Entrepreneurial Opportunities: Long John Silver's Restaurant Analysis

This report delves into the entrepreneurial potential of establishing a Long John Silver's restaurant. It begins with an introduction to entrepreneurship and the business idea, focusing on the UK market and potential customers. The report then explores sources of inspiration, including customer surveys and mass media, and introduces the STP model for market segmentation, targeting, and positioning. It provides data supporting gap analysis through competitive analysis, including primary research and technological considerations. The report analyzes various factors such as products and services, organizational structure, and promotional strategies of competitors like The Regal and Green Chillies restaurants. A SWOT framework is used to assess the business idea, and data is interpreted to demonstrate market potential. The report concludes with an overview of the competitive environment and market viability.

Identifying Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1) Background information about those sources that inspired your idea and what motivated
personally in wishing to set up your own business.....................................................................1
2) An introduction to your business idea and what it is, and who and where your potential
customers and target audience are...............................................................................................2
3) Actual data needed to support gap analysis in order to measure a particular entrepreneurial
idea..............................................................................................................................................4
4) Interpret data specially to provide evidence of market potential............................................6
5) SWOT framework to collect information to aid an objective assessment of a special
entrepreneurial idea...................................................................................................................11
6) Competitive and market environment in which unique idea will be launched to measure
potential viability......................................................................................................................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
An entrepreneur is a person that set up business by taking financial risk in hope of the
profit. It is an individual that develops and runs business. It takes initiative through organizing
venture to take advantage of opportunity and as decision maker. An entrepreneurship is a process
of designing, launching and also running new business which is initially small. It is related to
how the new business can be developed and actual process of beginning new business. In this
report, new business will be introduced to encourage the entrepreneurial instinct as to gain
success for economic development (Audretsch, 2012). The new business idea is about launching
a restaurant named Long John Silver's which will provide the fast food items. In this report
discuss about the background information about those sources which inspired ideas and
motivated. There will be discussion about viability of business ideas and determine market
potential.
TASK 1
1) Background information about those sources that inspired your idea and what motivated
personally in wishing to set up your own business.
In the modern scenario, government of UK develop different types of idea in order to
achieve their targeted goals and values of country's economy. They generally target youngsters
or young graduates as well this is because they can easily start their new business and start-up
according to their mind's perception. With the help of UK government, an individual is able to
take lots of opportunities within the market to establish their business in an effective way. For
launching the new business an entrepreneur needs to generate unique ideas and strategies. There
are different type of sources which will help an organization in development of innovative things
for new business, those are listed below:
Customer surveys: According to this source, an individual can think innovative in order
to know the customer's taste and preference. For this individual or entrepreneur will make
questionnaire so that it will easy to check the viability of customers effectively. In regards with
the Long John Silver's restaurant they will provide questionnaire to the customers and it will
filled by them. Therefore, it will be bring unique ideas which further used to bring new ideas.
Interest and hobbies: According to this source, an entrepreneur able to generate
different types of ideas for launching their new business within the UK marketplace. It also helps
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in making good relation with the customers because individual is interested in this process. For
example: If any candidate has interested in traveling than he will go and enjoy their vacations
peacefully. Apart from this if person has hobby to cook than will cooked and also thinks about
their food recopies. Ascertainment of the interest and hobbies help to know their tastes which are
further used in the process of conversion of new business idea.
Mass media: According to this source, an individual can use different kind of mass
media channels such as radio, internet, online websites and so on. All these channels are very
effective in order to increase the brand's name in front of the people. All these sources will help
an organization to promote their business in marketplace. It will also assist them to develop
strong relation with customers.
Trade fairs and exhibitions: This is very effective source for any individual or
entrepreneur who really want to formed their new business in the future. It is necessary because
when individual will attend different types of exhibition and fairs than individual able to get new
ideas and strategies properly. In reference to the LJS restaurant, an entrepreneur will apply
innovative thing in their new business and will advertise their business by the TV channels so
that customers will get attract. This source also assist an organization to identify accurate trends
present in marketplace. Thus, it helps them to identify accurate needs and wants of customers
towards brand.
2) An introduction to your business idea and what it is, and who and where your potential
customers and target audience are.
In order to establishing new business venture, about this an entrepreneur or individual can
think just because they are the person who has different kind of ideas and tools to launch
business in a proper way. In regards with the Long John Silver's restaurant will provide
American fast food items like pizza, noodles, Thai etc. along with this, it will focus on the
customer's taste and preference and try to make food products according to them (Autio and et.
al., 2018). With the help of this an entrepreneur can make essential or effective ideas to their
business in order to grab market opportunities effectively.
Apart from this, LJS restaurant have unique feature and environment which will help
them to attract large number of customers within given time duration. Along with this, it will
offer separate room for people or customers who want to enjoy with their friends effectively.
Moreover, LJS restaurant also includes in several kinds of themes and lights which attracts
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customer a lot in a proper way. This process will enhance the customer's trust towards the food
quality in an effective manner. That's an entrepreneur and individual are those who can think
unique for their effective business venture. For making better business they will target
youngsters so that they can grab opportunities within the UK market. When entrepreneur will
choose the young people than he is able to get their aim and easily make potential customers
properly.
STP Model: STP stands for segmentation, targeting and position of the business venture.
The description of these terms, are given below:
Segmentation: In this, an individual target the people within the market in order to
classify their customers in several ways. For this function this LJS restaurant select the
demographic segmentation in which they can identify people by their age, marital status and so
on. That's why every people has different things and mind set so they used their skills properly in
order to choose restaurant and food items. Segmentation for this restaurant will be in different
age group.
Target: Main target customers of this is lower and middle class people who have
sufficient budget. (Barazandeh and et. al., 2015). Friends and family members are main target
customers for new restaurant.
Positioning: According to this LJS restaurant, an entrepreneur always concentrate on
their food items so that they can easily get better position in the market. This position of
particular product's help entrepreneurs a lot in order to get opportunities for long term stay in the
marketplace. There are different way for which new restaurant can easily attract large number of
customers such as social media, Facebook etc.
Now this can be said that, entrepreneurial mind is very effective and energetic who has
good and unique ideas to make their business special in front of the customers. Wherein, gap
analysis is helpful for them because it shows the opportunities in the market and technological
advancement for this restaurant so that an entrepreneur can easily make better solution to
improve in their business venture.
3) Actual data needed to support gap analysis in order to measure a particular entrepreneurial
idea.
Competitive Analysis (Secondary Research)
BASIS Long John Silver's The Regal Green Chillies
3

