known as joint venture. There are some advantages of joint venture like, it provides
companies with new opportunity and provide access to greater resources. This helps in entering
into new market and gain competitive advantage in market. Joint venture can be used by
managers of La Italia so that they can enter into new market and more revenue can be generated

(Killing, 2017). In joint venture one firm is already doing business in UK and other firm want to
enter into new market.
Licensing- Licensing means when one firm gives its license or permission to another firm for
manufacturing specific product but specific amount should be paid. For entering into new market
it is essential to conduct market analysis and then select company from which license can be
taken to manufacture their products. Some advantages of licensing are, better marketing, diffuse
conflicts, no guarantee of revenue, enter foreign market easily, income without overhead.
STP
 Segmentation refers to divide market on the basis of different categories because it is easy to do
marketing and attract customers. There are four type of segmentation i.e., demographic,
psychographic, behavioural and geographic segmentation. This help in marketing of restaurant
and increase sales of company. Managers of La Italia restaurant will apply geographic
segmentation for marketing i.e., according to location. This will sgcaptures wide area and
marketing can be done easily (Effective Marketing Strategies in 2021 Have These 5 Elements,
2021).
 Targeting refers to focus on particular group of people to increase sales of restaurant and more
income can be generated. This is a strategy which is applied by managers to gain competitive
advantage and to earn more money. Managers of La Italia will focus on young generation people
because they are going out to enjoy with their friends. Nowadays, people want new and
innovative food products at reasonable price.
 Positioning refers to unique selling proposition of product in market. In this restaurant different
type of dishes which attract people and more revenue can be generated. For accomplishing
targets, it is essential to provide good quality products and increase sales of company. In this
restaurant prices will be low as comparison to other restaurants and service is also good. The
interior of restaurant is new and it will satisfy needs of customers.
Market analysis
Micro and macro environment
There are two type of business environment i.e., micro and macro environment which
affect performance of company. It is the responsibility of managers to identify these factors and
make plans accordingly so that they can gain competitive advantage in market and more revenue

can be generated. For growth of company it is important to determine these factors and make
strategies on the basis of that to increase sales of company and earn more profit.
Micro environment means factors which are present within the organization and
managers have to identify that to gain competitive advantage in market. For analyzing micro
environment managers should do SWOT analysis so that they can perform better than others and
earn more revenue. This helps in determining strength, weakness, opportunity and threat of an
organization so that better plans can be made for accomplishing goals and objectives (GURL,
2017).
SWOT analysis
 Strength - It means positive points if an organization which helps in achieving targets
and performing better than others. New restaurant, La Italia will provide good quality
food items to customers and there are many food items available. Prices are low as
compare to other restaurants to attract more people and this help in gaining competitive
advantage. This help in entering into new market and there will be no issue. Positive
points help in capturing wide area of market and more profit can be earned. Employees
provide good services to customers and satisfy their needs to get good reviews.
 Weakness - It means negative points of an organization which they have to improve so
that they can perform better than competitors. For accomplishing goals and objectives of
organization, it is important to improve weak points so that targets can be achieved and it
helps in gaining competitive advantage in market. Weak point of this restaurant is that
there are less staff because it is new and time is required to satisfy needs of customers.
Managers should make plans or strategies so that they can improve weak points and
perform well so that more revenue can be earned (Sawicka and McKevith, 2021).
 Opportunity - It means opportunity that an organization will get to expand their
business. The reason behind opening a new restaurant is that nowadays, people are more
attracted towards restaurant. People are travelling and they want place to stay which is
comfortable and all the necessary facilities should be provided. In La Italia all the
facilities are provided and employees provide good services to customers to satisfy their
needs. It is important to determine opportunities so that plans can be made accordingly
and helps in achieving targets. Opportunity for new restaurant is that people want new

and innovative product. So, company should try to provide good quality products to
customers and satisfy their needs.
 Threats - Threats means challenges or issues which is faced by an organization while
entering into new market. Threats can be competitors, barriers or challenges which an
organization has to face while doing business (Vlados, 2019). Nowadays, there are many
restaurants and it is difficult for managers of La Italia to attract customers. They should
identify market situation and choice of customers so that more people can be attracted
and this help in gaining competitive advantage. Competition is increasing day by day and
it is a challenge for managers to perform better than others and increase sales by
attracting more people.
Macro environment refers to the factors which are present outside the organization but
affect working of company. To identify these factors PESTLE analysis should be done by
managers so that they can make better plans and help in attracting more people. For
accomplishing goals and objectives, it is important to determine external factors and make
strategies accordingly to earn more revenue. It is essential to make plans for growth and
development of company and helps in generating more revenue.
Pestle analysis
 Political factor - This includes tax policy, rules and regulations made by the government,
tariff barriers, trade restrictions etc. This is a barrier for company because if they want to
expand their business in other country then they have to follow rules and regulations
(Perera, 2017). In different countries there is difference in rules, policies and procedures
and managers have to make changes in plans accordingly to enter into new market. So,
managers of La Italia company have to identify factors which may affect their
performance. Managers should make alternative plan so that they can perform well
(Peistikou, 2021).
 Economic factor – It includes, interest rates, government activities, law policies, wages
and other factors. It is essential important for company to identify external factor before
implementing any plan so that targets can be achieved. Managers of restaurant should
determine these factors and make plans accordingly to gain competitive advantage. To
run business smoothly it is essential to identify these factors and make better strategies to
attain future goals.

