Entrepreneurship Development: Enhancing Knowledge and Skills for Entrepreneurs

This report discusses the concept of entrepreneurship development and how it enhances the knowledge and skills of entrepreneurs. It explores the process of improvising assets and potentials through training programs. The report also includes a case study on a digital restaurant that offers pre-ordering and self-checkout services.

Entrepreneurship
Development

Table of Contents
INTRODUCTION...........................................................................................................................3
Lean Business model canvas...........................................................................................................7
C level specialist- CEO (Chief Executive Officer)........................................................................11
Financial and financing plan..........................................................................................................12
Summary........................................................................................................................................12
Conclusion.....................................................................................................................................13
REFERENCES..............................................................................................................................14
APPENDICES 1............................................................................................................................15
APPENDICES II............................................................................................................................16

INTRODUCTION
Entrepreneur refers to individuals who are liable for creating new business, bearing more
risks as well as enjoying the rewards from this. They are the one who are responsible for
organising, managing and assuming risks associated with enterprise or business. Entrepreneur is
looked as a source of bring in new ideas, services, goods, procedures and innovator who plays a
critical role within economy of country in which services are being delivered by making use of
initiative and skills which are important for anticipating needs by which new idea can be brought
within the market. Development denotes a term that is being used for improvising assets as well
as potentials by the usage of processes such as applications and learning. This comprises of
evolvement of capabilities of an individual within a systematised way. Entrepreneurship
development refers to process associated with improvisation of knowledge and skills that are
possessed by entrepreneurs by different classroom as well as training programs. The objective
behind this concept is to enhance the number of entrepreneurs. Basically, it implies the process
associated with enhancement of capacity for development, management and organisation of
business venture by taking into consideration risks associated with this.
This report is based on Digital restaurant Chop House which will be providing their
customers with a unique experience. Unlike other restaurants foods and beverages are sold by
them also but it is done in enhanced manner. Here, they have opted for the concept of digital
ordering and self checkout to customers. This simply means that customers can order their food
within the restaurant before their check-in. According to this, customers are here completely free
to order their food with the online medium which will ultimately save their ordering time
effectively within restaurant. Pre ordering within restaurant will provide customers with a unique
experience and will also eliminate certain factors such as time and issues with order accuracy.
This concept will provide completely new options to customers as they do not have to wait for
after the placement of order within the restaurant. This would be an effective innovation within
the industry in terms of digitalisation as it is unique and ensures ease as well as convenience for
the customers. This would provide aid to the venture in attaining competitive advantage within
the confines of United Kingdom. Apart from the innovative services provided by the restaurant,
the venture would also be focussing over the healthy lifestyle of people for which it will use
fresh and organic vegetables, purchased directly from the farmers. In relation to non vegetarian
food, the meat would be imported directly from Romania. Further, the menu of restaurant would

be based on the traditional cuisine of the city. The menu would also have the option to be
translated into other languages, which will attract the attention of tourists from different
locations.
Customer value proposition canvas
Customer Value Proposition Canvas is an effective business tool that is taken into use by
new ventures with a view to ensure that the products or services offered by the enterprise at
market place are extensively positioned around the needs as well as values of customers. This is
a model which provides aid to startup ventures to appeal to customers in a lucrative manner by
offering ware which posssess the capability to meet the demands of people. Chop House
Restaurant is a new venture which needs to ensure that the customers are able to fulfill their
demands by consuming the offerings offered by the entity. For this, it is imperative that the food
& beverage items as well as the unique services offered by restaurant are effectively placed
among potential buyers.
Looking upon this, the entrepreneur of Chop House restaurant has proposed to make use
of this model to effective position its restaurant offerings in the market and thereby establish a
positive as well as strong brand image among people.

Figure 1: Value Proposition Canvas
(Source: Value Proposition Canvas, 2019)
Element Description
Product:
Gain Creators
Pain Relievers
 Menu with a variety of cuisines
 Several combos of food and beverage items
 Appealing inner decoration
 Pre ordering before entering restaurant
 Effective employee coordination as well as leadership
 Healthy interactions with customers
 Provision of extensive customer satisfaction with quick delivery
of orders
 Self Check out systems installed at the premises
Value:
 Provision of option to order items via online channel before

