Creating a Business Opportunity for Thai Delivery and Takeaway - Example

Business Plan for Dang "Thai delivery and takeaway” Executive Summary Segment Attractiveness This implies attracting the s to a particular segment of the large market. In this particular business plan the aim is to set up a takeaway restaurant in Middlesex Street, London, UK. The market is said to be crowded with customers from various place who are expected to get attracted towards the takeaway restaurant. Market attractiveness It involves the customers getting attracted to a particular market and this plan considers the new takeaway restaurant to be set up in the UK food market that is expected to flourish in the near future. Industry Attractiveness The industry considered here is that of the Hotels and Restaurants in the UK, Market. The industry is flourishing based on the rising demand of the customers for quality food and UK food market has been overflowing with restaurants and hotels. Sustainability The sustainability in the market depends on the preference pattern of the customers that is the restaurant is likely survive in the market as long as the customers are satisfied by the quality of food delivered by it. RACE Risk Tolerance The risk tolerance is an essential factor for sustainability in the business as every business is likely to face challenges Dang "Thai delivery and takeaway” will also face challenges during its establishment. Aspirations The high aspiration of setting up a new business would make the company to flourish in the market with innovation that is undertaken based on the customers’ tastes and preferences. The making up of the business plan reflects the aspirations of the company. Experience and Connectiveness The two other factors which are necessary to set up a business is the advice of the experiences professionals and the connectiveness with the market in which the restaurant is set up. These factors affect the initial process to be followed to set up a business. Financial Summary The financial summary deals with the investment that is to be made and the start up capital required. In this particular business the initial capital required is around £50000 that is borrowed from various sources. There is a possibility that the company may experience a loss and the break even period arises after four and half months. The Business Opportunity Market Gap The production of food items in the UK market is increasingly being replaced by the manufacturing sector which focuses on adding the value to the raw materials in order to convert them into finished products (Romano, Tanewski and Smyrnios, 2001). There has been a situation when the UK has become a net importer of the food commodities. Due to the increasing possibilities of the merger and the acquisitions, the number of participants in the manufacturing and the processing industry has been growing (Romano, Tanewski and Smyrnios, 2001). However, the UK food retail market has shown a moderate growth before the slowdown in 2012 and 2013. The study suggests that the UK food retail market earned total revenue of $181.3 billion in 2013 that reflects an annual growth rate of 1.5% between 2009 and 2013 (Bradbury, et al., 2014). Nonetheless, the performance level of the UK food industry is expected to accelerate in the near future. Middlesex Street is a well known market place in London that is visited by lot of customers mostly during the weekends and setting up a take away food outlet would be highly profitable to the entrepreneur. As we see that the local population in Middlesex Street, London, UK who prefer to visit the market on a regular basis is around 10 million, the demand for fast food and takeaway service is also increasing day by day (Bradbury, et al., 2014). Service and Product Offering Dang "Thai delivery and takeaway” is to be set up in the Middlesex street (Liverpool street underground station) in London, UK, that plans to offer the customers with quality food at reasonable rates. As the demand for fast food is increasing among the customers, so it would be a good opportunity to set up its business in order to meet the rising demand for food (Mason and Stark, 2004). The company plans to hire well trained employees to the restaurants that are capable of maintaining a good relationship with the customers so that the company can increase its customer base. On the contrary, the company has to hire well trained managers in order to supervise the work of the employees and also undertake important decisions. Customer satisfaction should be an essential factor that the managers of the restaurant need to ensure in order to attract more customers to their outlets. I believe that my business would be able to satisfy the customers as I would try to maintain hygiene and deliver food at reasonable rates to the customers. Research Strategy The feasibility study is analysed on the basis of data collected using various approaches such as the quantitative, qualitative as well as the secondary research using various journals, books and relevant websites. Various ideas can be developed in order to determine the market size and the current trends of UK food market and also to determine the target customer profile for the take away restaurant to be set up. In case of the secondary research the data is collected from Mintel report. Idea 1 The market trends of the UK food market can be determined by carrying out a secondary research. This involves studying the journal articles regarding the UK food market especially about the population in Middlesex Street, London and about their tastes and preferences. Idea 2 The second idea suggests that the target customer profile can be chosen by observing the customers visiting the outlets and their behaviour can be studied by carrying out a quantitative analysis that is by preparing questionnaires for them to answer and their responses can be analysed in order to derive a conclusion regarding the consumer behaviour and their attitude towards takeaway centres. Idea 3 The third idea is to study about the macroeconomic drivers towards the UK food market and the books and