Enterprise and Entrepreneurship

This presentation provides an overview of enterprise and entrepreneurship. It covers topics such as the attractiveness of the industry, motivation for choice of business, process of generating the business idea, feasibility study, details of product to be offered, potential market opportunities, and more.

Enterprise and Entrepreneurship

TABLE OF CONTENT
• INTRODUCTION
• Motivation for choice of business
• Process of generating the business
ideas
• Feasibility study
• Details of product to be offered
• Potential market opportunities
• Attractiveness of industry
• Vision of business
• CONCLUSION
• REFERENCES

INTRODUCTION
An enterprise is referred as a business which is often small and operate with the
motive of earning high profit. An entrepreneurship is defined as an activity to
start a new venture by investing money and taking risk to make profits. In this
report, the chosen organisation is The King of Vegan Food which is a new
restaurant that will offer vegan food to people of London, United Kingdom. By
analyzing the current market trend, the management of restaurant has decided to
introduce dishes prepared from vegan and plant based food for people in order
to ensure their health and well being and also offer home delivery option to
people who have less time to visit the restaurant for dinning.

Motivation for choice of business
The King of Vegan Food is a new restaurant which will start with the intent of
offering dishes prepared from vegan and plant based food to people to ensure
that they live healthy lives. The restaurant will be located in Westminster city in
London. The organisation deals in food and restaurant industry which has
undergone growth period in recent years. In year 2017, the expenditure of
consumers in food and restaurant reached to around 88 billion pounds

Process of generating the business idea
Idea generation is defined as a process of generating, developing and communicating visual
ideas. In order to get success in market, it is necessary that the idea must be innovative and
delivers some value to customers. The idea management funnel helps an individual in coming
up with the solution to the issue or opportunity. In context of the business idea of The King of
Vegan Food, the idea is generated by following few steps which are mentioned as follows:
• Idea selection
• Scrutiny of all aspects
• Feedback
• Feedback Reaction

Feasibility study
Feasibility refers as the practical degree to which a plan or a project can be conduct successfully. In
context of any project, feasibility study is conducted in order to evaluate the feasibility of idea that
determines whether the considered solution is workable or not. In context of the vegan food project,
the main aim of conducting feasibility study is to determine that establishing vegan and plant based
food business along with home delivery option is acceptable in the market or not. For this, 4 types of
feasibility study will be conduct which are mentioned below:
• Technical feasibility
• Operational feasibility
• Legal feasibility
• Economic feasibility

Details of product to be offered
The King of Vegan Food will offer the dishes prepared with vegan and plant
based food to consumers. As now people suffer more from diseases and many
other health issues and are aware more regarding their health, providing them
with vegan food provides an opportunity to restaurant to attain success in
market. The vegan and plant based food option is much better for consumers,
instead of meat driven menus. There has been no other choice for restaurants,
instead of to evolve to integrate tastes for more vegan or plant based food.

Potential market opportunities
• Political: The restaurant business is
greatly influenced by political factors
like health and safety reforms, tax
reforms, political stability/ instability.
• Economic: There are some economic
factors like consumer's disposable
income.
• Social: This factor is associated with needs and preferences of people live in
the society which impacts the restaurant business in positive or negative way.

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• Technology: Changes and advancement in technology is the factor associated
with it. Introducing technology in business will provide an opportunity to The
King of Vegan Food to gain competitive advantage over rivals in market of
London by offering effective home delivery services to customers.
• Legal: This factor includes food laws and safety standards made by
government of United Kingdom.
• Environmental: It impacts the factors like climate change, natural disasters
etc. Meat is one of the problematic food group from the view point of
environment.

Attractiveness of industry
In order to analyse the attractiveness of industry, Porter's five force analysis
framework is utilize by management of The King of Vegan Food. It includes
five forces, description of which are mentioned below:
• Competitive rivalry: In restaurant industry, the competition is high as there are
many competitors available in market who offers food products to customers.
• Bargaining power of buyers: In restaurant industry of United Kingdom, the
bargaining n power of buyers rely on the offerings of company and the prices
it set for its food products.

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• Bargaining power of suppliers: In restaurant industry of United Kingdom, the
power of suppliers is low as there are many suppliers available in the market
which provide raw materials to restaurant for production of food. So, the
power of suppliers for The King of Vegan Food is low.
• Threat of substitutes: It includes the potential impact of substitutes on growth
of restaurant. For The King of Vegan Food, the threat of substitute product is
low as there are very less substitutes available in the market for vegan food.
• Threat of new entrants: Many new entrants are attracting towards restaurant
industry in recent years due to growing demand of healthy and vegan food.

Vision of business
The vision statement of an organisation defines about why the concept matters
and the way it can influence individuals and community around it. It defines
what an organisation desires to accomplish in long run. In context of The King
of Vegan Food, as the restaurant offers vegan and plant based food to consumers
with the aim of ensuring their healthy lives, the vision statement of company is
“To produce healthy food for consumers by constantly emphasize on innovation
and help community in stay healthy and fit for life long”. The company will
intent to accomplish this vision by offering healthy food to consumers.

CONCLUSION
As per the above mentioned report, it has been concluded that entrepreneurship
is the process in which an entrepreneur starts a business with new idea and
taking risk with the hope of yielding high profits. The concept of vegan and
plant based food is very popular in recent years. People are getting more aware
of their health and prefers to have healthy food which makes it necessary for
restaurants to offer healthy food to consumers. Providing plant based food to
consumers provides an opportunity to restaurant to gain growth and
sustainability in market.

REFERENCES
• André, K. and Pache, A.C., 2016. From caring entrepreneur to caring enterprise:
Addressing the ethical challenges of scaling up social enterprises. Journal of
Business Ethics, 133(4), pp.659-675.
• Bortamuly, A.B., Goswami, K., Hazarika, B. and Handique, K., 2014. Do
different determinants affect differently across gender and location in handloom
entrepreneurship development?. Journal of Small Business &
Entrepreneurship, 27(5), pp.427-449.
• Bosma, N. and Sternberg, R., 2014. Entrepreneurship as an urban event?
Empirical evidence from European cities. Regional studies, 48(6), pp.1016-1033.

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