Product as well
as Services
actually visiting the restaurant premises
 Pleasant and warm environment
 Variety of cuisines and categories of food & beverage items
Location:
 The venture would be placed in Mayfair area of London, United
Kingdom
 The location is visited by a large number of tourists on a daily
basis.
Target Segment:
 Corporate officials
 Families along
 People who are technologically aware
Different Offer from rival firms:
 Self checkout and pre ordering via digital or online medium
would be the 2 offers providing aid in gaining the attention of
customers in a better manner than the rival firms present at
market place
Customer
Gains
Pains
Customer Jobs
 Availability of menu options at affordable prices
 Pleasant and warm ambience
 Effective customer service by skilled and trained staff
 High quality services
 Pre ordering via website or mobile application
 Self check out
 Not finishing preparation of food within the time period
promised to customers
 Inability to meet expected tastes
 Entailment of convenient services by customers as they are
provided with pre ordering and quick check out services.

Lean Business model canvas
Lean Canvas is considered as the adaptation of business model that was given by
Osterwalder. The framework is basically used for providing outline to start-up businesses only.
The main focus in this framework is provided to entrepreneurs. With the reference to the current
chosen business concept of Pre ordering facility to customers before entering into the restaurant.
In order to check out efficiency of this business concept it can be said that business entrepreneur
of this concept have taken help of this the lean business canvas model. The model is consisting
of 9 elements which are described as below in effective manner:
Key Partners:
 Suppliers
raw
materials.
 Interiors
for
restaurant.
 Suppliers
for tablets.
Key activities:
 Selling
food.
 Self
orders as
well as
self
checkouts
through
tablets.
Value
Proposition:
 Good
ethnic
food.
 Different
payment
procedures
as well as
food
quality.
 Saving cost
along with
time of
customers.
 Efficient
online
tablet order
along with
payment
system.
Customer
relationship:
 Social and
print media
active
 24/7 hours
customer
support.
 Customer
support
chat.
Customer
segment:
 Romania
n people
who less
prefers
to go out
to
restauran
t
 Custome
rs
having
preferen
ces for
making
orders
for food
online or
through
digital
Cost structure
 Rent,
electricity
 Payroll
expenses
for its
employees
and
delivery
partners
Revenue stream
 Advertise
ment
 Fastest
serving of
food.
 Focus on
customer
preference.

 Advertise
ment,
marketing
and
administra
tive cost
 Tablet
running
cost and
maintenan
ce cost
 Website
developm
ent
screen
 Easiest
and cost
saving
services.
Key resources:
 Skilled workforce (.Chalmers and
Shaw, 2017).
 Financial resources.
 Innovation with new technology.
 Technical manpower.
Channels:
 Digital marketing.
 Websites.
 Mobile apps.
 Social media.
Key Partners: Key partners are the one which works as the supporter for the company
who collaboratively work for accomplishing organisational goal in effective manner. With
reference to current business idea key partners for Digital restaurant Chop House are suppliers
for tablets, raw material, machinery etc. These suppliers will provide equipment to the restaurant
according to orders.
Key activities: It is considered as the activities which are performed by business
associations that provide value to the mentioned idea. Key activities for currently mentioned
business idea that is Digital restaurant Chop House are self orders, self checkout, selling food
etc. with the help of tablets.

Key resources: Every business idea requires different types of resources that supports
them in executing their business idea in such a manner that will provide higher value to
customers and also provide profits to the respective business idea. With reference to the present
business idea of Digital restaurant Chop House its business owner will require main key
resources technology, skilled employees, financial funds, etc. in order to execute their business
idea in rightful manner. Updated technology will definitely help the business owner in operating
all the apps and effectively managing orders received from digital orders through the
applications.
Unique Value proposition: Digital restaurant Chop House will have effective value
prepositions like different payment options for customers, good range of ethnic food especially
Romanian food, high quality food etc. Chop House will provide best services to customer in
quicker manner that will support them in securing their time effectively without facing any sort
of trouble associated with it. It will also enhance the satisfaction level of customers as they will
feel that restaurant is understanding importance of their time and providing them option to save
their time without compromising with the enjoyment. Along with this, while offering these
services the restaurant will never compromise with their level of quality. All of this will
contribute in attention of customers effectively towards them that will also help them out in
reaching their sales targets too.
Customer relationship: This element talks about the unique value of company that helps
them out in developing their relationship with the customers at marketplace in effective manner.
In order to develop their relationship with customers the company will make use of social media
channels and also provide 24*7 services to customers for satisfying them in higher manner. For
the current provided business idea, the unique value of this restaurant will be its pre ordering and
self checkout facilities to its customers. It can be said that there is no restaurant within the
industry which offering similar kind of facility to its customers in this much advanced manner.
Thus, there are probable chances that the restaurant can easily attain influence of its customers
with its unique service of pre ordering facility and self checkout option to customers that will
save their respective time and help them out in attaining success at the marketplace in rightful
manner.
Customer Segments: The main targeted customers’ zone for this restaurant will be busy
schedule and technology advanced people especially Romanian people. The main reason behind

