Innovation and Entrepreneurship: Business Idea Development and Business Plan

Innovation and
entrepreneurship
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CONTENTS
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Business idea development..........................................................................................................3
TASK 2............................................................................................................................................4
Business plan...............................................................................................................................4
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9
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INTRODUCTION
Entrepreneurship is defined as the process used by an individual entrepreneur in order to set up
business with some innovative idea or bring a improvement over the existing product or services
in order to cater the need of people and expectation rise in market along with macro
environmental challenges (Edwards-Schachter and et. al., 2015). The current report is based on a
new restaurant named as Craving feed which is based on a theme of tree house that help in
attracting larger number of tourist as well as local people to avail services. This report explains
about business idea in term of new innovation and business plan.
TASK 1
Business idea development
The entrepreneurship and innovation conceits are quite interlinked, as entrepreneurs are known
for their capability brings something unique in market to cater the need of particular segment and
at the same deal with the competition in more effective manner to outshine. As the hospitality
industry is growing at a rapid pace it is generating more and more business opportunities for the
people who come up with new ideas that have the capability to provide maximum satisfaction to
the customers and contribute toward the economy of country. London is one of the most
attractive city of UK which brings up number of tourism each year that are also support in
enhancing the sales of restaurant businesses too (Eesley and Miller, 2017). But this is only
possible when a restrict would have some unique features that have the capability to attract
people toward it through word of mouth publicity. The competition is restaurant sector is
reactively higher in London as larger number of restaurant are already established with some
unique service or culture they are offering.
So, to avail the opportunity of growth in restaurant sector while dealing with the
competition in market. It has been decided by entrepreneur to establish a tree house themed
restaurant names as “Craving feed” which is totally unique concept for the London street which
will become a place in the list of tourist and also remain point of attraction for local people. The
idea behind this theme restaurant is to establish a restaurant that is designed in a shape of
treehouse, which are basically some cabins that look alike it is constricted over tree. Other than
this the utensils and furniture used within the restaurant will also be of wood and each cabin
contains certain vines and small plant of flowers which instantly refresh the mind of people and
provide them with positive vibes. This theme will support in attracting more and more people to
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