Identifying Entrepreneurial Opportunities

Identifying entrepreneurial opportunities

INTRODUCTION
 Entrepreneurship can be defined as the activity of process of setting up of a new business
by undertaking financial risk for the purpose of earning of profits.
 The present project report will focus on a proposal of opening a restaurant called Krispy
Chicken in UK.
 The report will revolve around the sources that inspired this idea and motivation for
opening this restaurant.
 Information about the proposed restaurant, an analysis of competitors, gap analysis will be
covered here.

An introduction of business idea
What is it ?
 The graduate entrepreneur has developed the idea of starting a fast food restaurant named
as Krispy Chicken. The menu of the restaurant will have chicken element in each of its
servings..
Where is it ?
 The restaurant is proposed to be set up in Bloomsbury, London. This place is chosen
because of convenience of place to people, crowd of young people, high student base area.
Potential and target audience ?
 The entrepreneur wishes to open the restaurant in the student crowed area in London which
why it chose Bloomsbury. The target audience is college going students, young people

Different sources of entrepreneurial ideas and innovation
 There are different sources of generating entrepreneurial ideas. The sources behind the idea
of opening of a restaurant called Krispy Chicken in UK are as follows:
 Person's interest and hobbies.
 Conducting customer surveys
 Brainstorming
 Mass media.

To be conti...
 Peter Drucker's model for determining the sources of systematic innovation could be
utilized by the entrepreneur. The following are seven sources :
 Unexpected success or failure
 The inconsistencies between what should happen and what actually happened
 Deficiencies in process
 Changes in market structure or industry which catch unawares of everyone
 Changes in Demographics
 Changes in perception
 New knowledge

A Competitor analysis
Basis Subway in Bloomsbury Five guys Tortilla Russell Square
Products Provides wide range of
vegetarian and non
vegetarian products.
Specializes in burgers and
provide a range of burgers.
The restaurants serve tacos,
Burritos and salad.
No. of employees A franchise of subway
requires 10- 15 members. It
has around 17 staff
members. UK stores has
around 8600 employees.
Overall employees number
of Five Guys are
approximately 15000.
Has employee strength of
100 in UK.
No. of branches 33749 restaurants in world,
1700 stores in UK.
Around 1000 stores in US,
Canada and UK.
It has around 30 restaurants
in UK.