Identifying Entrepreneurial Opportunities Report: UK Restaurant

This report provides a comprehensive analysis of entrepreneurial opportunities, focusing on the establishment of a new restaurant in the UK named 'Eat and Treat.' The report begins by identifying various sources of entrepreneurial ideas and innovation, followed by an evaluation of Drucker's 7 sources of systematic innovation. It then delves into the rationale and market gap for the restaurant concept, utilizing tools such as the McKinsey 7s model and competitive analysis. The report also addresses data requirements for gap analysis, including sources and methods of data collection and interpretation. Furthermore, a SWOT framework is applied to support an objective assessment of the entrepreneurial idea. The report concludes with an evaluation of the competitive and market environments, offering justified recommendations on how the business can be developed, managed, and sustained. The report emphasizes the importance of market research, strategic planning, and data-driven decision-making in achieving entrepreneurial success.

IDENTIFYING
ENTREPRENEURIA
L OPPORTUNITIES

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Determine and Evaluate different sources of entrepreneurial ideas and innovation..............1
M1 Evaluation of Drucker's 7 sources of systematic innovation providing specific examples..2
D1 Benefits and drawbacks of different approaches ..................................................................3
TASK 2............................................................................................................................................3
P2 The rationale and the market gap for a specific entrepreneurial idea using relevant tools
and techniques.............................................................................................................................4
M2 Justification of how specific entrepreneurial ideas fills a market gap using different
techniques and competitive analyses..........................................................................................5
D2 Evaluate a specific entrepreneurial idea based on appreciate interpretation and
investigation of competitive market place..................................................................................5
TASK 3............................................................................................................................................6
P3 Presentation of data needed to support gap analysis in the evaluation of a specific
entrepreneurial idea.....................................................................................................................6
M3 Justify sources and methods of data collection..................................................................10
D3 Analyses of specific sources and methods of data .............................................................10
P4 Interpretation of data appropriately to provide evidence of market potential......................11
TASK 4..........................................................................................................................................13
P5 SWOT framework to collate evidence to support an objective assessment of a specific
entrepreneurial idea...................................................................................................................13
P6 Evaluation of competitive and market environments in which the idea will be launched to
assess potential viability............................................................................................................13
M4 Critically evaluate a specific entrepreneurial idea in the context of the marketplace and
competition................................................................................................................................14
D4 Valid conclusions and justified recommendations on how a specific entrepreneurial idea
can be developed, managed and sustained................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES .............................................................................................................................15

.......................................................................................................................................................16

INTRODUCTION
Entrepreneurs are individuals who runs their own organisation by taking risks and pursue
entrepreneurial opportunities. It is the process in which individuals contributes their efforts to
make their business renowned at market place. In this, the government of country also helps
entrepreneurs by providing them funds in their start-ups. Entrepreneurs are also seen as innovator
or a source of new imaginations, ideas, etc. In this report, a new business is going to set up in UK
which is a restaurant namely 'Eat and Treat'. In this, the entrepreneur of organisation introduce
snacks by considering health of customers. They prepare health and oil free snacks to attract
more customers towards them at affordable rates (Grégoire and Shepherd, 2012). In this report,
new and possible sources are specified to set up innovative business in country. Along with this,
some tools and techniques are also stated to analyse market gap. Additionally, evaluation of
competitive and market environment is also discussed in which idea will be launched to assess
potential viability.
TASK 1
P1 Determine and Evaluate different sources of entrepreneurial ideas and innovation
To run a successful business organisation, there are various entrepreneurial ideas and
innovation which are used to attract customers and gain competitive advantage. In context of 'Eat
and Treat' the entrepreneur of company also implements various innovative ideas to attract its
customer and achieve their goals. Thus, some ideas are as follows:
 Surveys: The initial idea to start a business and achieve growth is by doing surveys. It is
an important aspect for an individual who wants to run a business enterprise. They should
do market surveys to identify customers demands and preferences. This also helps them
to generate new an innovative ideas to boost their business. In context of Eat and Treat,
the entrepreneur of organisation should also do market surveys before start new business.