 Social factor – Social factor will refer to religion, buying habit, lifestyle, choice of
customers. When an organization enter into new market then they should identify trends
in market and choice of customers so that marketing can be done easily. Social factor
affects performance of company because choice of people is changing rapidly and it is
difficult for managers to make products according to demand of consumers. Managers of
La Italia should conduct market survey so that better plans or strategies can be made
which is beneficial for growth of company (Tan, 2021). Nowadays, due to increasing
competition choice of consumer is changing and managers has to make products
according to need of people.
 Technological factor - This factor will focus on change in technology, nowadays there
are many changes in technology which helps in increasing efficiency of employees and
boost their confidence to work efficiently. Managers of La Italia will mplement the latest
technology to motivate employees and boost their confidence. For achieving goals and
objectives of company, it is essential to implement new machines and make good quality
products to customers to satisfy their needs.
 Legal factor – Legal factor refers to make rules and regulations so that employees can
work efficiently and there will be no confusion. It is important to make rules, policies and
procedures to provide safe and healthy environment to employees and it help in
accomplishing targets. In different countries, laws and rules are different, it is the
responsibility of managers to make rules and regulation so that employees can work
efficiently. It is essential to apply rules because it helps in maintaining equality in the
company (Christodoulou and Cullinane, 2019). They have to make policies and rules
which is followed by everyone. For achieving targets, it is important to apply some rules
so that work can be done properly. Laws are made by the government for safety of
employees and for smooth running of business.
 Environmental factor- This factor includes, weather, climate, temperature, food,
population density etc. When a firm enters into new market then they have to identify
choice of customers and better plans can be made for achieving goals. It is essential to
focus on satisfying needs of consumers because if they are satisfied then it helps in
increasing revenue and creates good image in minds of customers.

Financial and Competitor analysis
Competitor analysis is done to identify plans or strategies which is used by competitor. It is
important to determine plans of competitors so that better strategies can be made and it help in
accomplishing goals and objectives. For gaining competitive advantage in market, managers
should conduct market survey and determine factors that may affect performance of restaurant
and also help in identifying plans made by competitors. Managers of La Italia restaurant should
make plans or strategies after analysing market situation and factors which affect working of
employees. After analysing competitor plan, managers should make changes in their strategies to
gain competitive advantage. This also help in determining strengths, weakness, opportunity and
threats so that they can make improvements and perform better than others (Chang, 2021).
Competitor analysis help in determining weak points of restaurant which can be improved
and make plans which satisfy needs of customers. It is the responsibility of managers to identify
factors which may affect performance of restaurant and better decisions can be taken for
accomplishing targets.
Market growth strategy
Managers of La Italia should apply market growth strategy so that business can be run
smoothly and targets can be achieved. Managers are responsible for making strategy for growth
and development of restaurant. It is essential to focus on achieving goals of restaurant and better
decisions should be taken, where La Italia services related to hospitality industry further aims to
functionally gain best expertise dynamically for longer retained goodwill. The market growth
strategy paradigms further enhance scope to invest on new productive efficacy paradigms
dynamically, which exponentially further diversifies larger scale hospitality fundamentals
(Quiroz-Flores, 2021).
Value chain
Primary activities within Porter Value chain analysis are Inbound logistics, operations,
outbound logistics, marketing and sales where services are functionally headed to be evolved up
variedly. Goal of five set activities within La Italia, will be practically heading on toward further
gain functional expertise diversely and gain strong profitability targets for larger specific
business framework targets. The value chain functioning factors, based on specific working
criteria to enhance functional expertise dynamically based on resources effective utilisation
parameters diversely.

Business model canvas
The business model canvas, can be understood as best model framework aimed to
generate stringent rise diversely for strengthened rise efficacy variedly and bring on
functional rise in resources utilisation. La Italia company aims to use best steps in resource
planning scenarios, bringing best scale advancement and higher functional strategic
advancement imperatively. Which further diversifies larger expertise targets actively, and
gains new competent synergy parameters within longer run in business operations (Council,
2021).
Key Partners Key Activities Value
Propositions
Customer
Relationships
Customer
Segments
 Independent
suppliers
 Owners,
managers
 Shareholders
 Web
development
services
 Marketing
 Management
 Maintaining
food
accountability
 Aim to bring
on best food
quality
services,
higher
engagement
parameters
variedly
 Value
proposition
aim among
stakeholders
 Marketing
and business
management
among food
preparation
services
 Facebook,
Twitter
 3rd party
APIs
 Audio
streaming
services
 Free users
 Advertisers
 Developers
 Customers
and key
stakeholders.
Key Resources Channels
 Platform
 Technology
 Employees
 Brands
 Chef for
making food
 Internet
 Web and
mobile apps
 Developer
tools and
APIs

