Entrepreneurship and Business Model Innovation

This assignment delves into the crucial connection between entrepreneurship and business model innovation. It requires students to analyze various case studies of successful entrepreneurial ventures, focusing on their innovative business models. The task involves evaluating these models' impact on performance and exploring strategies that entrepreneurs can employ to foster successful business model innovation.

RUNNING HEAD: Entrepreneurship
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Entrepreneurship

Entrepreneurship 2
Entrepreneurship refers to the ability and capabilities sort out and handle a business enterprise
along with any of its dangers keeping in mind the end goal to make a benefit. Entrepreneurship
essence is featured by the creation and risk-taking and it is an important portion of a country's
capability in order to make succeed in an ever-changing and increasingly competitive worldwide
marketplace.
This essay prepares a fast food restaurant business plan in South Africa by using the
Timmons business model framework Fresin Fries is locally owned fast food business that will be
set as a international establishment through the Timmons model creative way to deal with the
association's generosity and detail introduction. The projected initial investment of start-up this
business was $20,000,000. The restaurant will offer a blended mix of good sustenance at value
evaluating, with pleasure and environment. Due to increasing demand, wants and requirements
of foreign cuisine, business takes a decision to launch its fast food center on a small scale.
In the present competitive market, it is difficult to remember one fast food outlet from another.
South Africa is as of now transforming into the ideal city for Africa new money related impact.
The essential basic need is to set up one outlet in a swarmed center, in a perfect world in one of
noticeable shopping centers in South Africa. This arrangement is made with a specific end goal
to secure a place for the underlying dispatch of this arrangement. In connection to the money

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related viewpoints, the organization must be secured for the resulting outlets by expecting in
month 13 and ideal on time in year three.
The capital engagement from proprietors will permit Fresin Fries to viably open and increase
through year two. The basic venture of Fresin Fries to offer its buyers with an esteem driven,
delight feels through the advancement of its originators. This essay explains this fast food
business plan by using the Timmons model framework and creates the plan for the
implementation for the entrepreneur and team. According to Barringer, (2012), the main
objective of Fresin Fries fast food restaurant is to be successful among the best fast food outlets
in South Africa by beginning with one retail outlet set inside a noteworthy strip mall as a market
analyzer.
Fresin Fries will attempt to be a primary adjacent fast food check in the area business
focus. The organization needs their clients to have the total experience while setting off to the
outlets and online as they will locate this enthralling new standard culture. Restuarant will offer
from pre-bundled sauces and shirts, potato cutters, all with association official brand associated
with them.
The fundamental centralization of Fresin Fries fast food eatery will serve incredible nourishment
at a more noteworthy esteem. The Timmons model of Fresin Fries business inspects the
opportunities, groups, and the assets as the principle three troublesome variables which are
available to an entrepreneur of Fresin Fries and maintain that victory is based on the capability of
the entrepreneur to keep up the harmony between these three hard elements. According to Bridge
& O'Neill (2012), the business plan of Fresin Fries fast food gives the language and code for
conveying the nature of the three working powers in setting up their strategy for success in the
market.
Enterprise learning tries to decrease the danger of business disappointment while making
new open doors in the commercial center and the Timmons display impact the adjust of chances,
assets and business entrepreneurs in charge of performance. According to Caiazza et al. (2014),
Timmons framework and determines these three important factors which is consider imperative
in the success of Fresin Fries fast food business.

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A good plan is not essentially a favorable business opportunity and the underlying market
requirements that identify the capacity of the plan. A business plan Fresin Fries fast food
becomes effective only when it stays associated with items or administrations that manufacture
or increase the value of shoppers and stays creative, solid and in an auspicious way. Openings
are essential than the ability or capacities of lead business person and the workforce in light of
the fact that a correct open door decides and guarantee the long-term achievement of the business
(Chell, 2013).
The two fundamental keys to the group of the open door factor are staying away from the
hazard and vagueness of the open door by including innovativeness and offering administration
to deal with the accessible resources in the most practical way by associating with outer powers
and the capital market setting that keeps modification same. Fresin Fries can consider the
broaden the scope of fast food restaurant by opening up a restaurant network in the city first and
then look to expand in areas outside the city.
The entrepreneur can begin online services as well as so that company can reach out those
who are not able to reach the restaurant. According to Chen & Elston (2013), the entrepreneur
can also consider renovating the current restaurant or open another new restaurant to a more
elegant range where entrepreneur will take into account the necessities of an alternate customer
gathering. The second factor is the resource requirement which states that when an individual
intends to start another business, he ought to likewise assess different assets that will be
requested keeping in mind the end goal to make and maintain the business.
A startup is constantly obscure of its future, hence a business visionary attempts to keep the
hidden overhead cost as low as would be judicious and tries to advance efficiency. The resources
requirements in the business plan of Fresin Food fast food restaurant are financial resources,
human resources, physical resources and emotional resources.
According to Fillis & Rentschler (2010), the financial resource is an essential component in
starting a business which requires funding. The financial resources of Fresin fries can be
acquired from several sources such as loan and credit from financial institutions, friends, and
private investors. The physical resource includes a proper workplace, working environment and
proper information system and viable marketing channels of Fresin fries.

