Entrepreneurship & Innovation: Comprehensive Business Plan Report

This report presents a comprehensive business plan for a restaurant named "Tasty Fresh Meals," exploring various aspects of entrepreneurship and innovation. It begins with an introduction to business plans, highlighting their importance in defining objectives and strategies. The report then outlines frameworks for generating new business ideas, including a five-step process, and applies a Lean Canvas to the restaurant concept. It delves into business idea research, providing details about the business, its location in London, UK, and industry and market analysis. The report analyzes competitors, discusses pricing and marketing strategies, and details the operational plan. Financial needs are addressed, and the Lean Start-up approach is discussed. The conclusion summarizes the key findings, emphasizing the significance of a well-defined marketing strategy and financial planning. References to books and journals used in the report are also provided.

Entrepreneurship &
Innovation
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Table of Contents
INTRODUCTION.................................................................................................................................3
TASK 1:................................................................................................................................................3
Frameworks for generating new business idea......................................................................................3
Lean Canvas for the business idea.........................................................................................................4
Business idea research...........................................................................................................................4
Details of a Business..........................................................................................................................4
Location.............................................................................................................................................5
Industry and Market Analysis............................................................................................................5
Analysis of Competitors....................................................................................................................6
Pricing and Marketing Strategies.......................................................................................................6
Operational Plan................................................................................................................................7
Financial Needs.................................................................................................................................7
Lean Start up Approach.........................................................................................................................7
CONCLUSION.....................................................................................................................................8
REFERENCES......................................................................................................................................9
APPENDIX.........................................................................................................................................10
Financial Budget..............................................................................................................................10
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INTRODUCTION
A business plan is a written documented plan that lists the objectives for setting and
starting the business and the definition of establishing. It mentions all the ideas related to how
the company will do its tasks. The business plan is basically involves to be a written roadmap
for marketing, functional and financial organisations. This will also affect various
investments before the business has a relevant track record. A business plan that was initially
a kitchen business in Australia whose task was to offer food to its consumers or guest
(Cordeiro, 2020). The report will discuss the business plan implemented by the kitchen deal
with it.
TASK 1:
Frameworks for generating new business idea
A five different stage framework in order to generate a business ideas are
mentioned below:
Step 1. Gathering of Idea: In order to get a best suitable business idea it is
necessary to gather various ideas which can be collected either from self-
brainstorming, discussion with family or friends. In present cased an
entrepreneur can do a business of manufacturing of retail items, opening a food
chain restaurant or even has an option of conducting home delivery services.
Step 2. Writing down all possible options related to idea: An entrepreneur is a
human being and it is quite common to miss some or any of the relevant
information so it is advisable to write down all the views which come into mind
or out of discussion in order to consider in further process.
Step 3. Skip which is not possible: Here, an entrepreneur is required to skip or
forget all those options which does not provides concrete solution or sounds
real for him according to his requirements as well as availability. It generally
involves scrutiny of ideas. In respect to the present situation, an entrepreneur
has a best option for food chain restaurant which he can open in his area.
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Step 4. Waiting for its feasibility: Now, this involves looking at the idea from
each corner and wait for its analysis. Once the idea is being implemented
without scanning all part it won’t be successful and will lead to failure. For a
restaurant business, an entrepreneur is required to look and analyse the
location, capital, market or customers, preferable dishes, availability of raw
material as well as chefs or other staff, and several other corners.
Step 5. Shaping up of business: This is the last stage, within a framework
where an entrepreneur is ready to makes its idea a realistic picture and
commence the operations of business.
