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Introduction to entrepreneurship: Assignment

   

Added on  2021-04-21

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Running head: INTRODUCTION TO ENTREPRENEURSHIPIntroduction to EntrepreneurshipName of the Student:Name of the University:Author’s Note:
Introduction to entrepreneurship: Assignment_1

INTRODUCTION TO ENTREPRENEURSHIP 1Table of ContentsIntroduction......................................................................................................................................2Founders and Vision........................................................................................................................2Market Analysis...............................................................................................................................3Target Customers.............................................................................................................................3Segmentation...............................................................................................................................4Targeting......................................................................................................................................4Positioning...................................................................................................................................4Market Opportunities...................................................................................................................5Industry Analysis.............................................................................................................................6Competitor Analysis....................................................................................................................6Business Model............................................................................................................................6Profitability of the Business.............................................................................................................7Recommendations............................................................................................................................7Reference List..................................................................................................................................9
Introduction to entrepreneurship: Assignment_2

INTRODUCTION TO ENTREPRENEURSHIP 2IntroductionEntrepreneurship can be defined as the activity of taking up a creative idea, developingand designing a business around the idea, managing the business activities as well as acceptingthe risk associated with the success of the business (Burns, 2016). This start up guide will focuson developing a restaurant business in Lahore, Pakistan. It is a widely accepted fact that foodbusiness can be identified as that kind of business which can yield substantial revenueirrespective of the economic condition. It has been observed that in Lahore there is a lack of fastfood restaurants where people can find quality food at an affordable price. As a result opening arestaurant in this area has been considered to be a profitable business. This guide will provide adetailed overview of the business along with the key insights of the industry.Founders and VisionMr. Abbas Ali, Mr. Adeeb Hasan and Mr. Zunaid Ali are working together formaterializing the idea of opening the fast food restaurant business. However, this specific ideawas the brain child of Mr. Abbas Ali who proposed the idea and elaborated the benefits andprospects of this business before Mr. Adeeb Hasan and Mr. Zunaid Ali and they also agreed toinvest in this business.The trio agreed on naming the restaurant as “AA & Z’s Restaurant”. They have planned to startthe business with the vision of selling delicious and high quality food as per the customer’s needand also providing the customers with commendable service through the demonstration ofefficiency, warmth and graciousness.
Introduction to entrepreneurship: Assignment_3

INTRODUCTION TO ENTREPRENEURSHIP 3Market AnalysisIn this section the relevant information regarding the marketplace that can affect thebusiness activities of AA & Z’s Restaurant will be collected and analysed. As opined byHenrekson and Sanandaji, (2014), it is quintessential to perform an appropriate market analysisbefore starting a business because this helps the business to get an insight of the marketplacewhere it is planning to operate. In this context it can be stated that the entrepreneurs shouldanalyse the recent market trends, demographic features of the location so as to design theirproducts in accordance with the choice and preference of the target customers (Lee et al., 2016).Target CustomersIn order to identify the most suitable target customer group the business organisationsmainly use the STP tool. AA & Z’s Restaurant will use the STP or segmentation, targeting andpositioning technique for identifying the customers who are needed to be targeted and therebydesigning the strategies through which it will be able to cater the needs of the customers (Storey,2016). STP is a sequential process such as the organisations should first focus on dividing theentire customer base into a few suitable segments this segmentation can be done on the basis ofdemographic features, geographical features or cultural differences. Then in the targeting activitythe most suitable customer segment is selected for targeting through specific marketing strategiesand techniques (Spence et al., 2018). In the positioning the strategy the organisation determineswhere to position its business on basis of the nature of the targeted customer base. The STPanalysis of AA & Z’s Restaurant can be stated as follows,
Introduction to entrepreneurship: Assignment_4

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