Opportunity Innovation and Entrepreneurship

Opportunity Innovation
and Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Understanding of business opportunities.....................................................................................1
Assessment of viability of business opportunities.......................................................................3
Creative and innovative ways of making the most of the innovative opportunity......................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurial opportunities refer to using of situations created in the market for
advantage of the enterprise (An and et.al., 2018). It can be used by either by creating a new
product or service according to needs, demands of customers and the new trends emerging in the
market. Food and beverage sector has been selected for this case study. Red and Blue restaurant
is a small restaurant in United Kingdom which is a part of this sector. In this report, analysis will
be made on critical understanding of business opportunities, identification and assessment of its
viability and developing innovative and creative ways to make most of opportunities.
MAIN BODY
Understanding of business opportunities
Business opportunity refers to use of trends in market and identifying needs and demands
of customers to develop a product or service accordingly (Aparicio, Urbano and Audretsch,
2016). Business opportunities have a direct relation with innovation and entrepreneurship as it is
an activity which involves taking the risk to develop a new product or service according to a new
trend. The food and beverage market in U.K. Is witnessing high growth consistently and there
are a lot of new trends emerging in it. Thus its gives opportunities to firms in it to maximise their
profits.
Trends in food and beverage market-
Bright and Bold- Bright and Bold means customers are preferring originality of food
products. They aren't preferring artificial colours or elements in their food. Thus companies will
now have to focus on building the visual appeal of food products which will be crucial in the
future.
Bright and Blue Restaurant can use it as a business opportunity by bringing originality in
its food products and by not using artificial colours. This will enhance its image and more
customers will come to restaurant increasing its profits.
Puffed snacks- This means due to a busy lifestyle consumers are becoming more and
more interested in packaged snacks. Therefore, food companies and restaurants need to provide
food in high-quality packaging to the consumers so that they can eat on the go. This is a highly
profitable trend which can be a business opportunity as it can increase the sales of packaged food
products of the restaurant.
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