Report: Identifying Entrepreneurial Opportunities for Taste and Try

This report provides a comprehensive analysis of the entrepreneurial opportunities for a vegan restaurant named 'Taste and Try'. It begins with an introduction to entrepreneurship and the importance of risk-taking and resource management. The main body includes a critical evaluation of the restaurant's business idea, focusing on its innovative approach to vegan cuisine and its appeal to a niche market. The report utilizes Drucker's seven sources of systematic innovation to assess the company's innovative strategies. It then delves into the rationale behind the business, identifying a market gap and presenting an STP (Segmentation, Targeting, Positioning) analysis. The report also covers the industry life cycle and concludes with an overview of the entrepreneurial evaluation of the market. The report provides detailed market analysis, business planning, and innovation strategies for the Taste and Try restaurant.

Identifying Entrepreneurial
Opportunities

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Critical evaluation of business idea.............................................................................................1
Drucker’s seven sources of systematic innovation......................................................................2
P2. Rationale as well as market gap............................................................................................4
CONCLUSION................................................................................................................................6

INTRODUCTION
Entrepreneurship refers to the setting of new business in the market and taking risk for
the earning of the profit. It is one of the most important and valuable concept of the market under
which the person taking the risk of opening the business which is based on their self-idea and
makes efforts to bring them on the road of their success. There are different types of skills are
present in the personality of the entrepreneur and risk taking ability is one of the most important
from them. The risk taking abilities of the entrepreneur enables them to calculate the risk which
is helpful for them in their decision making process of the organisation. The requirement of
resources is one of the important requirement of the business which should be analysed by the
entrepreneur so that the business can be run smoothly. The requirement of funds is one of the
important and valuable requirement which makes the business more competitive in the market.
There are number of sources are present in the market for the arrangement of funds but the main
focus of these financial institutions are placed on effectiveness of business idea. This particular
report is based on arrangement of the funds for the business idea. This report contains critical
evaluation of the business ideas and also justification to the management of Eagle Finance
company
MAIN BODY
Activity-1
Critical evaluation of business idea
The present business idea is based on restaurant business with an extreme touch of
innovation. The proposed name of the business is “Taste and Try” which provides number of
vegan dished under the touch of innovation (Duchek, 2018). It is analysed from the market that
the taste and preference of the customers are shifted towards the use of vegan foods due to the
protection of animals and from the diseases. The management of Taste and try develop number
of dished which is made up of different vegetables along with the number of spices. These spices
provide those texture to the dishes which is present in some non-vegetarian foods. The business
idea of the company is one of the most innovative idea of the market which grab the attention of
large number of customers. The management of the organisation also develops number of dishes
which is developed by the fusion of different dished. There are also number of beverages are
provided by the company to their customers as a complement. One of the most innovative idea of
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the company is that the customer only need to provide single fix amount and try all the dished of
the company without the payment of other expensed (Fernando, Jabbour and Wah, 2019). The
management of company develop this strategy due to the budget of the customers and try to grab
the niche segment of the market. It is analysed from the market that the customers of these
section are not able to avail the services due to their low income so company decided to grab this
opportunity. The management of Taste and Try develop effective business plan and the brief
discussion related to the same are given below:
Company name: - “Taste and Try” is the name of the organisation which is private limited
company and operates their business in the market of United Kingdom.
Mission: - The mission of the company is to established their business in different countries of
the world and becomes multinational by providing budgetary foods.
Vision: - “To grab the opportunities of growth by satisfying the needs of customers” it is
estimated by the organisation there is a market gap in Niche section which are not able top enjoy
the restaurant services.
Objectives: -
 To achieve the market, share of United Kingdom by 4%
 To increase the satisfaction of customers by 6%
The main focus of the management is placed on the innovation which is the key to the
success in the market. The management of taste and try uses number of theories and models of
innovation which helps to increase and improve the innovation in the organisation (Hägg and
Gabrielsson, 2019). There are different types of models are present which helps the organisation to
established effective approach of innovation and the brief discussion related to the same are
given below:
Drucker’s seven sources of systematic innovation
This model of innovation is developed by Peter F Drucker with an aim to provide
effective direction to the concept of business innovation. It states that innovation as the effort to
create purposeful focused change in an enterprise’s economic or social potential. According to
them the starting point of the innovation is the analyses of scope of opportunities which helps the
organisation to achieve growth in the market (Hofmann, 2019)
(Johnson and Schaltegger, 2020). The main focus of the company should be on market if they
want to improve the innovation on the organisation. They have developed seven sources of
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innovation which helps Taste and Try to develop their innovative approach so that it becomes
possible for them to operate their business in effective manner.
Unexpected success or failure: - There are number of organisations are present which get short
time success and also some organisation which becomes closed in unexpected manner. As per
this theory, if these success and failure story can effectively be analysed then it becomes possible
for the organisation to get opportunities (Lee and Huang, 2018). For example, the management of
IBM wanted to sell their products to banks but the demand from the libraries makes the company
able to change in their strategies.
The incongruity between what actually happens and what was supposed to happen: - If the
performance of the organisation is not reflected as per the desire or it should then the scope of
innovate are present. For example, of the growing industry under which the margins are falling,
then the chances of the innovative growth are very high which enables the organisation to
operate their business in effective manner.