journals would provide valuable information for carrying out the PESTEL analysis, Porter’s five forces analysis. The secondary research would also help to determine the actual competitors of the company and the key success factors that would help in establishment of the Dang "Thai delivery and takeaway” business. Analyzing “Secondly research” Mintel, Passport The secondary research carried out with the help of Mintel report suggests that 64% of the users agree that if they order from the same place, it affects their purchasing behaviour (Bradbury, et al., 2014). However, such loyalties of the customers are beneficial for the already existing businesses, but it is harmful for those businesses that are to be newly set up in the international market. The secondary research suggests that Dang "Thai delivery and takeaway” would face challenges in the international market as there are already existing businesses of restaurants and hotels and they have got their loyal customers who prefer to purchase the food items from them (Honig and Karlsson, 2004). The cost of the food items also act as a significant driver in these markets and the customers prefer to purchase from those restaurants that offer food at reasonable rates. Hence, before setting up the market, there is a need to carry out a research analysis on the target customers and their preference patterns. Analyzing Questionnaire “Primary Research" The primary research comprises of the questionnaire analysis that is, a set of questionnaires are distributed to the target customers and their responses are evaluated in order to derive a conclusion regarding whether it would be profitable to set up the take away restaurant (Gilbert, 2005). Questionnaires are distributed to around 100 customers and the responses are recorded in the excel sheet and the pie-charts constructed using the data shows the relevant sectors needed to study. Feasibility: Micro Market Analysis Target Market Size The population of the UK is expected to increase in the next few years and as a result the demand for food is also likely to increase that would help the restaurants to flourish in the international market. The increased life expectancy and the decrease in birth rates are leading to a rise in the elderly population and that in turn contributes to their demand for food (Karlsson and Honig, 2009). However, most of the people in the modern world prefer a quick service by the restaurants and mostly, the hotels located on the highways offer the customers with the takeaway service from where the customers can collect their food packets and continue their journey. The latest research suggests that there are around 23,514 restaurants and 49,953 pubs in the UK (Russell, Atchison and Brooks, 2008). However, there is a shortage of restaurants providing the services of takeaway and hence, the new business of Dang "Thai delivery and takeaway” is expected to be successful in the UK market. The study suggests that the average expenditure per visit is up by 0.7% in 2013 and this is expected to rise further as the people of UK prefer purchasing food from restaurants (Bradbury, et al., 2014). The study shows that the target market size for setting up takeaway food outlets is likely to increase in the near future. Current Trends In today’s busy world, people prefer quick and instant delivery of the food items and setting up a takeaway restaurant can be highly profitable. The study shows that the restaurants in the UK are meant to sit and dine or there are pubs as well. However, setting up a small business that comprises mainly of the facility of takeaway services would be affordable to the customers as well as it would prove to be pocket friendly mainly for the students of the UK (Tschopp, 2004). Chartered Institute of Environmental Health and London Food Board has recently launched Takeaway Toolkit which indicates different approaches to be undertaken in order to maintain hygiene in the food that is consumed. One of the approaches includes working with food industry as well as the takeaway business in order to make the food healthier as well as hygienic. However, there are strategies taken by the UK food industry to enhance the quality of food delivered in the take away services and also taking care of the packaging materials (Becton and Graetz, 2001). Dynamics The food industry of the UK has flourished to a great deal and is expected to enhance still further in the next few years. There are a number of factors that affect the consumers’ choice in the international market (Friar and Meyer, 2003). The consumers are mainly concerned about the prices of the food and the quality that is supplied in the takeaway outlets. The large proportion of the sale in the UK food retail has been accounted by the supermarkets that comprises of around 73.5% of the overall value of UK food market (Shane and Venkataraman, 2000). However, the demand for food has been rising and the setting up of takeaway food outlets has reduced the time of the customers waiting to sit and dine. The takeaway outlets have made the work easier both for the buyers and the sellers. The dynamics of the restaurant during the initial period is expected to be very slow and then it can set up its reputation and the growth rate is expected to be 60% in the second year. Target Profile The target profile is that of the customers of the takeaway food outlets and it is related to the primary research that is conducted in the UK food industry (Austin, Stevenson and Wei‐Skillern, 2006). The survey forms where distributed to the loyal customers of particular takeaway food outlets and their responses where used to derive the further conclusion regarding the customer satisfaction. Out of 20 customers, 5 were selected as the target customers as they were found to greatly support the small business. The similarities among these participants are as follows. Age: 20-30 years Occupation: All are of different profession Loves fast food Number of times they visit the same outlet: varies Visits take away outlets regularly Opt for quality food and at reasonable rates Target Behaviour Dang’s target