choosing this group is there pack schedule which makes it difficult for them to enjoy their
lifestyle in effective manner. Thus, self checkout and pre ordering facility will allow these
Romanian people in enjoying their life along with their busy schedule. Both the segmented group
will be given main preferences as they will going to provide higher business the restaurant in the
near future. Also, the company targets technology oriented people who gets attracted towards
those restaurant which have digital screens for orders.
Channels: Information about this restaurant will be presented to the targeted group through
the medium of social media, digital marketing, websites, mobile apps, published
media(Newspaper, pamphlet etc.) and mouth to mouth publicity done by visitors and satisfied
customers in effective manner.
Cost Structure: The activities of the restaurant establishment will require higher cost. Some
of the main expenses made during its set up are rent, electricity, delivery partners, and salaries of
employees, machinery for self checkout, advertisement cost and maintenance cost.
Revenue Stream: The revenue stream for whole restaurants will be in brokerage fees,
renting, product advertisement, house sales, parties and events, home deliveries etc. Along with
this, they will offer food to customers according to their expectation in order to enhance their
experience.
Business idea hypothesis:
In context of present stated Chop House, it can be said that this restaurant will going to
provide best services to customers in terms of pre ordering facilities and self checkout. The
respective restaurant will directly provide effective facility to its customers in such a manner that
will provide them best experience. This solution will provide effective turn to the whole industry
as they are able to provide best services to customers that will enhance their satisfaction level
and influenced them to remain loyal to the same industry for longer period of time.
Research Plan:
Research plan is mainly consist of primary and secondary research. Here primary
research will be done with personal contacts to the customer segments, analysing market growth
and many more. Other than this, online surveys will also be conducted. The secondary research
methods will include reports that were collected by other restaurants in context to customer
preferences and using channels to acquire information about market.
Marketing plan and evidence:

Marketing plan helps company in introducing their business idea in effective manner. It
simply includes few stages like identifying business goals, developing marketing goals, market
research, selecting potential customers, profiling competitors, formulating effective strategy that
provides effective support to marketing objective, usage of marketing mix and at last it tests the
idea. The above stated plan will followed by business manager at the time of introducing the
proposed business idea.
C level specialist- CEO (Chief Executive Officer)
Chief executive officer is seen as the effective position in every business idea or plan. CEO
is mainly responsible for the success as well as failure of the business plan. It can be said that
CEO is actually accountable towards the success of business idea but in actuality they are not
performing all business activities. The main role of CEO is to handle management of whole
business and align them in effective manner that will provide better return to the in the near
future. The respective person is highly important for every business as they have expertise in
almost every business department and effective management skill that works as the supportive
factor in the execution of all business activities in rightful manner. The main focus of CEO is to
ensure that every respective department is working as per the assigned work or not. Also, they
keeps track on the return of the attained by every department in terms of profitability or not.
With reference to current business idea of Digital restaurant Chop House, its CEO will be
responsible for the functioning of all departments working for the restaurant business. Also, CEO
will one by one track activities of business functions like finance, marketing, human resource,
technological etc. This tracking will allow respective officer in checking that whether they are
able to perform their assigned work or not. It will also develop their understanding over the
different needs and requirements of respective department so that they can perform their work in
rightful manner without any issue.
In Chop House, CEO will also conduct some regular based meeting sessions for
employees in which all departments are required to participate at their own will. This meeting
will include various discussion topics related to customers changing expectation from the
restaurant, suggestions for improving quality of services, financial requirement of each
department or any kind of issues faced by the respective departments at the time of performing
their activities in rightful manner. At the time of meeting session every individual is free to
express their ideas, issues or problems. As a result, these meeting sessions are seen as the

