Business Plan: Entrepreneurship & Business Development LSC UoS BA

This report outlines a business plan for a new traditional restaurant venture called "Traditional Dine" in London. It includes a feasibility study, highlighting the role of entrepreneurs in innovation and creativity. The plan incorporates STP analysis (Segmentation, Targeting, and Positioning) to define the target market. It utilizes Osterwalder’s Business Model Canvas and Porter’s Value Chain to structure the business and create value. The report also details business marketing strategies, emphasizing the use of social media and blogging. Furthermore, it addresses financial techniques and decision-making models for risk mitigation, aiming to provide a comprehensive roadmap for the restaurant's successful launch and operation. The business plan aims to provide traditional food and services to the people of the UK.

Business plan

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Conducting a feasibility study of new venture concept by using relevant conceptual
frameworks, critically and discussing the view that entrepreneurs are the engines of innovation
and creativity................................................................................................................................4
STP analysis.................................................................................................................................5
Drawing on Osterwalder’s business model canvass and Porter’s value chain for new venture. .6
The business marketing strategies which will help the entrepreneurs to achieve success-.........8
The financial techniques, financial tools as well as the decision-making models which will
help the restaurant in mitigation of risks-..................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Business planning is the process of creating a well-structured plan and ideology for
developing the business at successful level. The report will include the new venture concept
where the traditional restaurant business establishment has been selected named as Traditional
Dine which is located at London, United Kingdom. The report will illustrate the feasibility of the
new venture concept and a view on entrepreneurship (Domogalla-Urbansky, Anger, Ferling and
et.al., 2019). It will also include the competitive STP analysis and a business model to launch the
restaurant in successful manner. However, it also involves the business and marketing strategies
and financial techniques, planning tools and decision-making model to mitigate the risk for new
start-up business.
MAIN BODY
Conducting a feasibility study of new venture concept by using relevant conceptual frameworks,
critically and discussing the view that entrepreneurs are the engines of innovation and
creativity
The new venture is of traditional restaurant business which the owner of the business
thinks that it is the desire of the UK people which can fulfil their requirements accordingly. The
new start-up business of the restaurant is established at London street, United Kingdom from
where the restaurant business can be developed successfully. The main purpose of launching this
business is to provide the satisfaction and awareness of the cultural food and dine to today's
generation people who do not know much about the traditional food and the services. An
individual person can become entrepreneur by the creativity and innovation they made and bring
in the society from where the customer and organization both can be able to obtain the effective
results and outcome efficiently (Putra, Wahyudin and Hamdani, 2021).
Entrepreneurs are the people who take the responsibility to take the business to new level
of development by adding the innovation and creativity of them which provides the uniqueness
in their products and services. According to Richard Cantillon, the Rotherby has been proposed
where has been considered the economy as a filed of affected by entrepreneurship. An
entrepreneur acts as producers and exchangers both and greatly affects the supply chain of raw
material which has been collected to sale the services to customers in wider manner. From
beggars to restaurant owner the individual has the source of unfixed income where the efforts to
the entrepreneur help them to develop the business effectively.

STP analysis
STP is the competitive model which has been utilized by the business people to conduct a
good competitive advantage and can provide the effective result. STP refers as segmentation,
target market and positioning where it is essential for the business people to understand this
model in definite manner to obtain effective outcome (Vilardi, Bassano, Deiana and Verdone,
2020). The new start up of the traditional restaurant is required to grab the education of this
competitive model from where they can be able to grow and develop their business effectively
and also by filling the gaps in the market. Here, demonstrating the three of the factors of this
model in detailed manner which provides the better and relevant information.
Segmentation: Segmentation is the process of dividing or segmenting the particular group of
people from where the business can be able to understand the needs and requirements of the
people and can fulfil them in definite manner. However, the segmentation is based on the
consumer and business market where it categorized the consumer and market accordingly for
getting the better and appropriate results. The new start up of the traditional restaurant named as
Traditional Dine where this particular business has required to understand the concept of
segmentation on different basis from where the restaurant can be able to get the definite result
and outcome (Christensen and Munro, 2018). This segmentation can be done into mainly four
factors which includes geographical, demographical, psycho graphical and behavioural where
implementing this segment of the model will help the new start up to develop effectively and can
be able to focus on the customer needs and requirements effectively. The Traditional Dine is
going to use the segmentation on the basis of geographical and demographical where it will
allow them to get the best results.
Targeting: Targeting simply refers as where the business organization puts their focus on the
particular group of people where the business can provide the effective results and outcome.
Targeting is the kind of process where it identified the audience for the particular business,
product and services and then advertise and promote their things through different channels and
sources (Wang, Li, Wang and Liu, 2019). In the previous studies also, it has been reorganized
that using this method of creating a focus on the target group help and supported the company to
get the effective results and outcome and can be able to develop themselves in successful
manner. Thus, the new start up business of restaurant also has to understand this concept in
effective manner from which the new launched business can achieve their set goals. The

