Entrepreneurship Report: TastyKingdom Business Model in Australia

This report provides a comprehensive analysis of TastyKingdom, a proposed food business in Australia, utilizing the Business Model Canvas framework. The executive summary introduces the concept of entrepreneurship and the key elements of a successful business venture. The report details the business venture description, focusing on TastyKingdom's offerings of fresh and healthy food products. The core of the report is the Business Model Canvas, which outlines key aspects such as customer segments (youngsters, families, and business people), value propositions (tasty, high-quality food with attractive ambience), customer relationships, channels, key activities (preparing and serving quality food, marketing), key resources, key partners, revenue streams (in-store and web-based sales), and cost structures. Furthermore, a feasibility analysis is conducted, examining market, technical, human, and financial aspects to assess the viability of TastyKingdom. The report concludes with a discussion on the minimum viable product (MVP) strategy to mitigate risks and ensure market acceptance. References to relevant academic literature are also included.

Running Head: ENTREPRENEURSHIP 1
Entrepreneurship

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Executive Summary
Entrepreneurship is more than starting a new business or introducing a new business venture in a
specific industry of a country. An entrepreneur is the person who launches a new business with
the limited planning and resources and takes all the risks and returns of this business venture.
This new business idea may be an innovation, product or service and a new business model.
When someone plans to start a new business, he/she needs to consider many things regarding this
new business venture. This report includes a business model canvas for a food business in
Australia, i.e. TastyKingdom. Business model canvas includes all the important aspects of the
company, like; key resources, key activities, value proposition, key partners, cost structure,
revenue streams etc. It indicates all aspects, through which the company will create value to its
customers. Furthermore, it comprises of feasibility analysis of TastyKingdom by looking at
different resources, like; marketing, human resources, financial resources and technical
resources. Feasibility analysis of organization ensures that organization has all the resources,
which are needed to deliver the products and services to the customers.

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Table of Contents
Executive Summary.........................................................................................................................2
Introduction......................................................................................................................................4
Business Venture description..........................................................................................................4
Business Model Canvas...................................................................................................................5
Customer Segments......................................................................................................................7
Value Proposition.........................................................................................................................7
Customer Relationships...............................................................................................................7
Channels.......................................................................................................................................8
Key Activities..............................................................................................................................8
Key Resources..............................................................................................................................8
Key Partners.................................................................................................................................8
Revenue Structure........................................................................................................................9
Cost Structure...............................................................................................................................9
Minimum Viable Product (MVP)................................................................................................9
Feasibility analysis...........................................................................................................................9
Market feasibility.......................................................................................................................10
Technical feasibility...................................................................................................................10
Human feasibility.......................................................................................................................11
Financial feasibility....................................................................................................................11
References......................................................................................................................................14

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Introduction
Entrepreneurship can be defined as a willingness and potential to create, manage and organize
owned business venture along with risks in profit and revenue generation. It is an activity or
process of establishing a business, in which entrepreneur takes all the financial risks to gain the
profits. When an entrepreneur plans to introduce a new business venture, he/she needs to focus
on some specific areas, which will be included in the business model and plan of this new
venture. The new business venture that is taken into consideration here is TastyKingdom in
Australia. This new business venture will offer foods and beverages products to its potential
customers. The major focus of this business is to provide fresh and healthy food products to
In today’s competitive business environment, it is very difficult to make difference between fast
food outlets. So, the entrepreneurs need think innovative and different from other outlets and its
competitors. This report includes all the important business aspects for the business of
TastyKingdom. A business model canvas model is created for the company and its products,
which includes customers segment, value proposition, channels, customer relationships, key
resources and activities, key partners, revenue structure, cost structure and minimum viable
product. Furthermore, a feasibility analysis is conducted for this new business venture in
Australia.
Business Venture description
TastyKingdom is a new business venture that is locally owned food outlet, which will be located
in Geelong city in Australia. This venture will be established with the aim to offer a combination
of tasty and tremendous food at affordable pricing with attractive packaging and environment.
TastyKingdom will be a reply to the increasing demand of fresh and healthy fast food, which can
be consumed by the people, who love to eat outside or in restaurants. The outlet will be
established in the most crowded shopping mall in the city (Deakins and Freel, 2009). For
promoting this new food outlet, the company will make many efforts to promote it among
people. It will create a website for its services, where the people may know about the restaurant
and its products. The major products of the company include healthy breakfast meal, fast food,
lunch and dinner for people.