effective solutions for every department where they can easily discuss about the problems and
can attain better advises by which they can easily execute respective work in rightful manner.
Along with this, CEO also gets an idea about the employees functioning and their performance.
Overall it works as the performance booster session for employees through which they can easily
attain success in the quicker manner as they are getting opportunity to share their issues and
ideas with the superiors who will willingly provide them solution towards the same.
In addition to this, CEO of respective restaurant will also provide appraisal to employees
who will motivate each and every employee and results in the higher improvement of
performance. This will also result in the quicker attainment of long term goals of the restaurant
business.
Financial and financing plan
Financial planning of this restaurant is revolves around six main areas that is initial
investment, cost analysis, revenue estimation, breakeven point etc. In accordance with
Appendice II, restaurant will incur several costs such as salaries to human resources, cost of
acquisition of technology and research into marketplace. The income earned by the venture
would be revenues from customers as well as IP. In relation to First year, manager has estimated
cost of £20000 and sales of £60000. Further, profits are estimated to be £40000. The estimated
BEP is 679 orders. The cash flow analysis represents total incomes for the company and closing
sales balance. The estimation in relation to sales budget is approx £31000. In relation to
expenditure budget, the major expenses would be rent, staff salaries, market research and many
more. The estimated expenditure is £9050. The financial sources for the venture would be
financial institution and business angels. The funds will be exploited in activities like marketing,
technologies etc.
Summary
The overall report is based on the Chop House restaurant which is developed with the
concept of digitalisation in its services. Chop House restaurant is mainly based on the unique of
idea of pre ordering facilities to customers along with the self checkout services. The idea is
generated by accounting busy schedule people available at marketplace that are not able to enjoy
their life because of their pack schedule. These people often not prefers to visit restaurants
because they feels that there time will going to be wasted while placing order and waiting for the

same. Also, the specific group also believes that their time also wasted at the time of billing and
checkout process. In order serve these people in better manner this business idea was developed.
The respective ideas will definitely get support of the customers in the market because it is
completely new for them and also providing them unique experience without consuming much.
This business plan is expected to generate higher revenue for the restaurant in the near future as
they are offering unique and technological advanced services to customers in efficient manner.
Conclusion
On the basis of above described report, it is concluded that entrepreneur is the one who
analyses external environment in order to find out problems and then develops effective product
or services towards the same. This supports them in influencing interest maximum number of
customers who were initially facing problem but currently they finds best solutions towards the
same from the new business initiative taken by entrepreneurs. Usage of Lean business Canvas
Model is helpful for the new start ups as it works as the guidance model for entrepreneur that
aware them about each and every supportive factor for them. The main role of CEO is identified
as the one who aligns work of every respective department in same manner so that their
collaborative working will help them out in the quick attainment of business plan in rightful
manner.

REFERENCES
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APPENDICES 1
Primary and secondary market research:
The main key variables that will be undertaken at the time of market research are
explained as below:
Elements Details
Market size The chosen market share for Chop House restaurant is very
broad.
Market growth Market growth for this concept is quite quick as people are
able to place order from their own place and enjoy their
orders after their check in.
Customer preferences Innovative idea with higher convenience level is considered
as its main customer preferences.
Customer segments The main targeted segments are Corporate officials, Families
along and technology oriented people.
Segment size Segment size for the new idea is very large.
Key partners The key partners of the Chop House restaurant are staff
members, customers, investors and suppliers.
Channels Mobile applications, Organisational website are main
medium of interaction.

APPENDICES II
Cost structure: The main cost structure for Chop House restaurant is mentioned below:
Particulars Amount (In £))
Fixed cost
Annual rent 3000
Electricity 6500
Variable cost
Market research 700
Table maintenance 500
Cost of acquiring digital technologies and applications 800
Total cost 11500
Revenue Stream:
Particulars Amount ()
Advertisements 11000
Fast food serving 12000
Focusing towards customer preferences 8000
Total sales 31000

Sources of Finance:
Sources of finance refer to the main medium through which business association brings
capital to their company in effective manner. It is important for business owner to select secure

sources of funding from where they can generate satisfactory amount that will also provide
support executing business activities related digital concept. Some main sources of funding are
described as below:
Business angels: Angel investors are the one who invest money in company belonging t
the amount vary between £10k to £750k. These investors prefer to invest in innovative ideas that
could provide them higher return in the near future. Chop House restaurant can go for this source
of funding in order to raise fund in effective manner.
Financial institutions: These sources of funding provide effective option of loan to
business which highly requires funds to execute their business plan. In context of Chop House
restaurant, this option is also feasible for the respective business plan as it will easier for them to
repay the amount in instalments with minimal interest rate.
Uses of Finance: All of the gathered funds will used for below stated activities.
Usage of funds
Table maintenance
Salaries
Rent
Cost for developing applications for where
customer can easily place order
Market research