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Tangible and Intangible Resources with Producing Proposal of Startup Eat Tasty Restaurant

University : REGENT COLLEGE LONDON

  • Unit No : 28
  • Level : Undergraduate/College
  • Pages 26 / Words 3500
  • Paper Type : Assignment
  • Course Code :

    M/508/0495

  • Downloads : 119
Organization Selected : Eat Tasty Restaurant

INTRODUCTION

In the modern era, it is not easy to start and run an organisation among tough competition. There are requires various skills and abilities for increasing wealth size and create goodwill in the marketplace. Entrepreneurs perform different duties and responsibilities for managing business and its situations that can be occur during running operations. An individual come up with new ideas, innovations and several resources for starting a new venture and achieve predetermined goals or objectives in an appropriate manner. They also focus on various opportunities to enhance growth and attain best possible outcomes so that they can build brand image and generate higher revenues in effective ways. This report is based on Eat Tasty Restaurant which is new start up and situated at London, UK. This restaurant is dealing with variety of foods and beverages in the market. It is newly opened so it is necessary to find particular market situations or conditions, customers desired expectations regarding foods. This assignment will define about will explain about tangible and intangible resources with producing proposal. It elaborate skills and promotional activities to launch new business with developing a pre-launch pla

TASK 1

P1 A new venture identifying specific target markets and competitive analysis

In the present scenario, there is requires to conduct particular study which will support analysing market trends, target audiences and competitors in well manner. It is an essential to formulate plans and make better strategies so that company can survive in tough competition. Eat Tasty is a small restaurant which deals in variety of foods items and beverages such as fast foods including Chinese, Thai, Italian and many special dishes in the market. It has opened as per the customers choices, tastes and preferences so that they can be attracted towards firm. Many of adults and teenagers prefer fast foods rather than organic or healthy foods. Therefore, owner decided to start a mini restaurant near Oxford University at London so that many of students can get food easily to satisfy their needs or wants (Bijker and et. al., 2012). Their targeted audiences are teenagers or youngsters who want to eat fast foods in several varieties as well. There are define whole details about Eat Tasty restaurant with an appropriate plan such as:

An entrepreneur has planned to start a new venture which is Eat Tasty Restaurant which are going to operate near Oxford University in the area of 2500 square feet. Entrepreneur has take a place on lease for 3 years so that they can open a new business in well manner. There are needed some necessary resources such as land, capital, manpower, tools and many others for starting a new business firm (Burns, 2017).

Objectives of organisation:

  • To serve better quality of food and beverages to the consumer
  • To create goodwill and increase brand image in the marketplace.
  • To develop the business and its functions for enhancing growth.
  • To generate higher profits or revenues through increasing sales.

Mission: “To create value of the customers and provide healthy and delicious food to satisfy customers desired expectation”.

It is the major objective of Eat Tasty Restaurant that to provide better quality of food items and delicious dishes with hygienic and organic to the customers so that they can satisfy their particular needs or wants in well manner. Entrepreneur has requires to consider consumers health and safety aspects for achieving set targets or goals as well (Caselli and Negri, 2018).

Target market: In this define about particular target customers for goods or services so it is the duty of organisation that search right customers for right products so that growth can be enhanced in an effective ways. Entrepreneurs make decisions regarding the target group by identifying customers and their choice, preferences as well as tastes so that they can meet with their desired expectations. The Eat Tasty Restaurant has started for customer satisfaction as they analyse consumers demands through a survey. There is requires an appropriate segmentation of market which is based on customers behaviours, age, gender, lifestyles, occupations and religion etc. that helps in define regarding target customers in an efficient manner.

Competitive analysis: It is another factor that must be analysed by the organisation as in this define about competitors who have strong reputations and good brand image in the marketplace. There are several competitors available in the market place and they are trying to capturing market and attracting more customers through adoption of several tools or techniques and strategies as well. For example: The Ledbury, Kazan restaurant and Bar 61 are competitors of Eat Tasty Restaurant as they are providing most famous food products with different varieties so that huge of customers prefer to go these restaurants rather than others. This is necessary to find strong competitors which support in making better decisions and actions plans in well manner.