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The emotional resources include a support team that can provide motivation and direction
as required for the entrepreneur. The last factor of the Timmons framework is the management
team and entrepreneur which states that an entrepreneur is the main dynamic power that setup
together every one of the parts of the entrepreneurial procedure.
The fundamental business categories of sales and marketing, management, and
production also have the capability to meet the customer requirements in a well-efficient way.
The entrepreneur of Fresin fries must be skilled to assemble the best ability in the wake of
deciding the open door and social occasion required assets. A good team of Fresin Fries
restaurant can help the business to achieve success in the future. A good team can uncover a high
capacity with an opportunity and handle the stress related to the development of the business
(Hui-Chen et al, 2014).
The next part of the essay explains the business ideas and its implementation for the Fresin Fries
fast food restaurant. According to Klapper & Love (2011), to attract the customers to attempt
eatery fries, the restaurant will offer a decent kitchen, with the objective that people will look
how business concentrated on freshness in the things.
The fundamental business thoughts that can be executed for the Fresin fries fast food
eatery are aggressive limit which offers novel diving sauces mix adjacent taste and all around
into one blend recipe for the stamp sauce, excited and pleasant agents, supporting stock things
that help association's photo building, fries are made of 100 percent new potatoes, not in any way
like the solidified fries utilized by contenders and creative building will position association at an
equivalent stage with outside fast food franchises.
The next business idea that can be implemented for Fresin fries fast food restaurant is to
focus on its marketing techniques. The entrepreneur of Fresin fries makes a strategy which
depends on serving the market well. The company will begin its to begin with the outlet as a
market analyzer that could transform into a flawless of the intensifying number of outlets later
on.s
The principle focus is on keeping up great quality and building an effective personality in
the market. According to Lee et al. (2016), a blend of nearby media and local store promoting
projects will be utilized as a part of each range. Neighborhood store advancing is best, trailed by

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print promotion. By giving a fun and vivacious condition with splendid quality at an adequate
cost in a perfect outlet, the company attracts its customers towards their product. Thus, the
performance of the company concepts is the most difficult component of the business plan.
The entrepreneur will effectively establish company brand through the selling materials such as
stock, promoting tools and advertisement like those of other fast food establishments. Alternate
business thought of the estimating system of Fresin Fries is arranged as non-specific which infers
that S$4.00 is the common purchaser spending for a snack or light lunch in South Africa (Morris
et al., 2013). Using the volume of fries, Italian pop, and stamp style sauces to be sold, business is
serving the greater part of South Africans.
The thoughts for mark challenge also assume a vital part in the making another business
thought. Fresin Fries must set up an unmistakable brand to rise up out of the other Western-style
fast food members. The principle logo of Fresin fries is particular as fresh, new and vivacious
which is fun and simple to recall and eager and lighthearted with shading sections that are
engaging. Thing names are proposed for the target advertises with the thing, such as "Frenzy
Fresin" and "Uber Fresin".
The positioning business idea of Fresin Fries concentrates in promoting in order to
enhance consumer awareness of the encompassing condition. Fresin Fries will control the greater
part of the business strategies and plans towards the target of portraying our identity and what we
are about Fresin fries will value its items sensible, give top-quality nourishment, and assess the
idea with the goal that value of-mouth will be business key promoting segment. According to
Oosterbeek et al. (2010), the last business thought for Fresin Fries is the showcasing plans which
are vital for any new business.
Fresin Fries convey three differing promoting systems to assemble client consideration
regarding Fresin Fries. The most imperative basic system will be a verbal trade and in-store
progressing. This will be by a wide the slightest costly and best of Fresin fries advancing projects
on account of the high improvement in centered shopping ranges.
The second procedure will be neighborhood store progressing. These will be low-spending
musings that will give gather support and commonality with the business office. The last