restaurant business has targeted the people of teenage and adult group of age where they like to
visit the places who offer traditional food and services.
Positioning: This is a marketing strategy used for the product positioning by the company and
can enable to grow their brand and product reputation and value in increasing manner. It is a kind
of ability to influence the customer regarding the particular product and service from which they
can be able to achieve the set goals and targets and can create a good competitive advantage to
survive in the market (Daou, Mallat, Chammas, Cerantola and et.al., 2020). The Traditional Dine
start-up business has to put some strategy in regard to the business positioning area from where
they can be able to market their business effectively.
Drawing on Osterwalder’s business model canvass and Porter’s value chain for new venture
Porter Value Chain
Porter Value chain is the strategic management tool where it helps in the planning
process of the business activities and adds the value to the customer experiences in the context of
buying and purchasing of the business products. A framework which looks at the business and
manufacturing of the group activities to help for creating the value and margins for the company
respectively. This model helps the organization to recognize the group of the business into major
two functions which is primary and secondary.
Primary activities
Inbound operations: The internal management of the resources which are coming from the
external sources which includes supply chain.
Operations: Activities which transforms the inputs into the outputs from where the restaurant
business can sold their products for higher prices than the cost of production and raw materials to
obtain profit.
Outbound logistics: It includes the collection, distribution to customers for the storage (Keane,
Cormican and Sheahan, 2018).
Marketing and sales: Advertising and promotional activities is important to build the brand and
product reputation where the restaurant business is providing the services of traditional food
items where they market the services and business to sale.
Secondary activities

HRM: This department is important for the restaurant business to recruit, train, build and
maintain the organizational culture from where they can be able to obtain the effective results
and outcome.
Finance and Administration: Finance department is having a role and responsibility to plan the
financial areas, business forecasting and maintaining the funds for generating the value of the
business.
Osterwalder’s business model canvas
The restaurant business also can use this business model canvas from getting the effective
and appropriate results and outcome where it helps the consumers to meet the needs and
requirements where the organization also can be able to create a uniqueness in the product and
service areas (Alamdar Youli, Mohammadi, Alimohammadlou and Abbasi, 2020). This model
includes the nine factors which are described below:
Key partners: The first factor refers to identify the key partners where it is important to consider
this element which includes supply chain management. It is a kind of strategic relationship which
helps the business to create with other companies or a people. However, the restaurant business
has to keep their focus in making the relationship with the other people.
Key activities: This factor refers to include the activities such as production, problem solving
areas and even the network platform to obtain good results and outcome.
Key resources: The key resources is the factor where it involves the particular group of
resources which is needed by the organization in definite manner. The restaurant business
requires resources like staff members, physical infrastructure, financial department and such
more which needs to be covered accurately.
Cost structure: To run any kind of business, it is important for them to adopt the education of
the cost structure and create the appropriate cost driven and value driven activities which can
provide the effective results to the restaurant business (Giourka, Sanders, Angelakoglou,
Pramangioulis, and et.al., 2019).
Customer Segmentation: The customer segmentation is the process of segmenting and
categorizing the particular group of people which the restaurant is focusing on to provide their
services. This segmentation can be done in different manner such as mass market, niche market
and such more.

Value Proposition: It refers as what kind of value the business is providing to the customer
where it is required to be considered for satisfying the needs and desires of the consumer and can
be able to obtain good outcome.
Customer relationship: The restaurant business has to keep their focus on the customer
relationship from where the business can be able to approach the customer in definite manner
and can provide the results effectively. It is important to create a good relationship among the
consumer which will provide an effective outcome.
Channels: Channels are which from where the business is able to create an awareness among the
people through advertising their business which will help them to attract maximum number of
guests.
Revenue Streams: For generating the revenue, it is important for an individual business to
create and adopt some relevant and effective strategy to increase the productivity of the
restaurant business.
However, accordingly it has been identified that the restaurant business should use the
Business model canvas at their new established start-up because this model has covered the
entire main subjects to run the business effectively and support the restaurant to obtain successful
outcome.
The business marketing strategies which will help the entrepreneurs to achieve success-
Utilization of the Social Media Platform: It is very important for the entrepreneurs to use the
effective business marketing strategies as this will help them in achieving success and the
leading position in the future. Social marketing is the best way to attract the large number of the
consumers towards the company because the consumers trends are changing as they are shifting
towards the digitalization (Nyagadza, 2021). The consumers are spending much time on the
social media so this is the best way to reach to the targeted consumers.
Starting the blog of business: The another method which will help the company is to do the
blogging of the business. When the blogs will be uploaded, this will help the organization to
make reach towards the audience and through this advertising can also be done of the products
and the services of the organization.
The common mistakes which the entrepreneurs make is such as-

