Entrepreneurship Assignment: Bingo Restaurant Business Plan Report

This report presents a comprehensive business plan for a Bingo-themed restaurant, designed to cater to children. The introduction highlights the importance of innovation and entrepreneurship in establishing a unique market position. Task 1 focuses on the development of the business idea, emphasizing the need for a well-defined plan and market analysis. Task 2 delves into market analysis, identifying the target demographic, geographic location, and potential for growth within the children's restaurant sector. The industry analysis examines the competitive landscape, highlighting the restaurant's unique selling points. The report then details operational aspects, including food preparation, customer service, and technology integration. A SWOT analysis identifies the restaurant's strengths, weaknesses, opportunities, and threats. Finally, the financial requirements for launching the restaurant are outlined, providing a breakdown of necessary investments. The conclusion summarizes the key findings, emphasizing the potential for success through innovation.

Innovation and
entrepreneurship

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
Business Idea Development........................................................................................................3
TASK 2............................................................................................................................................4
Market Analysis..........................................................................................................................4
Industry Analysis........................................................................................................................5
Operations Detail........................................................................................................................5
SWOT Analysis.........................................................................................................................6
Financial Requirements...............................................................................................................7
CONCLUSION ...............................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneur is one who aims to establish economy and development of society. The
entrepreneur always contribute towards innovative business solution and generate unique
position in the market. Innovation and entrepreneurship are effective technique that are
interconnected with each other. By the increase in level of competition entrepreneur have to
brings some innovative solutions to establish strong image in market place or industry. Every
entrepreneur or business man have to examine its business idea feasibility. This will provide
appropriate direction for implementation of business cycle. For developing superior product to
satisfy potential consumer entrepreneur always need to innovate its product as well as services.
This will aid in gaining competitive benefit from others competitors along with increase in
consumer base towards organisation goods and services (Ferraris, 2020). Types of innovation
that help entrepreneur for accomplish long term survival in market as follows like employee,
customer, partner, competitor, public innovation. To survive in long term and facing high
competition, entrepreneur introduce creativity along with innovation in business idea. The
chosen business idea for this report is Themed restaurant that is Bingo restaurants. This
restaurants is basically start for the segment of children. This report aims towards market,
industry, SWOT analysis, operational detail as well as financial requirement which is need to
start Bingo themed restaurants for children.
TASK 1
Business Idea Development
The entrepreneur trends to bring new and business idea for the development of society as
well as economy. Before implementing any business idea in industry, there must be appropriate
plan for successful execution of business idea. In this report the chosen business idea is themed
based restaurant which is Bingo restaurant. This restaurants is introduce mainly for children foe
their fun and development. The development is the part of every business cycle because it will
leads towards suitability as well as survival of company. For the development of business idea
entrepreneur must examine same industry market. After that stage occur where time to expand
business idea introduce in the market (Ding, 2017). The competitive is essential to check the
feasibility of business idea. By gaining competitive data, entrepreneur can easily modify its
strategy top improving its profitability and value of business. The execution of marketing

strategy will increase the potential consumer through effective marketing marketing campaign.
The feedback of potential consumer aids in improving business idea. As they can modify the
costumer services as well as business operations. The addressing of market demand is important
because the suitability of business idea is wholly depend on the demand of potential consumer
There must be a model to develop business idea for its efficient and effective smoothing business
operations. The business model combines of market, SWOT, industry analysis, finance,
operation. This will facilitate value as well as position of business in market. The restaurant
must keep on updating its features to attract mass children. The children get attract if restaurant
have catchy cartooning, appealing bright colour base themed furniture. There must be tasty and
crunchy fast food to grab the attention in fulfilling cravings of children. With the technology
development, restaurant should introduce techy, sporty, cartoonist gadgets. This will create
unique position of Bingo restaurant in the minds of children as they would love top visit this
restaurant. The ultimate business idea of children base themed restaurant aims towards for the
fun and their development (Ferreira, 2017). The business model of restaurant should combines of
appealing menu so that unique as well as creative brand position will develop in the perception
of children.
TASK 2
Market Analysis
The market analysis is a type of assessment that aims towards determine the market size
of potential consumer in order to identify need of customer and issues related with good and
services. This specify target market element like size, value, location, geographic and
demographic aspect. This analysis ensure growth, stability or shrink of business idea. In context
of Bingo restaurant, it is mainly based on the target market of Children. In case of geographic
analysis this restaurant mainly target urban area location of children. On the other hand as per
market analysis on demographics basis the age group of children must be from 12 to 17. In this
income group of children must categorise on high profile premium segment children. As per the
market analysis there is a low competition in the field of children base restaurant, so there is a
great scope and growth of this business idea (Gumbau Albert, 2017). The target market is mainly
tends to the premium children of urban areas within age group between 12 to 17. The potential
consumer aims towards only high premium children who always in the search of fun and