Entrepreneurship 7
propelling effort will use nearby media. This will be the most costly, as this procedure will be
used sparingly as a supplement where essential.
According to Schaper et al. (2014), a good entrepreneur can lead to great success of the business
in the future with an effective team management. Every new start-up business entrepreneur has
an enormous amount to get the things done which are continuously outrunning the activities. In
other words, there are key factors which have to be present in an entrepreneur in setting-up a new
business plan.
According to Shepherd & Patzelt (2011), the factors which have to be required in the
entrepreneur of Fresin Fries are that he should have a long image planning for their business
idea. He should be able to concentrate on the important objective of their business plan while
remaining adaptable and altering their business plans on the way to achieving those objectives.
The second factor required in entrepreneurs is inquiring about and selling which states a good
entrepreneur should be continually offering the story of their vision as well as investigating how
it should evolve (Szirmai et al., 2011). The third requirement is the execution which demands
that the best entrepreneurs execute third dreams by setting up the correct measurements by which
to measure their business success then religiously monitoring them.
The entrepreneur must have the potential to clearly organize their plans, and the ideas in
order to achieve common objectives. They motivate communication between different stages and
levels. The successful entrepreneur leader has a clear vision. He should be able to understand
where he wants to go and how to reach that position.
On the other hand, a good team also helps the entrepreneur to achieve the success related to the
business growth. A good coordination between the entrepreneur and an effective teamwork help
the business to expand its activities in a more suitable manner. An effective team management
gives some specific skills and abilities which encourage team members to move in a right
direction.
A strong team is the basis of high-execution business and good team morals can be
organized largely accountable for the success and smooth running of the organization. The team
management of Fresin fries can communicate with each other, sharing their plans, ideas with

Entrepreneurship 8
members of their team for keeping the record of success and perform efficiently on tasks. The
main benefits of having a team for the business are that they contribute their share of the work
and completely understand their roles and duties in the business.
According to Teece (2010), financial planning is the task of identifying how a business will
afford to gain its strategic objectives and mission. The projected initial investment of this
business plan $20,000,000 and the estimated income statement of this business was calculated
below.
The real value of making a business strategy is not in having the finished product
rather than the values lies during the procedure of investigating and considering business
efficiently. Financially related measurements have been the standard for surveying a company's
execution (Zeng et al., 2011). The projected financial statement French Fries business plan in
South Africa:
Projected Profit and Loss statement of Fresin Fries
2016
Sales $15,950, 000

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Miscellaneous income $200,000
A. Total $16,500,000
B. Cost of Sales $10,497,500
C. Gross Profit (A-B) $5,652,500
D. Operating Expenses
Salary $2,500,000
Rent $500,000
Insurance $10,000
Depreciation $20,000
Marketing $300,000
Maintenance & Repairs $50,000
Other $100,000
Total $3,480,000
Operating profit $2,172,500
Less: Interest $200,000
Profit before tax $1,972,500
Less: Tax @ 30% $591,750
Net Profit AT $1,380,750
From the above essay, it has been concluded that entrepreneurship is the dynamic procedure of
making incremental wealth and improving things of values that have a bearing on the welfare of
an entrepreneur. This essay creates a new business plan for Fresin Fries fast food restaurant in
South Africa. The essay creates new business plans for Fresin Fries by using the Timmons
framework which considers opportunities, groups, and assets as the three hard elements
accessible to a business person. The essay also describes the various business ideas and its
implementation for Fresin Fries with the motive to set-up business successfully in the market. It
also explains the financial impact on the business plan of Fresin Fries which is an important
factor in starting a new business plan.

Entrepreneurship 10
References
Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures, (2012).
Bridge, S. & O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business.
Palgrave Macmillan.
Caiazza, R., Volpe, T. & Audretsch, D., 2014. Innovation in the agro-food chain: Policies,
actors, and activities. Journal of Enterprising Communities: People and Places in the Global
Economy, 8(3), pp.180-187.
Chell, E., 2013. Review of skill and the entrepreneurial process. International Journal of
Entrepreneurial Behavior & Research, 19(1), pp.6-31.
Chen, S.C. & Elston, J.A., 2013. Entrepreneurial motives and characteristics: An analysis of
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Fillis, I. & Rentschler, R., 2010. The role of creativity in entrepreneurship. Journal of
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Schaper, M.T., Volery, T., Weber, P.C. & Gibson, B., 2014. Entrepreneurship and small
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