Entrepreneurship and Business Concept Analysis for Prime Restaurant

Running head: ENTREPRENEURSHIP
Entrepreneurship
Student’s name:
Name of the university:
Author’s note

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Table of Contents
1. Individual Case Study..................................................................................................................2
1a. Conducting desktop research on an ‘entrepreneur’...............................................................2
1b. Introducing Timmon’s FORT model.....................................................................................3
1c. Applying FORT model to the chosen entrepreneur...............................................................4
1d. Concluding successful launching and growing the new venture...........................................6
2. Individual/Group Business Concept Analysis.............................................................................7
Product description......................................................................................................................7
Business Canvas..........................................................................................................................8
Market Research........................................................................................................................10
Basic Financial Projection.........................................................................................................11
Evaluation of the feasibility of the business concept.................................................................15
Reference List................................................................................................................................18
Appendices....................................................................................................................................20

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1. Individual Case Study
1a. Conducting desktop research on an ‘entrepreneur’
Ma Yun; professionally known as Jack Ma is one of the successful entrepreneurs of
recent time. Jack Ma is a Chinese entrepreneur and he is the co-founder of Alibaba Group. In
trade, Ma has worth estimated of $42 billion and it includes almost 7.8% of the stake of Alibaba
(Kim et al. 2017). Alibaba Group is famous e-commerce group in China. Jack Ma grew up in
communist China and Ma was rejected from many job interviews and Alibaba was his third
internet business attempt.
Jack Ma was born in 1964 in Hangzhou and it is in the South-eastern part of China. Jack
Ma has a younger sister and an elder brother. His family did not have much money. Ma lived in a
place which is the hometown of tourists and Ma learnt English from there. Ma failed in the
university-entrance exam twice, he finally passed the exam on the third try. He went to attend
Hangzhou Teachers Institute and he graduated in the year 1988. After getting maximum
rejections; he was hired as an English teacher. First Ma Started a translation business and he tried
to assist a Chinese firm to recover the payment. His first two attempts failed and he assembled 17
of his friends in the apartment to start an online marketplace. This ‘Alibaba' site allowed the
exporters to post about product listing. In the year 1999, his online platform gathered the funding
of $25 million and Yahoo also invested $1 billion in Alibaba venture (Tan et al. 2017). Revenue
of Alibaba Group at present reached Yen 250 billion and Alibaba Group provides the services
and products like an online auction, mobile commerce, e-commerce, online money transfer and
online shopping.
[Refer to Appendix 1 and 2]

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1b. Introducing Timmon’s FORT model
Timmons Model of entrepreneurship has three critical factors for a successful venture and
these three factors are teams, opportunities and resources. The successful entrepreneur needs to
balance three factors in order to make the successful entrepreneurship. As stated by Timmons
and Spinelli (1994), the entrepreneur finds for the opportunity and after finding the opportunity;
the entrepreneur shapes the opportunity into the high-potential venture through drawing up the
team by gathering the required resource. In order to start the business; the entrepreneur
capitalizes the opportunity putting the risk of his/her career, net worth and cash flow.
Opportunity factor is the entrepreneur's idea about recognising the underlying marketing
demand which determines the potential idea of the business. The idea can become viable when
the entrepreneur anchors the services or the products which can create or add value to the
consumers. The business plan and the financial projection come secondary as the identification
of viable opportunity is most important. Opportunity in the market can make the business plan
full-proof (Morris and Kuratko 2014).
After identifying the opportunity in the market; the entrepreneur starts the business by
selecting the team. The nature and size of the opportunity in the market shape the team. A good
team is indispensable with the success and good team can unlock the higher potential of the
business. Roles of the team are to remove the ambiguity and opportunity by applying the
creativity and to provide the leadership to control the available resources in an effective manner.
Extensive resources can reduce the risk to start a venture and it encourages bootstrapping
(Fernhaber et al. 2014). The advantages of bootstrapping are associated with instilling the
creative resources and driving down the marketing cost and encouraging the creative resources.

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Figure 1: Timmons Fort Model of entrepreneurship
(Source: Timmons and Spinelli 1994)
1c. Applying FORT model to the chosen entrepreneur
The opportunity factor
In the year the 1990s; Jack came to know about the internet and he began to observe the
internet as a new trend in technology. In the year 1995, Jack Ma visited the US for the first time
and that time Ma already had begun the translation company to use China's export boom. Jack
Ma has introduced the word ‘internet' and he first searched for the word ‘beer'. Jack Ma was
astonished to find that there was no such Chinese beer name came into the search result. Ma did

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not find anything related to China on the internet. Jack Ma decided to open ‘Chinapage' which
was the directory of various Chinese companies looking for the customers abroad. Chinapage
was one of the first internet-based organisations in China. The success of China page led to Jack
appoint as head of firm China Electronic Commerce Centre (Kim et al. 2017). Chinapage
organisation did not work and after four years; Ma knew that internet business has the maximum
opportunity. Jack founded Alibaba with the help of some of his friends and the intention was to
make a website to be more likely a one-stop solution for the business-to-business transaction. In
addition, Jack Ma had intuition that the internet has enough potential to reach a large number of
customers. Jack Ma believed that internet has the opportunity and he was able to face the issues
which came to his way. Jack was able to find the gap in the Chinese market at that time Chinse
market lacked the internet based business. Alibaba.com fulfilled the demand in the Chinese
market and he also started ‘Taobao' (Thewisdompost.com 2018). This particular website started
trending over the internet and it became top e-commerce in China.
Team Factor
After identifying the opportunity through internet business; Jack Ma tried to launch the
business. In order to build the team; Jack started the team with only 17 people. Jack had
experience in working with the government and he failed in making the partnership with
government. Jack Ma developed the distaste for governmental bureaucracy and he did not run
the organisation like a bureaucrat. Jack Ma hired the people who loved their job and who had the
passion for doing their work skilfully. Jack Ma always tried to rectify the mistakes and he
concentrated on making his existing team stronger. Jack Ma and his team took the business
decision and one of the significant factors of the team was that Jack Ma always tried to choose
the women on the team. Jack Ma and his team began to be identified in the overseas. The