Restaurant Restaurant Restaurant
Products and
Services
This restaurant will
provide several kind of
food to its customers as
per their choice. On the
basis of this, an
entrepreneur can get
higher satisfaction of
customers and able to
achieve their goals.
This restaurant
provide Italian and
Chinese food item
with different taste so
that it can also make
good impact on the
customers positively.
This restaurant
offers all type of
food item in order
to make customers
happy in a perfect
way.
Organisation
Structure
This restaurant will follow
the corporate culture in
order to make their
effective within the market
(Grégoire and Shepherd,
2012). For this, it will
offer online system and
drive-thru system to grab
potentiality of customers.
This hotel follows
departmental structure
to make effective
culture within the
restaurant.
This restaurant
follows matrix
structure to make
good customer
relation in a proper
way.
Major
Attractions
For making better
attraction process, this
restaurant will follow
centric approach to
achieve their objectives.
For better attraction
this restaurant follows
higher quality of
designing chairs and
tables to grab customer
attraction towards this
restaurant.
It gives discounting
strategy to people
so that they can
easily purchase and
get satisfying
people.
Promotional
Strategy
As per this, restaurant will
promote their product at
higher level by using the
several channels like TV.,
Regal restaurant used
several promotion
strategies by giving
This restaurant
mainly follows
online promotional
strategies in a
4

media, online websites etc. online advertisement. proper way.
From the above conclusion of different restaurant shows the several kind of strategies
with different kind of organisational structure properly. In the context of Long John Silver's
Restaurant, they will apply centric approach in order to accomplish customer's demand. Along
with this, restaurant can keep maintain their growth of business effectively by using the several
kind of promotional and attractive strategies. By all these things an entrepreneur of this new
business can easily increase their market growth for the future. There are some factors which are
given below:
Primary research: This is the part of research methodology in which data is gathered
directly. Primary research mainly addressed the different type of issues in research factors and
also analyse them in deep. According to the LJS restaurant they will use this method of research
in order to make clear data for business.
Technology: With the help of this approach this restaurant will follow different kind of
technologies in order to impress customers positively (Hansen Monllor and Shrader, 2016). For
the technological concept entrepreneur will use attractive and different theme to satisfy the
people.
Market analysis: According to the UK government they always take care of their
economy in order make country's people happy. In order to launching business an entrepreneur
also required to identify the marketing situation. After that the identification of market an
entrepreneur will apply few techniques to fulfill requirement of customers and people.
GAP Analysis in the assessment of entrepreneurial opinion:
It is helpful for an entrepreneur whenever they are establishing unique and new idea
within the marketplace. It will help them in order to define the several variances between the
actual performance of project venture and effective future activity. In order to launch Long John
Silver's Restaurant, there are various kind of factors which is associated with the scenario of
marketplace that is taken by the entrepreneur, which are listed below:
QUESTIONNAIRE
NAME:
AGE:
5