customers are expected to posses the following behavioural characteristics. Preference for fast food. Prefers to carry the food rather that sit and dine. Prefers quality service at reasonable rates. Loyal towards a particular brand. Satisfied with the service provided by the take away outlets. Customer Profile Dang’s target customer would have the following profile. Age: 20 years College student Loves fast food Visits restaurants frequently Likes to taste different varieties of food Comfortable with the takeaway services provided by some the restaurants These features are expected in a target customer of the take away outlet that is to be newly set up in the UK food market. It is expected to attract a large amount of the young population who has a high demand for fast food. Feasibility: Macro Market Drivers PESTEL Politics There are strong political legislations followed in the UK food market that is the Food Standard Agency and the general Food Law Regulation states that the UK food retailers need to maintain hygiene in their food. There are also rule related to the transportation, packaging, distribution, hygiene, quality, advertising and selling of food (Bradbury, et al., 2014). There is a lot of competition in the UK market due to large number of restaurants set up and the market situation is considered to be perfectly competitive market. However, there may be political issue in the UK market that creates a barrier for the food production and in turn may affect the setting up of take away outlets that mainly sells fast food at affordable rates (Bradbury, et al., 2014). Economic The prices of the take away food outlets are reasonable and the high food prices are likely to create problems like inflationary pressure in the international market and the customers’ demand for fast food will reduce (Hoang and Antoncic, 2003). The food industry is expanding despite the economic slowdown with the agricultural and the food sector contributing to around £96.1 billion and the food industry of the UK has been flourishing due to a high GDP growth rate (Bradbury, et al., 2014). The food prices have risen by about 6.6% as compared to the previous year which is considered to be three times faster than that of other advanced nations (Mair and Marti, 2006). Social The suppliers of the food retail industry comprises of the farmers, food manufacturers and the agricultural cooperatives. The supply chain of the food in the UK market is also likely to differ. The large retailers often tries to maintain a healthy relationship with the suppliers in order to avoid the price fluctuations that are likely to occur in the international market due to the rise in demand for food. However the small business is likely to set up in the UK market so as to satisfy the growing demand for food. Technology The technological innovation in the small business that are to be set up in UK help the employees of the take away outlets to deliver the services well on time (Alvarez and Busenitz, 2001). The restaurants of the UK food industry advertise on the social media in order to attract a large number of customers from various cultural backgrounds and they have their own websites to promote their new food items (Bradbury, et al., 2014). Environment The environmental factors affect the demand for the fast food that is available in the take away outlets that is the preference for different food items differs with the weather patterns (Bradbury, et al., 2014). Legal The new take away outlets that plan to start their small business must be legally registered as well as maintain quality and hygiene in their food in order to avoid facing the legal issues. The UK Government has created rules to maintain hygiene in the food that is delivered by the restaurants and the take away outlets are expected to go through a quality check up by the Food standard Agency for the well being of the customers (Bradbury, et al., 2014). The main market drivers The demand of the customers for a quick delivery of the food acts as the main market driver. The UK food industry has a large number of hotels, restaurants and pubs that have generated a lot of revenue in the international market but as the population increases the customer demand for food increases and the UK food market is undertaking new strategies to meet the rising demand for food by setting up small business involving the take away outlets that allows the small entrepreneurs to start their business by establishing the take away outlets (Eckhardt and Shane, 2003). The customers’ demand for healthy and nutritious diet can also play a key role in forcing the restaurants to take care of the packaging of the food items. Overall Market Size The study says that the UK food industry is a well established sector in the UK economy and the most famous place known for food lovers is Middlesex Street, London, UK. It is the most populated area and the population is expected to increase in the next few years. According to the study on UK food market there are around 23,514 restaurants and 49,953 pubs in the UK and the current trends indicate that the people are more interested in fast food and takeaway systems. Hence this proves to be a target market with around 10 million populations which is ideal for setting up the new takeaway restaurant. Further the Mintel report suggested that there was a rise in sales 4% between 2004 and 2008 (Bradbury, et al., 2014). Feasibility: The competitive environment and direct competitors Porter’s Five Forces Supplier power The suppliers of the raw materials for the restaurants and the take away outlets are mainly the farmers and the agricultural cooperatives. The raw materials are purchased from the market by these restaurants and these raw materials are used for preparing the food items as desired by the customers (Hitt, et al., 2001). However, there are various sectors producing the agricultural supply in the UK food market, but the country imports some of the items from other parts of the world. Hence, the conclusion can be derived that the supplier power is moderate in the industry. Consumer power The study suggests that