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Business Model Canvas
Business model canvas is a business model through which an organization or a business venture
generates profits and revenues. It is a tool that describes how an organization creates, offers and
captures the value by establishing an effective communication between different components of
business venture (Drucker, 2014). This is the best fit business model for small business venture.
TastyKingdom is offering fresh and healthy food products to Australian population. It will
provide a combination of tremendous food at affordable pricing with attractive packaging and
environment. The following section of this report includes the business model canvas for an
Australia based new business venture, i.e. TastyKingdom.
Key Partners
 Domestic Firms
 Franchises
 Suppliers
 Manufacturers
Key Activities
 Preparing and
serving quality
food
 Marketing and
promotional
activities
 Franchise options,
like; color
schemes, graphics,
textures etc.
Value Proposition
 Tasty food
with best
quality
 Fresh and
healthy
ingredients
 Attractive
ambience and
environment
 Focus on
customers’
needs and
preferences
 Free home
delivery and
fining dining
Customer
Relationships
 Personal
contact
with
customers
 Serving
innovativ
e recipes
 Online
services
 Services
through
mobile
apps
 Fast and
customer-
friendly
services at
outlet
Customer
Segments
 Australian
population
 Youngsters
 Families
 Women
 All age group
 All Income
level

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 Direct
sales
Key Resources
 Hotel staff: cook,
servers and
waiters, cleaning
staff, sales people,
administrative
staff
 Brand and patents
 Store buildings,
kitchens, utensils
Channels
 Website of
TastyKingdom
 Social media
networking
sites
 Advertisements
 Referrals
 E-mail
marketing
Cost Structure
 Website developers
 Marketing costs
 Logistics and supply chain
 Employee salaries
 Taxes
 Maintenance charges
 Production and manufacturing costs
 Building rent
Minimum Viable
product
 MVP with less
risk
 Food truck
 Small catering
venture
 Create the
customer for
food outlet
Revenue Streams
 Web-based sales
 In-store sales
 Franchises
 Credit/debit cards
 Payment in cash
 Advertising
Customer Segments
For building an operational business model, a company needs to identify the customers, which it
will make efforts to serve by its products. There are many sets of customers, which can be

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selected on the basis of different attributes and needs. For TastyKingdom, the major customer
segments youngsters, families, business people and elderly segment. The target market for this
business venture is wide, as it includes the people from all age groups and income levels. The
venture is targeting the Australian people, who love to intake food in the restaurants (Kim, Shin
& Min, 2016). TastyKingdom will attract to young people to bring their family and friends in its
innovative and nicely environment to have fresh and healthy food. Furthermore, it intends to
cater women segment as they can have the food, when they are doing shopping in mall.
Value Proposition
Value proposition of a company includes all the products and services, which are offered by that
company to fulfill the needs and requirements of customers. This value proposition of the
company differs itself from competitor organizations. There are some elements, through which a
company provides value to its customers, like; performance, uniqueness, brand, cost reduction,
usability, prices etc. There may be two types of value proposition, quantitative and qualitative.
As a food business venture, TastyKingdom will be popular for its value proposition. The venture
will offer tasty food with the constant quality and fresh and healthy ingredients. In addition, it
will focus on the needs of customers, like; they will consider their needs, preferences and spices
(Kotlar & Armstrong, 2012). The environment and ambience of restaurant will be attractive,
which will entice more and more foodies. In addition, there are some other aspects, which create
value for customers, like; customer-friendly services, free parking, personalized and attentive
service, transparency in preparation of food, free home delivery and fine dining.
Customer Relationships
Customer relationship is an important aspect of business model canvas that indicates the degree
of relationships with its customers. Furthermore, it includes how the company gets and increases
its customer base. As TastyKingdom is a new joint venture in Australia, so it needs to make
additional efforts to get customers. It will set up personal contact with its customers by sending
mails and messages. In addition, this venture will serve innovative recipes, like; smart menus,
better food and beverages and low calorie foods (Lee, Hallak and Sardeshmukh, 2016). To
develop better relationships, TastyKingdom will provide online services, services through mobile
apps, direct sales and quick services at outlet.