This helps them to bring innovative ideas and achieve their objectives (Jarvis, 2016).
 Training: An entrepreneur can also attain various innovative ideas through training
sessions. Training helps them to learn new things and develop skills of an individual.
This can be attained by education from schools and other training institutions. The owner
of Eat and Treat should also do training which assists them to acquire new and innovative
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business ideas. By this, they can also develop and equipped necessary skills and
knowledge to run their organisation smoothly.
 Experience: The another basic idea to set up business is experience. It also aid an
entrepreneur in accomplishing their business goals and objectives. It can by achieved
through interest in a particular field. For example, individuals can deal with accounting
issues if they are interest and experience in accounting. Experience and interest in
specified sector also helps entrepreneur of Eat and Treat to establish new and innovative
business.
 Strength: In order to achieve goals and launch in new business, strength of an individual
considered to be a very important aspect. It is also an another source or idea to carry out
business operations in a systematic and effective manner (Dimov, 2011). It is also crucial
for entrepreneur of Eat and Treat to have strength in solving out issues and deal with all
situations.
From all the above sources, experience is considered to be a major source of motivation.
By this, the entrepreneur of company develops and evaluate new ideas in innovation of new
products and their business.
M1 Evaluation of Drucker's 7 sources of systematic innovation providing specific examples
To set up new business company should adopt Drucker's 7 sources or model which helps
company to innovate new business ideas. This model is given by Peter F. Drucker who has made
tremendous impact on business world. The author also guides and inspires organisation leaders
and entrepreneurs to set business and achieve goals.
7 sources of Peter F. Drucker
 The unexpected: According to the author, this can be a great source to inspire
entrepreneurs for innovation. In the business world, unexpected situations and ideas can
become powerful strategy to motivate leaders to innovate and set up new business.
 Incongruities: As per this source, many organisations introduce their products without
doing market research and analyse customers preference. This can lead organisation to a
downfall but a part form this, it can also be a great source of innovation and inspiration.
Company get feedbacks, reviews from their customers which is a best way to determine
incongruity.
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 Process need: The another source of innovation is process. The entrepreneur of company
should focus on process adopted by them (Hills and Hultman, 2013). It is crucial for them
to identify their weaknesses which they should improve to achieve their goals.
 Industry and market structure change: The owner of organisation should also keep an
eye on changes of market and industries structure. They should use advanced technology
according to current trends of market to also results in inspiration and innovation.
 Demographics: These can also influence business operations and functions.
Demographic factors includes, education, occupation, gender, annual income, etc. The
company should also produce products according to demographic situations of target
market.
 Changes in perception: According to this, the minds of people changes from day to day
which can also affect business operations. Thus, company should change their perception
along with customers preference. This can also be an another source to develop innovate
new products.
 New knowledge: This is also an another important source for innovation in business
products and operations (Tang, Kacmar and Busenitz, 2012). New and advanced
knowledge also aid company to improve their supply chain and enhance profitability
margins.
D1 Benefits and drawbacks of different approaches
There are some advantages of Drucker's 7 sources or model which helps owner of
company to bring new innovative ideas in setting up their business. It also inspire employees or
other staff members to develop new and innovative products which helps them to enhance
business performance. On the other hand, there are also some drawbacks as sometimes it results
in failures and also give negative outcomes which can affect companies overall performance and
operations.
Entrepreneurial idea plays an important role in setting up business enterprise. It involves
planning, organising, creating business plans after analysing market condition. In this context, an
entrepreneur is going to launch a new restaurant in UK which is 'Eat and Treat'. In this,
entrepreneurial idea generated by them is to provide healthy and oilfree snacks at affordable rates
to customers. Thus, entrepreneur of Eat and Treat decided to target health conscious people. As
their idea to provide oilfree food will give benefits to people who have cholesterol and diabetes
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problem. So, they have targeted health intended clients to increase their sales and maximises
profits.