P2 Specific tangible and intangible resources that required for a new venture

There is requires a proper plan while launching a new venture in which consider several resources that can be tangible or intangible for the purpose of starting and running an organisation in effective manner. It is necessary for every organisation that to make decisions regarding arranging funds and other resources as well. These are helpful aspects that support in running business operations or functions so every organisations consider this and try to increase sales volume in more efficient manner (Fernhaber and Li, 2013). The Eat Tasty restaurant is providing several food items and best dishes such as Bone marrow on toast, Polenta, Croquets, Chorizo roll and San Daniele etc. with varieties of beverages. They are offering such foods at reasonable prices so that number of customers attracted and get easily. It is necessary to undertake various resources for running business operations such as:

Tangible resources: In this included various kinds of physical resources that have existence and can be touched or seen. These are required to starts a new venture and run its business operations in well manner. Company needed several physical resources such as land, capital, tools or techniques, equipments and raw materials so that functions can be operated. Every firm try to utilise available resources for getting maximum outcomes. The Eat Tasty Restaurant can consider some physical resources as well as tangible items that requires to establish business such as machineries, proper infrastructure, land, sitting arrangements, furniture, kitchen equipments, refrigerators and various raw materials for running the operations.

Intangible Resources: It is another factors that necessary to establish the new venture and create brand image in the market. It support in enhancing growth and achieve business goals in better ways. Intangible components included corporates, customer relationship management, reputation, patent, trademarks, logo and symbol that play vital role in every firms. These are very supportive in recognising the particular brand from other companies. The Eat Tasty restaurant can undertake all these for creating better image and awareness among customers mind for generating profits or revenues as well (Hmieleski, Cole and Baron, 2012). It cannot be seen or touched but it can be feel. There are defined some intangible assets like IP that consist with copyrights, patents, trademarks, tag lines or punch lines, methodologies and many more things that do not have any physical existence. On the other side, it is very beneficial in recognising brand, employees productivity, attributes, goodwill about business operations. The Eat Tasty Restaurant always focus on customers satisfaction and try to increase its level through treating them with very carefully and provide better quality of foods and beverages with different varieties in efficient ways (Kariv, 2013).

Every customers wants better quality of food with best tastes so they are ready to spend money for satisfying their demands or needs. It is the major responsibility of restaurant that to undertake customers desired expectations and fulfil their requirements in effective manner. Therefore, several resources are requires to make better organisation and achieve predetermined goals or objectives in an efficient manner.

TASK 2

P3 Produce a credible proposal to launch a new venture

It is an essential for business firm that to create or produce effective plan for launching a new venture or a start up in well manner. Businessman have to undertake all these for starting a new business so that they can run it effectively and achieve predetermined goals or objectives in an appropriate manner. Planning is very helpful and most important component which are requires to launch any products as well as business by considering that it will support in making changes and bring effectiveness in more efficient ways. There is require to prepare a proposal and an appropriate plan for launching a new business enterprise. In this describe about entire details such as company's missions, visions, and many others for making better plan. Here are example such as:

Executive Summary

Eat Tasty restaurant is dealing with various foods such as Polenta, Croquets, Bone marrow on toast, Chorizo roll and San Daniele, Chinese, Italian, etc (Klotz and et. al., 2014).

Company description

The Eat Tasty Restaurant is going to opened in London. Owner selected best place for business which is near by Oxford university where they can reach at potentials customers. It has covered land at 2500 square feet which is taken by an individual on lease for 3 years. This will be good for the business and owner can maximise their profits in an effective manner.

Market Analysis

There is requires effective plans and strategies for creating better organisation and increase goodwill among competitors. It is a biggest opportunities for organisation for expanding business at various places. Entrepreneur is also undertaking this and trying to find particular market so it is necessary to analyse the internal or external factors through SWOT and PESTEL that support in screening environment for surviving in the market situations (Kuratko and Hornsby, 2017).

Financial projection

In this consider the appropriate funds and financial requirements for launching and running business operations. It is backbone of business so without funds, company cannot run its functions. Therefore, it is necessary to make budgets and make better decisions regarding utilisation of available resources with minimum funds as well.

Set standards or benchmarking

In this plan, owner set their standards and positions where they want to go so that company make better strategies and actions plans in an appropriate manner. This will support in attaining set goals and outcomes by providing guidelines to the employees and satisfy customers desired needs or wants.

