Skills and Approaches for Value Creation in Entrepreneurship

This presentation explores the skills and approaches entrepreneurs bring to the process of value creation in entrepreneurship. It discusses the factors encouraging and inhibiting the move to entrepreneurship, and provides insights on developing and appraising personal potential as an entrepreneur. The presentation also includes a business proposal for 'The Table Restaurant' in the fast food industry.

ENTREPRENEURSHIP –
“The Table Restaurant”

TABLE OF CONTENTS
 INTRODUCTION
 Skills and Approaches entrepreneurs bring to the process of value creation
 Factors encouraging and inhibiting the move to entrepreneurship
 Developing and appraising the personal potential as entrepreneurs
 CONCLUSION
 REFERENCES

INTRODUCTION
Entrepreneurship refers to the process of designing, launching and
running a new business. The people involved in the business are known as
entrepreneurs. The below presentation is going to evaluate the personal and
professional skills needed in order to develop a professional career or to succeed
as entrepreneur in Small and Medium sized enterprises (SMEs). This report will
present a business proposal within the fast food industry. The report is going to
understand the important skills and approaches which are used by entrepreneurs
in to order bringing the process of value creation within a new business.

BUSINESS PROPOSAL
 Fast food industry is one of the fastest growing sector in the global business market.
The Table restaurant will be affordable fast food provider which will offer tasty,
hygienic and low price food items to the customers.
 Objectives of the business
1. To make “The Table” a destination spot for fast food lovers
2. To establish a presence of successful local fast food outlet.

PRODUCTS AND SERVICES
 Nachos.
 Patty Melt.
 Coffee
 Butterbeer Frappuccino.
 Grilled Cheese.
 Veggie Whopper.
 Fatty Melt.
 Burger
 French Fries
 Pizzas

KEYS TO SUCCESS
 Create a innovative, unique, entertaining menu that will differentiate us from the rest of
the competition.
 Control costs at all times, in each and every area & implement a traditional approach to
growth policy.
 Sell the products that are of the highest quality, as well as keeping the customers happy
with all of our product categories at low prices.

Strategy and implementation
 Competitive edge
1. Friendly and enthusiastic staff
2. Innovative packaging
3. Utilization of fresh items unlike the frozen one’s used by competitors.
 Pricing strategy
1. Generic pricing considering the average money people spending on snacks in Uk
 Brand challenges
1. Unique logo
2. Distinct name – “The Table”

SKILLS AND APPROACHES
ENTREPRENEURS BRING TO THE
PROCESS OF VALUE CREATION
 Value creation is one of the most important aspect of
entrepreneurship. In order to create value for a fast food restaurant it is
essential make use of a variety of skills and approaches. These skills and
approaches are necessary to reach new growth and ensure that appropriate
growth and development is taking place while the restaurant that is being
established (Kirzner, 2015).

CONTINUE…
The important skills and approaches used in value creation includes:
 Communication: It is one of the most important aspect required while creating
value. Communication allows entrepreneurship to build relationships with
other people and most convince people to buy the sold product or service in a
fast food business. It is important for an entrepreneur to have good
communication skills because better communication helps the entrepreneur to
showcase ideas, hire effective people, motivate the employees etc. These all
aspects later helps to create effective value for the business (Burns, 2016).
 The Table Restaurant will use effective marketing strategies such as social
media marketing to communicate in the information related to the food items
they will offer to their consumers.

CONTINUE…
 Decision Making: It is one of the core skills used by the entrepreneur in order to
create value for the business. Decision making allows the entrepreneur to ensure
that effective growth and development is being achieved while creating required
value in the fast food restaurant. An entrepreneur tends to make required decision
while implementing practices and strategies to create value (Hitt and Duane
Ireland, 2017). This helps the entrepreneur to make desired decision as per the
business needs and requirement and ensure that set growth and development is
being achieved.

CONTINUE…
 Problem-solving: The other important approach is problem-solving. Problem-
solving allows the entrepreneur to solve problems which are making the fast
food business suffer and dissipating its value. Value is typically created when a
business earns revenue and in order to earn revenue it is important for the
business to have effective problem-solving practices in place. Problem-solving
helps entrepreneur to identify at what places business is facing growth issues.

