Introduction to New Business Idea
Added on 2021-02-19
12 Pages3193 Words27 Views
Leadership ManagementNutrition and Wellness
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Managing a newenterprise
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK...............................................................................................................................................3Introduction to new business idea...............................................................................................3Feasibility of new business ........................................................................................................3Moral and Ethical Dimensions ...................................................................................................5Legal Dimensions .......................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
INTRODUCTION Innovation can be defined as an latest idea, new imaginations, and creative thoughts thatin form of a method, process or device (UK Licensing laws. 2019). It is utilised as an applicationfor better solutions in order to meet new needs and requirements. For starting a business, it isvery important for an entrepreneur to use latest technique and proper usage of innovation inorder to successfully execute all the activities of business. In this report, a new restaurant is aboutto open which focuses on healthy food named, “Health is Wealth.” This report covers feasibilityand viability like market, technical, business model, economic, financial and managementviability. It also covers moral, ethical, and legal dimensions that can affect this new business. TASKIntroduction to new business ideaA new restaurant named “Health is Wealth” is opening which focuses upon healthy foodthat is oil free. Due to increase in number of diseases like food poison that can take place byconsuming unhealthy food, people are avoiding outside food. For this purpose, this restaurant isopening up which targets health conscious people.Feasibility of new business Feasibility of a business can be defined as a process that can be controlled in order toidentify opportunities and problems, describe certain situations, determine various objectives,define successful outcomes, and assess range of specific costs and benefits that is associated withalternatives for solving problems (Andriate and Fink, 2017). While launching a new business,feasibility is used to support the process of decision making which is based upon cost benefitanalysis of project viability. Basically it includes certain limitations and recommendations that isused for assisting decision-makers to make decisions. Dimensions of Business Viability While introducing a new business enterprise, it is important for an entrepreneur to keep inmind various dimensions of business viability. In order to understand a purpose of understandingfeasibility of a new business, an entrepreneur needs to study some dimensions of businessfeasibility which can be defined as follows-Market Viability: It includes all factors that determine the feasibility of a business in a targetedmarket place. While opening a restaurant, it is necessary for an entrepreneur to check the
viability of market which includes target market, target audience, perform market research,analysing competitors and industry properly. Entrepreneur needs to examine prevailingconditions of market properly like to look out whether it is beneficial to introduce a restaurant ornot. Entrepreneur also need to examine if customers existing in market are interested in suchrestaurant or not (Archibald and Archibald, 2016). For this purpose, a proper market research isneeded to be done in order find out customer's tastes and preferences. Businessman needed toanalyse target customers and competition prevailing in market. The targeted audience for opening this restaurant is health conscious customers whoavoid unhealthy and and fast food. A proper market research is needed to be done and marketshould be segmented properly. Moreover, this restaurant needed to be open up at a place wherethere are maximum number of health conscious customers. A good promotion strategy is alsoneeded to be done while doing a start-up which can be both online and offline.Technical Viability: After going through market viability, it is very essential for entrepreneurs tolook out for technical viability. It includes what new technique a business is using in order tokeep its business different from others. It can be a innovation or technique that can make thatbusiness unique from its competitors.Health is wealth restaurant is focusing upon health conscious customers and for this it islaunching latest technologies in order to prevent its clients from any kind of unhealthy processes.For this purpose, it will use Non-Thermal processing in order execute the process of makingfood. This processing takes place at low temperatures more than those taking place in thermalprocessing. It prevents customers from negative impact of heat in taste and nutrition. Business Model Viability: This model is needed to evaluate if business is capable of workingsuccessfully or not. This includes uniqueness, upstart funds, targeted audience, competitionprevailing, economic mood, timing, or marketing. The success of a new enterprise is dependentupon these factors and forces. So, it is very important for an enterprise to carry on its activitieskeeping in mind all such factors (Chorafas, 2016).While opening this restaurant, an entrepreneur should keep an eye on all its activities thatis needed to take place. Uniqueness in product and services of restaurant should be kept in mindwhile formulating all marketing and production activities. In this restaurant, the unique feature isthat it is focusing on healthy food by using Non-thermal processing.
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