Report: Analyzing an Entrepreneurial Opportunity and Business Plan

This report explores an entrepreneurial opportunity centered around a mobile food truck business that delivers healthy street food through online ordering. The report begins with an introduction highlighting the importance of unique business ideas and effective management. The main body details the business concept, targeting a wide range of customers including office workers, students, and the elderly, with a focus on nutritious and convenient food options. The report examines the importance of opportunity creation by identifying changing customer needs and desires, and opportunity recognition to understand market demands. It then presents a comprehensive business plan, including market research, operational strategies, resource requirements, and marketing approaches. The plan emphasizes efficient order processing, regional focus, and the use of technology for customer feedback and location tracking. The report concludes by emphasizing the significance of timely delivery, healthy food options, and the overall potential for business growth.

Entrepreneurial
Opportunity

Table of Contents
INTRODUCTION................................................................................................................................3
MAIN BODY.......................................................................................................................................3
CONCLUSION:...................................................................................................................................6
REFERENCES:....................................................................................................................................7

INTRODUCTION:
In order to achieve the success of business, it is required to have a unique idea that can draw
attraction of large customers base. In addition to this, effective management tactics are required. For
this, entrepreneurs are needed to ensure development of productive strategies. The present report
will shed lights on the entrepreneurial idea and its exetuion in starting a business. The idea must be
having a breif information regarding the traget market, customers, value proposition of prodcut, etc.
All of these contributes towards the success of the business. There are various themes that helps
creating a product and starting a business. The theme opportunites creation helps in creating the
needs of the products that can be made in order to fulfill that needs. The opportunities recognition
helps in recognising those opportunities so that it can be grabbed and worked upon it. At last it will
show the business plan and how the plan should be made and executed. In this way they can fulfill
the demand of consumers and hence the company can achieve its objectives and earn profits.
MAIN BODY
The business idea that can be started is to provide healthy street food service to people by
online delivery that means mobile food truck business. In this business, the street food will be
served to the doorstep of people from wherever they will order online. The street food trucks will
track the location of customers and then by going to that place will deliver the product. The
uniqueness of this idea is serving of street food at the preferred location of customers through online
application. It is just like sitting at your home and ordering food but the difference is that the food is
made in front of customers. The products provided will be traditional fast food like burgers, hot
dogs, French fries, etc. The targeted market will consist of various categories of people like who are
working in offices, youngsters, old age people, college students, etc. Moreover, the main aim is
providing nutritious and healthy food at people' s place with the use of technology. The product can
be made attractive by providing seasonal change in menu that serves only vegetarian meals.
(Davidsson,, 2015.)However, it includes meals that is mostly made from organic ingredients. The
customers who will be attracted towards this kind of business will be the people who do not want to
go outside for eating. The promotion done will be through the use of social media or by creating a
blog that will help them to know about the kind of product that is been served. In addition, the
promotion can also be done by distributing pamphlets outside offices or outside colleges or schools.
In today’s young and technology driven people, the taste and preference of people get changed
frequently. So accordingly, the new product has to be developed to meet their needs and wants. This
has to be done to meet their desires and survive in the market. Today’s world is very fast moving

and growing, thus there is increase in demands of people. To fulfil these, they do not get enough
time to prepare healthy food. So, in order to satisfy their needs, it is important to serve the nutritious
and healthy food at their preferred place. This is the best thing that can be done which allows people
in getting the right meal at right place in specific time frame. Therefore, in order to find out the
change in taste and preference of customers in the market, it is important to find out their needs and
wants. It is important to get the information from the market so that a good or service can be made
which can fulfil their needs. For doing this, a market survey can be done to get the specific data on
what the customers want from us. The survey will include all the related information about what
features a good or service must contain so that it satisfies the consumer needs. Market survey will
be useful in finding out the required information from the customers. The research done shows that
the customers want healthy meal just by using a gadget while working on particular place within a
specific time frame. Although this is provided by various companies but only in case of having an
order of above specific price and from a particular place. They also do not cover the entire area.
This business will serve the traditional street food to people even though for a small amount of
order (Kohlbacher and et.al 2015) Also, it will cover the entire region by providing flexibility to
consumers. Here, flexibility means that if the customers want to relocate the order to some different
place then they can do that with the help of mobile application or website. There will be a strategy
followed in which if the customer orders something from the application then the business will
track the location and will match the orders which are also from that region. Then Food on wheeels
will give customer a feedback in which the location and arriving time of the truck will be specified.
After reaching in that landmark area truck wil send a signal on mobile that they have reached there
and the customers can come and take their order. The customers can give their feedback via mobile
application or any suggestions that are needed to be made. Also the customers can rate the quality of
product according to their satisfaction level. This process will be automatically handle by the
experts who are working in the office. So in this way the overall process of the business will work.
(Możewski,. and Kratzer,, 2017.)
Entrepreneurial theme:
Opportunity creation- The entrepreneurs initiate and shape the opportunities that are provided to
them. The opportunities creation shows the way to entrepreneurs about how to identify and create
business by using the various opportunities that are available to them. In order to execute the above
business idea, it is important to create opportunities that are useful in starting the business. It is
essential to do that because it give the direction to ideas that has to be executed. If opportunities are
not created then there is no motive to start the business. In the above mentioned idea, the