the people in the UK are fond of fast food and they visit restaurants very often. Hence, strong consumer power raises the demand for food. Moreover, the taste and preference patterns of the consumers vary and they expect a quick delivery of the food items (Kuratko, 2005). The UK food industry has planned to set up take away outlets in order to serve large number of customers who visit the outlets. Competitive Rivalry As the population of UK is growing, so is the competitive rivalry in the international market. The demand for food is increasing rapidly and in order to take advantage of this growing demand, there are competitors emerging in the food industry who are planning to serve the customers with the take home service advantage in order to reduce the time that is spent sitting in the hotels for dining (Bradbury, et al., 2014). Since the new entrepreneurs expect to generate some revenue out of this small business, they try to earn this by setting up the take away outlets. Hence, there is a strong competitive rivalry in the UK food market. Entry Barriers Although the entrepreneurs wish to enter the UK food industry by setting up the small business of take away outlets, yet they need to have a plan before conducting the business. Further, the UK government does not allow all the competitors to enter into the market and there are tax imposed on the food products so as to control the excess demand or supply of food (Oviatt and McDougall, 2005). Thus, the research says that there are low to moderate entry barriers in the international market for setting up small businesses in the UK food industry. Substitutes The customers often substitute the expensive food items with those which are hygienic as well as affordable. Too many restaurants selling the same food items allows the customers to choose from the best quality as well as affordable alternative and there is a high possibility that the customers would switch to the other restaurant that satisfies the conditions of low price and high quality. There is a high possibility of substitution in the UK food market (Greve and Salaff, 2003). There is a high possibility of substitution s the market is perfectly competitive (Bradbury, et al., 2014). Analysis of Direct Competitors Dang "Thai delivery and takeaway” outlet set up in the UK is likely to face huge competition from other restaurants offering both dining as well as take away services. Moreover, Dang is expected to specialize in Thai food but there are other already existing competitors like Firecracker, Fullmoon etc that specialize in large number of cuisines and the customers would have lot of choices (Peterman and Kennedy, 2003). Hence, the study indicates that there are large numbers of direct competitors of Dang and so it may face a lot of challenge in setting up its business in the UK food industry. Further, the already existing restaurants would know the techniques to attract the customers which may act as drivers to the attention of the customers in order to make them purchase from their outlets. Feasibility: Sustainability, Operational and Financial Issues Unique Selling Point Efficient and well trained managers to undertake valuable decision favourable to the restaurant. Enhanced employee performance in satisfying the customers. Instant delivery of quality food products by the restaurant as per the customers’ demand. Collecting feedback from the customers and using innovative strategies to enhance their services. Critical Success Factors The critical success factors are the essential reasons that contribute to the success of the company in the international market. It is also essential to provide quality service to the customers in order to increase the customer base in the international market (Peterman and Kennedy, 2003). The success factor also helps the company to set up its reputation in the market. The critical factors are as follows: Location The location of Dang "Thai delivery and takeaway” is in the Middlesex Street (Liverpool street underground station) in London, UK. The location can be considered as a critical success factor because the restaurant located in a densely populated area would be highly profitable. Outdoor and Indoor Outlook The outdoor and indoor outlook of the newly established restaurant is expected to look attractive to the customers and it should be hygienic as well. Quality of Food The quality of food that is to be delivered by the restaurant must be ensured by the managers and checked for quality and hygiene. However, Dang "Thai delivery and takeaway” plans to hire managers who have a good knowledge regarding the ways to maintain quality in the food items delivered. Customer Services The customer services offered by the employees of the restaurant contribute to its reputation in the food market. Dang "Thai delivery and takeaway” plans to train its newly hired employees on the effective way to deliver good customer services in order to increase the customer base. Management The management system of Dang "Thai delivery and takeaway” has to be efficient in making decisions that are favourable to the growth of the restaurant and its expansion. Accounts The accounts department of Dang "Thai delivery and takeaway” has to be managed by accountants hired by the management that would help to create financial reports for the company. Business Model The business Model for Dang "Thai delivery and takeaway” suggests that fresh fruits and vegetables and other ingredients needs to be purchased from the market everyday in order to maintain hygiene in their food items. Start Up Financing The start up financing for the company can be generated from various sources such as banks and financial institutions, but there is a high possibility that initially the entrepreneurs are not able to get loans from the banks and they need to start their business with their own funding. The breakeven point is around £5000 which is a no profit and no loss situation. Hence, Dang "Thai delivery and takeaway” business can be started with an initial capital of £10000 and I plan to borrow a personal loan of around £20000 from one of my