Project: Identifying Entrepreneurial Opportunities and Viability

This project report focuses on identifying entrepreneurial opportunities within the context of establishing a new restaurant business, named "AppleAway Restaurant". It begins with an introduction to the concept of entrepreneurial opportunities and the sources of inspiration for starting a business, including financial considerations like debt and equity financing, as well as government grants. The report then presents the business idea, detailing the restaurant's concept, target audience (business professionals), and competitive analysis using Porter's Five Forces. It includes an evaluation of gap analysis to assess current and future business performance, along with market research methodologies, including primary and secondary research methods. The report also presents a sample questionnaire and discusses the viability and feasibility of the restaurant idea, highlighting its strengths (good test with international cuisine, better pricing structure, valuable service quality) and weaknesses (insufficient appropriate employee training, inconsistent supplies). It concludes with recommendations to mitigate competitive risks and achieve business growth, along with a cash flow statement to support the business proposal. The report emphasizes the importance of market research in identifying opportunities and achieving business development.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

INTRODUCTION
 The term opportunities clarify a chance or a certain situation
which inspired to do something.
 Business opportunity means a favourable situation which is
available for running specific business in positive period of time.
 This is the assessment which provides information which relates
to market opportunities in setting up a new business.

Background information of sources which inspired and motivates to set up a new
business
 In order to set up a new business, individual must need to sound
financial capability. It also varies in accordance with type and
size of business.
 Therefore, debt and equity considered as two major sources of
financing.
 government grant is the another aspect for starting a new business

CONTINUE…
 Methods of information of sources which motivates to set up new business
are as follows-
 Share Capital
 Bank Loan
 Government Grant
 Equity financing
 Debt financing

Introduction to business idea, what it is and potential and
target customers
 In this present era, people enjoy spending their time in a good
restaurant.
 Therefore, in order to start-up a new business, idea of opening
restaurant finds suitable.
 Idea of doing business in services of food and beverage industry
is generated because it is considered as one of the most popular
food business idea which is low on investment and risk

What it is
 'AppleAway Restaurant' is opening in order to provide quick and
effective services to local and tourist restaurant seeker people.
 This name is generated with the meaning that 'an apple a day,
keeps doctor away'

Potential customer and target audience
 'AppleAway restaurant' focuses on providing services to large
group of people who likes to enjoy food with elegant atmosphere.
 Such potential and target audience may be the business man who
wants to relax so that money they are making get used.

Competitive analysis of setting up new business
 In order to evaluate competitive analysis of restaurant business,
Porter's Five forces will be used. This is the valuable tool which
understand dynamics with market research of industries.

CONTINUE…
 Bargaining power of suppliers: MODERATE
 Bargaining power of buyers: HIGH
 Threat of new entrant: MODERATE
 Threat of substitute products: MODERATE
 Competitive Rivalry: HIGH

Evaluation of Gap analysis to look at the close gaps for
present and future
 Gap analysis used in organisation to evaluate present
performance of business and where it would like to be. This
analysis helps in identifying gap between these two factors and
will end with appropriate action plan.

Evaluation of market research which support
Viability and identification of market potential
 Market condition is known as systematic approach where
methods like collection, analysis and interpretation of data
measured in order to evaluate market conditions.
 It is generally used by 'AppleAway restaurant' to find factors
which change customer behaviour because of change in elements
like product, price, promotion and place.

Types of Market Research
 Primary market research:
 Direct mail
 Phone Survey
 Face-to-face interviews
 Secondary market research:
 Phone sources
 Commercial sources
 Educational sources

A questionnaire sample is as follows-

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Theme 1: rank main reason of selecting a restaurant
according to preference

. Explanation of viability and feasibility of business
idea with its strength and weakness
 Viability of business idea:
 Viability of the business idea will get through effective
market research. For setting up a new restaurant business,
AppleAway restaurant has conducted effective research under
which through both primary and secondary.

Feasibility of business idea

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 Strength:
 Good test with international cuisine
 Better pricing structure which have low pricing structure with great offers.
 Valuable service quality.
 Weaknesses:
 Insufficient appropriate employee training.
 Consistent supplies that result in not availability of food items in restaurant menu.

Measures to overcome with risk of competitions and
recommendation to achieve business growth
Opportunities Threats
Higher demand for quality in food
which provide nutritional and
healthy items will be an
opportunity for setting-up new
business (Ezrachi and Stucke,
2016).
Heavy competition in market is the
major threat of setting-up new
business.
Analysing ways which create more
traffic in slow times such as
afternoon will be another
opportunity.
Another threat is regarding
potential rise in prices of certain
food items.

CONCLUSION
 From the above report it is concluded that for setting-up a new
business, it is important to conduct market research which helps to
find ways for establishing own idea of business.
 This report is evaluating business factor which needs to consider
by entrepreneurs if order achieving business growth and
development.
 Further, for supporting business idea, appropriate feasible study is
provided where through cash flow statement business proposal has
been generated.

REFERENCES
 Books and Journals
 Bell, E., Bryman, A. and Harley, B., 2018. Business research methods. Oxford university press.
 Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-
conceptualization. Journal of Business Venturing. 30(5). pp.674-695.
 Ezrachi, A. and Stucke, M.E., 2016. Virtual competition.
 Fleisher, C.S. and Bensoussan, B.E., 2015. Business and competitive analysis: effective application of
new and classic methods. FT Press.
 George, N.M and et.al., 2016. A systematic literature review of entrepreneurial opportunity recognition:
insights on influencing factors. International Entrepreneurship and Management Journal. 12(2).
pp.309-350.