Innovation and Entrepreneurship: Business Plan for a Themed Restaurant

This report discusses the business plan for a themed restaurant called Play and Work, which provides a play area, working space, and organic food for working women and their kids. It covers market analysis, industry analysis, operational details, financial requirements, and SWOT analysis.

Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
Business idea development..............................................................................................................1
Business plan...................................................................................................................................2
Market analysis.......................................................................................................................2
Industry analysis.....................................................................................................................3
Operational detail...................................................................................................................4
SWOT analysis.......................................................................................................................4
Financial Requirements..........................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Innovation can be understood as the process of generating new ideas as well as executing it
for the welfare of the society, people, nature and personal purpose. whereas entrepreneurship
refers to the determine the opportunity in innovation along with generates new product and
services, add value addition to the maintain the value for the future success and improvement
(Daskalaki and Hyams-Ssekasi, 2022). To define the business concept of innovation and
entrepreneurship the selected idea is themed restaurant for the kids and working women by
providing playing area, working space and organic food to them. The name of the restaurant is
Play and Work which help the working women to balance their work life schedule in UK.
The report covers the effectual and strategic entrepreneurship practices and behaviours.
Further, it highlights the requirements for small business start-up along with development in the
context of relevant theories and operational models.
MAINBODY
Business idea development
In the project the selected business idea is traducing themed restaurant in order to reduce
the problems of the working women and taking care of their kids while they are stepping out
from their house for some work. The name of the business is Play and Work which is the new
business concept that Allow people to maintain their busy life schedule and spend quality time
with their kids. In this they provide gaming and play zone to kids along with working space for
their parents specially their mother so they work efficiently (Dinckol, 2022) (Farinha, Ferreira
and Nunes, 2018). In this they also provide all type of food which are made with organic item,
finest raw material which also improve the eating habits of people. In recent times it has been
seen that most of the women are working and faced various issues in taking care of their small
kids while working and stepping out from the home for personal and professional reason. This
restaurant helps them to reduce their issues as they hire employees who take care of their kids,
feed them along with teach them so they develop their skills for completing their education in
effective manner. They also provide the special place to women where they perform their office
working addition to the dinning space where they eat food and spend some time with their kids
in order to meet their social needs. In this restaurant, the entrepreneur also starts live sessions in
which they provide consultancy services and advise to the mothers or parents as how they
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develop some good habits as well as learning capabilities in their child. Moreover, they provide
solution to them to reduce their personal problems and various issues which they faced during
the growing phase of their child (Ferraris, Santoro and Pellicelli, 2020). The innovative facility
of this restaurant that they provide organic food to them so they improve their health condition
which was decline from the unhealthy eating habits. The organic items include low fat fast food,
cookies, some special new flavoured coffee and many other food items which allow the people to
satisfied their hunger needs. In order to provide these innovative services to the people. By this
they make effective plan in order to utilise resources in effective manner along with successful
implement their business idea for achievement of their goals.
Business plan
The business plan for the Play and Work restaurant that are as follows-
Market analysis
It refers to the evaluation of the current market condition to identified the customer needs,
their demands, problems and taste to execute the idea into right market and target people to meet
the purpose of the business (Hytti, Blackburn and Laveren, 2018). The entrepreneur of the Play
and Work restaurant conduct deep research to about it in order to set their target segment for the
achievement of their goals. The objectives of the company are make the life of people simple and
better with their product and services along with increase their profitability and market share. For
this they use STP model which stands for Segmentation, Targeting and positioning that allow
them to get better understanding about the people which they want to be as customer of their
business.
Segmentation- It is the first stage of this model in which professional of company decide the
customers as per their gender, age, nature, behaviour, local and many more. For the Play and
Work restaurant, the target segment and customers are the people who has small kids and has
busy work life schedule. the people under the age group of 25 to 45 as well as specially working
women and mothers which has nuclear family. so they leave their kids at restaurant after
inspecting it to work freely and without any kind of stress related to their kids well being and
care. The people who try new thing and eat healthy items to meet their hunger and health needs
for improve their living standard (Masciarelli and Leonelli, 2020).
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Targeting- It is the step the entrepreneur decided the area, target segment in order to
provide their product and services. After deciding the target segment, they make plan to start
their business where customers can easily reach. The owner of Play and Work restaurant
introduce their new business at main area of UK by Hiring professionals in order to provide best
quality services to the people who are ready to spend their money on food items, their kids well
being and many more. The main focus of company to attract working mothers by generating trust
among them to increase their experience for gaining maximum profitability.
Positioning- It is the final stage in which the entrepreneur decided to spread knowledge
about their business, product and services to add value to customers in order to increase their
experience. The owner of Play and Work restaurant decided to use digital technology for online
booking and marketing. Like they make profile on social media platforms and give
advertisement on it to attract customers for enjoying their food, play and work space facility.
Industry analysis
In order to conduct the industry analysis, the entrepreneur of Play and Work restaurant use
Porters five forces model. It is the most effective business tools which help them to determine
the market condition, competition in the market in order to make effective business policy to
gain competitive advantage. The Porters five forces in context to Play and Work restaurant are
mentioned below-
Competitive rivalry- In the food and beverages industry the impact of this factor is high due to
the advance technology, innovation, large number of organisation and effective pricing policy.
So the entrepreneur of Play and Work restaurant works on making their product and services
different and provide it at reasonable price to customers in order to gain competitive advantage.
Bargaining power of customers- The impact of this factor in food and beverages industry is
high due to large number of product or services and organisation available in industry which
make the customer enable to switch easily from one organisation to another. For the Play and
Work restaurant, this factor has great impact as the management must provide their product at
high quality in order to attract large number of customers (Nambisan, Lyytinen. and Yoo, 2020).
