Venture Development: Restaurant Business Opportunity

The assignment details provide an in-depth look at the venture development of a restaurant business opportunity. It covers the identified opportunity, reasons for investing in the business, ways to make money, and personnel planning. The analysis is based on various sources including academic papers and books.

Venture Development
University Name
Student Name
Authors’ Note

Opportunity Identified
- Changing demographics and altering lifestyles are
necessarily driving the surge in businesses in food service.
- Busy consumers also do not have adequate time or
tendency to cook. Numerous singles, working couples and
elderly population demand convenience when it comes to
purchasing meals (Keating et al., 2014). Therefore, the
identified opportunity of restaurant business can be
considered to be a lucrative business option.

Reason of Investing in Restaurant Business
- Restaurants essentially offer
basic requirements as eating is
at the highest priority in the
hierarchy of needs
- People prefer convenience and
do not prefer to cook at home.

Reason of Investing in Restaurant Business
- Restaurant business
are probable to
experience bankruptcy
as this is decentralised
business (Keating et
al., 2014)
- This is huge industry
and aids other
industries to survive

Ways of Making Money
• Understanding the operational
costs appropriately specifically of
food products as well as alcohol
• Lessening costs of ingredients of
different expensive items or
enhancing (Song et al., 2015)
• By ascertaining role in the
organization and hire fittingly
• Having a good house front for
first impression is very important

Ways of Making Money
• Understanding target customers
and catering the restaurant
business accordingly
• Creating and executing a
marketing plan for the restaurant
business
• Developing a digital presence of
the business by introducing a
new website along with social
media pages (Song et al., 2015)

Ways of Making Money
• Delivering a take out menu of the
restaurant business
• Training members of the staff of the
corporation and making certain that the
workers are aware of products/services
of the restaurant.
• Offering specials along with coupons
(Keating et al., 2014)
• Considering satisfaction of customers as
the top most priority of the corporation.

Time when business can help in making
money
• Sales revenue can be expected to grow at a conservative rate of
5% yearly over the period of next three years.
• Growth can be adjusted as per figure of inflation and with
inclusion of revenues for catering, firm’s revenue are expected to
rise by approximately 13% in second year and 6.02% in third year.

Way restaurant business can fit into team
• Personnel Planning
- The team of management need to
have a restaurant career and
experience in fast food service
operations (Hallen et al., 2014).
- In this case, the team members
already have earned a degree and
operated for regional chain of
restaurants along with
independent fine dining restaurant.

Personnel Planning
• Important people of the team that can fit in

Way restaurant business can fit into team
• Management can maintain transparent
business environment in order to make
work teams productive, creative and
accountable (Abor, 2017).
• Maintain open communication with
the team members to create an
environment in which team managers
can provide honest as well as
constructive feedback
• Team members possessing prior
experience in food and catering
industry can fit into the business best

References
Abor, J. Y. (2017). New Venture Development and Sources of Financing.
In Entrepreneurial Finance for MSMEs (pp. 21-50). Palgrave Macmillan,
Cham.
Hallen, B. L., Bingham, C. B., & Cohen, S. (2014, January). Do accelerators
accelerate? A study of venture accelerators as a path to success?.
In Academy of management proceedings (Vol. 2014, No. 1, p. 12955).
Academy of Management.
Keating, A., Geiger, S., & McLoughlin, D. (2014). Riding the practice waves:
Social resourcing practices during new venture
development. Entrepreneurship Theory and Practice, 38(5), 1207-1235.
Song, H. G., Son, M. H., & Choi, Y. (2015). Environmental factors on the
entrepreneurship of successful restaurant establishment. International
Journal of Tourism Sciences, 15(3-4), 96-109.