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Channels
Channels are the modes by which a company can deliver its value proposition to its potential
customers. Through these channels, an organization sells its products and services to their
customers (Lopez, et al, 2017). At TastyKingdom, the services will be promoted to the customers
by using social media networking sites, Facebook, Twitter, Instagram etc. The people will be
able to order the products from its website and app of TastyKingdom. In addition, it will use
other channels, like; advertisements, referrals, flyers, e-mail marketing etc.
Key Activities
Key activities of an organization are the activities, which are practiced in implementing the value
proposition of company. Key activities at TastyKingdom include preparing quality food for
Australian food lovers and serve according to the taste and preferences of their customers. Apart
from these activities, the venture will be actively engaged in marketing and promotion activities
(Majid, Zahari and Yusoff, 2016). It will offer great services to its customers. After establishing
its business in Australia, TastyKingdom will look for the alternatives for franchises, like; color
schemes, layouts, textures and graphics.
Key Resources
Key resources are the resources, which are essential to develop value for its potential customers.
These resources are the assets of firm, which are required to assist and maintain the business.
There are different types of resources, like; financial, human, intellectual and physical resources
(McKeever, 2016). At TastyKingdom, human resources include cooks, servers and waiters,
cleaning staff, sales people, administrative staff and retail staff. Other resources include
restaurant buildings, kitchens, stores, utensils etc. Furthermore, intangible resources of
TastyKingdom brand, patent etc.
Key Partners
For optimization and reduction of risks of business model, company encourages supplier and
buyer relationships, so that they can emphasize on their major operations. At TastyKingdom,
there will be different strategic partners, with whom this new venture will develop partnerships
in the future (Muhtaroglu, Demir, Obali and Girgin, 2013). The major strategic partners of
TastyKingdom will be other domestic firms, suppliers, franchises, manufacturers etc. The
business model of the company will be based on suppliers and franchises.

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Revenue Structure
Revenue streams are the ways, by which an organization makes revenues and income from
different customer segments. There are different ways to generate revenue stream, like; sale of
assets, licensing fees, advertising, subscription fees, brokerage fees etc. At TastyKingdom, the
revenues will be generated store sales, web based sales, its franchises etc. The company is
targeting a large segment, so that revenue generation will better than other businesses. At store,
the people will be able to pay in cash and credit and debit cards (Osterwalder and Pigneur, 2010).
Cost Structure
Cost structure describes the monetary concerns while running under diverse business models.
Cost structure includes raw materials and marketing costs, salaries of employees, marketing and
promotional costs, website developers, logistics and supply chain, production and manufacturing
costs, taxes, maintenance charges, building rent etc. It consists of different costs and
expenditures, which are borne by business venture. In addition, the company can generate the
revenues by charging the fees for advertising.
Minimum Viable Product (MVP)
Minimum viable product is the products and services of an organization with just enough
specifications to fulfill the needs of early customers and give the feedback for developing
products in the future. MVP of an organization indicates that product is saleable and the term
viable shows that firm can sell it (Percy, 2014). Before making a bog investment, TastyKingdom
will create a MVP with less risk. The venture will test by a food truck or a small venture, so that
it can come to know that products are saleable and viable. It will assist the organization in
creating the customers.
Feasibility analysis
Feasibility analysis is a vital tool for evaluating the chances of success and risks, which are
linked with the introduction of new business venture. It shows an evaluation of the practicality of
new system or project. There are different types of analyses, which are used to assess the
feasibility of a project, like; market, technical, financial, human feasibility etc. This analysis can
assist an entrepreneur to create an effective decision about success opportunities of new business
venture.

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Feasibility analysis for this new venture, i.e. TastyKingdom is stated below;
Market feasibility
A market analysis is the essential for the success of a new business venture. Under this feasibility
analysis, TastyKingdom will consider market trends, demographic characteristics, like; income
level and age of people. As the company is preparing food according to all income levels and age
groups, so it will focus on all families. First, the company will make efforts to know that how
many families and people reside in this location. It is a restaurant business, so college students
and single people will support the venture as they like to eat in restaurant and outside of their
house. In addition, the venture needs to know about tastes, preferences and dining habits of
people in the city. Before establishing the venture, it will develop MVP to know the response of
public towards its products (Popov and Roosenboom, 2013). In this process, the website of
Department of Commerce Census Bureau can assist the organization in beginning its marketing
research.
Technical feasibility
Technical feasibility is done on the basis of an outlining that includes system needs to determine
whether the organization has technical expertise to manage completing of any project. Technical
feasibility is an important aspect, which evaluates how a company will deliver or offer products
and services to its potential customers. TastyKingdom will develop partnership with different
suppliers, who will supply required raw materials, like; vegetables, breads, milk etc.
Furthermore, it will develop an effective, systematic and processed production and
manufacturing system, through which it will deliver the desired products to customers
(Scarborough, 2015). There will be a well-executed logistic and supply chain system, which will
assist the organization storing and delivering the products to customers. In this context,
TastyKingdom will analyze the technological requirements, like; data sources, promotional
techniques, advanced technologies used for restaurant business, software etc. In this feasibility
analysis, the venture will analyze the quality and availability of these sources for business
operations.
Human feasibility
In hotel and hospitality industry, human resource feasibility plays an important role.
TastyKingdom is going to start a restaurant business, so it needs to analyze the human resources

