Importance of Opportunity Innovation for Every Entrepreneur Business

This report discusses the importance of opportunity innovation for every entrepreneur business and highlights the unethical issues faced by entrepreneurs. It also includes a detailed analysis of interview questions and responses. The report focuses on the concept of entrepreneurship, innovation theory, and the application of creative ideas in business. It concludes with the significance of positive attitude, market research, and customer focus for entrepreneurial success.

Entrepreneurship

EXECUTIVE SUMMARY
From the below mention report it has been assessed that by implementing better improved
business ideas, innovative and creative skills success can be attained in much more efficient
manner. The present report has defined importance of opportunity innovation for every entrepreneur
business. Also, it has been focusing on depicting all the unethical issues which has been faced by
the entrepreneur of the business firm and measures required to be undertaken by them for mitigating
losses as arises due to such unethical business aspects. Also, report has been covering several types
of interview questions along with its detailed analysis made after taking interview.

Table of Contents
EXECUTIVE SUMMARY..................................................................................................................2
INTRODUCTION................................................................................................................................4
MAIN BODY.......................................................................................................................................4
INTERVIEW QUESTIONS.................................................................................................................4
CONCLUSION....................................................................................................................................8
REFERENCES.....................................................................................................................................9

INTRODUCTION
Part 1
Theoretical discussion of concept
Entrepreneurship
Entrepreneurship is related with the method of launching, developing, designing as well as
running of a new business having excellent ideas and thoughts. Entrepreneur starts operating at the
very small business level having willingness and enthusiasm to take it on higher level by taking all
the risk and challenges coming in way of making profit. The present report is related to Kweilin
Cantonese which is a restaurant offering nest quality seafood in Chinese way with website -
http://www.kweilin.net. Report will define about interview which has been conducted on
Entrepreneur. It will contain all the important discussion related to Opportunity, innovation and
creative ideas which are used by every Entrepreneur for making its business more successful and
competitive.
Innovation theory
As per the innovation theory, every business enterprises can earn more and more economic
benefits and profits with the help of implementation of best and new innovative techniques, ideas
and activities. In case of opportunity prevailing in the marketplace, it is very much important for
business firms to timely identify it and makes use of it in gaining competitive advantages and thus
improver overall business performance.
Opportunity
Opportunity in business refers to chance of entering into new market. It involves offering
any type of product, service, etc. which allows business to establish in new market. It helps the
business entrepreneur in assessing its personal traits, social groups and networks, knowledge so as
to make its business operations more effective and efficient thereby increasing its overall business
productivity and profitability aspects. With this business is able to identify chances of growth.

Part 2
MAIN BODY
Application and evaluation of responses from interview
Entrepreneurship
From response of owner it can be analysed a successful entrepreneur follows specific
procedure. He also did this in starting a business. The entrepreneurship theory states that
entrepreneur needs to be passionate. Also, it requires creative and innovative ideas to become
entrepreneur. This evidence can be found in the interview as he said he possess qualities of creative
ideas.
For example – Amazon boss was also passionate. He focused on customers and took risk.
In order to become an entrepreneur the creative ideas has to be converted. It can be done by
identifying opportunities in the market and developing innovative products. For an entrepreneur it is
difficult to operate business as there is huge risks involved in it. So, in this situation they have to be
positive. Similarly, concept of starting a Chinese restaurant was difficult. Thus, in order to this a
market research as done.
But when it comes to opportunity it is necessary to provide new dishes to customers. This is
because people usually eat junk foods in restaurants. So, this gave me an insight about starting
restaurant that offers Chinese food. In that especially people between age of 20-40 or those who like
to eat Chinese food are target customers. Alongside it, in that particular area there is no well known
restaurant that offers Chinese food. The focus was to provide Chinese dish but also to promote it in
the market.
In terms of innovation technology is been highly used by business in food industry. They are
offering food through Applications. Furthermore, video advertising is done to attract people. Also,
change in taste of people towards Chinese and other continental dishes have increased. So, there is
intense competition in market.
For example – Jeff Bezoz is successful entrepreneur who started Amazon in 1995. He took risk and
did an experiment. Also, he was passionate about taking risk and competed against other
companies. He said that entrepreneur need to focus on customers. They must identify their needs
and accordingly develop products. He did innovation by starting an E commerce industry.
Moreover, he delighted customers by offering them variety of products. In this way he captured the
market and gained competitive advantage.

CONCLUSION
From the above report it can be evaluated that for becoming a successful entrepreneur, it is
very much essential to have a strong and innovative business idea. Also, by having positive attitude
and clear vision, an entrepreneur can gain competitive advantage in short time frame easily. This
report had define that making market survey will help business as well as entrepreneur both in
identifying its business situation and areas which requires improvement related to Kweilin
Cantonese Restaurant. Using innovative and creative techniques in the business can provide it
competitive edge in the market thus giving tough competition to its competitors.
It can be concluded that entrepreneur needs to be passionate about customers. He should
identify market opportunity by doing market research. Also, the creative idea requires to be
implemented practically. An entrepreneur must remain positive in critical situation. It enables them
to take risk and achieve success.