Lean Canvas for the business idea
Business idea research
Details of a Business
The marketing strategy is the plan as a way to be persisted with their phrases with the
aid of using what there are the phrases of the reasserts as pertains to the brand new start-up
enterprise attitude. It will encompass diverse guides of movement as well as making plans
like making plans of the marketplace state of affairs and form of enterprise to begin or
wherein to begin it (Hatipoglu and et. al., 2020 The call of an enterprise that is beginning is
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“Tasty Fresh meals”. This is taken into consideration to be the most important eating place in
London, UK. It will offer meals for London this is going to supplied to the customers in a
powerful manner. The agency will adopt remarkable merchandise and centres to the
customers gets motivated toward the emblem. This will be like with the aid of using
customers as in Australia as there may be no different emblem like this and it will likely be
appreciated with the aid of using the customers.
Location
This eating place might be developed with inside the town of London, UK. The
merchandise and centres of enterprise will make the meals of excessive great in order that
customers or site visitors might be acquire motivated through the great and might come once
more to possess it (Jamkojian, 2020). This vicinity could be very stunning and through
acquiring this eating place their customers get greater charmed.
Industry and Market Analysis
A marketplace evaluation refers back to the time period of an enterprise evaluation so
that it will connect to a detail of the marketing strategy so that it will be applied to permit the
worthwhile feasibility of the commercial enterprise. On the opposite end, an enterprise
evaluation permits the existence of the deliberate alternate of the marketplace evaluation that
allows the reality of the trade marketplace for the commercial enterprise merchandise or
centres of the eating area (Linzalone, Schiuma and Ammirato, 2020). It has been mentioned
that delicacies is the commercial enterprise that gives centres of meals to the occasions and
the location to the customers. It may be dealt as according to character or extra than on the
idea of 1 character.
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Analysis of Competitors
Rivals of the enterprise may be shine of Melbourne, “Saint Restaurant Townsville”,
etc. as those are the eating place this is permitting similar kinds of merchandise as well as
centres to the customers. The identification of the enterprise may be through the visible
explanation and centre details (Marques, 2020). Useful options may be performed through
fixing problems of the customer’s with inside the eating place that focuses at the issues which
are existence dealt with through the customers in order that they couldn't experience any
problems.
Pricing and Marketing Strategies
The enterprise will focus on the improvement of the advertising and marketing techniques
and rate techniques a good way to assist them in living a rival with different competition with
inside the fair. As with inside, the relation of this enterprise plan the evaluator is establishing
Scottish meals to expand a possibility for the enterprise as they're presenting their centres
with inside the London. Pricing and the marketing method could be refereed because the
approach as well as the technique businesses uses to rate their merchandise or centres
(Morais, 2020. There are numerous various the costing plan of the moves just like the spiking
of the pricing, rate floating, concession in pricing, item existence rotation pricing, or even
aggressive pricing which are as follows:
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 Price plus: This refers to a general cost estimate and an amount that represents the
value of the price. This involves the definition of the following concepts and
challenges when evaluating amenity performance object (Rowley, 2020).
 Competitive pricing: By fixing price values based on company’s collaboration
obligations. The advertising action plan also applies to the company’s specific
concepts and merits.
 Utility based pricing: Determine the value of the rate depends on how many
customers think the value of food sales depends on the company.
 Lower prices: By fixing lower prices for securities as well as implying prices related
to changing markets, this refers to the rate and value terms of a restaurant-centric
company form.
 Penetration pricing: Enter the rival market by setting a lower price and effectively
improve the corporate environment. It is applicable to different organisations areas
and has a favourable effect on different organisational issues.
Operational Plan
The working idea is a plan wherein there's statistics pertains to the rival firm’s evaluation
and analysis of ways centres along with merchandise could be offered to the clients and the
way they may be speeded (Sakhdari, 2020). The power of this eating place of the competition
could be that they flourish their high-satisfactory of merchandise on line and develop on hand
merchandise along with centres on line.
 By figuring out the motive of competition it is going to be clean for all of the
competition of the commercial enterprise to word the working idea. In relation with
this Scottish sparkling meals commercial enterprise, its issues may be shines of
Melbourne, “Saint Restaurant Townsville” and several others as they may be
additionally promoting identical kind of varieties and delicacies centres to their site
visitors along with the purchasers with fantastic flavours.
