Entrepreneurship and New Business Venture: Restaurant Industry Report

This report examines a new business venture within the restaurant industry, focusing on current market trends, challenges, and potential solutions. The introduction highlights the importance of adapting to consumer preferences and maintaining a strong brand image through innovative strategies. The report identifies issues such as customer dissatisfaction with food taste, labor costs, and competition. The proposed solution suggests hiring chefs based on the cuisine type to enhance customer satisfaction. The business model canvas is then used to analyze key components such as value proposition, customer segments, key activities, customer relationships, key resources, distribution channels, cost structure, revenue streams, and key partners. The conclusion emphasizes the need for innovation and strategic adaptation within the restaurant industry to improve performance and productivity. The report also provides a list of references including books and journals that support the findings.

Entrepreneurship and New business venture

Table of Contents
INTRODUCTION...........................................................................................................................1
Proposed novel solutions.................................................................................................................2
Business model canvas....................................................................................................................2
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Key trends
Consumers have different types of preferences and the Comanches has a responsibility to
provide appropriate and innovative products to the client top increase overall performance in the
world. In all the industry they have many problems related to the market trend. To maintain the
brand image in the world all organizations must need to use advances strategies and approaches.
There are different types of marketing strategies that gives more profit to an entity. Hotel and
restaurant industry has an issue related to the market trend. Hotels are not able to satisfy the
consumer needs because they are not satisfied with the taste of the food. The must need to give
appropriate items and services based on the client preferences. In UK, there are different types of
restaurants and all they have various strategies to satisfy the customers needs.
There are different types of issues in the industry such as consumer preferences, cost,
labour, higher competition but all the companies are trying to overcome by applying innovative
strategies and approaches. There are different types of strategies and technologies that helps to
maintain brand recognition in the world and also helps to get higher performance in the world.
Restaurant are not getting that much profit as they need. There are various techniques that gives
more profit to the company to increase overall performance in the world. Key trend of the
restaurant industry are provide foods based on the client needs, provide appropriate wages to the
employees, provide effective plans and policies to the employees in the firm (Chrisman and
et.al., (2012)).
Industry
Restaurant industry faces many issues in the world they are providing the products and
services but they are getting profit in a world. Companies follows different types of strategies to
increase overall performance in the world. Main trend of this industry it provides innovative
products and services based on the consumer needs and provide sufficient wages and salary to
the employees. Thee are different types of problems in restaurant and hotel industry that affects
the overall company performance in the world such as consumer preferences and taste of foods.
Some of the restaurant are not able to provide food based on the client needs. Some of the
employees in the firms not have appropriate knowledge and skills to produce innovative food
(Cumming and Li, (2013)).
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Further, to solve this issue companies are providing the food according to the consumer
need but they are not satisfied with the taste. This is the big barrier in the restaurant and hotel
industry. Many of the firms provides an appropriate training and development to the employees
but it is not effective method. They need to follow another technique to satisfy the client needs.
Many resources are used to train the employees such as company hire experts for the training
(Henrekson and Sanandaji, (2014)).
Proposed novel solutions
There are different types of problems that are face by the hotel and restaurant industry
such as customers are not satisfy with the food taste so all the companies need to take
appropriate decision. One of the best solution for this problems is to hire the chief according to
the restaurant types means if they are providing only Indian food and services then they should
hire only the Indian chief and in UK there are many peoples from different countries so that they
must need to hire multiple chief in the restaurant according to the food types that they are
providing. Manager of the firm must need to give effective and efficient training and
development to the employees so that they can easily innovate the items and services to satisfy
the customer needs. By hiring the chiefs according to the types of restaurant then it gives higher
performance to the firm and they can easily expand their business in the word (Lackéus and
Williams Middleton, (2015)).
All the restaurants gives training to the employees to produce a product based on the
client preferences but they are satisfying with the taste so they must need to hire a chief
according to the type of restaurant. Suppose restaurant provide Indian food then they should hire
Indian chief, if restaurant provide Chinese food then they should hire only the Chinese chief,
hotels are providing multiple foods of different countries then that types of hotel need to hire
multiple chief who are specialist to cook specific country food. By hiring this types of chief in
the hotel then it gives more profit to the firms and it also helps to increase the level of
satisfaction in the world. Further, some of the clients not spend much money on the luxury food
so that firms need to reduce the cost and provide innovative items and services the client. It helps
to increase a performance and productivity in the world. There are different types of strategies
and approaches that helps to expand their business in a world. It also helps to attract the customer
in the market and it gives more benefit to the industry (McGowan and et.al., (2012)).
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Business model canvas
Business model canvas is the tool to identify the building blocks of starting of the
business s in the world. It includes different types of elements such as value proposition,
channels and key activities and so on. The company need to promote all the new technologies
and products in the market. It helps to increase entity performance and productivity in the world.
Al companies follows BMC to visualize the building block of new business. Nine section of the
BMC as follows:
 Value proposition: it includes different factors such as by applying the innovative
solution in existing business it satisfies which types of consumer needs, types of products
and services are provided by the business. In the restaurant and hotel industry the major
problem are faces by the companies is the client are not satisfied with the food taste so
they should hire the chief according to the type of restaurant. It helps to attract the
consumer needs and also helps to increase overall organization performance in the world
(Mollick, (2013)).
 Customer segment: This strategy works for old and new customers. For old consumers
it is very beneficial for the firm to increase the firm performance in the world. For the
new clients it is very good and effective strategy to attract the customers in the market.
All the companies are trying to concentrate on the consumer needs but they are trying to
focus on the taste of the food so this strategy gives more profit to the company to increase
overall performance in the world.
 Key activities: For this type of implementation of the strategy it includes the different
types of distributional channel, promotion etc. For the promotion company need to use
social media and internet to promote their services in the world (Moroz and Hindle,
(2012)).
 Customer relationship: company need to maintain the relationship with the target
customers such as Indian so they need to follows some strategy such as provide
additional food and services to the client. They also should use word of mouth to increase
a productivity and also helps to attract a consumer in the world (Nambisan and Baron,
(2013)).
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 Key resources: for the promotion the employee neds training and development so that
they can easily promote the items and services in the world. Employee needs appropriate
guidelines to promote their products and services in the market.
 Distributional channel: social media and internet is the best technologies to connect
huge number of peoples in the world. It helps to increase a productivity in the world
(Shane, (2012)).
 Cost structure: for the promotion, implementation of new strategy needs additional cost,
a manager of the business has a responsibility to set the desired target and cost for the
particular activities (Onetti and et.al., (2012)).
 Revenue stream: this strategy are totally focuses on the high quality and taste of the
products and services in the world which helps to increase a satisfaction level of the
consumers.
 Key partners: it uses the key partners for this strategy such as strategic alliance between
non competitors and strategic partnership between the competitors.
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value customer key activities customer key
proposition segment distributional relationship resources
domestic new channel and word of activities
food cooking and old promotion mouth training
for Indian consumers activities strategy
customers
distributional cost structure
channel cost for
social media promotion and
and internet advertisement
revenue stream key partners
food taste and high quality strategic alliance between the non competitor
product strategic partnership between competitors
payment modes such as
by cash and by card
Illustration 1: Business model canvas

