Entrepreneurial Opportunity Analysis: Restaurant Business Plan

This report outlines a business plan for a new restaurant venture near the University of Edinburgh, focusing on healthy food options for students and young people. It explores the concept of opportunity recognition and discovery within the entrepreneurial process, highlighting the unique value proposition of offering customizable salad combinations and various food styles. The report emphasizes the importance of market research, social media promotion, and customer feedback in ensuring the success of the restaurant. It covers key entrepreneurial themes such as opportunity recognition, opportunity discovery, business idea development, and the stages of creation, assessment, and planning. The target market is identified as students, youngsters and middle-aged people in the UK, with the aim of providing high-quality, healthy, and innovative food options, including a rotating menu of 11 grains. The report also emphasizes the importance of hiring experienced cooks and providing staff training to enhance customer service. The report concludes by highlighting the significance of adapting to customer preferences and leveraging social media for effective marketing and customer engagement.

Entrepreneurial Opportunity

Table of Contents
INTRODUCTION...........................................................................................................................1
Entrepreneurial themes....................................................................................................................2
1........................................................................................................................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
The new business is being started and run by an entrepreneur. In order to start a new
business, the limited resources are being used by them and they are also ready to take all the
risks and rewards for their business venture. In this report, new business ideas will be described
in order to start a new business. The business idea for this entrepreneurial venture is to open a
new restaurant near University of Edinburgh (Suddaby, 2015). The uniqueness of this idea is that
healthy food items will be there in the menu and the customers who visit the restaurant can select
their own salad combo at this new restaurant. As the customers now have become more
conscious and serious about their health so keeping this mind the food items will be given to
them.
The low-fat, healthy ingredients in their sandwich, salads and other menu items will be
offered to the customers at this new restaurant. In addition, various types of food styles such as
Mexican, Italian, sea food, fast food etc. will be provided to the customers at this new venture.
The uniqueness of this restaurant will be that high-quality of the food items will be used while
cooking the dishes and the feedback form to the customers will be given so that they can rate the
service of the staff and the cooks who are making food for them at this restaurant on the scale of
1-5. Also, before starting up with this new venture, the cook who has experience of about 5-6
years in cooking will be hired. The people who have experience in this field of about many years
know very much about the likes of the customers and they are also able to cook as per their
tastes. To the staff who will be taking orders and serving food to the customers, the training will
be given to them so that they know how to interact with customers at the restaurant.
The target market is the students, youngsters and middle-aged people who are living in
the UK (McDermott, 2018). This location that is University of Edinburgh is being selected for
this new venture because the main target of this restaurant will be the students and the young
people who are studying at this university. The high-quality and healthy food items will be
provided to them at this restaurant.
The uniqueness of this business idea is that in this the diners will be able to select from a rotating
menu of 11 grains that will include buckwheat and quinero with the interesting toppings like chia
seeds, papaya and agave nactra. This will be uniqueness of this restaurant that will be opened
near the university. And also it will be healthy diet for the students and this sought of innovative
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restaurant for breakfast is not there at the location that is choosen for this new innovative
business idea.
The menu items in this restaurant is kept keeping in mind the preferences of college
students. The value proposition of this new venture is that all types of food that is being liked by
the youngster and middle age customers will be provided at this restaurant such as sandwiches,
pastas, pizza, coffees etc. Also, while preparing these food items, the health of the customer will
also be taken care so lo-calorie a healthy food that contains lots of green vegetables will be given
and also a special combo of food salads will also be there in this restaurant (Eckhardt, 2014).
The university students, young people are our main customers for this restaurant. By
considering the likes, tastes and the food that is being liked and preferred by the target
customers. As the young generation prefer more of fast food items and they are conscious
towards their health, so, both of these things will be taken care at this restaurant. In order to
reach out to the customers, one of the best way is to make use of social media. A page can be
created of this new restaurant on the Facebook and the images can be put of the restaurants so
that the target customers will know about the opening of this new venture. Also, the promotion
banners can be used to target more number of customers.
The social media is the best way in order to reach out to the target market and it is not so
costly (Lerner, 2017). By just creating a page of the restaurant and providing all the details of the
restaurant on that page, that is the menu, location etc. the people can be made aware about the
opening of this new venture. And all the students who are studying in thus university can be
followed by this restaurant page. This is the best way to do promotion for this restaurant and also
the on this page the customers who have visited the restaurant will also be given a chance to fill
the feedback form. Through this, the target customers will know that there review is important
for the restaurant and the modification will be made based on the feedback that is given. The
customers mainly want high-quality of the service and the food that is provided to them should
be both healthy and tasty as they most of the customer prefer to go the restaurant where the
quality of dodo is good and also they want health food. For them quality comes first then the
price of the food. So, the quality and health of the customers will be taken into consideration
during their visit to the restaurant. The uniqueness of this restaurant that is rotating menu with 11
grains will be offer to the customer. Regarding this innovative idea the promotion will be done
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by making of poster .On the poster the uniqueness of the menu will be there to attract more
number of customers for this restaurant.
