Innovative Business Idea: Food Truck Start-Up

This document discusses an innovative business idea for a food truck start-up called Meals on the Way. It explores the market attractiveness, target segment benefits, industry attractiveness, sustainable advantage, mission, aspirations, propensity for risk, ability to execute critical success factors, and connectedness across the value chain. The document also highlights the importance of safety, hygiene, and convenience in attracting customers and ensuring long-term sustainability. The food truck will operate in 6 major regions of London, United Kingdom, offering a variety of food items while prioritizing hygiene, safety, and social distancing measures.

Report for Innovative Business
Idea Business Start-Up

Table of Contents
INTRODUCTION...........................................................................................................................1
Description of your business start-up..............................................................................................1
Application of the domains to the business start-up........................................................................1
1) Market attractiveness and micro level................................................................................1
2) Target segment benefits and attractiveness; Industry domain that addresses macro level 2
3) Industry attractiveness and micro level..............................................................................2
4) Sustainable advantage........................................................................................................2
5) Mission, aspirations, propensity for risk............................................................................2
6) Ability to execute on Critical Success Factors and............................................................2
7) Connectedness up, down and across value chain...............................................................3
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Entrepreneurship can be deciphered as the concept involving creation of value for the people
through the setup of a new business within the market place. An entrepreneur is the person who
is actually engaged in unfolding every activity essential for effectively establishing and
managing a business in the long run. Now, the entrepreneurial idea that has been proposed by the
entrepreneur to be setup in nearby course of time is a food truck business.
Description of your business start-up
The food truck business start-up will run in market place under the name of “Meals on the Way”.
This entrepreneurial idea has been proposed looking upon the concerns of people in the wake of
corona virus outspread across the globe. People are terrified by the transmission rate of this virus
and thus they devoid themselves from going out of their houses, until and unless it is very
essential. The food truck business will tap those individuals who are fond of fast food but are
cautious of stepping out of their houses right now due to the trap of novel corona virus. The food
truck will be running in 6 major regions of London, United Kingdom. The offerings of this
business will include tacos, sandwich, roll, tart, brownie, fritter, burschetta, pasta, burritos,
pancake and so on. This is aimed at providing people with their favourite items nearby their
homes, so that they do not have to go far for eating something. Hygiene, safety and security will
be the prime concerns of this business start up. The staff will be wearing gloves as well as masks
at every point of time to avoid any kind of risk related to hygiene or safety of customers. Further,
the customers will not be allowed to gather in the form of crowd. There would be proper distance
between two customers, that too, within lines, to ensure safety and social distancing. This will
make sure least contact between two customers or customer and staff of food truck.
Application of the domains to the business start-up
1) Market attractiveness and micro level
The market segments which will be targeted by the business consist of the hygiene conscious,
foodie and the youngsters. These can be easily attracted to the offerings of Meals on the Way.
Further, they will be impressed by the sanitisation and hygiene measures undertaken by the
venture. Thus, they will be engaged in repeat purchases.
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2) Target segment benefits and attractiveness; Industry domain that addresses macro level
The customer segmentation will be done on the basis of behavioural segmentation whereby the
aspect leveraged to segment the market would be likelihood of people towards consumption of
fast food items. These segments would be targeted by Meals on the Way to augment its revenues
and ensure its long term sustainability in marketplace.
3) Industry attractiveness and micro level
The food and beverage industry is very attractive. This can be said owing to the following
observations: High threat of new entrants, High competitive rivalry and High extent of
substitutes. Further, the bargaining power of buyers as well as suppliers within this industry is
moderate.
4) Sustainable advantage
The sustainable advantage for Meals on the Way would be the safety and hygiene measures
taken by the business to ensure least human contact and no food transmissions amidst corona
virus outspread within the United Kingdom. This will assist the venture to gain the attention of
large number of people and persuade them to experience the food offerings of the food truck.
5) Mission, aspirations, propensity for risk
The mission statement of Meals on the Way is “To provide an array of food alternatives to
people and keeping customers at its heart.”
Aspirations: The aspirations of the proposed food truck business idea are to appeal to more and
more number of residents and provide them with high quality food alternatives, so as to enhance
the scale and size of operations in a rapid course of time.
Propensity for risk: The entrepreneur of Meals on the Way is confident in their ability and thus is
willing to take every risk to make the business successful.
6) Ability to execute on Critical Success Factors and
The Critical Success Factors for Meals on the Way are acknowledged to be Networking,
Marketing and Customer service. The respective business start up has the potential as well as the
resources to execute upon all the three critical success factors to derive success for the business
in the long term.
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7) Connectedness up, down and across value chain.
Meals on the Way will keep networking with a number of suppliers to make sure that the raw
materials and equipments can be acquired at reasonable prices, without compromising with the
quality at any point of time. This will help the business in switching the suppliers in case a
specific supplier charges high for the supplies done by them.
CONCLUSION
It has been inferred that entrepreneurship is a process involving many risks but an
entrepreneur surpasses all of them in order to attain benefits for the start up. The idea of
establishing a food truck business seems viable in the current situation of pandemic as people are
afraid of coming into human contact if not necessary, let alone stepping out of their houses. This
start up will be able to attract people towards it as it ensures safety, hygiene and security at all
times. Proper sanitisation of the surfaces of food truck will be done at regular intervals alongside
carrying of gloves and masks by staff.
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REFERENCES
Books and Journals
Ahsan, M., & Fernhaber, S. A. (2019). Multinational enterprises: Leveraging a corporate
international entrepreneurship lens for new insights into subsidiary initiatives. Journal of
International Management, 25(1), 51-65.
Armanios, D. E., Eesley, C. E., Li, J., & Eisenhardt, K. M. (2017). How entrepreneurs leverage
institutional intermediaries in emerging economies to acquire public resources. Strategic
Management Journal, 38(7), 1373-1390.
Morris, M. H., Santos, S. C., & Neumeyer, X. (2020). Entrepreneurship as a solution to poverty
in developed economies. Business Horizons.
Pearce, J., Grafman, L., Colledge, T., & Legg, R. (2019). Leveraging information technology,
social entrepreneurship, and global collaboration for just sustainable development.
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