CONTINUE…
 Ability to make relationships: Creating value requires an entrepreneur to make
relationships with its people. It is important for a fast food business to have
good relationships with its employees, customers and other stakeholders. Good
relationship tends to bring value within the business and tends to foster the
growth and development of both the business and entrepreneur. An
entrepreneur in order to create value within the business tends to carry and
ability to make relationships (Dees, 2017).

CONTINUE…
 Sales: An entrepreneur needs to have an ability to sell its products, services
and his ideas to the people. Better selling techniques allows the entrepreneur to
reach new growth and development and takes the fast food business at new
heights. Most importantly, it tends to create opportunities for both the
entrepreneur and the business to reach create value (Burns and Dewhurst,
2016).
 The Table restaurant will use plans such as discounts, combo meals offers to
increase their sales in the market.

CONTINUE…
 Ability to learn: It is important for an entrepreneur to have an ability to learn.
It is because this approach tends to allow the entrepreneurship to learn new
skills. A good and required set of skills helps the fast food business to reach
new growth and ensure that appropriate growth and development is being
achieved. In order to create value, it is important for an entrepreneur to have
good skills, and it is important for him to be open-minded as well.

FACTORS ENCOURAGING AND
INHIBITING THE MOVE TOWARDS
ENTREPRENEURSHIP
Today, fast food industry is one of the largest industries in the world. A
business venture being new to the industry requires a lot of preparation and
opportunities to reach required growth. It is important for the entrepreneur while
opening a business into fast food industry to analyse those factors which
encourages and inhibits the move towards entrepreneurship.

CONTINUE…
 Creativity and accumulation of ideas: Entering into fast food industry
requires creativity and idea accumulation. It is important for an entrepreneur to
have good creativity skills in order to take the business further. Good creativity
can help the business to reach further and achieve required growth and
development. Creativity allows an entrepreneur keep creating better sources
for the business and tends to make the entrepreneur smarter and skilled.
 In the Table restaurant will focus on offering a impressive interior and
lightings in the restaurant to attract their customers. The customers will also
get an option on choosing their combo meal.

CONTINUE…
 Risk tolerance and taking advantage of opportunity: Fast food industry
consists huge amount of risks and opportunities as well. It is important for the
entrepreneurship to tolerate the arriving risks and take risks when needed. Risk
tolerance refers to the degree of variability in investment returns which an
investor is willing to withstand. It is an important component of investing.

CONTINUE…
 Responsiveness to opportunity: There are a variety of opportunities available
in the fast food industry. It is important for an entrepreneur to respond to
opportunity as fast as possible. It is because opportunity opens new doors for
an entrepreneur to reach new growth and development.

CONTINUE…
 Leadership and Inspiring others: People working in fast food industry
requires constant motivation to work effectively. For an entrepreneur, while
moving into entrepreneurship, it is important to lead and inspire others. Better
leadership and inspiration tends to motivate others to work in support to the
entrepreneur.

CONTINUE…
 Market Condition: Fast food industry tends to carry huge ups and downs in its
economy, growth etc. Market condition is seen to be one of the biggest factors
impacting inhibiting the move towards entrepreneurship. It is because market
condition challenges the ideas which are being implemented by the
entrepreneurs and tends to create such conditions for the entrepreneur that
impacts the businesses' growth and development.

CONTINUE…
 Society Attitudes: People living in the society tends to carry different likes and
dislikes and have a variety of choice while selecting fast foods. The attitudes
of the society are another reason which inhibits the move of entrepreneurship.
It is important for an entrepreneur to understand the attitude of the society
while making moves towards opening a move towards a new business or
venture.

CONTINUE…
 Education of the entrepreneur: Entering into any industry not just fast food
requires good education and skill-set. At times, when the entrepreneur is not
having a proper education, it tends to impact its move into entrepreneurship. It
is because entrepreneurship requires good education in order to achieve better
heights and build new ideas. Also, it not possible to handle a business without
appropriate knowledge and information.

CONTINUE…
As seen that the factors of creativity and accumulation of ideas, risk
tolerance and taking advantage of the opportunity, responsiveness to opportunity,
leadership and inspiring others are the ones which fosters entrepreneurship. Apart
from these, the capability of the entrepreneur tends to determine if the business is
going to achieve growth or not. It is also important for the entrepreneur to make
use of communication, decision making and problem-solving skill to ensure that
the newly launched business is achieving required success.

