Innovation and Entrepreneurship: Business Idea Development and Business Plan

INNOVATION AND
ENTREPRENEUR

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Task 1 Business Idea Development.............................................................................................3
Task 2 Business Plan...................................................................................................................5
CONCLUSION..............................................................................................................................10
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation is the applicator execution of ideas that comes forward along with the
outcome of introduction of new or innovative goods and services or improvement in products
offered by the company (Kahn, 2018). In context of entrepreneurship, an entrepreneur have to be
like easy adoptable, risk taker and quick at the time of searching for milestones on the path of
success. Candidate will able to improvise their work without any extra efforts with the help of
pushing their boundaries.
This report will consist of development of new business idea in order to start new themed
restaurant. Along with the business idea development, this report will also highlight the
evolution of business plan.
MAIN BODY
Task 1 Business Idea Development
Business idea development is a concept that can be used for financial advantage that is
usually based on certain product and services that has been offered by the company in return of
money. An idea generation is the primary stage in the process of structure a booming enterprise
(Ojasalo, 2018). The major characteristic of appropriate business idea is their innovative and
unique nature. The business idea of introduction of themed restaurant has been explained with
the help of Business Model Canvas which is a business model that enables the company to
describe the reason of the way in which an organization generates, delivers and gaining control
over values. There are nine constructive steps that describes the business model effectively are: Key Partnership: The key partners of themed restaurant i.e. “Ice N Spice” are the
restaurant equipment suppliers, consultants, food suppliers, investors, famous and well-
known chefs, food vendor markets, lawyers, restaurant designers food bloggers, PR firm
and restaurant investors. Key Activities: The key activities of the restaurant is that it starts functioning as full
themed service restaurant along with providing restaurant space for displaying theme
concept effectively (Sparviero, 2019). Another activities include providing platform to
develop and intensify theme concept to become famous in addition to provide effective
training and resources to restaurant entrepreneur.

 Key Resources: There are four major variety of resources which affects the restaurant
business is physical resources which includes restaurant space and point of sale system
which describes the main computer linkage with various checkout terminals and
supported by different hardware. Next is human resources which includes skilled
employees along with restaurant operators (Medina-Salgado, 2020). Third is financial
resources in which equipment lease line has been covered and the last one is intellectual
resources which includes the brand value of the restaurant. Value Proposition: There are different value of restaurant to different persons i.e. value
to customer includes developing, experimentation and processing themed restaurant
concept in a low risk financial environment, equipping physical restaurant space,
transaction of effective or high level data, connecting the concept based teams with an
experienced support system network, providing high quality dining experiences,
providing a platform for key feedback, allowing frequenters to feel as a part of the
development process and offering supportive special event services to them. Another one
is value to investors which includes examination concept teams that have a higher
likelihood of success (Carter, 2020). Customer Relationship: For effective customer relationship the entrepreneur have to
develop concept based teams which includes dedicated personal assistance, communities
of other concept based teams and co-creation of new themed restaurant. Another one is
restaurant supporters which considers communities who give permission for reviewing
the restaurant theme concept and ability to co-create on next new restaurant concept. Channels: The channels involved in the themed restaurant is for recruitment outreach
who tries their best to select highly efficient employees within the restaurant and also
develop brand awareness campaigns with the help of food blogs, magazines, newspaper,
etc. Customer Segments: Customers segmented into multi sided platform and restaurant
supporters. Multi sided platform includes recent pass out hotel management students who
do not have any business experience but have advanced and complete knowledge about
the taste and preferences in recent scenario, candidates who have business idea but no
formal experience and wants to invest in some business activity also will be involved.
Restaurant supporters involves the customers who have mass market in urban area or