P4 Skills and capabilities required to launch a new venture

To start a new venture, Eat Tasty Restaurant, it is essential to learn certain skills and qualities to keep going on the face of hardship and social to have a great team work. It is necessary to develop the entrepreneurial skill for an on going business, more generally. Some experts defines entrepreneur, as a people who take risk and uncertainty in their business. By running own business like Eat Tasty Restaurant means having to wear all the hats. It includes the marketing skills, sales skills hat and general people skills hat. It also requires the skills for need to know how to run a balanced account and continue to grow your wealth. The Eat Tasty Restaurant requires the following skills to develop the abilities of an entrepreneurship. These are described as below:

  • Manage money: It is very simple, if a businessman cannot manage money, cannot run their business. Do an owner know where money goes each month? Do an entrepreneur know their budget for each month? If the answer is no, then they will struggle to manage the business budget as well (Morris, 2015).
  • Enhance fund: Once a businessman know how to manage money. It will be easy to get an investment for the purpose to expand the Eat Tasty Restaurant branches. Therefore, it will be easy to get money and how to use it for an enhancement of funds.
  • Reduces stress: If an entrepreneur allows him to get frustrated and get upset by small issues, he will struggle with the business enterprise. Therefore, they should learn the essential benefits of how to reduce stress in a workplace.
  • Ensure about the productivity: In this part, owner will get ensure about the productivity by division of department and specialisation in the Eat Tasty Restaurant. This will increase the productivity and enhance their skills through specialisation.
  • Empowerment of workforce: By improving the human resource in the Eat Tasty Restaurant it will help in to increase and improve the quality and productivity of an organization.
  • Know your customers: To be clear, without customer, an enterprise have no business. Make sure about the product and services should be focused on the customers taste and preferences which includes their needs too.

TASK 3

P5 Different promotional activities and channels for launching new venture

In this included several techniques and methodologies that are requires to promote particular goods or services and business in the target market. Every organisation needed to undertake all these for launching a new venture and create better goodwill in the market place. There are defines several tools or techniques for promoting business such as marketing mix in which consist elements so that organisation can formulate better strategies in an effective manner. Many of firms focus on creating awareness among customers and try to attracts them towards organisation in better ways. There are defines some promotional tools or channels for promoting The Eat Tasty Restaurant such as:

  • Use social media or online platforms: This is the best techniques for reaching at targets audiences or potentials customers in more effective manner. The Eat Tasty Restaurant can consider Facebook, Instagram, Websites, LinkedIn, Online banners, YouTube, Emails, and Twitter etc. because huge customers are connected with internet so this is the best way to promote business in an appropriate manner (Read and et. al., 2016).
  • Articles and Blogs:This is another suitable tool for creating awareness and providing informations to the customers. The Eat Tasty Restaurant can consider this for launching a new venture and provide informations regarding new dishes to the target customers.
  • Mobile billboards:In this, company can provide proper informations regarding new food items and many offers that given by restaurants. This is also suitable for the Eat Tasty Restaurant as they can undertake this application for reaching at potential customers. There are defines various aspects such as stickers, tag lines, or punch lines, logo and symbols and many more (Robb and Watson, 2012).

Therefore, The Eat Tasty Restaurant can undertake mobile billboards that will support in promoting business and its products or services in an effective manner. This is an essentials for reaching at potentials customers as well as attain set goals or targets in better ways.

P6 Develop an appropriate promotional activities plan for both launch and pre-launch

For launching a new venture, there is requires an appropriate plan for promoting business so that customers will be aware regarding firm and its products and services through promotional channels. In this consider various planning activities for pre-launch and launch of new enterprise in the market.

Pre-launch promotion: in this, company plan to make online advertisement, official websites and web pages for particular business firm. This is helpful tool that support in launching a new business venture by creating awareness among customers. The Eat Tasty restaurant undertake punch line as “Eat Tasty and Live Healthy” with small logo for new business.

Launch promotion: This is second phase which comes after launching a new venture as in this, company try to create awareness among customers and attracts them towards firm so that predetermined goals or objectives can be achieved. The Eat Tasty Restaurant can consider various promotional tools or channels such as Blogging, Social media, YouTube and advertisements, banners, inauguration programs and events so that customers will be aware regarding this restaurant (Simon and Shrader, 2012).