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for this new business venture. The entrepreneur at TastyKingdom will take a significant look at
that he has skilled and experienced staff to develop a venture. In human feasibility analysis, the
organization will ensure that staff is working for providing higher level of satisfaction to
customers. If the venture will hire less experienced and educated employees, then it will conduct
a training program to train and motivate them (Shabbir and Mirzaeian, 2016). Under this process,
the management will ensure that staff will be trained to provide customer-friendly services in the
restaurant, as it is essential to retain the customers. All the tasks and responsibilities will be
allocated according to their expertise and experience, so that business processes can be run
successfully. The entrepreneur will understand and implement the system, so that kitchen and
cooking operations can run efficiently. It is not necessary that the entrepreneur will work as a
manager for this restaurant. The venture will hire a manager, who has a sound record in the same
industry. Thus, by conducting human resource feasibility, the venture will analyze and evaluate
the capabilities of management (Song, Son and Choi, 2015).
Financial feasibility
Financial feasibility can be analyzed by looking at different information of the company, like;
cost of project, forecasted profitability and cash flow, investment amount by the entrepreneur,
capital structure etc. In introduction of TastyKingdom, the management needs to consider all the
costs and expenses, which will be incurred in this start-up (Walker, 2016). Once it will be
decided that what type of food it wants to offer, then it will break down the costs and prices of
each food item in its restaurant menu. It will determine its raw material suppliers and their
pricing policies. It will install different software, like; ERP and CRM to calculate the forecasted
cost of food. In the beginning, the company will have reduced number of items in menu to keep
the costs of food down. Under this process, TastyKingdom will identify all projected costs and
expenses, which are associated with the production and delivery of food products to end
consumers (West, Ford & Ibrahim, 2015). Following table includes all the start-up costs and
expenses, which will be incurred in introducing TastyKingdom in Australia;
Start-up Requirements
Expenses Amount
Fixtures and Kitchen
Interior and furniture
$20000
$15000

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Legal expenses
Rent
Contingencies
Total Start-up Expenses
$2000
$13000
$4000
$54000
Start-up Assets
Cash
Long term Assets
Current Assets
$40000
$0
$0
Total Start-up Requirements $94000
Personnel Plan
Personnel 1st Year 2nd Year
Managers
Cook
Cashiers
Waiters
$0
$20000
$30000
$18000
$40000
$40000
$45000
$25000
Total Payroll $68000 $140000
Thus, the report includes all the aspects, which are required to be considered in introducing a
new business venture in food industry, i.e. TastyKingdom. The business model canvas of new
venture indicates all the essential factors of the organization. Furthermore, a feasibility analysis
of this new venture is conducted by considering different resources.

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References
Deakins, D. and Freel, M.S., 2009. Entrepreneurship and small firms. McGraw-Hill College.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.

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Kim, N., Shin, S., & Min, S, 2016, Strategic marketing capability: Mobilizing technological
resources for new product advantage. Journal of Business Research, 69(12), 5644-5652.
Kotlar, P. & Armstrong, G, 2012, Principles of Marketing (14 edition), Pearson Education, Inc.
Lee, C., Hallak, R. and Sardeshmukh, S.R., 2016. Innovation, entrepreneurship, and restaurant
performance: a higher-order structural model. Tourism Management, 53, pp.215-228.
Lopez, N.V., Folta, S.C., Glenn, M.E., Lynskey, V.M., Patel, A.A. and Anzman-Frasca, S., 2017.
Promoting healthier children's meals at quick-service and full-service restaurants: Results from a
pilot and feasibility study. Appetite.
Majid, H.N.A., Zahari, M.S.M. and Yusoff, N.M., 2016. Service enhancement, in-house training
and restaurant business resilience: Integrating the study framework. Heritage, Culture and
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32-37). IEEE.
Osterwalder, A. and Pigneur, Y., 2010. Business model canvas. Self published. Last.
Percy, L, 2014, Strategic Integrated Marketing Communications. Routledge Publications.
Popov, A. and Roosenboom, P., 2013. Venture capital and new business creation. Journal of
banking & finance, 37(12), pp.4695-4710.
Scarborough, N.M, 2015, Entrepreneurship and effective small business management. Pearson
Higher Ed.
Shabbir, I. and Mirzaeian, M., 2016. Feasibility analysis of different cogeneration systems for a
paper mill to improve its energy efficiency. International journal of hydrogen energy, 41(37),
pp.16535-16548.

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Song, H.G., Son, M.H. and Choi, Y., 2015. Environmental factors on the entrepreneurship of
successful restaurant establishment. International Journal of Tourism Sciences, 15(3-4), pp.96-
109.
Walker, J.R., 2016. Introduction to hospitality. Pearson Higher Ed.
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