Innovation and Entrepreneurship in the Food and Beverages Sector

This report discusses innovation and entrepreneurship in the food and beverages sector, specifically focusing on starting a restaurant startup. It covers the business idea, industry profile, business model, challenges, marketing plan, competitor analysis, funding sources, and intellectual property. The report aims to provide insights into the process of starting an entrepreneurial venture in the food and beverages sector.

Innovation and
Entrepreneurship
EXECUTIVE SUMMARY
This report is based on innovation and entrepreneurship that defines in carrying out a new
business plan for starting up an entrepreneurial venture in food and beverages sector. This report

identifies a business plan of a startup restaurant The Kitchin in London markets that identifies
about business idea of caring up start up through its business model that defines its product and
services along with a point of differentiation which identifies its uniqueness from different
competitors. There are also challenges that are explained which is faced by startup in carrying
out their business idea jealous performing market plan with improper source of funding. Is also
explanation of intellectual property rights that could help startup protecting their business idea as
well as plan from being copied.

Table of Contents
Contents
EXECUTIVE SUMMARY.............................................................................................................1
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Start up business idea...............................................................................................................1
Industry profile.........................................................................................................................2
Business model...........................................................................................................................2
Point of differentiation..............................................................................................................3
Challenges to business idea......................................................................................................3
Prospective customers...............................................................................................................4
Marketing plan..........................................................................................................................4
Competitor analysis..................................................................................................................5
Sources of funding.....................................................................................................................5
Intellectual property.................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Innovation is referred as a practical implementation of thoughts that outcomes in in
launching new products as well as services for improvement in company’s offerings of product
and services. Whereas entrepreneurship is defined to a capability as well as readiness of
developing, organising as well as running a business startup along with their present
uncertainties in order to make profit (Saberi and Hamdan, 2019). This report is based on
innovation and entrepreneurship of a business plan in order to carry business startup The Kitchin
which is restaurant startup based in London providing food and beverages. This report includes
startup business idea, industry profile, business model, point of differentiation, challenges to
business idea, prospective customers, marketing plan, competitor analysis, sources of funding,
intellectual property along with its conclusion.
MAIN BODY
Start up business idea
As business startup The Kitchen is being started in London that offers variety of dishes to
customers along with providing a relax and wonderful ambience. As startup is generally based
on providing a food and beverages sector restaurant in which they provide various drinks,
varieties of food dishes mostly in in Indian dishes so that more customers could be attracted
towards restaurant in order to avail their services. Along with that startup is providing a
wonderful as well as memorable customer experience by providing them peaceful and charming
ambience (Sassmannshausen and Volkmann, 2018). Also startup is providing online food
delivery two customers on their orders for generating more revenues in terms of building sales.
As restaurant is providing with high quality and skilled workforce by which customer could be
attended in a well effective manner. There are various dishes which startup is providing on base
of customer’s choices along with providing customisation on their dishes according to
customer’s taste. Also along with that startup is providing a variety of services in terms of
providing discount and offers on being a regular customer of their restaurant in order to generate
more customers as well as increasing their profitability in numbers. As startup is carrying out in
London main focus of startup is to attract more and more customers living in London. As in
order to carry business practice entrepreneurship theory Schumpeter’s theory of innovation
could present situation of disequilibrium as their operations break their routine circular flow. As
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innovation of entrepreneurs to carry it in London. As this involves that innovation could consist
of:
 Creation of new products.
 Creation in novel as well as processes of production.
 Opening up of a new market.
 Having innovation in management which is taking use of Artificial intelligence.
Industry profile
In today's market food and beverages sector is on high demand. As most of individuals
living in London generally prefers in going to restaurants or make online deliveries to avail food
of their choices rather than staying at home and cooking it. So that there is high food and
beverages sector demands in terms of market trends for customers. In order to carry out business
idea of startup The Kitchin which is the restaurant will prove to be profitable that generates
revenues most of customers living in London prefers in going out to have food and drinks of
their choices with a peaceful and charming ambience for having a memorable customer
experience. From various market trends it has been analysed that food and beverages sector is
having a high market growth incorporate markets and starting up a business startup leads to
generate more revenues as well as prophets for them (Zhuo, 2019). Where is the higher demand
for food and beverages sector and customer wants to avail various foods and drinks in order to
fulfil their requirements along with having a wonderful experience. This innovative startup helps
business to carry with effectiveness and efficiency for generating profits in numbers.
Business model
Business model is generally referred as a company's plan which is used for making profit.
It basically determines various product and services that business plan wants to sell in its
determine target markets as well as bearing anticipated expenses. Business models are said to be
an essential element for new as well as established businesses (Dif, Bourane and Benziane,
2018). In terms of The Kitchin, business model refers to a plan for creation of a profitable
business of a new startup which is restaurant. This model help startup in terms of their food
dishes as well as drinks that are required to sell to customers by carrying out marketing plan as
well as financial projections. Business model of new startup The Kitchin should consist of menu
of their provided products in terms of dishes, food, beverages, rings as well as snacks which they
are providing to customers along with their services provided with a unique value proposition. It
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general outlines model in which various product and services that are provided to customers are
mentioned.
