Entrepreneurship Report: Sea Sharp Undersea Restaurant in Mauritius

The assignment presents an entrepreneurship report for Sea Sharp, a proposed undersea restaurant in Mauritius. The report begins with an executive summary and introduction, detailing the company overview, mission statement, products and services, current status, and legal structure. It then delves into a business description and analysis, covering industry size, growth rate, structure, participants, success factors, and trends. A market analysis and competitor analysis section examines market segmentation, target markets, consumer behavior, and competitive landscape. The report further outlines the marketing strategy, operational approaches, HR policies, management structure, and financial projections, including sources and utilization of funds, estimated values, pro forma statements, and a milestone schedule. The restaurant aims to provide a unique dining experience with a view of the ocean bed and marine life, targeting tourists and fine diners, and the report concludes with references.

Running head: ENTREPRENEURSHIP REPORT FOR A NEW BUSINESS IN
MAURITIUS
Entrepreneurship Report for a New Business in Mauritius
Name of the Student
Name of the University
Author Note

1ENTREPRENEURSHIP REPORT FOR A NEW BUSINESS IN MAURITIUS
Executive Summary:
Sea Sharp is a new concept of an Undersea Restaurant in Mauritius which involves a
see through aquarium placed 20 feet below the sea level near the coast of Mahebourg at Ile
aux Aigrettes islands. The Restaurant will provide a full view of the ocean bed and coral life
for the diners. Similar themes are present in other countries such as Maldives, Dubai and
South Africa but have not yet been tried in Mauritius. The restaurant will attract both tourists
as well as fine diners to a new experience of dining. The construction of the facility has been
completed and the necessary permits have already been taken. It is expected that the business
will fare well in the next three years and it is estimated that in the first 12 to 13 months the
breakeven point can be reached and the company can start making profits from there on.

2ENTREPRENEURSHIP REPORT FOR A NEW BUSINESS IN MAURITIUS
Contents
Executive Summary:..................................................................................................................2
Section I. Introduction:...............................................................................................................4
1.1 Company Overview.....................................................................................................4
1.2 Mission Statement.......................................................................................................4
1.3 Products and Services......................................................................................................4
1.4 Current Status...................................................................................................................5
1.5 Legal Status and Ownership.............................................................................................6
Section II. Business Description and Analysis:.........................................................................6
2.1 Industry size and growth rate...........................................................................................6
2.2 Industry Structure.............................................................................................................7
2.3 Nature of participants.......................................................................................................7
2.4 Success factors.................................................................................................................8
2.5 Industry Trends................................................................................................................8
2.6 Long term Prospects.........................................................................................................9
Section III. Market Analysis & Competitor Analysis 300 words..............................................9
3.1 Market Segmentation and Target market selection..........................................................9
3.2 Consumer behavior........................................................................................................10
3.3 Competitor Analysis.......................................................................................................10
Section IV. Marketing:.............................................................................................................12
4.1 Marketing Strategy.........................................................................................................12

3ENTREPRENEURSHIP REPORT FOR A NEW BUSINESS IN MAURITIUS
4.2 Products, Price, Promotion and Distribution..................................................................12
Section V. Operations and HR:................................................................................................13
5.1 General Operational Approaches...................................................................................13
5.2 Business Location..........................................................................................................14
5.3 Facilities and Equipment................................................................................................14
5.4 HR Approaches and Policies..........................................................................................15
Section VI. Management..........................................................................................................15
6.1 Management Team.........................................................................................................15
6.2 Company Structure.........................................................................................................15
Section VII. Financials.............................................................................................................16
7.1 Statement of sources and utilization of funds................................................................16
7.2 Estimated Values............................................................................................................17
7.3 Pro Forma Income Statement.........................................................................................18
7.4 Pro Forma balance Sheet................................................................................................19
7.5 Pro Forma Cash Flow.....................................................................................................20
Section VIII. Milestone Schedule / Gantt chart.......................................................................21
References:...............................................................................................................................22

4ENTREPRENEURSHIP REPORT FOR A NEW BUSINESS IN MAURITIUS
Section I. Introduction:
1.1 Company Overview
There has been a steady increase in the popularity of concept restaurants that provides
unique experience to the diners through the incorporation of new experiences. One of the
most trending of such ideas is in underwater restaurant segment in which the restaurant is set
up in an underwater aquarium providing a view of the underwater environment for the diners
(Lee et al. 2015). The underwater hotel segment is a rapidly booming industry and companies
such as Ithaa Undersea Restaurant, Cargo Hold and 5.8 Undersea Restaurant have shown
significant growth over the last few years due to an increase in the appreciation of themed
restaurant (Kilberg 2014). The name of the business Sea-Sharp that will be located 20 feet
under the sea level in a specialized aquarium providing a full view of the ocean bed and
marine life forms of Mauritius.
1.2 Mission Statement
The mission of Sea-Sharp will be to provide the best dining experience to the customers
where they will be able to get a full and clear view of the sea bed and various marine life
forms in a safe and relaxing environment along with the experiences of a fine dining
restaurant where the customers can get a taste of various sea food and traditional dishes of
Mauritius in a modernized form (Karatepe and Kaviti 2016).
1.3 Products and Services
Sea-Sharp will provide a fine dining service for the customers, offering various types
of sea food such as sea fishes and shell fishes and sea based cuisines from around the world,
including traditional dishes from Mauritius. Additionally, Sea-Sharp will also provide a full
underwater view of the sea bed and marine life forms through the transparent walls of the

