Innovation and Entrepreneurship in Off the Grid Restaurant

Innovation and
Entrepreneurship

Contents
INTRODUCTION...............................................................................................................................3
TASK 1:................................................................................................................................................3
Business idea development................................................................................................................3
TASK 2.................................................................................................................................................4
Market analysis..................................................................................................................................4
Industry analysis................................................................................................................................5
Operations detail................................................................................................................................6
SWOT analysis..................................................................................................................................6
Financial requirements......................................................................................................................7
CONCLUSION....................................................................................................................................8
REFERENCES....................................................................................................................................9

INTRODUCTION
In a competitive business world, innovation play a crucial role in introducing new
process, products services that affect positively change within the organization. One of the
main purposes of implementing innovation is to improve their existing method or practice to
capture competitive edge in market place. In addition of this, innovation may also effective in
capturing customers attention by providing them some unique and quality services in order to
meet their expectation and requirements as well. In relation to this, innovation and
entrepreneurship both are related aspects that used in the business with the aim of generating
larger profitability form its competitors (Leonidou and et. Al., 2018). A person who come up
in market with new and innovative ideas is known by entrepreneur who take risk with the aim
of converting into financial gain. This is the reason that both innovation and entrepreneurship
are crucial for company in accomplishing competitive image in market place. Current report
is based on Off the grid restraint, is a theme-based restaurant that operate their busines in UK
with the aim generating larger profitability level. This restaurant going to introduce
innovation by making traditional theme within their restaurants that help them in inviting
more and more consumers over there. One of the main focus of this organization is to serve
best quality of services to its customers so that they can easily improve their performance and
established its competitive image at market place. This report focusses on developing new
business idea development that support them in attaining huge opportunities in market place.
In addition of this, market analysis, industry analysis and entire detail of operations is also
mentioned in this project. At last SWOT analysis is also discussed that help business
organization in improving their brand image.
TASK 1:
Business idea development
Now a days, every business organization wants to come up with new and innovative
ideas within the market place because it helps them in increasing positive brand image. This
is the reason that business can introduce new changes within their activities that support in
capturing customers attention towards its services (Yunis, Tarhini and Kassar, 2018).
Development of new business ideas provide huge opportunities through which company can
expand their business and at the same time also increase the possibilities of accomplishing
competitive edge from its rivals. In this context, Off the grid is a new and theme-based
restaurant run their activities in UK with the aim of increasing their profitability level.
Company also expand their business in which they come up with traditional theme within