Cost Structure Revenue Streams
 Development
 Marketing
 Customer service
 Salaries
 Advertisement
 Restaurant meal services
Appropriate quantitative and qualitative concepts for identification of potential risks
The Quantitative and qualitative concepts for identification of varied potential risks can
be understood as highly essential for gaining stronger business productivity, within longer run
and strengthen up channelized resources usage. Identification of potential risks further plays
crucial role for strengthened abilities, engaged new scale competitive abilities variedly for longer
customer goodwill.
 Quantitative risk assessment methods are multi decision analysis. Monte carlo analyses
and sensitivity analysis which further evolves significant rise diversely within best
competencies. La Italia will be able to enhance expertise targets, generate best revenue
paradigms innovatively and strengthen up channels for strengthened functional
engagement.
 Qualitative risk assessment techniques are also specifically crucial for attaining optimum
efficacy benchmarks variedly, which further pertains engagement on rapid expertise
targets advancing for new strengthened functional aspects on longer run. Brainstorming,
interviewing the accurate business stakeholders and historic data management further
strengthens functional rise diversely among company. La Italia also can further invest
towards risk rating scales, and bring on advanced working synergies diversely for
attaining significant productivity worked on rapidly (WILTON, 2021).
CONCLUSION
From the above analysed aspects in report, it can be concluded that business market plan
associated with new restraint La Italia plays strong role for gaining customers brand value
engaged on longer run paradigms variedly. The study further concluded La Italia pricing strategy
and market entry strategies where functional rise variedly will extensively invest towards gaining

higher working synergies, market analysis and competitor best competitive goals within longer
term paradigms. Report further also concluded market growth strategy aspects, value chain
productive targets and work on towards business model canvas aspects for attaining new scale
expertise in serving guests. The business plan also concluded quantitative and qualitative aspects
in research, bringing detailed functional goals for untapped new significant parameters evaluated
within longer run.

REFRENCES
Books and Journals
Chang, Y. W., 2021. Business plan: Tutoria's marketing plan (Doctoral dissertation, Universitas
Pelita Harapan).
Chen, D., and et.al., 2019. Reverse logistics pricing strategy for a green supply chain: A view of
customers' environmental awareness. International Journal of Production
Economics. 217. pp.197-210.
Christodoulou, A. and Cullinane, K., 2019. Identifying the main opportunities and challenges
from the implementation of a port energy management system: A SWOT/PESTLE
analysis. Sustainability. 11(21). p.6046.
Council, O.C., 2021. Agenda item-Review of the Annual Business Plan.
GURL, E., 2017. SWOT analysis: A theoretical review.
Jukova, E. E., and et.al., 2019. Planning a new business: typical mistakes of a business plan in
the service sector. Journal of Environmental Management & Tourism. 10(3 (34)).
pp.441-447.
Killing, J. P., 2017. How to make a global joint venture work. In International Business (pp.
321-328). Routledge.
Kung, L. C. and Zhong, G. Y., 2017. The optimal pricing strategy for two-sided platform
delivery in the sharing economy. Transportation Research Part E: Logistics and
Transportation Review. 101. pp.1-12.
Landström, H., 2020. The evolution of entrepreneurship as a scholarly field. Foundations and
Trends® in Entrepreneurship. 16(2). pp.65-243.
Peistikou, M., 2021, March. Restaurants Industry in the Covid-19 Era: Challenge or
Opportunity?. In Strategic Innovative Marketing and Tourism in the COVID-19 Era:
9th ICSIMAT Conference 2020 (pp. 153-162). Springer International Publishing.
Perera, R., 2017. The PESTLE analysis. Nerdynaut.
Quiroz-Flores, J., 2021, June. Reducing Waste in Fast-Food Restaurants. In Proceedings of the
6th Brazilian Technology Symposium (BTSym’20): Emerging Trends and Challenges in
Technology (Vol. 233, p. 419). Springer Nature.
Sawicka, B. and McKevith, B., 2021. Restaurant menu development ideas in Post COVID world|
Foodresearchlab.
Tan, T., 2021. Digital menu for restaurants in Finland as a SaaS web application: definition,
functionality, feasibility.
Vlados, C., 2019. On a correlative and evolutionary SWOT analysis. Journal of Strategy and
Management.
WILTON, B., 2021. BUSINESS PLAN.
Online

Effective Marketing Strategies in 2021 Have These 5 Elements. 2021. [Online]. Available
Through :< https://blog.alexa.com/best-marketing-strategies/>