logo

Identifying Entrepreneurial Opportunities Assignment - Fast Food Restaurant

   

Added on  2020-12-18

18 Pages5246 Words291 Views
IdentifyingEntrepreneurialOpportunities

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Evaluate the various sources of entrepreneurial ideas and innovation.................................1TASK 2............................................................................................................................................2P2. Justification of the rationale and market gap for the specific entrepreneurial idea usingrelevant tools and techniques to support entrepreneurial choice................................................2TASK 3............................................................................................................................................3P3. Current data required to support gap analysis in order to evaluate a particularentrepreneurial idea.....................................................................................................................3TASK 4..........................................................................................................................................11P5. SWOT framework to collect evidence to support an objective assessment of a particularentrepreneurial idea...................................................................................................................11P6. Competitive and market environment in which idea will be launched to assess potentialviability.....................................................................................................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15

INTRODUCTIONEntrepreneur is an individual who always develop the different kind of business and alsofocus on the various risk factors in order to overcome issues from the business. Entrepreneur alsoknown as innovator because entrepreneurs have lot of ideas, goods, services and so on. Anindividual mainly plays a vital role in the economy environment. On the other side, this can besaid that these are the people who have the very effective skills in order to fulfil the current andfuture needs of their business easily. That's why entrepreneur is the very effective part ofbusiness who always makes opportunities for other people in a proper way. In this present case aFast Food Restaurant will going to be establish. This restaurant is planning to have attractivedesigns with colourful lights which customer always want. With the help of this, Fast foodrestaurant have effective lighting themes and well decorated place. This present report willdetermine the SWOT analysis and GAP analysis with lot of factors those will help theentrepreneur in order to launch new business setup effectively. TASK 1P1. Evaluate the various sources of entrepreneurial ideas and innovation.As per the present scenario, UK government always helps people in order to achieve theirgoals. Whether the entrepreneur or people but they mainly aid young graduates in which anindividual can begins their start-up efficiently. By this government support an entrepreneur caneasily take good decision towards their business programmes. For this entrepreneur needs todevelop innovative ideas and the sources for those ideas in regards with STEEP model are listedbelow:Interest and hobbies: (Social source)- This is the main source in order to developinnovative idea in the entrepreneurial mind by this an individual can easily think and executetheir thought on their business. For example: If one person has hobby to play cricket than he canthink about their future opportunities effectively. On the other hand if person has interest intravelling then he can think about their travel plan and also make effective strategy in order toenjoy their holidays accordingly (Audretsch, 2012). This can be said that from this example ifentrepreneur has interest in order to begins their start up then he can make innovative ideas fortheir Fast food restaurant to satisfy customers effectively. 1

Trade fairs and exhibitions: (Environmental)- With the help of this source anentrepreneur can easily execute their idea on business. When entrepreneur attend these fairs andexhibition than he is able to learn so many new things so that he can think new ideas for Foodrestaurant cafe. By this he can also able to advertise their restaurant via newspapers, TV., socialsites etc. now customers can get knowledge about fast food restaurant so that entrepreneur meetsseveral manufactures, suppliers in regards with restaurant business to achieve business objectivesin an effective manner. Customer surveys: (Economical)- With the help of this source an entrepreneur can startsurvey the consumer in order to check their viability effectively. According to customer surveyan entrepreneur can find out the customer's taste and preference in order to increase theirrestaurant business. In reference to the Food restaurant cafe there are lot questionnaire are theirwhich is accomplished by the people and than entrepreneur collect the feedback so that he canbring more innovative ideas to achieve consumer satisfaction. Mass media: (Technological)- As per this source person and an entrepreneur uses lot ofmass media sources such as internet, magazines, radio etc. because these are very much helpfulsources in order to receive opportunities for future. Now an entrepreneur need to more focus onthe advertisement and commercial needs in a proper way. These sources can easily increase thepopularity of Fast Food Restaurant.Therefore, these sources of entrepreneurial ideas and innovative things are very muchhelpful for launching a new venture within the marketplace. Government of UK is also good thatalways help people or an entrepreneur in order to fulfil their aspect in a proper way. With thehelp of these sources an entrepreneur can think innovative and bring new ideas to their businessto achieve goals and objectives in an appropriate way. Therefore, young people and familymembers’ involvements can enhance the value of Fast food restaurant in a better way.TASK 2P2. Justification of the rationale and market gap for the specific entrepreneurial idea usingrelevant tools and techniques to support entrepreneurial choice.For launching a new business, this idea can come in the entrepreneurial mind or personswho want to start their business effectively. In context to the Fast Food Restaurant, anentrepreneur generally offers lots of food items with different varieties like Thai, Chinese, Indian2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
IDENTIFYING ENTREPRENEURIAL OPPORTUNITIES
|20
|5142
|178

Identifying Entrepreneurial Opportunities : Long John Silver's
|17
|4395
|104

Identification of entrepreneurial opportunities
|17
|4640
|75

Identifying Entrepreneurial Opportunities
|12
|2739
|22

Identifying Entrepreneurial Opportunities
|11
|2833
|45

IDENTIFYING ENTREPRENEURIAL OPPORTUNITY INTRODUCTION
|15
|4578
|162