By providing the services and food as per the likes and preferences of the customers, this new
venture will fulfil all the needs of the customers (George, 2016).
Entrepreneurial themes
Opportunity recognition – This means proactively brainstorming a new business venture
or expansion idea. In the opportunity recognition a small-business owner typically engages in.
An idea, strength or capability is being recognised by small business owner that matches well
with a particular target market. Opportunity recognition is an essential component of the
entrepreneurial process. By the abilities to identify the opportunities, the entrepreneurs are
characterised often and the pursuit of opportunity is the most basic entrepreneurial action. A
company needs some ability to recognise the opportunities for long term availability and success.
Based on societal change, customer preference change or technological change the industries
usually evolve (Ploum, 2018).
When the opportunities is being seized by the most innovative leaders then they stay
ahead of the competition in delivering the progressive solution to the customers. For an instance,
in order to make Apple the tremendous opportunity was being recognized by the Steve Jobs. In
the same way, the power of selling the online books sales was recognised by Amazon.com
founder Jeff Bezos. The opportunity recognition is the way by which the individual and
businesses with an entrepreneurial mind-set approach new business ventures or ideas. The new
and improved way is being looked up by the people to address the problem. A brand new
business idea can be developed that will fulfil the needs of the customers. In a long run, the
opportunity recognition will help the business to stay relevant (Wood, 2017).
A new venture that is a new restaurant that will started near the university is the business
ideas. This idea matches with the opportunity recognition. In this the opportunity is being
recognised by the entrepreneur in order to provide the food items to the customers that are both
healthy and are of high-quality. Based on this recognition, the new restaurant will be started by
the individual. In order to start a new venture, it is essential to first identify the opportunity that
fits in the capability of a business owner. Similarly, in this new venture that will be started the
business owner is capable of fulfilling all the requirement or needs of the business. Also, in these
areas in the UK there is no healthy food items that is being offered to the students and young
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people so this new venture will also solve the problem of the people as they will gate to eat the
healthy food and also the quality of food will also be good (Lewin, 2015).
Opportunity discovery – In order to move the current business portfolio in the new technology or
market spaces, the opportunity discovery can help the companies. The new ideas are being
generated by using the concept of opportunity discovery. On the clients current capabilities the
opportunity discovery helps to create a new business, products and services.
In order to start a new restaurant, a new market that is University of Edinburgh is being
selected by the owner of the business. This location as being chosen as they think that it will be a
good opportunity for their business to open a restaurant in this area as the number of student that
are studying in this university are large and there is not such restaurant that offers a healthy and
high-quality food items to the customers. Therefore, in a way it will be a good opportunity that is
being discovered by the individual to open a business in this place and the new market that is
youngsters and college student is being targeted.
The main reason in order to establish this business idea is that in that particular area near to this
university there is no such restaurant that provides customers with both healthy and high-quality
food keeping in mind the preferences of the customer. So, this is one of the reason behind the
selection of this proposed idea and also with this healthy lifestyle will be adopted by the
customers as they will stay fit and healthy with the food tat will be university of Edinburgh
offered to them (Shu, 2018).
Business idea development
In order to make sure that business is developed properly, a small business must follow
certain processes and procedures. An attention and extreme detail is needed in each stage of the
development process. The process need to be followed by the business owners from the launch
of idea and adhere to stringent standards along the way. The preparation and development at all
stages is being done by the business owner in order to increase the chances of success of
business
Creation – The key concept of the creation is the brainstorming (Shamsudeen, 2017). All the
ideas that are generated regarding the opening of the new restaurant need to be tracked by the
business owners. In order to determine the appropriateness of the ideas then the review is being
done. Each idea is then evaluated in order to find out that which one is the most valuable and will
generate greater profit.
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Assessment – The market research is involved in the assessment. From the market research, the
information about the data is gathered and analysed. In order to find out whether the content is
viable, it is important for a small business owner to conduct market research. The target market
will understand by the owners through this. Before moving towards the next stage, all the aspects
of the idea need to be assessed (Davidsson, 2017).
Planning – A business plan need to be created in this stage during the opening of the new
restaurant. The business goals that is profit that is to be earned etc need to be mentioned by the
business owners in this business plan. The information about the balance sheet, income standards
and cash flow need to be given in this.
Development – During this stage, the content will be taken and put in the concrete form. A
prototype of the product that will be offered to the market will be developed in this.
Testing – In order to proceed further with the plan, the testing will be done. During this stage, the
business owner will share this idea with other associated to find out whether this idea will work
in the real market or not.
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Launch – The correct planning need to be done in order to launch a new restaurant in the market.