development. By introducing unique and creativity in the business idea entrepreneur they would
successfully this restaurant. The market need involve growth and development of children as
they are the future of income generation (Kuratko, 2017). That is why market growth rate of this
restaurant will goes higher due less competition and high demand in the market. For maintaining
growth rate in the market, entrepreneur regularly brings fascinating features in their restaurant to
grab attraction of premium children.
Industry Analysis
The industry of restaurant carry very large and different business activities. There is huge
impact of restaurant industry in the economy of the country. This industry consist of several
services such as full, limited, quick services like buffers, snacks, beverages as well as cafeteria.
It is one of the effective technique that many entrepreneur use to address market sentiment of its
competitors industry. It will help to analysis industry dynamics that is required to established
influencing brand in the market industry. By this analysis entrepreneur can identify position of
its competitors who are delivering same goods as well as services. By gaining in depth
knowledge whole industry, entrepreneur can implement impressive plan of action to accomplish
competitive gain. By examine competitors of industry along with its competitive data that
industry can be analyse. From the collection of competitors data of restaurant industry, it has
been analyse that most of its competitors are based on family friendly or child friendly restaurant
(Mongelli, , 2017). There is no direct children based themed restaurant in its industry. These
restaurant include Kidzania, Jinjuu, Tredwells, The Duke of Richmond etc. It is one of the
advantage to introducing this business idea. The profit and growth rate of this Bingo restaurant
will be higher and can easily gain competitive benefit. It is easy for restaurant to compete with its
less competitors. While introducing menu as per the taste of potential children along with fun as
well as development activity will increase strong base in industry.
Operations Detail
The operation function plays crucial role for the carrying out of any business plan. The
operations function involves supply chain along with distribution channel. It combines of
transport facilities and premises in deliver end goods or services to the potential consumer
(Patricio., 2017). The activities involve in the operation of children based restaurant are food
preparation, services of dealing consumer, cleanliness, purchasing material, recording accounting
etc. The manual operations of restaurant consist of activity that is responsible in the execution of

whole distribution channel of business. The basic operations of restaurant is kitchen, dining
room procedure, managing reservation, safety along with security structure of children etc.
Here are some duty of entrepreneur in operations of child themed restaurant such as hiring
operational manager for operations of restaurant business activities. Here are some ways by
which entrepreneur can improve and make effective operations of business idea. Create training
session for the development of staff so that they will deliver productive value to potential
children without any food waste. The workers must aims towards attracting mas children with
their effective services (Pereira, 2019). Through effective training of their staff will develop
effective supply chain management of its business process. The entrepreneur should utilise
technology by spreading information of themed restaurant in websites, building , near parks so
that they can conne4ct with the potential children and raise their potential children base. The
operations of restaurant is directly linked with end consumer so it is important for entrepreneur
to make effective as well as efficient operational channel so that they can survive in the market
for long run.
SWOT Analysis
Before introducing any business plan into the market there must be SWOT Analysis of
the new innovative business idea so that the chance or scope of business survival goes up. The
SWOT Analysis combines of strength, opportunity, weakness and threats. With the help of these
analysis entrepreneur can easily identify the strengths and utilise its as opportunity for business
growth where as by addressing weakness they can improve and convert into their strength. By
identify threat of the business they can modified its business strategy to gain competitive
advantage (Pyka, 2019). This will contribute greater achievement for the business idea of themed
base children restaurant.
Strength- There are some strengths of this restaurant by which restaurant can enhance its
profitability and performance. The restaurant can deliver its food and services at reasonable
price. Along with this they can offer cartoonist sweet dish in their menu to create unique position
from other restaurant. The ambiance as well decoration act as greater strength as it will attract
more children to visit in its restaurant. They will offer outdoor fascinating techy gadgets so that
most of the teenager will visit their restaurant. The quality of their menu is highly productive.
The customer services is one of the greater strength as children feel privilege and friendly in
restaurant.

