Innovation and Entrepreneurship: The Wooden House Vegan Restaurant

Innovation and
Entrepreneurship

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Business idea development..........................................................................................................1
TASK...............................................................................................................................................2
Business plan...............................................................................................................................2
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship is termed as the process of establishing a new business venture or growing
an existing one. Innovation is a new idea or imagination, deliberate application of which brings
greater values. The concept of entrepreneurship and innovation are undeniably interlinked with
each other as innovation is a particular tool of entrepreneurs through which they exploit
opportunities and brings change (Etzkowitz, and Zhou, 2017). This report is based on a themed
restaurant named as "The Wooden House Vegan Restaurant”. It is a new restaurant which is
based on the theme "Tree top". This report covers description about the business idea which is
innovative and helps in gaining competitive advantage in market. Moreover, a business plan is
also developed based on the idea which includes market and industry analysis, operations detail,
SWOT analysis and financial requirements of business.
TASK 1
Business idea development
In current competitive business environment, innovation is the key for each and every
organisation to get success and growth in the market. Entrepreneurs have the ability to develop
new idea or concept and convert it unique products and services that helps business in catering
the needs of customers entertaining competitive advantage in market. Entrepreneurship and
innovation are highly interrelated with each other as innovation act as a tool for entrepreneurs to
exploit opportunities from market and gain advantage over rivals. The Hospitality industry is one
of the rapidly growing sector that provides various opportunities to entrepreneurs to bring
innovation and develop such products and services that effectively caters the need of market. The
Wooden House Vegan Restaurant is a new restaurant which will based on the concept of “Tree
top”. This restaurant will establish in central London which is one of the most crowded area of
London. Opening restaurant to this area will help restaurant in attract more number of customers
towards it (Galindo, and Méndez, 2014).
The main concept behind starting this restaurant is 'Tree top' which is a completely unique
concept in which cabin like houses are made up on the tree which are 10 meters up from the
ground. Apart from this, the lighting in the tree house creates dramatic effect in night as it glows
by wooden slats. In addition to this, the furniture made in the house and the utensils which will
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