Identifying Entrepreneurial Opportunities

This presentation discusses the identification and evaluation of different sources of entrepreneurial ideas and innovation. It also explores the market research, strengths, weaknesses, and strategies for a new restaurant startup.

Unit 27 – Identifying Entrepreneurial
Opportunities

INTRODUCTION
 The new start up firm for this report is “Chow restaurant” in UK.
 The new start up firm for this report is “Chow restaurant” in UK and
restaurant idea is unique as it will provide moon light rooftop facility
and this idea is generated by your personal experience
 The report determine and evaluate different sources of an
entrepreneurial ideas and innovation.

Background information about the sources
which inspired to set- up new business
 The idea for start up a new restaurant is such
that the restaurant is moonlight rooftop,
bringing people together, pop culture and
others which helps to develop good
relationship with others.
 To set-up a new business, the seven sources
of innovative opportunities help to motivate
me personally in wishing to set up a business.

Introduction of a business
Chow restaurant is a new restaurant which is introduced by
identifying the needs of the customers.
The restaurant is quite different from other it has a moonlight
concept in which the customers are seated on roof- top and enjoy
draft coffee.
The restaurant also has a separate places for couples and
common area for old age group peoples.
The main concept of Chow Restaurant is to start creating
interaction of different caste people and creates a family
environment.

Market researches to support the viability of a
business
 It has been realised through secondary data, that the companies
who working in this industry are easily generated their income.
 Thus, it is considered one of the most profitable industry.
 Moreover, the research also shows that the demand of the
customers toward food is increasing and as they easily switch
their mood towards another, this shows that peoples are interested
to check out new places and enjoy the foods.

Company's strength and weakness
Strength:
The Chow Restaurant offer new Peruvian Marries Asian and Latin
flavour dishes which is a unique concept of the firm.
It also uses cost leadership pricing strategy such that offer good
quality of products with low and reasonable rates.
As the firm is new established then it also uses new promotional
method which includes “ buy two meal, get one free before 5 P.M.”

Strategies in order to overcome the risk and
potential opportunities
 Proper sanitation
 Use of advance technology
 Provide proper training

CONCLUSION
 By summing up above, it has been concluded that the idea of setting
up new Chow Restaurant helps to maximizes the profit.
 As it require low investment which helps to reach at further level of
success. It also concluded different strategies to overcome the risk.
 Beside this, report also concluded the competition in a market by
using competitor analysis and further by using gap analysis, present
study concluded the gap between current state and desired state.

REFERENCES
• Babin, B. J. and Zikmund, W. G., 2015. Exploring marketing
research. Cengage Learning.
• Bloemer, W., Day, S. and Swan, K., 2017. Gap Analysis: An
Innovative Look at Gateway Courses and Student
Retention. Online Learning.21(3). pp.5-14.
• Fill, C. and Turnbull, S. L., 2016. Marketing communications:
brands, experiences and participation. Pearson.