5ENTREPRENEURSHIP REPORT FOR A NEW BUSINESS IN MAURITIUS
Restaurant (Carlucci et al. 2015; Stern et al. 2017). Given below is a list of sea life that will
be available on the restaurant menu:
Category Species
Fishes
Tuna
Merlin
Swordfish
Salmon
Mackerel
Herring
Sardines
Cod
Flatfish
Stingray
Demersal Fish
Lampreys
Eel
Mollusks
Oysters
Scallops
Mussel
Cockles
Conch
Abalone
Octopus
Squid
Cuttlefish
Crustaceans
Prawns
Shrimps
Crabs
Lobsters
Krill
Animals
Sea Urchins
Jellyfish
Sea Squirts
Plants
Sea Weed
Giant Kelp
Microalgae
Figure 1: Seafood products (source: self work)
1.4 Current Status
Sea-Sharp is about to launch the business in Mauritius on December 31st, 2018. The
required paperwork has already been completed in accordance to the legal requirements of

6ENTREPRENEURSHIP REPORT FOR A NEW BUSINESS IN MAURITIUS
the Mauritius government. Access to the website and online mobile application has already
been opened for the public to see through which they can develop understanding about the
concept as well as the experience they can expect at the restaurant. Some of the most
prominent dishes will also be mentioned for the customers to understand the type of food that
will be served. Further marketing can advertisements will also be done in due course of time
for promoting the brand and increasing awareness among the customer base (Leitch 2018).
1.5 Legal Status and Ownership
Sea-Sharp will be providing a fine dining experience within a submerged aquarium
that will allow the diners a full view of the sea life and the sea bed and will be managed by
the owners as a one of one proprietorship business with no plans of opening any franchises.
The restaurant will provide a one of a kind experience for the customers of the rich marine
environment, ecosystem and geography surrounding the island which currently no other
business provides in Mauritius. The application fees, registration fees and necessary licenses
and permits have already been acquired from the government as well as the local authorities.
Moreover, the permits from health and safety agencies have also been acquired and the
premises have been built according to the industrial standards of health and safety (Koplovitz
and Shenkar 2014).
Section II. Business Description and Analysis:
2.1 Industry size and growth rate
Hospitality and Tourism has been a rapidly growing industry in Mauritius and has
been one of the most significant sources of economy in the country. According to World
Travel and Tourism Council Hospitality, Travel and Tourism contributed to 8.4% of the total
GDP of the country, as of 2016, which rose by another 2.7% by 2017 and expected to rise to

7ENTREPRENEURSHIP REPORT FOR A NEW BUSINESS IN MAURITIUS
9.2% of the GDP by 2027 and create employment for 45,000 people. This shows that there
will be a significant increase in the industry in the next decade which can allow Sea Sharp to
prosper and grow as it will provide both a fine dining as well as tourism approaches (wttc.org
2018).
2.2 Industry Structure
The hospitality and restaurant industry in Mauritius have increased by 6.7% between
2014 and 2015 and is expected to increase to 10.6% by 2020 with annual revenues generated
up to Rupees 36.4 billion (wttc.org 2018). Estimates also show that restaurant and hotel
business will have total earnings of over 50 billion rupees by 2020, which shows a significant
potential of growth of this sector (wttc.org 2018). There are several international businesses
operating in the country, however none of the businesses currently offer the experience that is
given be Sea Sharp and the concept can be understood to be at the first stage of the product
life cycle (PLC) and is expected to grow within the first few years of being operational.
Figure 2: Product Life Cycle (source: self work)
2.3 Nature of participants