TASK 4

P7 Monthly cash budget for the pre-launch phase

In this consider a proper cash budget for launch and pre-launch of new business venture so The Eat Tasty Restaurant can prepare such budget including various aspects such as:

Year 2018

Jan

Feb

Mar

April

May

Food Sales amount

42,152

42,563

43,526

43,568

44,124

Beverage Sales

19,751

12,451

12,456

13,452

14,528

GROSS SALES (Total)

61,903

55,014

55,982

57,020

58,652

COGS

Food

14,525

14,046

14,364

14,377

14,561

Beverage

6,515

3,113

3,114

3,363

3,632

GRAND TOTAL

21,040

17,159

17,478

17,740

18,193

GP

40,863

37,855

38,504

39,280

40,459

General and Administrative

Workers Salaries

15,476

13,754

13,996

14,255

14,663

Management Salaries

3,400

3,400

3,400

3,400

3,400

Employer Taxes/Benefits (15% Wages)

2,265

2,058

2,087

2,119

2,168

Employees Compensation (6% Wages)

1,133

1,029

1,044

1,059

1,084

Advertisement

800

800

800

800

800

Bookkeeping

150

150

150

150

150

Credit Card Charges (1%)

619

550

560

570

587

Insurance

250

250

250

250

250

Legal and Professional Fees

100

100

100

100

100

Misc. Other

250

250

250

250

250

Office Supplies

175

175

175

175

175

Rent

3,200

3,200

3,200

3,200

3,200

Repair and Maintenance

300

300

300

300

300

Small Equipment

200

200

200

200

200

Telephone

150

150

150

150

150

Garbage

200

200

200

200

200

Utilities

1,200

1,200

1,200

1,200

1,200

Total Gen. and Admin. (Fixed)

29,867

27,766

28,062

28,378

28,876

NET PROFIT OR LOSS

10,996

10,089

10,443

10,901

11,583

SBA Loan

3,582

3,582

3,582

3,582

3,582

Cash Flow After Financing

7,414

6,507

6,861

7,319

8,001

Draw

4,000

4,000

4,000

4,000

4,000

Net Cash Flow

3,414

2,507

2,861

3,319

4,001

Accumulated Cash Flow

5,921

8,782

12,101

16,102

Average Daily Sales / 22 days

2,814

2,501

2,545

2,592

2,666

 

June

July

Aug

Sept

Oct

Nov

Dec

YTD 2017

44,325

44,658

45,210

45,325

46,251

46,325

47,125

5,35,152

15,574

15,487

16,421

16,251

17,452

17,245

17,845

1,88,913

59,899

60,145

61,631

61,576

63,703

63,570

64,970

7,24,065

             

 

14,627

14,737

14,919

14,957

15,263

15,287

15,551

1,77,215

3,894

3,872

4,105

4,063

4,363

4,311

4,461

48,806

18,521

18,609

19,025

19,020

19,626

19,599

20,013

2,26,021

             

 

41,379

41,536

42,606

42,556

44,077

43,972

44,958

4,98,045

               

14,975

15,036

15,408

15,394

15,926

15,893

16,243

1,81,016

3,400

3,400

3,400

3,400

3,400

3,400

3,400

40,800

2,205

2,212

2,257

2,255

2,319

2,315

2,357

26,618

1,102

1,106

1,128

1,128

1,160

1,158

1,179

13,309

800

800

800

800

800

800

800

9,600

150

150

150

150

150

150

150

1,800

599

601

616

616

637

636

650

7,241

250

250

250

250

250

250

250

3,000

100

100

100

100

100

100

100

1,200

250

250

250

250

250

250

250

3,000

175

175

175

175

175

175

175

2,100

3,200

3,200

3,200

3,200

3,200

3,200

3,200

38,400

300

300

300

300

300

300

300

3,600

200

200

200

200

200

200

200

2,400

150

150

150

150

150

150

150

1,800

200

200

200

200

200

200

200

2,400

1,200

1,200

1,200

1,200

1,200

1,200

1,200

14,400

29,256

29,331

29,784

29,768

30,416

30,376

30,803

3,52,684

             

 