Point of differentiation
For carrying out a new business startup effectively it is necessary for startup to provide
something innovative that could differentiate themselves from different competitors which are
present in London markets. It is essential for startup to have various points of differentiation
which could help them in in gaining more customers by building out there reach along with
generating more profits (Jahanshahi, Nawaser and Brem, 2018). In terms of The Kitchin, startup
venture is differentiating themselves in terms of their provided services as well as product
offerings. As startup in its business plan is providing food dishes according to customer's
requirement in terms of their customisation with a sitting of charming and beautiful ambience.
Along with that startup' business plan is providing facility of providing food dishes through
online delivery by making online orders through their websites order to provide food to senior
citizen customers of London markets. Along with that startup venture The Kitchin is providing
various discounts as well as offers for being there regular customers for availing their services
along with that on special weekend they are providing special offerings in their food items in
order to grab more customers effectively.
Challenges to business idea
While carrying out business idea startup in in food and beverages sector there are certain
challenges which could be occurred in carrying out business plan effectively in terms of their
operations. As these challenges creates a barrier in carrying out effective entrepreneurial
activities in food sector as a restaurant. In terms of The Kitchin startup restaurant there are
certain challenges that affects their business idea which are as follows:
 There is a high concern of health conscious among various customers as they want it their
desired food along with quality as well as superior health standards (Fayolle, 2018). As it
is responsibility of startup to provide health nutritious food which sometimes could
become a challenge for them.
 There is a rising concerns about challenges of product traceability. As product
traceability is said to be one of major challenges in food and beverages sector. Customers
are not taking interest in knowing about ingredients which are to be provided in dishes
that becomes a major challenge for restaurant startup to carry its operation effectively.
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 There is a challenge of increased amount of complications of inventory management. As
food it is considered to be a perishable product which cannot be stored for a longer period
of time with all hygiene factor. As it becomes a challenge for The Kitchin to food with
hygiene factors in terms of their inventory.
Prospective customers
For carrying an startup effectively it is necessary for entrepreneurs to target accurate
customers so that they could be able to pitch them for generating more and more customers. In
terms of The Kitchin startup prospective customers that are to be targeted for their restaurant is
more of young generation that it generally lives on their own and prefers in going out for having
food rather than cooking (Dai, Byun and Ding, 2019). Along with them senior citizens customers
could also be planned as prospective customers of restaurant in order to provide them food
delivery through online modes who are unable to cook food for themselves. As by using young
customers for or carrying restaurant startup will proved to be effectively in order to provide them
with better customer experience with charming ambience. As young customers could help in
generating more customers in terms of sharing their views and providing them feedback for
having improvement in services of start-ups that wider reach of customers could be maintained
and quality services will be provided to them for generating profitability in terms of revenues.
Marketing plan
Marketing plan refers to an operation document which determines advertising strategies
which could be used by start-ups to implement them in order to generate more customers in their
target markets. Marketing plan could be carried through the meaning of 4 Ps of marketing. In
terms of The Kitchin, positioning in London market could be carried through evaluating its 4 Ps
which are as follows:
 Product: This P of marketing plan relates in provided products of a startup The Kitchin
that deals in in providing drinks, snack as well as various food dishes specially for Indian
style. It generally consists of providing various food and beverages products to
customers.
 Place: This P of marketing plan determines place where customers could avail its
services (Elert and Henrekson, 2019). In terms of startup of The Kitchin customers could
avail its services through its restaurant place in London as well as avail food products as
well as bridges by making online orders to delivery.
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 Price: This P of carrying out marketing plan relates in pricing of restaurants product and
services towards customers. In terms of carrying out startup of The Kitchin price of their
food as well as beverages is based on their delivery as well as extra services which
customers avails according to their customisation.
 Promotion: This P of marketing plan of startup defines in promoting of restaurant
towards customer by communicating them. In terms of carrying out startup of The
Kitchin promotion of restaurant could be carried through templates and advertising on
social media.
Competitor analysis
It is important for startup to determine its competition which is present in market that
creates a barrier in carrying out their business activities in an effective manner (Heaton, Siegel
and Teece, 2019). As in terms of The Kitchin, startup restaurant could analyse its competitors on
regular basis that are providing same product and services which are present in London market.
Various competitors that carries business practices of providing food and beverages to customers
of young generation as well as providing online food delivery to senior citizen customers could
create barrier in carrying out activities effectively. Competitors like The art table, Lakeland
diaries as well as premier food PLC are considered to be most effective competitors of startup
that plays as a barrier in performing entrepreneurial activities effectively. As these competitors
are already present in London markets that could affect marketing operations of restaurant.