8ENTREPRENEURSHIP REPORT FOR A NEW BUSINESS IN MAURITIUS
In terms of ocean based themes, the main players in the Restaurant and Hospitality
industry in Mauritius includes Ocean Basket, Ocean Restaurant, Ocean Once beach and Club
Restaurant and Le Flamboyant with provides a Sea or Ocean based experience for the diners.
These companies have been operating for over 10 years in Mauritius and have developed a
significant growth. However Sea-Sharp provides a unique experience that sets it apart from
these companies, providing a complete underwater view for the diners and thus will be one of
a kind in the country. Additionally, due to a strong tourism sector in the country, a significant
amount of the customers will be tourists and nature enthusiasts who would like to imbibe
upon the whole underwater dining experience. Other participants in the business can include
marine biologists and conservation scientists that can educate about the various marine lives
visible from the restaurant. Additionally, the business can also hire professional divers who
can interact with the marine life forms to provide entertainment to the diners.
2.4 Success factors
The main success factors that can help in the growth of the company includes the
quality of the fine dining experience, the view of the marine habitat and sea bed as well as
through the quality of food being offered in the restaurant including various sea food and
cuisines from around the world.
2.5 Industry Trends
Currently there is a rapid growth in the themed restaurant business, especially for
those restaurants that captures the beauty of the Oceans like the ocean sides and oceanic food.
Restaurants in Mauritius that offers such experiences for the customers have seen a lot of
growth over the last 10 years mainly due to an increase in tourism in the islands and an
increase in customers who are interested in the marine life. Due to this, more and more

9ENTREPRENEURSHIP REPORT FOR A NEW BUSINESS IN MAURITIUS
businesses are opening up providing an experience of the seaside and sea food for the
customers.
2.6 Long term Prospects
It can be estimated that in the first 2 years, the sales of the restaurant can increase by
45%, and in 5 years it will be able to grow by almost 100%, doubling in the profits and
become one of the top restaurants in the country. On the long term, the business can also
expand further, adding new zones connected to the existing plan through underwater tunnels
that can further enhance the experience of the customers.
Section III. Market Analysis & Competitor Analysis 300 words
3.1 Market Segmentation and Target market selection
The market for Sea-Sharp will include customers who wanted to get a unique dining
experience including both locals as well as tourists. The main target customers would include
tourists, business professionals as well as individuals wanting to have a fine dining
experience in a unique way. The segmentation of the market therefore is made into two broad
categories: tourists and fine diners. The table below provides an overview of some of the key
characteristics of the two market segments or target market:
Characteristics Tourists Fine Diners
Demographic Age: 5 to 60 years
Income: Above Rs 20,000
Economic Status: Mid to high
income
Age: 10-60
Income: Above Rs 10,000
Economic Status: Medium
Psychographic Values: Willing to pay for an
exquisite experience
Attitudes: Interest in the beauty
Values: Willing to pay for a
new fine dining experience.
Attitude: Interested in different

10ENTREPRENEURSHIP REPORT FOR A NEW BUSINESS IN MAURITIUS
of marine life and habitat,
wildlife enthusiast, nature
enthusiast
Personality: Outgoing,
interactive, open minded,
prefers sea food
culinary dishes around the
world
Personality: Prefers fine dining
restaurants as places for social
interactions, business meetings
and for personal leisure
Geographic Country: Any country Country: Any Country
Behavioral Spending ability: Moderate to
high
Benefits sought: New
experiences
Spending Ability: Moderate to
high
Benefits Sought: Ambience and
Food Quality
Figure 3: Market Segmentation (source: self work)
3.2 Consumer behavior
In the restaurant business, the consumer behavior is positive for the growth of the
business. The target consumers are the ones who are willing to spend the extra money to get a
unique dining experience that is ideal for tourists who cannot opt for adventure tourism
activities such as scuba diving and snorkeling. Consumers who are environmentally friendly
and are nature enthusiasts would also be drawn to this experience as it can allow them to see
the marine life and the beauty of the ocean bed without disturbing the habitat for which they
can pay the extra amount.
3.3 Competitor Analysis
Currently there are no competitors for Sea-Sharp in Mauritius that provides the same
experience for the diners, and Sea-Sharp is one of its kinds in the country. Similar concepts
have been used by some restaurants such as the Ithaa Undersea restaurant in Maldives, Al
Mahara in Dubai and Cargo Hold restaurant in South Africa. However this concept is

11ENTREPRENEURSHIP REPORT FOR A NEW BUSINESS IN MAURITIUS
completely new in Mauritius. However Ocean Basket and Ocean Side beach and resort
provides an experience of the ocean side and sea food for the customers, who can be a
significant competitor for Sea Sharp in terms of the food provided. Using the Porter’s Five
Forces Analysis, an analysis of the competitor market for Sea-Sharp has been analyzed
below:
Figure 4: Competitor Analysis using Porter’s five field (source: self work)
Competitive Rivalry: No underwater restaurant in Mauritius, High Customer Loyalty, Fast
growing hospitality and tourism industry.
Buyer Power: Growing hospitality and tourism, one of its kind venture in the country, large
customer base.
Threat of Substitution: Other businesses following the same idea, high cost of change
Supplier Power: Many suppliers are available for seafood supplies from local market as well
as international merchants, easy access to most of the supplies.