 By making sure the aggressive course of action this is ease applied within side the
commercial enterprise to acquire the assist their merchandise and services. These
competitions are making use of the social platform course of action to persuade
customers, and then they perform advertisements and see to sell their trade mark.
Therefore, this may be regarded as the market evaluation announced in this
operational idea, as there may be large people concerned with the organisation.
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Financial Needs
The entrepreneur will take price ratio from the banks and venture capitalists can be
funded with inside the organisation. Hence, it leads to gaining cash with inside the firm as
effectively. The units can be capitalized within the utilised technique, helpful or operational
structure, and within the marketing arrangement so as to be all identified within the price
ratio (Zhartay, Khussainova and Yessengeldin, 2020).
Lean Start up Approach
The Lean Start up Approach comprises of a three stage method which is being
discussed below:
Step 1. Finding of the business idea: This involves finding of the solutions of he
problems so that customers will can buy and like the offerings. Here, an entrepreneur
focuses high on identification of problems to which solutions will be brought up.
Step 2. Executing the business idea: At this stage, an entrepreneur will develop a
product and will make a survey before its final launch about its feasibility in market.
Step 3. Validating the business idea: This is the last stage where an entrepreneur tries
to make an experimentation of his imaginary business idea into real context through
minimum viable product in market. If an entrepreneur finds positive feedbacks from
customers then he is ready to go else he is required to reframe his idea.
CONCLUSION
From the above report, it's been concluded that, a marketing strategy is the maximum
critical report this is being developed via way of means of the administrators and the
government who's running to begin the brand new corporation to build up and idea the
movements which are all point out with inside the supply of the records this is reality perfect
with inside the corporation. In this present report, there's a top level view of restaurant
business for in which the finances are being multiplied via way of means of a few authorities
help along with a few inner or outside reasserts of the profits. Subsequently, advertising and
marketing plan of movements inclusive of concentrated on marketplace and item blend may
be followed via way of means of the advertising and marketing chiefs in admire to motivate
their merchandise and services.
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REFERENCES
Books and Journals
Cordeiro, D.M.C.M., 2020. Edp consulting lab: business plan supporting an Edp
ewallet (Doctoral dissertation).
Hatipoglu and et. al., 2020. 6 Entrepreneurship development and Slow Food events. Events
Tourism: Critical Insights and Contemporary Perspectives, p.86.
Jamkojian, L., 2020. Development of a Business Plan with a Marketing Emphasis for an
Eyewear Company (Doctoral dissertation, California State University, Northridge).
Linzalone, R., Schiuma, G. and Ammirato, S., 2020. Connecting universities with
entrepreneurship through digital learning platform: functional requirements and
education-based knowledge exchange activities. International Journal of
Entrepreneurial Behavior & Research.
Marques, J.P.C., 2020. Entrepreneurship Education, Business Plan, and the Pyramid
Principle. International Journal of E-Entrepreneurship and Innovation
(IJEEI). 10(2). pp.45-61.
Morais, V.M.M.A., 2020. Business plan for a guesthouse in the city of Viana do
Castelo (Doctoral dissertation, Instituto Superior de Economia e Gestão).
Rowley, C., 2020. Big data, innovation and entrepreneurship in the Asia Pacific: examples
and international comparisons.
Sakhdari, K., 2020. A framework for measurability of “opportunity” construct in
entrepreneurship studies using the meta-synthesis approach. Journal of
Entrepreneurship Development. 13(2). pp.235-254.
Sulaiman, N.F., 2020. Fundamentals of Entrepreneurship (ENT300) Business Plan: Laundry
Service.
Zhartay, Z., Khussainova, Z. and Yessengeldin, B., 2020. Development of the youth
entrepreneurship: example of Kazakhstan. Entrepreneurship and Sustainability
Issues. 8(1). p.1190.
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APPENDIX
Financial Budget
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