Starting a Business and Fundamental of Marketing

Starting a Business
and Fundamental of
Marketing

Table of Contents
INTRODUCTION...........................................................................................................................3
An overview of your proposed business idea.........................................................................3
An evaluation of the external environment (PEST)...............................................................3
A discussion on competition and overview of competitive advantage..................................5
A suggestion for the proposed target market..........................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Starting a business requires entrepreneurs to take into account certain fundamentals of
marketing so that it can gain the attention of people in a rapid course of time. In this regard, it
can be said that ascertaining the viability of proposed business idea is important for
entrepreneurs (Charter, 2017). The present project is based upon 7 Spices which is an
entrepreneurial venture that is being launched with the concept of vegan dishes. This venture will
be launched within the confines of Mayfair area of London. The objective of the report is to gain
knowledge of the macro environmental factors which would place influence over the operations
of business venture. Further, it consists of competitive analysis and recommendations for target
market.
An overview of your proposed business idea
The venture that is going to be launched in the territory of London is a vegan restaurant.
This idea has been proposed looking upon the need for people of London to adopt a healthy
lifestyle. The research conducted upon London (United Kingdom) portrays that a large
proportion of audience pertaining to this region has been affected by diabetes or obesity. Thus,
the market gap presented the need for a healthy restaurant to come up with dishes that do not
place negative impact over the lifestyle of people. With this, the idea to create a venture with
vegan dishes came up to the entrepreneur. The venture would be started under the name of “7
Spices.” This venture will be launched within a time period of next 6 months and start carrying
out the business operations within the confines of food and beverage sector. The speciality of this
venture would be Zucchini Noodles with Cashew Ricotta and Pear Cinnamon Scones with
Sour Berry Jam.
An evaluation of the external environment (PEST)
It is imperative for an entrepreneur to take into account the business environment within
the confines of which a venture would be opened (Charfeddine, 2016). It is important as it helps
the business in identifying its probable opportunities as well as threats that would be encountered
by it during the course of its operations. In this regard, 7 Spices is a vegan restaurant that would
be providing the western style starters, main course and desserts with a touch of veganism in it.