Not performing adequate research: This is the most important step which the entrepreneur has
to perform while staring p the new business as this will help them in understanding deeply the
market and through this, the products and the services of the company can be compared with the
competitors.
Lack of marketing: The another biggest mistake which the entrepreneurs are making is the not
doing sufficient marketing. The marketing is the most important thing which must be considered
by them as this helps the organization to reach effectively to the audience and attract the large
pool of the customers to the company (Polanco-Diges and Debasa, 2020).
Choosing the wrong investors: It is very important for the entrepreneurs to select and choose the
correct investor as this will help them in growing as well as providing the adequate funds for
running the daily operating functions of the company.
Growth strategies-
There are many growth strategies which will help the entrepreneur to grow their business
are such as:
Market Penetration: The main aim of this strategy is to increase level of the sales by using the
existing products and the services in the existing markets for increasing the market share.
Market Development: The main purpose of this strategy is to increase the sales of the existing
products or the services on new markets.
Product Development: The main objectives of this is to launch the new products and the
services in the existing markets. This is mainly used to extend the new offer to the proposed offer
for the existing customers.
Diversification: This growth strategies means launching of the new products or the services in
the new markets. Diversification is considered as the most riskiest growth strategy.
These are the growth strategies which are when used by the entrepreneurs helps them in growing
their business in the highly competitive market (Tien, Phu and Chi, 2019).
The two ways through which the companies can consolidate are such as-
Horizontal Merger: It is the process of merging between the two companies which produces and
sells the same products which is between the competitive firms. This has the ability of reducing
the competition in the market.
Vertical Merger: It is the process of merging of the two companies which are operating at the
different stages of the production.

Strategies for the underperformance which must be used by the entrepreneurs-
Confronting the employees: The entrepreneur must directly talk with the employee as this will
help them in setting the clear expectations from them (Zaitsev, Kichigin and Korotkova, 2019).
This will enable the entrepreneur to need of implementation of the plan and achieving the goals
for the success of the overall company.
Creation of performance goals: It is very important for the organisation or the entrepreneur to
set the clear goals which are to be achieved by the individual employee as this will help the
employee to work according to the set goals of the organisation.
The financial techniques, financial tools as well as the decision-making models which will help
the restaurant in mitigation of risks-
The major risks which the Dine Restaurant can face are such as-
Insufficient cash flow: The start-up of the company costs much so at this stage many of the
companies fails of getting the sufficient cash flow for the covering the costs incurred. This is the
risks which the new restaurant may face.
Inadequate marketing: The new start-up companies requires the deep marketing as this helps
them in effectively reaching to the target customers. The promotional efforts not made by the
new companies may fail to grow and start.
Food storage: It is very important for the company to store the food at the safe place as so that
the fresh and the healthy food can be provided to the customers.
The financial tools which will help in mitigating the risk of the insufficient cash flow is
the Budgeting tools. The budgeting tools when used by the companies helps them in effectively
manage the funds for the different activities so there will not be any shortage of the cash flow
funds. These are the tools which are considered much helpful because it is very necessary for the
start-up company to become successful and for this they have to maintain the effective budgeting
process. There are many budgeting tools which are available for the companies to track the
businesses. It is very important for the companies to maintain the sufficient budget as this will
help the company to avoid the problem of insufficient cash flow for the start-up (Small, 2019).
Rational Decision Making models will help the entrepreneur to solve the problem of the food
storage as well as the inadequate marketing Both are the most important element so it is very
necessary to decide and take corrective measure to solve the problem and mitigate these risks.

This decision-making model helps in doing step by step such as defining the problem,
identification of judging possible solutions and many more. This decision-making model will
help the entrepreneur to decide the better solution and mitigate the risk.
CONCLUSION
The report has concluded the new start-up business concept where it has included the
feasibility of the study, a short view or description on the entrepreneurship where it also includes
a competitive and STP analysis to approach the audiences in wider manner. Also, it has included
the business model as well which helped them to create a good business setup. Along with this,
business and marketing strategies along with financial techniques has been mentioned and
provide the effective result and outcome.

REFERENCES
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Polanco-Diges, L. and Debasa, F., 2020. The use of digital marketing strategies in the sharing
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