Entrepreneurship Report: The Table Restaurant - Skills and Strategies

This report presents a business proposal for "The Table Restaurant" within the fast food industry, focusing on skills and approaches entrepreneurs use to create value. It details the restaurant's objectives, products, services, and strategies, including a competitive edge based on innovative offerings and cost control. The report explores factors that encourage and inhibit entrepreneurship, such as creativity, risk tolerance, and market conditions, and analyzes the importance of skills like communication, decision-making, and problem-solving. It also addresses developing and appraising personal potential as an entrepreneur through industry identification, market analysis, and employee development. The report emphasizes the significance of understanding consumer needs and adapting to market dynamics to achieve success in the competitive fast food sector.

ENTREPRENEURSHIP –
“The Table Restaurant”

TABLE OF CONTENTS
 INTRODUCTION
 Skills and Approaches entrepreneurs bring to the process of value creation
 Factors encouraging and inhibiting the move to entrepreneurship
 Developing and appraising the personal potential as entrepreneurs
 CONCLUSION
 REFERENCES

INTRODUCTION
Entrepreneurship refers to the process of designing, launching and
running a new business. The people involved in the business are known as
entrepreneurs. The below presentation is going to evaluate the personal and
professional skills needed in order to develop a professional career or to succeed
as entrepreneur in Small and Medium sized enterprises (SMEs). This report will
present a business proposal within the fast food industry. The report is going to
understand the important skills and approaches which are used by entrepreneurs
in to order bringing the process of value creation within a new business.

BUSINESS PROPOSAL
 Fast food industry is one of the fastest growing sector in the global business market.
The Table restaurant will be affordable fast food provider which will offer tasty,
hygienic and low price food items to the customers.
 Objectives of the business
1. To make “The Table” a destination spot for fast food lovers
2. To establish a presence of successful local fast food outlet.

PRODUCTS AND SERVICES
 Nachos.
 Patty Melt.
 Coffee
 Butterbeer Frappuccino.
 Grilled Cheese.
 Veggie Whopper.
 Fatty Melt.
 Burger
 French Fries
 Pizzas

KEYS TO SUCCESS
 Create a innovative, unique, entertaining menu that will differentiate us from the rest of
the competition.
 Control costs at all times, in each and every area & implement a traditional approach to
growth policy.
 Sell the products that are of the highest quality, as well as keeping the customers happy
with all of our product categories at low prices.

Strategy and implementation
 Competitive edge
1. Friendly and enthusiastic staff
2. Innovative packaging
3. Utilization of fresh items unlike the frozen one’s used by competitors.
 Pricing strategy
1. Generic pricing considering the average money people spending on snacks in Uk
 Brand challenges
1. Unique logo
2. Distinct name – “The Table”

SKILLS AND APPROACHES
ENTREPRENEURS BRING TO THE
PROCESS OF VALUE CREATION
 Value creation is one of the most important aspect of
entrepreneurship. In order to create value for a fast food restaurant it is
essential make use of a variety of skills and approaches. These skills and
approaches are necessary to reach new growth and ensure that appropriate
growth and development is taking place while the restaurant that is being
established (Kirzner, 2015).

CONTINUE…
The important skills and approaches used in value creation includes:
 Communication: It is one of the most important aspect required while creating
value. Communication allows entrepreneurship to build relationships with
other people and most convince people to buy the sold product or service in a
fast food business. It is important for an entrepreneur to have good
communication skills because better communication helps the entrepreneur to
showcase ideas, hire effective people, motivate the employees etc. These all
aspects later helps to create effective value for the business (Burns, 2016).
 The Table Restaurant will use effective marketing strategies such as social
media marketing to communicate in the information related to the food items
they will offer to their consumers.

CONTINUE…
 Decision Making: It is one of the core skills used by the entrepreneur in order to
create value for the business. Decision making allows the entrepreneur to ensure
that effective growth and development is being achieved while creating required
value in the fast food restaurant. An entrepreneur tends to make required decision
while implementing practices and strategies to create value (Hitt and Duane
Ireland, 2017). This helps the entrepreneur to make desired decision as per the
business needs and requirement and ensure that set growth and development is
being achieved.

CONTINUE…
 Problem-solving: The other important approach is problem-solving. Problem-
solving allows the entrepreneur to solve problems which are making the fast
food business suffer and dissipating its value. Value is typically created when a
business earns revenue and in order to earn revenue it is important for the
business to have effective problem-solving practices in place. Problem-solving
helps entrepreneur to identify at what places business is facing growth issues.

CONTINUE…
 Ability to make relationships: Creating value requires an entrepreneur to make
relationships with its people. It is important for a fast food business to have
good relationships with its employees, customers and other stakeholders. Good
relationship tends to bring value within the business and tends to foster the
growth and development of both the business and entrepreneur. An
entrepreneur in order to create value within the business tends to carry and
ability to make relationships (Dees, 2017).