ADD:
GENDER:
MAIL ID:
Q1) How often you visit a fast food restaurant?
 Once in a month
 Several times in a month
 Daily
 Never
Q2) Does income influence the choice of fast food restaurants?
 Strongly agree
 Agree
 Neutral
 Disagree
 Strongly disagree
Q3) Are you satisfied with the quality of food served at fast food restaurants?
 Yes
 No
Q4) What will be the reason which can attract you towards Long John Silver's Restaurant?
 Advertisement
 Price
 Eat with family
 Limited time
4) Interpret data specially to provide evidence of market potential.
Theme 1: Visit in Long John Silver's Restaurant
Q1) How often you visit a fast food restaurant? Frequency
Once in a month 2
Several times in a month 3
Daily 2
6

Never 1
Mean 2
Median 2
Mode 2
Interpretation:
From the above representative graph it has been interpreted that, people must visit in the
fast food restaurant in which 2 respondent will go once in a month as per their choice, 3
respondents will go every time in a month because this restaurant will offer better food quality. 2
respondent have aim to daily in order to eat better food. Whereas, 1 will never prefer this
restaurant because of their opinion.
Theme 2: Income affecting the selected fast food items
Q2) Does income influence the choice of fast food restaurants? Frequency
Strongly agree 2
Agree 1
Neural 2
Disagree 2
Strongly disagree 1
7
Once in a month
Several times in a month
Daily
Never
0 0.5 1 1.5 2 2.5 3 3.5
2
3
2
1
Column B

mean 1.6
median 2
mode 2
Interpretation:
From the above respective graph, it has been analyzed that 2 respondents totally agree
with the income statement because they think income is not influence as this restaurant will
planning to provide different items of fast food. Whereas, 1 people agree on this and 2
respondents give neutral response with the service of this restaurant. 2 respondents are not agree
with the income influencing power because, they think they are not able to pay in the restaurant.
1 respondent is properly disagree with this restaurant income influencing power they think that
outsider food is not good for health.
Theme 3: Satisfaction from the food quality
Q3) Are you satisfied with the quality of food served at fast food restaurants? Frequency
Yes 6
No 2
8
Strongly agree
Agree
Neural
Disagree
Strongly disagree
0 0.5 1 1.5 2 2.5
2
1
2
2
1
Column B

Mean 4
Median 4
Mode 0
Interpretation:
As per the above identification of graph, it has been observed that 6 respondents are
strongly agree with the quality of fast food because this restaurant will provide effective food
items in order to make more and more potential customer's effectively. On the other hand 2
respondents are not agree because they think that this restaurant will not give better food as per
their taste.
Theme 4: Reason for selecting the LJS restaurant
Q4) What will be the reason which can attract you towards Long John Silver's
Restaurant?
Frequency
Advertisement 3
Price 3
Eat with family 1
Limited time 1
9
Yes
No
0 1 2 3 4 5 6 7
Column B

Mean 2
Median 2
Mode 1
Interpretation:
From the above representative graph it has been analyzed that 3 respondent are aware
about this restaurant from the advertisement. 3 respondent affecting by the cost of this fast food
Chan as they will provide good food with affordable price. 1 respondent is affecting by family
system like this restaurant has spacious hall for family. Remaining one respondent is satisfied
with the limited time as this restaurant will take few minutes in order to serve their food items to
consumer's effectively.
5) SWOT framework to collect information to aid an objective assessment of a special
entrepreneurial idea.
SWOT framework is the kind of technique and tool which helps a person or an
entrepreneur in order to analyze their business venture's strength, weakness, opportunities and
threats. With the help of this an entrepreneur can check their firm's durability within the market
place effectively. In reference to the Long John Silver's Restaurant they will use this framework
in order to know their swot, so that can achieve their goals easily. There are some ideas which
are applicable on the restaurant, given below:
STRENGTH:
10
Advertisement
Price
Eat with family
Limited time
0 0.5 1 1.5 2 2.5 3 3.5
Column B