REFERENCES
Books and Journals
Barringer, B. R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson Education
India.
Bjerke, B., 2018. Alternative Approaches to Marketing Being a Business Entrepreneur. The
International Entrepreneurship: Trends, Challenges, Achievements. p.153.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Michael, S., Storey, D. and Thomas, H., 2017. Discovery and coordination in strategic management
and entrepreneurship. Strategic entrepreneurship: Creating a new mindset. pp.45-65.
Parker, S. C., 2018. The economics of entrepreneurship. Cambridge University Press.
Read, S. and et.al., 2016. Effectual entrepreneurship. Routledge.
Schaper, M., 2016. Understanding the green entrepreneur. In Making Ecopreneurs (pp. 27-40).
Routledge.
Steiss, A. W., 2019. Strategic management for public and nonprofit organizations. Routledge.
Storey, D. J. ed., 2016. Entrepreneurship and new firm. Routledge.
Urbano, D. and Aparicio, S., 2016. Entrepreneurship capital types and economic growth:
International evidence. Technological Forecasting and Social Change. 102. pp.34-44.
Wiklund, J. and et.al., 2019. Entrepreneurship and well-being: Past, present, and future.
Wright, M. and Westhead, P., 2016. The Habitual Entrepreneur.
Online
Entrepreneur and its business. 2019. [Online]. Available through: <https://bitwizards.com/thought-
leadership/blog/2011/december-2011/20-questions-for-an-entrepreneur>.
Entrepreneur fails. 2019. [Online]. Available through: <https://neilpatel.com/blog/entrepreneurs-
fail/>.

INTERVIEW QUESTIONS
Transcript of interview
Question 1. Tell me why you become an entrepreneur?
Entrepreneur is basically a person or individual who is having an innovative as well as
creative idea for setting up a business by taking all the financial risks associated with its in scope of
making profit out of it. Its Leadership factor which strives me to become an entrepreneur, as all the
decision making power rest with the one person and having full authority over the business
administration (Burns, 2016). I like having management control in form of building own teams,
directing and controlling them to work as per my beliefs and values which makes me Entrepreneur.
Question 2. How did you get the idea of opening the restaurant and indulging the Chinese food
concept?
I am a Chef by profession, who has been working in the Restaurant for a long time. One day
my friend suggest me about opening own restaurant. This idea given by friend clicks my mind as I
am having knowledge of taste, flavours and also experienced in this field which acts as my positive
sides. Also area in which I live is not having any type of restaurant which serves or offers best
quality Chinese cuisine. As a result the idea of starting new restaurant named Kweilin Cantonese
with focus on Chinese food concept goes perfectly and smoothly with the situation.
Question 3. What are the strength do you have that enables you to think to become an
entrepreneur?
Because of my positive attitude towards life, it helps me in tackling all the situation in easy
and smooth manner. My willingness to learn and adoption of new and better improved options make
me more creative and innovative in my business field which can in turn help my business to grow
and achieve success factor. My decision making process doesn't gets influenced by thoughts and
ideas of any person unless and until I makes a thorough research on the same subject matter. And at
last, entrepreneur is always a person who first undertake all the types of risk associated with the
business for making profit which makes such person more courageous and a risk taker.
Question 4. What are the primary motives you have behind the dream of remarkable entrepreneur?
By starting an own entrepreneur business in the form of a restaurant with speciality of
Chinese cuisine, the primary motive is related to serving the citizens or people of that areas with
best quality and tasty food at affordable prices. Also, being an entrepreneur my another motive is
related to profit maximization, capital growth and increase value of my business firm. Focus is
made on both the aspects thereby maintaining the quality performance with growth and success of
new business Kweilin Cantonese.
By undertaking a market research related to number of restaurants operating in the market
place where Kweilin Cantonese is willing to starts its new restaurant business, it has been able to