CONCLUSION
For the higher performance and productivity in the world companies must need to
innovate their business by applying advanced strategies. There are different types of approaches
that helps to increase overall company performance in the world. From this report it can be easily
concluded that there are different types of issues in the restaurant and hotel industry such as
consumer preferences, food taste etc. one of the best solution for this problem is all restaurant
and hotel needs to hire the chief according to what type of food they are providing. Suppose it
provides Chinese food then they must hire Chinese chief so it will increase the level of
satisfaction. Existing key trend of this type of industry is they provide training and development
to the employees to cook a food based on the client needs but the taste is not good enough so
they need to modify the strategy to increase overall performance in the world. It also helps to the
companies to attract the customers and also helps to expand their business in the world. By
applying innovative strategies in the business they can easily increase their performance in a
world.
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REFERENCES
Books and journals
Chrisman, J. J. & et.al., (2012). Counseling assistance, entrepreneurship education, and new
venture performance. Journal of Entrepreneurship and Public Policy. 1(1). 63-83.
Cumming, D., & Li, D. (2013). Public policy, entrepreneurship, and venture capital in the United
States. Journal of Corporate Finance. 23. 345-367.
Henrekson, M., & Sanandaji, T. (2014). Small business activity does not measure
entrepreneurship. Proceedings of the National Academy of Sciences. 111(5). 1760-1765.
Lackéus, M., & Williams Middleton, K. (2015). Venture creation programs: bridging
entrepreneurship education and technology transfer. Education+ Training. 57(1). 48-73.
McGowan, P. & et.al., (2012). Female entrepreneurship and the management of business and
domestic roles: Motivations, expectations and realities. Entrepreneurship & Regional
Development. 24(1-2). 53-72.
Mollick, E. R. (2013). Swept away by the crowd? Crowdfunding, venture capital, and the
selection of entrepreneurs.
Moroz, P. W., & Hindle, K. (2012). Entrepreneurship as a process: Toward harmonizing multiple
perspectives. Entrepreneurship Theory and Practice. 36(4). 781-818.
Nambisan, S., & Baron, R. A. (2013). Entrepreneurship in innovation ecosystems: entrepreneurs'
self‐regulatory processes and their implications for new venture success.
Entrepreneurship Theory and Practice. 37(5). 1071-1097.
Onetti, A. & et.al., (2012). Internationalization, innovation and entrepreneurship: business
models for new technology-based firms. Journal of Management & Governance. 16(3).
337-368.
Shane, S. (2012). Reflections on the 2010 AMR decade award: Delivering on the promise of
entrepreneurship as a field of research. Academy of Management Review. 37(1). 10-20.
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