TASK 2
The entrepreneurial is to produce healthy and oil free food. In this the owner of Eat and
Treat produces healthy snacks which is beneficial for all customers. In this, they targeted health
conscious people to as oil free food are mostly preferred by them. This entrepreneurial idea lead
company to better outcomes and results.
P2 The rationale and the market gap for a specific entrepreneurial idea using relevant tools and
techniques
Identification of market gap is essential for an entrepreneur to set and run its business
effectively. By this, an individual can gain competitive advantage at market place and attain their
goals and objectives. In reference with 'Eat and Treat' the owner of company should adopt some
relevant tools and techniques to analyses market gap. In this, there are few tools to determine
market gap such as, Fishbone analysis, SWOT, Surveys, McKinsey 7s, etc. These all techniques
are beneficial and helpful to carry out business activities properly. Thus, entrepreneur of Eat and
Treat uses McKinsey 7s model which is explained below
McKinsey 7s Model
This model is given by Robert H. Waterman, Jr. and Tom Peters which is beneficial to
understand gaps which appear in business and to boost performance (McKinsey 7s framework,
2018). In this, they have divided model into two elements such as, hard and soft element.
Hard element
 Strategy: It is a tactics or tools which helps company to gain competitive advantage at
market place. It is an essential tactic which helps company to reduce market gap. This
also enhance coordination and relationship with potential customers. By implementing
effective strategies, the entrepreneur of Eat and Treat can attain their goals and objectives
in allotted time frame. They can also attract more buyers towards them and maximises
their profits.
 Structure: The organisational structure of company should be flat in which powers are
hold by top authorities from top to bottom. The structure can also impacts operations of
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company. So it is essential for owner of Eat and Treat to adopt flat and flexible structure
to achieve their goals and reduce market gaps.
 Systems: In this, the employees to organisation should adopt technical and systematic
infrastructure to accomplish their daily tasks and projects. By this they can easily deal
with problems and attain organisational goals (Mitchelmore and Rowley, 2013). In this
regard, the owner of Eat and Treat should also use effective systems to reduce market
gaps and achieve their objectives in allotted time frame.
Soft elements
 Shared values: According to this element, the entrepreneur of Eat and Treat should
uphold a set of beliefs and traits. It is also crucial for them to maintain coordination and
relationship with their employees to attain goals. By this they can easily retain more
employees in restaurant and maximises their sales. They should also communicate with
buyers and get reviews about their products and services. This helps them to do
improvements and reduce market gaps.
 Style: It involves leadership styles and traits of leaders in organisation. The leader of Eat
and Treat should have effective leadership trait and skills to carry out all business
operations. The culture of organisation should also be good and and well defined so that
employees can perform their activities easily. There should be no discrimination in
culture, religion and gender of employee. Effective leadership style helps organisation to
reduce gap and achieve goals.
 Staff: The another essential tool to identify market gap and achieve business goals is
staff. Employees are key to success, so it is important for manager of Eat and Treat to
involve their staff members in their planning and decision making process (Cruz,
Hamilton and Jack, 2012). They should also offer them promotions and incentives to
motivate and retain them in company for long time. This lead business enterprise to
decrease market gap and increases productivity level. Proper staffing will alos assists
them to achieve their goals and objectives in time.
 Skills: It includes key skills and abilities of employees. It is crucial for manager of Eat
and Treat to provide employees training and knowledge so that they can work effectively
and accomplish their projects in time. In addition to this, appropriate skills staff members
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can assists buyers and reduce gaps. By this, they can also achieve their goals in allotted
time frame.
M2 Justification of how specific entrepreneurial ideas fills a market gap using different
techniques and competitive analyses
Market gap create between customers and organisation when company can not able to
fulfil demand of buyers. Due to this, gaps are developed between both entities which results in
decreasing company's sales margins and productivity levels (Vasilchenko and Morrish, 2011).
So, in order to reduce those gaps and make string customer base it is crucial for business
enterprise to produce products according to buyers preference. In context of Eat and Treat, the
entrepreneur of brand also offers healthy and oil free products which are beneficial for health
conscious people. This also lead company to enhance their revenues and maintains good
relationship with buyers.
