for new Chinese restaurant
Prepare for ROBERTA QUERIN
Prepared by Benli Lu
Date: 16 April
Building a new venture is not just decided by the entrepreneur’s idea and passions. It needs to be assessed and screened because it can cause business failure if there is no sound analysis. This report aims to clear whether the idea of starting a Chinese restaurant in Coffs Harbour is feasible or not. It covers the description of the venture and innovation, the analysis of industry and market, analysis of competitions, assessment of entrepreneurs. And the next step for the starting business is also mentioned. The new Chinese restaurant will be open in the small square along the main street in Coffs Harbour. It will provide the food that chosen carefully from the cities in south of China. This idea is innovative because it suites the social trends and demographic trends that more and more people require healthy food and the aging problem occurs. However, this is only an idea; it needs to be carefully assessed if it wants to be an opportunity. The analysis of industry and market shows that it possible to open a new Chinese restaurant in Coffs Harbour. The restaurant and catering industry is going through a good time, and Chinese food has exploded in popularity in Australia. Furthermore, the market for the new Chinese restaurant is targeted the low and middle income groups in Coffs Harbour. Apart from the feasibility of business, it is also necessary to analyze the competition in that area. Through evaluating each element of industry structure, threat of entry, barging power of suppliers and buyers, threat of substitutes, the competition from other restaurants is very serious. To find the competitive advantages, SWOT analysis should be used in this report so that the entrepreneurs can make the strategies according to the competition and SWOT analysis. The strengths, weaknesses, opportunities and threats are listed in the report. The opportunity needs to be attractive to the entrepreneur as well. It needs to fit with skills and goals of the entrepreneurs. Moreover, the opportunity also requires entrepreneurs have professional knowledge and entrepreneurial alertness and networks. The next step is to consider the issue of capital. The cost of initial for building this Chinese restaurant is listed and talks about the problems of finance. In summary, the opportunity analysis is crucial to a new venture as it assesses the feasibility of business for entrepreneurs. The new venture will be a Chinese restaurant with creative strategies to attract customers. The market is also targeted in the group of low-income and middle-income in Coffs Harbour where has strong economic growth and large reachable customers. However, the competitions in Coffs Harbour are fierce due to the structure of industry. By using SWOT analysis, it is easy to identify the competitive advantages. Apart from that, the requirements for entrepreneurs and the next step for building the new venture are talked about in the report.
2.0 descriptions of venture and the innovation5
3.0 The feasibility of business6
4.0 Assessment of competition9
5.0 SWOT analysis11
6.0 Assessment of entrepreneurs12
7.0 The next step13
9.0 Reference list:15
Building a new venture is not a simple thing, there are so many factors need to be considered. Without a sound analysis of these factors, it may cause the failure of the business. The aim of this report is to access whether it is possible and feasible to start a new Chinese restaurant in the place where the entrepreneur chose. In this report, it will cover the description of the venture and innovation, the analysis of industry and market, analysis of competitions, assessment of entrepreneurs and the next step for the...