opportunities are created by identifying the changing needs and wants of customers. The people
who are working in offices need to have good healthy meal which can be provided by starting this
business (Davidsson, 2015.). Along with this, the old age people who are not able to go out to eat
street food can get it on their doorstep. The college students who do not get enough time for
hanging out can order from their home. Those people who have the desires for street food but are
disabled, these people need can be satisfied. The people are fond of travelling from one place to
another and in that case, they forget about their elders who are living with them so for this kind of
people, the product is useful. The fast-moving people who are not getting enough time for lunch can
be benefited with this type of product. Also, the emerging food truck market can be helpful in
creating opportunities to meet the needs of people. The collaboration with the offices and colleges
can be done in order to find out the targeted customers. The business venture fulfils all the elements
that has been described in the above statement. Overall, it can be said that the timely delivery at
specified place and serving healthy street food can help in growth of venture. There is no reason of
doing business if the opportunities are not created. It is very essential to create opportunities for
customers so that the product can be made and the needs of the customers can be satisfied. The
opportunities creation is followed by opportunities recognition (Uygur, U., 2017)
Opportunities recognition- It helps in creating needs and satisfying them. Once the opportunities
are recognised, it is easy to develop them into an effective idea. This idea can then further be
executed in starting a business. Thus, it helps in identifying what people want to fulfil their desires
or what can be future needs that will be arising. The need recognition can be done so that there is no
time wasted in executing the idea. into business. To recognize the opportunities means determining
the needs and wants of people. This helps in getting the knowledge and information of what will be
the future demand of the people. This is useful in making the strategies and the objectives of the
company and what product can be made for the people. According to the opportunities recognition
features and characteristics of the products are desinged and then the product is made avaliable to
the consumers. It shows the way that how an opportunity can be recognised or identified. This will
help in grabbing those opportunities and working upon it. It can only happen if the opportunities are
created. The recognised opportunities can be made into a better idea and then those idea can be
executed further into a business. If the opportunity created is not recognised then it will be a waste
of efforts. the idea generated can not be implemneted so it depends on how to reconginse idea that
wil be unique and effective. (Garud,. and Giuliani, 2013..)
BUSINESS PLAN:
The first step taken was identifying the current needs of people and the satisfaction level of

customers with that product. Following the first step the second task done was to understand the
future needs of customers and what they expect the features in the product. After that to find out the
possiblities of growth in the market in the idea is been executed. Why this growth will be there and
and what will be the satisfaction level of customers after purchasing the product. what are the
benefits that will occur by giving the products to customers. the last step taken will be identifying
the market area in which the product has to be delivered (Wang, and Soh,, 2015) This will be done
by having a market research. In the research the information about the compettitors, their products,
their customers will be identified. In addition to this the various other information like threats,
customers needs, technology used, process, cost of raw materials will be identified. The operational
plan will include the activities that has to be folllowed while making the product. To procede with it
the plan must contain the necessaary activities that has to carried out. The daily activities will
involve processing the customers order from different regions and then grouping that according to
the maximum order. After that planning the overall day activities according to tthe orders recieved.
This will include time management and coordination with another. The resorces required will
consists of 2-3 well maintained trucks, raw materials required in making the street food, truck
drivers,3-4 chefs, a small office in which 4-5 employees are working on recieving and processing
the orders of customers. They will also communicate with people on the truck and shows them the
region in which they have to deliver the product. Apart from this 1-2 software developer so that they
can develop a website or mobile application that is needed for business. This is the best way in
which the overall idea can be executed or developed (Omorede, and Axelsson,, 2018.)
The business will be started by focusing in one region only, if successful it will be started
throughout the city. This idea will be good because in this firstly the order of customers is recieved
and then the further action is taken so that there is no wastage of time and money. It focuses on the
orders from which higher revenue can be generated. For this effective market research is conduted
through surveys. It helps in identifying needs and wants of customers. The marketing plan will
involve the market research which helps in identifying the target market the target customers will
be youngters and office working people. The market strategy will be serving good quality street
meals to various people on their preferred place. This will inculde the people belonging to various
regions. Also giving of the street food at cheap prices can be considered in the market strategy. the
promotion will be done with the help of social media and distributing pampletes. The marketing
mix that has been followed will inlcude all the 7 P's like . The analysis of competition will affect the
business. To face the competitors in the market it is necessary to have a good strategy that will
attract the consumers. By offering discounts on weekends and giving benefits to customers like life
membership card will be done. In this card the customers can earn profits by gaining points. In this
kind of business the focus is only on the quality of food that is served to the customers. So

accordingly the financial plan will aim on improving the quality of raw materials so that better
quality food can be made (Kohlbacher and et.al 2015.)
This will lead to increase in customer satisfaction. The finance will be done either by
personal saving or taking loan from bank. This is done because already there is tough competition
in the market so the investor will not be intrested in investing in this kind of business. According to
all the elements discussed above the investment needed for starting this business will be
approximately 1.13 million euros. In order to make profits for short term first of all price of
products will be kept low in order to gain the satisfaction of customers. Apart from this
colloboarting with offices and colleges can be done to attract large number of customers. Also
finding ot the various NGO or old age homes and providing them the street food can help in making
profits. The break even point is a situation in which the business earns no profit neither it suffers
loss. It is a position in which the business can find growth opportunities for themselves. It shows
that the product is successful but due to some reason the business is not able to earn profits. The
busines plan must be effectively executed so that it can be effective in long run of the business. To
earn more profits the food on wheels should expand its buisiness into varous region so that it can
lead to more awareness of products and more customers get attracted towards it (Uygur, 2017)
CONCLUSION:
This report shows that the idea of mobile food truck can be successfully executed if proper
strategies are made and needs of the customers are identified. This can be done by researching in
the market to find out the target customers and then providing them the desired product. To
implement the busienss plan it is required to follow the step by step business strategies which will
help in implemeting the idea.' Food on wheels' will be able to execute and attract the customers only
by creating opportunities and recognising the needs.

REFERENCES:
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