D2 Evaluate a specific entrepreneurial idea based on appreciate interpretation and investigation
of competitive market place
To achieve growth and success in market, it is important for company to investigate their
market place in comparison to their rivals. In this, the entrepreneur of Eat and Treat, it has been
investigated more number of people are in favour that company provides healthy and oil free
products which are beneficial for people who have issues of cholesterol, blood pressure and
diabetes. As by this, company can easily achieve their goals and retain more number of buyers in
restaurant for longer period of time. This also aid organisation in enhancing larger market share
and revenues.
Competitive analyses is strategy in which company examine their strength and weakness
from their rivals. It is important for an entrepreneur to determine their competitors and strategies.
It is a critical part of company's marketing plan. In context of Eat and Treat, it is essential for
owner of company to examine pricing strategies and structure of their competitors. This helps
them to adopt better techniques to attract and retain more buyers towards company. If
organisation uses better techniques and strategies from their rivals, then it leads company
towards success and growth. On the other hand, older techniques can result in failures and buyers
start switching to another brand. In addition to this, advanced technologies will also helps them
to have low risk and better outcomes.
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TASK 3
P3 Presentation of data needed to support gap analysis in the evaluation of a specific
entrepreneurial idea
In order to support gap analysis, it is crucial for organisation to determine cost of
products which their competitors are serving to their customers. By this, company can analyse
their level and quality of products as compared from their rivals. The owner of Eat and Treat
analyse gap by comparing its business with their competitors.
Basis of comparison Eat and Treat Competitor enterprise
Competition in market The owner of Eat and Treat
provides superior quality foods
and snacks to its customers at
affordable rates from their
competitors. Their prices of
foods products is $6000.
The competitor company
offers their products at 8%
more prices than Eat and Treat.
By this, buyer prefers less to
buy products as prices are
highly in comparison from
other firms.
New entrances in industries The entrepreneur of Eat and
Treat provides its product at
locations mostly and easily
approachable by their
customers.
The prices of new industries
are high compared to Eat and
Treat which are fixed at
$12000.
Power of supplier The suppliers also provides
provides products to company
at low costs that is $1500 as
comparison with rivals of Eat
and Treat.
The suppliers of other
companies charge higher rates
in comparison to Eat and
Treat.
Power of buyer The entrepreneur of Eat and
Treat also satisfy buyers
demands by providing health
and oil free products at
The main motto of competitors
is to maximize more profits. In
this, they do not give much
preference to customers
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affordable rates (Welter and
Smallbone, 2011).
demand.
Threat of substitute In order to overcome with such
threats, company should
provide customized products
according to their requirement.
By this, more buyers attracts
towards restaurant and retain
for longer period of time. The
company also charge less
subscription fee which is $400
as compared to their rivals.
The rivalry firm charges higher
subscription fee that is $800
from Eat and Treat which
affects buyers. Due to this
more buyer are changing their
brands or companies.
To get feedbacks from customers related to quality of food products, the owner should
consider questionnaire. By this, they can get reviews of various buyers about their satisfaction
level after consumption of products.
Questionnaire
Name:
Age:
Occupation:
Respondents: 50
Q1. Does Eat and Treat have a sufficient selection of healthy choices?
 Yes: 30
 No: 20
Q2. Are you satisfied after consuming Eat and Treat's products?
 Yes: 40
 No: 10
Q3. Does the prices charged by Eat and Treat is high?
 High: 10
 Low: 20
 Moderate: 20
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Q4. Which food you prefer the most to have at restaurant?
 Breakfast: 20
 Lunch: 20
 Dinner: 10
Theme 1: Eat and Treat offers sufficient selection of healthy products
Q1. Does Eat and Treat have a sufficient selection of healthy choices? Frequency
 Yes 30
 No 20
Theme 2: Satisfaction level of customers after consuming company's products
Q2. Are you satisfied after consuming Eat and Treat's products? Frequency
 Yes: 40
 No: 10
9
30
20
Yes
No