12,122

12,205

12,822

12,788

13,661

13,596

14,155

1,45,361

3,582

3,582

3,582

3,582

3,582

3,582

3,582

42,984

8,540

8,623

9,240

9,206

10,079

10,014

10,573

1,02,377

4,000

4,000

4,000

4,000

4,000

4,000

4,000

48,000

4,540

4,623

5,240

5,206

6,079

6,014

6,573

54,377

               

20,643

25,266

30,505

35,712

41,791

47,804

54,377

 
               

2,723

2,734

2,801

2,799

2,896

2,890

2,953

 

P8 An appropriate legal form for the venture

There is defines some legal forms or structures which has formulated by the UK government. In this consist various laws, legislation and rules or regulations that are required to be followed by the company. There are describing some legal forms of different ventures such as:

  • Sole Proprietorship: In this form, an Individual starts their own venture with limited resources and investments. They are responsible for running business by taking risks or gaining profits as well. Individual focus on managing and maintaining business in better manner. This is very common form where person build their own business and support in create basic report (Baron and Tang, 2011).
  • Partnership firm: In this form, two or more individuals come up for launching a new venture and operates it with togetherness. They bring their own resources such as capital, land, building, tools or equipments which support in creating business in well manner. Partners share profits and bear losses equally whenever occurs. This is a disadvantage of partnership that every individual is liable to bear losses while running business.
  • Public company: These organisations are operated and controlled by the government authorities of country. Public firms shares are holds by individuals or audiences and it includes public or private limited companies which have different nature of businesses. These organisations owned by private ownership and government authorities based on business firms (Bijker and et. al., 2012).

Hence, it can be said that Eat Tasty Restaurant should be undertake partnership legal form which is beneficial in sharing profits or losses as per rules or regulations. This is an essentials for firm that to consider partnership form that will support in bringing different ideas, innovations, resources and effectiveness while running business. The Eat Tasty Restaurant can create market reputations or brand image among competitors and also maintain business operations for achieving competitive advantages (Burns, 2017).

CONCLUSION

From the above prepared report it has been concluded that venture play a vital role in society where there are operating as they assist in producing some product and service in order to satisfy customer's needs and wants. The report defines the case of Eat tasty restaurant that has been launched in London delivering different variety of food products. Therefore, there are number of interrelated activities that need to be conducted that involve drawing proper promotional and make decision on resources so that effective decision can be made in this regard. Apart from it, venture have to adopt various promotional activities to promote their business.

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REFRENCES

Books and Journals

  • Baron, R. A. and Tang, J., 2011. The role of entrepreneurs in firm-level innovation: Joint effects of positive affect, creativity, and environmental dynamism. Journal of Business Venturing. 26(1). pp.49-60.
  • Bijker, W. E. and et. al., 2012. The social construction of technological systems: New directions in the sociology and history of technology. MIT press.
  • Burns, P., 2017. New venture creation: a framework for entrepreneurial start-ups. Palgrave.
  • Caselli, S. and Negri, G., 2018. Private equity and venture capital in Europe: markets, techniques, and deals. Academic Press.
  • Fernhaber, S. A. and Li, D., 2013. International exposure through network relationships: Implications for new venture internationalization. Journal of Business Venturing. 28(2). pp.316-334.
  • Hmieleski, K. M., Cole, M. S. and Baron, R.A., 2012. Shared authentic leadership and new venture performance. Journal of Management. 38(5). pp.1476-1499.
  • Kariv, D., 2013. Female entrepreneurship and the new venture creation: An international overview. Routledge.
  • Klotz, A.C. and et. al., 2014. New venture teams: A review of the literature and roadmap for future research. Journal of Management. 40(1). pp.226-255.
  • Kuratko, D. F. and Hornsby, J. S., 2017. New Venture Management: The Entrepreneur's Roadmap. Taylor & Francis.
  • Morris, M. H., 2015. Entrepreneurship as experience. John Wiley & Sons, Ltd.
  • Read, S. and et. al., 2016. Effectual entrepreneurship. Taylor & Francis.
  • Robb, A. M. and Watson, J., 2012. Gender differences in firm performance: Evidence from new ventures in the United States. Journal of Business Venturing. 27(5). pp.544-558.
  • Simon, M. and Shrader, R. C., 2012. Entrepreneurial actions and optimistic overconfidence: The role of motivated reasoning in new product introductions. Journal of Business Venturing. 27(3). pp.291-309.

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