Sources of funding
Different sources of finance that could be used by startup in order to carry its entrepreneur
venture (Singh and Majumdar, 2020). As startup could use various sources of finance like
internal as well as external in order to you have funds for their startup. In terms of The Kitchin
various sources of funds that could be used by startup are as follows:
 Business angels: It is considered as professional investor that invest some amount of
money in start-ups. By taking help of them startup food acquire funds from them in order
to start their business. As investors help in providing funds to start-ups in terms of
professional investment. In terms of The Kitchin, startup could borrow funds through
business Angels in terms of providing help in investing money in their business of food
and beverage sector.
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 Bank loan: This source of finance is considered as a long term finance source that could
be made particularly for carrying out new startup businesses (Sengupta, Sahay and Croce,
2018). This source of finance required some security in terms of laws that could be
provided to them. As in terms of The Kitchin, startup could borrow funds from taking
bank loans and provide some security in terms of a building loan amount for a specific
period of time.
Intellectual property
Intellectual property rights could be used by various businesses of a startup for protecting
their business idea. Is it referring to creation of mind in terms of inventions for protecting their
names, is and symbols (Wang, 2019). In carrying out business successfully it is necessary for
new start-ups that they should protect their business idea so that it will not be copied by other
business venture. In order to protect approach of business idea intellectual property rights could
be used by businesses in order to protect their idea. In terms of carrying out startup of The
Kitchin restaurant could use patents which could be important in food industry that could be used
as utility patents. Startup could obtain patents through food recipe, techniques as well as food
compositions so that their idea of business plan could not be copied by other ventures. It helps in
preventing copyrights and loss of their techniques.
CONCLUSION
From above report it could be concluded that it innovation is considered to be a process by
which product or service is renewed as well as brought up to date by carrying out new processes
while entrepreneurship is considered to be an act of being an entrepreneur for carrying out a
business practice. This report States about carrying out a business plan for a new innovative
entrepreneurship startup. This report explains about business idea of a startup which is a
restaurant. There is a brief explanation of profile of startup along with business model which is
used in business plan along with there is point of differentiation that differentiate about company
along with various challenges which could be occurred in carrying out startup effectively. where
is explanation of customers which are to be targeted to a marketing plan by having competitive
analysis. There is also explanation of source of funding as well as intellectual property which are
to be explain in business plan.
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REFERENCES
Books and Journals
Dai, Y., Byun, G. and Ding, F., 2019. The direct and indirect impact of gender diversity in new
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Dif, A., Bourane, S. and Benziane, A., 2018, July. The role of the startup competition and
entrepreneurial ecosystem in the integration of entrepreneurship education within the
Algerian universities. In International Conference on Applied Human Factors and
Ergonomics (pp. 140-149). Springer, Cham.
Elert, N. and Henrekson, M., 2019. The collaborative innovation bloc: A new mission for
Austrian economics. The Review of Austrian Economics .32 (4). pp.295-320.
Fayolle, A., 2018. Personal views on the future of entrepreneurship education. In A research
agenda for entrepreneurship education. Edward Elgar Publishing.
Heaton, S., Siegel, D.S. and Teece, D.J., 2019. Universities and innovation ecosystems: a
dynamic capabilities perspective. Industrial and Corporate Change .28 (4). pp.921-939.
Jahanshahi, A.A., Nawaser, K. and Brem, A., 2018. Corporate entrepreneurship strategy: an
analysis of top management teams in SMEs. Baltic Journal of Management.
Saberi, M. and Hamdan, A., 2019. The moderating role of governmental support in the
relationship between entrepreneurship and economic growth. Journal of
Entrepreneurship in Emerging Economies.
Sassmannshausen, S.P. and Volkmann, C., 2018. The scientometrics of social entrepreneurship
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(2). pp.251-273.
Sengupta, S., Sahay, A. and Croce, F., 2018. Conceptualizing social entrepreneurship in the
context of emerging economies: an integrative review of past research from
BRIICS. International Entrepreneurship and Management Journal .14 (4). pp.771-803.
Singh, A. and Majumdar, S., 2020. Entrepreneurship: Nation as a Context. In Methodological
Issues in Social Entrepreneurship Knowledge and Practice (pp. 199-222). Springer,
Singapore.
Wang, Y., 2019, November. Research on Innovation and Entrepreneurship Education Reform of
E-commerce Major Based on School-enterprise Cooperation. In 2nd International
Conference on Humanities Education and Social Sciences (ICHESS 2019) (pp. 470-
473). Atlantis Press.
Zhuo, S., 2019, January. Organic Integration of Innovation and Entrepreneurship Education and
Ideological and Political Education in Colleges and Universities. In 2018 International
Workshop on Education Reform and Social Sciences (ERSS 2018) (pp. 55-60). Atlantis
Press.
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