DEVELOPING AND APPRAISING
PERSONAL POTENTIAL AS
ENTREPRENEURS
For an entrepreneur, it is important to have good potential to make the
business reach required growth. In order to open a new business in the fast food
industry, it is important for an entrepreneur to have a good set of skills,
knowledge, understanding of the market, etc. In order to develop personal
potential while entering in to the fast food industry the entrepreneur needs to
acquire skills which are relevant and growth oriented.

CONTINUE…
 Industry Identification: This is seen as the first and the foremost step for an
entrepreneur. It is important for an entrepreneur to identify the industry in
which the individual is going to enter into. Identification means evaluating
each and aspect that is going to hamper and foster the growth of the
businesses. In order to be aware of these aspects, it is important for the
individual to gather knowledge and information through various means.

CONTINUE…
 Market Analysis: In order to achieve success within any business, it is
important to do a market analysis. Market analysis helps the entrepreneur to
understand what consumers thinks, the recent trends, scope of the business etc.
In order to do market analysis, entrepreneur makes use of a variety of tools
and techniques. The tools and techniques used by the entrepreneur in order to
do the market analysis of the industry includes understanding the needs and
requirements of the consumer from the fast food businesses.

CONTINUE…
 Developing own abilities to reach the business requirements: It has been seen
that an entrepreneur requires developing its own abilities as per the needs and
requirements of the business in order to build personal potential as well as to
reach new growth and development.

CONTINUE…
 Understanding and developing potential of employees: It is important to
understand and develop employee potential in order to make the business
reach required growth. Building the potential of employees tends to build the
potential of the entrepreneur as well. It is because the success and capability of
an entrepreneur is dependent on the capability and skill-set of its employees.
At times, when employees are working at their full potential.

CONTINUE…
 Taking feedbacks: Taking feedbacks is one of the most important
requirements of an entrepreneur to build and develop personal potential and
ensure set success with in fast food business. In order to take feedbacks the
entrepreneur can ask the people which are a part of the business about the
performance of the entrepreneur can constantly improve the process
accordingly (Cooper and Folta, 2017).
 The Table Restaurant will use reviews of customers connected on social media
as well as from the review box within the restaurant. It will help to improve
the quality of products and services.

CONTINUE…
 Leadership Motivation Assessment: It is important for the entrepreneur to
evaluate and appraise the motivation which the individual is providing to the
team and its people. It is because assessing the motivation can help the
entrepreneur to evaluate how effective motivation the entrepreneur is
providing to its colleagues and team members. This assessment would allow
the entrepreneur to understand the personal potential in providing the
motivation to its team and ensure that set growth and development is being
achieved.

CONTINUE…
 Evaluation of own knowledge as per the business requirements: An
entrepreneur needs to have good knowledge of the business and about the
efficiency that is required in order to reach set growth and development in the
chosen fast food business. To evaluate the knowledge of the entrepreneur, it is
important for the individual to go through challenging aspect of the business.
These aspects are going to allow the entrepreneur to understand and evaluate
the personal knowledge of business.

CONTINUE…
 Gaining customer attention: Customer attention is one of the most effective
requirements of a business. It is because a business tends to achieve success
only when it is receiving good customer attention. A good customer attention
and attraction tends to help the entrepreneur in evaluating the personal
potential. It is because the ability of the entrepreneur to attract new people to
the chosen fast food business explains the potential of the entrepreneur to take
the business to reach new growth.
 The Table Restaurant will offer heavy discounts to the customers to get a
strong entry in the market.

CONCLUSION
Entrepreneurship refers to the process of designing, launching and
running new business. It is important for a business to have good
entrepreneurship practices in place in order to reach required growth and
development. The above presentation showcases the skills and abilities required
by an entrepreneur to take the business further. The report also presented a
business proposal of the Table Restaurant along with the entrepreneurial skills
required to start the a new business.

REFERENCES
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The
Blackwell handbook of entrepreneurship. pp.348-367.
Dees, J. G., 2017. 1 The Meaning of Social Entrepreneurship. In Case studies in social
entrepreneurship and sustainability(pp. 34-42). Routledge.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic
management research. The Blackwell handbook of entrepreneurship. pp.45-63.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.

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