IND40 Celebrate Freedom from Deadlines Get UPTO 50% OFF & Jingle All the Way with Our Christmas Offer. Coupon Code: NEWCUST25 Order Now

OFFER! Save 50% on Assignment Crafted by Human Writers


Planning of a New Venture: The Italian Table

University: Regent College London

  • Unit No: 27
  • Level: Undergraduate/College
  • Pages: 3 / Words 753
  • Paper Type: Assignment
  • Course Code: Y/508/0540
  • Downloads: 1024

Table of Content

  2. TASK 1
Organization Selected : The Italian Table


Entrepreneurship is a concept which includes the activities related to designing, launching and running of a new business. These ventures are small in nature and required large amount of resources to carrying business activities effectively. The individual and person who create new start-ups are known as entrepreneur. It determines risk taking ability in order to maximise income and growth easily. Launching and running a new business is required specific abilities to perform properly in challenging situations. Through this, an entrepreneur can grab several opportunities to maximise their business structure in target market (Farmer, Yaoand Kung Mcintyre, 2011). This report will defined about the planning of a new venture as “The Italian Table”. It is a small and medium size restaurant. This project represent evaluation of different sources of entrepreneurial ideas and innovation and market gap analysis with relevant tools and techniques. It will also determine Swot analysis of organisation and Evaluation of environment factors to test viability of business ideas.


P1 Determination and evaluation of different sources of entrepreneurial ideas and innovation

For a new venture, it is required that entrepreneur determine several resources that helps in maximising growth and profitability easily. In this process, they needto use innovative ideas and creative thoughts to make desired changes and modification on the bases of customer's requirement and need. There are different sources of entrepreneurial ideas and innovation which are given below as -

External environmental sources

  • Social factor: According to this factor, entrepreneur requires to be aware about market trends and customer demand to opt a better choice. This factor is consider individual's desire and obligation towards a unique and new idea. Thus, they can initiate a new opportunity in target market.
  • Economical Factor: This factor is essential to composing appropriate growth and evolution practices on the bases of new ideas. UK has better economical condition, so it can be an advantage for entrepreneur to associate their business with amended opportunities. It can be a better choice for an entrepreneur to execute their ideas in those economies.
  • Technological Factor: For an entrepreneur, it is essential to analyse execution process of technology in their business idea to grab maximum opportunities easily. An innovative idea is associate with technological advancement that helps to enhance knowledge and expertise.
  • Political Factor: For an entrepreneur, it is require to acquire information regarding governmental policy and regulations. In UK, political condition is very stable and supporting for food industry.
  • Environmental Factor: Entrepreneur must focus on the environmental factors which assists new business firm of small enterprise and owners to bring up in this competitive business globe. This will help them to take corrective measure while performing the functions of an organizations. It provide help to people to gain required benefits as per their actual needs.

Drucker's 7 sources of innovation

  • Unexpected – For a business, it is important to implement advance technology and innovative ideas to produce unique service in target market. These products and service should have to be most effective and impactful than others.
  • Incongruity – For a new venture, it is require to introduce new and quality products in target market to getting higher competitive advantages easily. Through this, “The Italian Table” can capture customer's attention toward their products and services.
  • Innovation based on process need – Innovation is a most effective procedure that us to make appropriate changes on the bases of process need. By implementing these procedures, “The Italian Table” can easily maximise sales and profitability of firm.
  • Changes in industry and market – Innovation is basically uses to make positive alteration in products and services. Through this, “The Italian Table” can easily changes market of food industries.
  • Demographics – This is a most specific business approach that helps to make proper classifications of organisational segmentation. Through this, an organisation can easily gain higher competitive advantages from target markets.
  • Changes in perception – The changes in customer's perceptions are uses to provide numerous opportunity to an business organisation. It can be identify through customer's feedback and opinions for specific services.

Student may also like to read: Human Resource Management Level 5

Download Full Sample
Do you still struggle to complete your science assignments, and are you searching for assistance? Then worry not, we can provide you with science assignment Help at your fingertips. We have been in business for a long and understand all the needs and queries of students. Not only in science, we can aid you with any subject, but you can also get management assignment help from us.
Boost Grades & Leave Stress

Share Your Requirements Now for Customized Solutions.

Lowest Price
USD 7.13

    Delivered on-time or your money back

    100+ Qualified Writers

    For Best Entrepreneurship Assignment Help

    • expert name
      1087 - Completed Orders
      Daly Rose View Profile Master's in Business Administration New Zealand Hire Me
    • expert name
      243 - Completed Orders
      Josh Stevenson View Profile Master's in History UK Hire Me
    • expert name
      2354 - Completed Orders
      Stephanie Lawson View Profile Ph.D. in Relationship Management USA Hire Me
    • expert name
      756 - Completed Orders
      Ebenzer Tennyson View Profile Master's in Constitutional Law USA Hire Me
    View All Writers
    FREE Tools

    To Make Your Work Original

    • tools Paraphrasing Tool

      Easy to Use Paraphrasing Tool to Simplify Complex Academic Writing

      Check Paraphrasing
    • tools Plagiarism Checker

      Check your work against plagiarism & get a free Plagiarism report!

      Check Plagiarism
    • tools Reference Generator

      Get citations & references in your document in the desired style!

      Generate References
    • tools Grammar Checker Tool

      Make your content free of errors in just a few clicks for free!

      Grammar Checker
    • tools Essay Typer

      Generate plagiarism-free essays as per your topic's requirement!

      Essay Typer
    • Dissertation Outline Generator

      Get Structured Outline by Professionals for Your Dissertation

      Check Dissertation
    • Thesis Statement Generator

      Create the perfect thesis statement in just few minutes!

      Generate Thesis
    • AI Essay Writer

      Get a well-researched and quality essay effortlessly in a few seconds.

      AI Essay Writer
    GAH whatsapp

    Limited Time Offer

    Exclusive Library Membership + FREE Wallet Balance