Entrepreneurial Opportunities: 21 Midpoint Cafe and Dining Project

This project report explores the identification and analysis of entrepreneurial opportunities, focusing on the development of a dining restaurant, "21 Midpoint Cafe and Dining," in Manchester, UK. The report delves into the sources of inspiration for the business idea, including personal experiences and market trends, and provides an overview of the proposed restaurant concept, target audience, and location. A comprehensive competitor analysis is conducted, comparing the proposed restaurant with existing establishments like McDonald's and Taco Bell. The project includes a gap analysis, outlining the current market situation and the desired target, along with an action plan to address identified gaps. Market research, including a customer survey, is presented to support the viability of the business idea. Furthermore, the report assesses the feasibility and viability of the restaurant proposal, incorporating a forecasted cash flow analysis. A SWOT analysis is included to identify the strengths, weaknesses, opportunities, and threats associated with the venture. Finally, recommendations are provided to overcome competitive risks and capitalize on potential opportunities, concluding with a summary of the key findings and references.

Identifying Entrepreneurial opportunities

Table of Contents
 Introduction
 Background information of different sources behind business idea inspiration
 Overview of business idea
 Competitor analysis
 Gap analysis
 Market research
 Feasibility and Viability of business idea
 Recommendations on overcoming risk of competition
 Conclusions
 References

INTRODUCTION
 Entrepreneurship can be refereed as the act of developing a new business entity by
undertaking risk in order to earn profits.
 In other words, it means the process or set of activities of designing, launching and
operating a new business by a person.
 The present project report is going to discuss the different sources that generated the idea
of opening a dining restaurant in United Kingdom.
 It will also include what the business idea is, who are the target customer, the restaurant is
supposed to be open in UK. A competitive analysis will be done for assessing the
competitiveness of the market place, what the entrepreneur can do to face such
competition.

Background information about different sources that inspired the business idea
The inspiration can be drawn from anywhere and entrepreneur has developed this thought on
the basis of below mentioned sources :
 Attending trade shows, events and exhibitions
 Personal experience and talents
 Brainstorming
 Interest, hobbies and Dreams

CONT.…
Drucker's model entails the innovative opportunities for the entrepreneur :
 Unexpected success or failure
 Incongruities
 Process need
 Market structure and industry change
 Demographics
 Changes in perceptions
 New knowledge

Introduction to business idea
What is it?
 The entrepreneur has formed a thought of developing a dining restaurant called 21 Midpoint Cafe
and Dining, a restaurant that will serve proper meals.
Who is the target audience?
 Average earning working professional. It also wishes to serves tourists segment of market.
Where is it ?
 The proposed business venture is supposed to open in Manchester, one of the biggest city of
England.

Competitors analysis
Criterion McDonald Mr. Cooper House & Garden Taco Bell
Products It offers quick food such as burgers, fries,
beverages. It includes both vegan and non
vegan food items.
It is one of the local restaurant that provides British
classic dishes with new twists.
Taco Bell offers Mexican food such as
tacos, burritos, nachos etc. It offers
authentic taste of Mexican food.
Price The food offerings of McDonald's is priced
moderately.
Its prices are slight higher than other dining restaurants
in Manchester.
Taco Bell believes in cost leadership
strategy of pricing. It offers food at the
most reasonable prices.
USP Quick delivery of food, world biggest
restaurant chain.
It provides the best ambience and its restaurant theme
of trees and birdhouses is one of a kind in Manchester.
Its cocktail servings have won many awards.
The mouthwatering taste of its products
is the USP of Taco Bell.
Marketing strategy It focuses on competitive strategies.
.
It focuses on serving best to customers that create good
word of mouth. It does not market its place
aggressively.
Aggressive social media promoting
marketing strategy.
No. of employees It has around 440000 employees in 2017 in
its 37241 restaurants globally.
For running one restaurant, it requires 15-20 to operate
efficiently.
It has about 210000 employees in its
7000 restaurants across world.

Conti…
Success of restaurant industry:
 Growing tourism making restaurants highly profitable
 Demand from people working at unusual hours at workplace.
 Increase in purchasing power and in living standards of people.
 Quick accessibility to great food at moderate prices is one of reason of its success.
Failures :
 Strict regulations of government regarding health and safety.
 Employment laws and high employee turnover
 Unusual working shifts leading to exploitation of societal factor.
 Shifting preferences of customers towards low calorie food

Gap analysis and objectives of business ideas
A gap analysis is the assessment of actual performance with estimated or desired results.
Criterion Current situation Target situation Action plan
Freshness in food Many restaurants are serving that is
preheated or frozen.
To provide freshly produced food
using wood ovens for giving
authentic taste.
 Daily purchasing vegetables
and other items for producing
fresh food.
 Avoiding excessive use of
microwave and frozen food.
Price Proper dining restaurants charge very
high from customers with very less
quantity
The entrepreneur could fill the gap
by pricing its products low.
 Finding cost effective
supplier
 Controlling wastage while
making food.
Staff Restaurants fails to provide dishes
that are fusion of local dish with
modern touch due to ignoring local
chefs.
Proper mixture of cultural dishes
could be blend with new twists
and adding a protein and
nutritious touch to it.
 Hiring experienced local chef
for understanding needs of
working class people and
giving them home like food.

Conti…
Objectives of 21 Midpoint Restaurant
 Earning stability and competitive position in market.
 Earning desired financial results.
Strategies for achieving these objectives
 Serving what customers wants for achieving customer satisfaction.
 Making cost of operations effective for achieving high profitability.

Market research for supporting viability of
business idea
 Primary sources : The entrepreneur prepared a questionnaire and
included a sample size of 25 people.

Questionnaire
Q.1 How often do you dine at restaurant?
 Twice in week
 only on weekend
 Once in a week
Q.2 Do you prefer vegan or non vegan food?
 Vegan
 Non Vegan
 Both
Q.3 What do you hate most about a restaurant?
 Hygiene factor
 Frozen and Microwaved food
 Both of the above
Q.4 Are you price sensitive ?
 Yes
 No
 Not sure
Q.4 What do you recommend on price, quality, staff and ambience..
Cont…