The deficiencies in a process, that are taken for granted: - It is related to the process used by
the organisation under which the maximum returns are not taken out due to less efforts then the
scope of innovation are increase by the huge number. It is very important for the innovator to
think out of the box so that it becomes possible for them to minimise the deficiencies and makes
the process more suitable for the organisation (Neneh, 2019).
The changes in industry or market structure that catch everyone by surprise: - There are
different types of factors and events are developed in the market under which the whole structure
of the market becomes changed which creates many opportunities for the innovators.
Demographic changes: -: Demographic adjustments bring about new wishes and new existence
that name for brand new products. The Japanese pioneered robotics due to the fact they expected
the growing degrees of training and the resultant scarcity of blue-collared workers. In latest
years, the getting older of Japan and Europe has positioned strain on governments to manipulate
healthcare expenses.
Changes in perception: - Converting the not unusual place belief of people, new wishes may be
created. For example, capitalizing on people’s problem for fitness and fitness, a booming
enterprise has emerged for exercising and running equipment.
The changes brought about by new knowledge: - New information may be used to increase
modern products. Innovations of this kind normally integrate many varieties of information. The
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improvement of the computer, for example, changed into facilitated via way of means of a
mixture of binary arithmetic, calculating machine, punch card, audio tube, symbolic good
judgment and programming.
Rationale as well as market gap.
Market hole is a technique used for analyzing variations among call for of the product
and deliver of organizational products (Neneh, 2019). It isn't always important that wishes or
needs of all clients are fulfilled or goal section purchase the goods of unique organization. In the
converting scenario, every organization desires to gain increase in conjunction with success so
for this they follow powerful techniques and make important adjustments of their paintings style.
There are numerous possibilities to be had to Taste and try and release the brand new business.
Various provisions have been used at the same time as analyzing marketplace situations and
similarly movements are taken. Entrepreneurs have analyses the marketplace hole and brought
selection to meet the needs through presenting the goods
Objective Current
State
Future
State
Gap
Identificati
on
Gap
Description
Factors Remedial
Action
To create
effective
and strong
product base
for the
production
of huge
customer
base.
The level of
sale is zero
because of
the planning
phase of the
company.
They try to
increase the
demand of
the began
food
product by
huge
number.
 With
the
help
of
com
petiti
on
anal
yses
 due
to
the
use
of
The demand
of vegan
food is
increased
extensively
due to
increase of
animal love
in market.
Awareness
in relation to
the healthy
and vegan
food in the
market.
 Mark
eting
 Acce
ssibil
ity in
wide
r
locat
ions
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new
and
adva
nce
tech
nolo
gy.
Product
features as
well as
functionaliti
es
The Product
not
launched
yet.
Improve in
future year.
Yes Large
number of
organisation
deliver
vegan
products in
market.
Product are
not in the
market yet.
To conduct
analyses of
product on
the basis of
existing
customer
base of the
market by
making
considerable
modification
.
Conduct
review s on
the basis of
existing
customer &
making
modification
s in
procedures
to provide
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vegan food.
STP approach: The brief discussion related to the STP analyses for the related customer
base are given below:
Segmentation: The management of Taste and try segments the market on the basis of
behavioural as well as demographic segmentation.
Demographic segmentation: The management of company try to grab the customers group of 15-
65 years.
Behavioural segmentation: strong brand loyalty, medium usage rate as well as Quality service.
Targeting: The management of Taste and try targeted those customers which are health
conscious and becomes ready to develop effective approach of innovation (Reka and Dragicevic,
2018).
Positioning: To state the position in market, using the business strategies related to direct
marketing, public relation, and so on.
Industry life cycle: The food industry includes following stages.
Startup stage: This stage is based on the development of innovation under which the
demand of the product is limited. The availability of the complementary products not so high
which negatively impacts the margins.
Growth Stage: The vegan products slowly create their positive image which helps to
achieve growth in the market.
Shake-out Stage: in this type of stage, food products consolidation takes place. Different
businesses at this stage started getting negative flows of cash.
Maturity Stage: in this stage various food companies established and are making
considerable profits.
Decline Stage: This is the last stage in food industry life cycle. Minimum opportunities
are available for firms to survive and divest in optimum manner.
Activity-2 Covered in PPT
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CONCLUSION
From the above record it's been concluded that entrepreneur evaluation the marketplace
and get the wants and needs of customers as a way to meet with dreams and goals inside
organization. It is right for brand spanking new ventures to fulfill with consumer and stocks
thoughts with them for understanding approximately launching new merchandise and services. A
individual must have new thoughts or mind that to introduce new merchandise which could
generate profits. Gap evaluation is used to recognize the variance among budgeted and real
overall performance via way of means of placing the standards. This record has protected special
subjects like special reasserts of entrepreneurial idea, motive and marketplace gap, interpretation
of data, SWOT evaluation and porter's aggressive evaluation that assist to evaluate the viability
of enterprise idea
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REFERENCES
Books and Journals:
Duchek, S., 2018. Entrepreneurial resilience: a biographical analysis of successful
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the connections between environmental innovation and sustainable business performance: does
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Hägg, G. and Gabrielsson, J., 2019. A systematic literature review of the evolution of pedagogy in
entrepreneurial education research. International Journal of Entrepreneurial Behavior &
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Hofmann, F., 2019. Circular business models: business approach as driver or obstructer of sustainability
transitions?. Journal of Cleaner Production, 224, pp.361-374.
Johnson, M.P. and Schaltegger, S., 2020. Entrepreneurship for sustainable development: A review and
multilevel causal mechanism framework. Entrepreneurship Theory and Practice, 44(6), pp.1141-
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Lee, M. and Huang, L., 2018. Gender bias, social impact framing, and evaluation of entrepreneurial
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Neneh, B.N., 2019. From entrepreneurial intentions to behavior: The role of anticipated regret and
proactive personality. Journal of Vocational Behavior, 112, pp.311-324.
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