Weakness- One of the weakness of this restaurant is they fail to manage the level of
noise in the restaurant as most of the children are impatient. Another weakness is it is hard to
maintain cleanliness of the restaurant. The themed base restaurant required large amount of
finance for budgeting which will leads towards in carry out business activity (Saji, 2018). Lack
of parking area will leads towards as weakness. Children will not prefer this restaurant if they
found difficulty in parking.
Opportunity- Apart from children themed base they can also deliver diet preferences
food items so that health conscious children will also visit their restaurant (Wan-ru, 2018). This
act as a opportunity as they can increase their market base and increaser new potential
consumer. Entrepreneur can spread their children base themed restaurant in others parts of
country through franchise. This business idea is an opportunity for entrepreneur as this is
different concept from other normal restaurant and scope for expanding business is high.
Threat- After well establishment of this themed restaurant, other new business entrant
can also enter with this concept, and this will act as threat for entrepreneur as the growth of this
business goes down due to heavy competition.
Financial Requirements
The financial requirement is important for introducing any business idea. As for the
procurement or day to day business idea or operations monetary budget is requires. All
necessary and daily operations can only execute when there is a proper fund management in
business. The fund is needed in the business operation as well as in maintaining life cycle of
business idea. Proper fund management is important for the sustainability of business. Here is
the whole breakdown of financial requirement while implementation of business process of
children themed base restaurant.
 Financial budget for introducing new children based themed restaurant.
Equipments Price(In Pounds)
Furniture or stock 7500
Air conditioner 15000
Lights 12500
Computer system 10000

Music and cartoonist, techy machines 10000
Some other items 5000
Building cost 10000
CONCLUSION
From the above report it has been concluded that entrepreneurship is the origin of
innovation. Without innovation no business idea or start-up can survive in the market as there is
high level competition in market. For starting any business idea entrepreneur have to go through
several element like market, operational, financial, industry analysis to check feasibility of
business idea. It is most essential for completion of business idea objective. This help in
developing unique brand in the industry. The entrepreneur have to introduce continuous
development along with innovation in its business solution as it will lead towards the
development of society and economy.

REFERENCES
Books and Journals
Ding, Y.Y., 2017. The constraints of innovation and entrepreneurship education for university
students. Journal of Interdisciplinary Mathematics, 20(6-7).pp.1431-1434.
Ferraris, A., Santoro, G. and Pellicelli, A.C., 2020. “Openness” of public governments in smart
cities: removing the barriers for innovation and entrepreneurship. International
Entrepreneurship and Management Journal.pp.1-22.
Ferreira, J.J., Fernandes, C.I. and Ratten, V., 2017. Entrepreneurship, innovation and
competitiveness: what is the connection?. International Journal of Business and
Globalisation, 18(1).pp.73-95.
Gumbau Albert, M., 2017. Entrepreneurship, innovation and regional performance: application
for the Spanish regions. Entrepreneurship & Regional Development, 29(3-4).pp.271-
291.
Kuratko, D.F., 2017. Corporate Entrepreneurship & Innovation: Today's Leadership
Challenge. The Wiley Handbook of Entrepreneurship.pp.293-311.
Mongelli, L. and Rullani, F., 2017. Inequality and marginalisation: social innovation, social
entrepreneurship and business model innovation: The common thread of the DRUID
Summer Conference 2015. Industry and Innovation, 24(5).pp.446-467.
Patricio, R., 2017. A gamified approach for engaging teams in corporate innovation and
entrepreneurship. World Journal of Science, Technology and Sustainable Development.
Pereira, E.T., 2019. Innovation and Entrepreneurship During Economic Crises. In Handbook of
Research on Entrepreneurship, Innovation, and Internationalization (pp. 258-281). IGI
Global.
Pyka, A., Kudic, M. and Müller, M., 2019. Systemic interventions in regional innovation
systems: Entrepreneurship, knowledge accumulation and regional innovation. Regional
Studies, 53(9).pp.1321-1332.
Saji, B.S. and Nair, A.R., 2018. Effectiveness of innovation and entrepreneurship education in
UAE higher education. Academy of Strategic Management Journal, 17(4).pp.1-12.
Wan-ru, C.H.E.N., 2018. Analysis on Chinese National Policy of “Mass Entrepreneurship and
Innovation” Based on Content Analysis Method. Journal of Shanxi Youth Vocational
College.