determine about many competitive market forces which can be become opportunity for
entrepreneur. It has been evaluated that no authentic as well as tasty Chinese cuisine has been
offered by any of the restaurant at reasonable price which has comes in form of opportunity. Also,
many Chinese food lovers are living in the area where such restaurant is going to starts its business
operations. Thus, it has again comes in form of advantage for both customers as well as for the
entrepreneur.
Question 5. Tell me, the plans you have for growing your business?
In terms of plans, I had done market survey and research for gathering all the data related to
customer choice and taste in respect of Chinese culinary and food. With the help of this study, it has
been assessed that most of the people in that area prefers eating Chinese food over other cuisine
type. Ideas and suggestions has been taken from the customer in the market for making
improvement in restaurant performance (Kirzner, 2015). Also from the growth perspective, new
cuisines will be added to the menu of Kweilin Cantonese so that each customer coming to restaurant
can enjoy best out of it.
By offering unique and different cuisines, taste, flavours, ambience, etc. Kweilin Cantonese
has been able to capture large number of customer base. It in turn has assisted such business
entrepreneur in gaining large market share and profits margin as well. Also, with the help of live
kitchen concept, it has become centre of attraction for most of the customers liking taste of real
authentic Chinese cuisine.
Question 6. How did you build your team in making the restaurant popular?
By clearly clarifying the roles and responsibility of each member of the team it will be easy
for them to perform in effective and efficient manner as they are aware of their goals and manner to
achieve it. By considering feedback and suggestion from customers, it can help entrepreneur in
making its restaurant more popular and famous thereby fulfilling its customer desires and needs.
Question 7. What are the approaches you have used for marketing of your restaurant?
With the help of Social media marketing and its platform such as Instagram, Twitter, Events
etc. advertisement related to Kweilin Cantonese and its offering can be done along with excited
offers and discounts. Also by using printed means of marketing such paper advertisement,
pamphlets etc. can be helpful in making customer aware about new opening of restaurant in their
area. Another method can be radio and television advertisement, i.e. displaying restaurant adds on
local television and radio channels for making public aware about it.
With the help of proper and solid plans and strategies, it has become possible for Kweilin
Cantonese to come up with more innovative and creative business ideas related to starting and
offerings of new restaurant. By conducting market survey and research it has been assessed that
most of the restaurant in the same marketplace are charging very high rate for Chinese food

irrespective of focusing on quality of food and services being offered. It has comes in form of
opportunity of which Kweilin Cantonese has taken advantage. Thus, by charging affordable as well
as reasonable price for restaurant services and products, it has been able to attract large number of
customer base. Also. It has made more emphasis on delivering of best and high quality services and
products which should match its prices.
Question 8. Are you able to balance the work and life?? How?
Balancing work life and personal life of both the employees and owns is very much
important factor which can help in achieving better growth and performance. By building and
designing action plan, strategies goals can be attained smoothly and efficiently as each team
member has clear vision about their role and responsibility to be undertaken. This will not bring
pressure and burden on any employee or team member thus providing proper balance.
Question 9. What are the areas where you feel that you are getting failure in the market?
As per my view points, delivering bad services to customers, poor customer relationship can
be the main areas bringing restaurant failure in the market. As the customer are treated as core
business aspect, needs of which are required to be satisfied, failure to do so can hamper overall
business performance and image as well. Other reason includes wrong pricing done for food being
served, delivery time after taking order is too long, raw material prices increases which is making
restaurant impossible to purchase better quality etc. are some areas which are resulting in restaurant
failure (Michael, Storey and Thomas, 2017).
Question 10. Did you feel to shut down the business at the time of failure of the business?
No, I have never thought of shutting down my business when it is facing its worst phase.
There is always a situation when business has to face both the good phase in form of high profit,
business growth and also it has to face crises in form of financial loss, decline in performance and
profits. All what is needed is to make quality and standard decision related to this for mitigating
further failure in business by formulating better plans and strategies focusing on weaker part of
business. Staying positive and calm will help every entrepreneur in overcoming this situation rather
than moving to shut down option.
Question 11. What kind of innovation you are going to made in your business for making it more
competitive ?
One of the best innovation will be related to live kitchen option. Customers coming to
restaurant, with the help of chef can prepare food they want to have or they can order them in form
of instruction about how to prepare a particular recipe. It will be one of the competitive factor which
is not much popular and can provide huge benefits to the restaurant. Another option can be
providing services online via mobile phone applications such as Swiggy, Zomato, Uber etc. This
helps customer in getting food at required place at less price as compared to real restaurant prices.

Also, by using advanced technology more customers will gets attracted as it provides convenience
to them. Dish sanitizing technology for clean and healthy serving will be one of the innovative idea
which will be used in Kweilin Cantonese. Light music in the restaurant place can also be best idea
for providing customer with pleasant and fresh environment.
Question 12. What opportunities strives you to start a restaurant with a mix of Chinese cuisine ?
Because of large population, there are some food lovers as well as food bloggers who always
wants to try some new food, cuisine or dish having some new taste, flavours and aroma. Because of
high demand and love for Chinese food, it strives me for starting a restaurant having main focus on
serving of the best quality Chinese cuisine. Also, there is no restaurant which is providing authentic
Chinese in the area where I am going to start my business. By employing highly experienced and
self motivated chefs, helpers in my restaurant, it will be easy to retain customer in this though
competitive market.
Question 13. How do you deal with all the Unethical issues of your business ?
Being an Entrepreneur of restaurant business, issues faced can be related to the quality of
food being served, unnecessary and extra charges added for delivery of service of which no
disclosure has been made to customers. For minimizing damage or loss as associated with such
unethical issues, entrepreneur is required to invite suggestions, feedbacks from customers so as to
ascertain any misshapen or unfair trade practices is not taking place on behalf of restaurant with its
customers.