The training to the staff need to be given regarding the launch of this restaurant in the market.
The operation plan for this new restaurant will be that it will not offer the same menu
items as nearby restaurant offer (Park, 2017). The best advertisement if this restaurant will be
done. The services standards will be maintained at this new restaurants. In this restaurant the
director, financial controller, staff etc will be there. The roles of these people will differ. The
staff will take care of the service department that will be given to the customers and the food will
be cooked by the cook. The manager will see whether all the work is done on time or not. The
loan from financial institute will be taken in order to start up with this new venture. And once it
is being set up and the profit that will be gained form it will be used in order to repay the loan.
The resource such as staff, waiters, chef, managers etc will be needed for this start-up and
various equipment related to the cooking and chairs, tables etc will also be required for this new
restaurant. In order to implement this innovative idea in the menu cards the trained and well-
skilled chefs will be hired who know how to make these grains tasty and healthy. The training
will give to the staff on how to deal with the customers in the restaurants. Yes, the market
research is being carried out in order to determine the viability of this business idea. The
marketing plan is to earn profit in the business and to expand their business by providing
excellent services to the customers during their visit to the restaurant. The product, place is the
marketing mix for this new start up. The best product will be offered to the customers.
The financial plan will include the cost of food cost, overhead cost such as rent, interiors,
kitchen equipment, licence marketing etc (Kelly, 2017).The budget of the new restaurant start up
will be around £275.78. By making use of promotion such as poster, advertisement, social media
etc the profit in the business can be made as through these tools number of customers will come
to know about this restaurant. The break-even point is the point where the total cost and total
revenue are equal.
CONCLUSION
Thus, summing up the above report, it can be concluded that a new restaurant will be
started in this and the healthy and high-food items will be offered to the customers. The staff will
be given training regarding the service given to the customers and the posters, advertisement and
social media will be used in order to do promotion for this restaurant.
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REFERENCES
Books and Journals:
Suddaby, R 2015. Entrepreneurship through a qualitative lens: Insights on the construction
and/or discovery of entrepreneurial opportunity. Journal of Business venturing, 30(1),
pp.1-10.
McDermott, K 2018. Social entrepreneurial opportunity and active stakeholder participation:
Resource mobilization in enterprising conveners of cross-sector social
partnerships. Journal of Cleaner Production, 183, pp.121-131.
Eckhardt, J.T., 2014. Entrepreneurial Opportunities in the Individual-Opportunity Nexus. The
Routledge Companion to Entrepreneurship, p.406.
Lerner, D 2017, November. Action! Impulse Driven Logic & Entrepreneurial Opportunity
Pursuit. In Academy of Management Proceedings. Academy of Management Briarcliff
Manor, NY 10510.
George, N.M 2016. A systematic literature review of entrepreneurial opportunity recognition:
insights on influencing factors. International Entrepreneurship and Management
Journal, 12(2), pp.309-350.
Ploum, L 2018. Exploring the relation between individual moral antecedents and entrepreneurial
opportunity recognition for sustainable development. Journal of Cleaner
Production, 172, pp.1582-1591.
Wood, M.S 2017. After the venture: the reproduction and destruction of entrepreneurial
opportunity. Strategic Entrepreneurship Journal, 11(1), pp.18-35.
Lewin, 2015. Entrepreneurial opportunity as the potential to create value. The Review of Austrian
Economics, 28(1), pp.1-15.
Shu, R 2018. Building networks into discovery: The link between entrepreneur network
capability and entrepreneurial opportunity discovery. Journal of Business Research, 85,
pp.197-208.
Shamsudeen, K 2017. Entrepreneurial Success within the Process of Opportunity Recognition
and Exploitation: An expansion of Entrepreneurial Opportunity Recognition
Model. International Review of Management and Marketing, 7(1).
Davidsson, P., 2017. Entrepreneurial opportunities as propensities: Do Ramoglou & Tsang move
the field forward?. Journal of Business Venturing Insights, 7, pp.82-85.
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Park, J.Y 2017. Does Social Media Use Influence Entrepreneurial Opportunity? A Review of its
Moderating Role. Sustainability, 9(9), p.1593.
Kelly, L 2017. Doing Well and Good: An Exploration of the Role of Mindfulness in the
Entrepreneurial Opportunity Recognition and Evaluation Process. New England Journal
of Entrepreneurship, 20(2), pp.26-36.
Online:
Six Stages to Develop Business Ideas. 2017. [Online]. Available through:
<http://smallbusiness.chron.com/six-stages-develop-business-ideas-42025.html/>.
Suddaby, 2015McDermott, 2018Eckhardt, 2014Lerner, 2017George, 2016Ploum, 2018Wood,
2017Lewin, 2015Shu, 2018Shamsudeen, 2017Davidsson, 2017Park, 2017Kelly, 2017
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