.
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Bargaining power of suppliers- The impact of this factor on the food and beverages industry is
moderate due to low switching cost and large number of suppliers available in the country. The
owner of Play and Work restaurant must make strong contract with multiple number of suppliers
in order to get raw material and other play items at less cost to increase their profit.
Threat from new entrants- The impact of this factor is high in Food and Beverages industry for
new firms due to various big organisation which operate from many years at large scale. In order
to survive in this industry, the management of Play and Work restaurant must provide innovative
product and services with high quality to meet their desired goals.
Threat from the substitute- The impact of this factor is moderate in the food and beverages
industry because of different product and services along with different price of it. The
management of Play and Work restaurant must use advance technology like content marketing to
attract large number of customers and offer services at low price to increase their sales.
Operational detail
To start the new business, the entrepreneur of Play and Work restaurant must collect
information and resources like employees, machines, items, raw material, place, fund and many
more for systematic working. such as they decided to provide the play, care, work and food
services at the main area in UK so the targeted people reached their without any problems. They
make contract with suppliers and other to get all the necessary items like toys, play items, chairs,
items for decorations, and raw material to make food to meet the desired result of the customers.
After that they hire employees and other staff members who has knowledge about the children
nature, habits and food to provide high standard services to them (Ndou, Mele and Del Vecchio,
2019). They hire finance manager o make effective budget for day to day activities, marketers to
spread awareness about their product and services in target market and manager to manage
people, work, and customers.
SWOT analysis
SWOT analysis is the business tool which help the manager of Play and Work restaurant to
determine internal strengths and weaknesses along with external opportunities and threats to
meet their desired result. The SWOT analysis in context to Play and Work restaurant are as
follows-
Strengths Weaknesses
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 Innovative business idea
 Effective pricing policy
 Better marketing and supply chain
management strategy (Pathak, Sharma,
and Patnaik, 2022)
 Shortage of financial resources
 Lack of knowledge about market
condition and suppliers
 Less skilled and experienced staff
members
Opportunities
 Advance technology like digital
marketing, Automation software and
artificial intelligence
 Future growth and many investors are
ready to invest in new or innovative
ideas
Threats
 Effective price policy and innovation of
existing business
 Change in customer taste, government
rule and environment condition
Financial Requirements
It is the main factor and resource which is needed by the entrepreneur of Play and Work
restaurant to conduct their business operation addition to day to day working in efficient manner.
They make budget in order to determine the fund requirements which they generate from their
personal saving, by taking loan from bank and many other resources to execute their business
idea in target market. The Budget of the Play and Work restaurant are as follows-
Particulars Amount
Registration 500 £
Rent 2500 £
Salary 10000 £
Raw material and equipment 30000 £
Advertisement 20000 £
Other operational expenses 5000 £
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The total fund is required by the entrepreneur of Play and Work Restaurant is 70,000£ in order
to run their business operations in systematic manner (Taba, 2022).
CONCLUSION
As per above presented information, it has been concluded that Innovation leads to the
entrepreneurship like if a person thinks creatively in order to execute it they introduce new
business, product and services to bring innovation in the market. The entrepreneur needs to
conduct deep research about the market trends, competitions, availability of raw material, funds,
number of people and many other resources in order to gain maximum profit and customer base.
The business plan includes market analysis, industry analysis, operational details, financial
requirements and SWOT analysis for the achievement of goals.
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REFERENCES
Books and journal
Daskalaki, E. and Hyams-Ssekasi, D., 2022. Unravelling Entrepreneurship and Innovation
Within the Hospitality Industry: A Case Study of Selected Hotels in Cyprus. In Entrepreneurship
and Change (pp. 239-267). Palgrave Macmillan, Cham.
Dinckol, D., 2022. AI-Driven Entrepreneurship in Data Sensitive Markets: A Study of UK
Fintechs. In Academy of Management Proceedings (Vol. 2022, No. 1, p. 16356). Briarcliff
Manor, NY 10510: Academy of Management.
Farinha, L., Ferreira, J.J. and Nunes, S., 2018. Linking innovation and entrepreneurship to
economic growth. Competitiveness Review: An International Business Journal.
Ferraris, A., Santoro, G. and Pellicelli, A.C., 2020. “Openness” of public governments in smart
cities: removing the barriers for innovation and entrepreneurship. International Entrepreneurship
and Management Journal, 16(4), pp.1259-1280.
Hytti, U., Blackburn, R. and Laveren, E. eds., 2018. Entrepreneurship, innovation and
education: frontiers in European entrepreneurship research. Edward Elgar Publishing.
Masciarelli, F. and Leonelli, S., 2020. Sustainable Entrepreneurship: How Entrepreneurs Create
Value from Sustainable Opportunities.
Nambisan, S., Lyytinen, K. and Yoo, Y. eds., 2020. Handbook of digital innovation. Edward
Elgar Publishing.
Ndou, V., Mele, G. and Del Vecchio, P., 2019. Entrepreneurship education in tourism: An
investigation among European Universities. Journal of Hospitality, Leisure, Sport & Tourism
Education, 25, p.100175.
Pathak, D., Sharma, J.P. and Patnaik, S., 2022. Twenty Years of Entrepreneurship and
Innovation Research: A Bibliometric Analysis. Journal of Operations and Strategic
Planning, 5(1), pp.7-35.
Taba, J., 2022. Analysis of the critical review of social entrepreneurship and its relationship with
information technology. Journal of Commercial Biotechnology, 27(2), pp.200-220.
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