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Management Skills and Entrepreneurship - Report

   

Added on  2020-01-21

15 Pages4896 Words62 Views
Management Skillsand Entrepreneurship1
Management Skills and Entrepreneurship - Report_1
Executive SummaryStarting a new business is the most effective idea which require active attention of buyersand other related parties. The major idea behind operating a business is related to accessing costeffective sources of finance and its direct relevance with operation of the same. Present businessidea is based upon opening new restaurant with theme of waterfall concept. It will offer varietyof products and it will be considered as multi-cuisine restaurant. Furthermore, financialfeasibility has been assessed by preparing income statements. In the same manner, other tools toassess performance of company are also applied through which marketing situation can beknown. It would be effective to ensure successful operation of business with increased rate ofreturn. It can be suggested to business to ensure consistent innovation and creation in the existingproducts and services. This proves to be effective to create competitive edge in the marketplace.In addition to this company can focus upon retaining buyers by focusing upon strategies toreduce potential risk.2
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................4MAIN BODY...................................................................................................................................4Icy Eating Place concept..............................................................................................................4Assessment of industry, market and organization.......................................................................6Financial feasibility......................................................................................................................8Business Canvas Model...............................................................................................................9Managing potential risks............................................................................................................12REFERENCES..............................................................................................................................153
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INTRODUCTIONEntrepreneurship is the most important aspect under which people focuses upon startingtheir Icy Eating Place in order to cater need of different types of buyers. It assists company toapproach potential buyers and accordingly expand the business activities effectively. The presentbusiness report is based on opening new restaurant in London which will offer variety ofproducts and services to large number of buyers. This new concept business idea is related towaterfall restaurant which provides unique experience to consumers. However, the main focuson restaurant will be on ambiance and variety of food for cater need of visitors. In addition tothis, key components of concept statements covering product & services and target market andvalue as well as scale of newly proposed business. In addition to this, potential risk arrived n thebusiness will also be explained along with financial feasibility.MAIN BODYIcy Eating Place conceptThe concepts of Icy Eating Place consists of following aspects. These are explained asfollows-Products and services It can be stated that at present the competition among businesses operating in hospitalityindustry has become very intense. This means it is no longer for companies to gain highermarket share and attract customers easily. One needs to focus upon products, services and makethem effective in order to gain competitive advantage over other market players. In terms of newservices offered, it can be stated that the proposed business will be offering food and drinks tocustomers. Furthermore, intense market research will be carried out at regular intervals in orderto make modifications in products/services on the basis of changing customer needs. Here, theinnovation in product is that the restaurant will be entirely based on a theme selected which iswaterfall theme. Here, people will be allowed to sit in floating water and have their respectivemeals in the same. However, product will include variety dishes such as Chinese, English andIndian as well as Italian food. It would be effective for corporation to deliver good quality ofservices to large number of buyers. It enables new business to increase attention of localresidents and offer them good in relatively less prices. 4
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