friend. I would invest some amount on setting up of the restaurant with its indoor and outdoor decoration and the other part in purchasing the raw materials needed to run the business. Net Cash Flow Statement (Source: Author’s Creation) The table indicates that the net cash flow has been increasing continuously over the period of nine months and the company is expected to earn a profit initially and then run at a loss in the later period. Dang "Thai delivery and takeaway” is to be established with an initial capital stock of £50000 with all the facilities to be offered to the customers. The expected profit margin estimated is around 60%. The average profit that the company may earn in first year is around £15000. However the study shows that the company may run at a loss in the later phase due to fall in demand and the break even situation arises after 4 and half months. Post Start up Financing It is expected that Dang "Thai delivery and takeaway” will perform at a moderate rate in the beginning as it is newly established. The restaurant will set up its business gradually by satisfying the customers with quality food and instant delivery. The promotion can be done with the help of social media as well as word of mouth publicity and in order to use social media, there is a certain advertisement cost that the company has to bear which is around £20000 in the second year that will improve the customer base. The restaurant aims to increase the customer base and it is expected that the restaurant will have more than 500 customers a day. SWOT Analysis Strengths I have accumulated the initial capital needed to start up the business. I have contact with the executive chef of a well-known hotel who would guide me in running my business smoothly. I am efficient enough to undertake the business and train the employees to enhance the customer services of Dang "Thai delivery and takeaway”. Weakness Since I am starting a new business, it would be difficult for me to attract customers as they would be doubtful regarding the quality of food served. Opportunity As the UK food market is flourishing with increasing demand for instant delivery of quality fast food in the international market, which would offer me an opportunity to attract the customers towards Dang "Thai delivery and takeaway” business. Threat There are already existing quality restaurants in the UK with huge customer bases and so it poses a threat to the business that I am planning to set up as the customers remain brand loyal to particular restaurants of their choice. Feasibility: Managerial capabilities and resources Personal Capabilities Setting up of a business on my own would definitely be challenging for me as this would be a task that I need to take up entirely on my own, but I believe that I have the leadership quality that would help me to perform well. I am a well organized person and prefer to plan out my work before its execution. My strengths I prefer to perform my task in an organized fashion that would provide success to my business. I have a convincing personality, which would help me to deal with customers. I have leadership qualities that would be essential to plan out strategies to run the business. Areas I need to develop Confidently face the challenges. Develop a thinking capacity to deal with situations and make the company flourish. Adapt to the changes in the competing world and bring in innovations. Execution of CSF In order to execute the critical success factors, there is a need to take up the following responsibilities. Success Factors Responsibility Location The restaurant has to be set up in the areas that are occupied by the food lovers in order to increase the customer base. Quality of Food The quality of food served in Dang "Thai delivery and takeaway” has to be ensued in order to avoid customer complaints regarding quality and hygiene. Customer Services The customer services of Dang "Thai delivery and takeaway” has to be enhanced in order to attract customers of the rivals that will contribute to its status in the UK market. Management and Accounts The management and the accounts department requires efficient professionals to enhance the level of annual sales and profit of Dang "Thai delivery and takeaway”. Business and Social Network In starting a business, social networking is an essential factor in order to run the business successfully. A restaurant business can be run successfully with the help of a group of efficient professional who have the knowledge regarding particular areas. Contractor: Andrews, Creative Spark Design Company. Portfolio: setting up numerous brand outlets in Middlesex Street, London, UK Relationship: friend Interior Designer: Lewis, Oxford Interior Designing Company Portfolio: Professional Interior Designer of Middlesex Street, London, UK Relationship: friend Accountant: Terry, Auditor Portfolio: Consultant at Anderson services, London, UK Relationship: friend Chef: Barry Austin Portfolio: Executive Chef at Hotel New Town, London, UK Relationship: friend For advertising and promoting my business I will need to contact the social media personnel who would help me to attract large number of customers. RACE Risk Tolerance The setting up of a new business involves risk factor that is whether the business would be successful or not. Establishing a business involves initial capital to be invested in the market and also advertising about the new take away restaurant to be set up. However the customers may not like the quality of food served in the restaurant and the customer satisfaction is an important factor that needs to be taken care off. Aspirations The Dang "Thai delivery and takeaway” restaurant that is to be set up in the Middlesex Street, London, UK has a lot of aspiration of setting up a huge business and serve a large number of customers. Hence there is a need for proper planning before setting up the restaurant regarding the initial investment that is to be made. The restaurant also aspires to open up branches to other places in London. Experience In case a restaurant is set up by a well-experienced manager it is likely to overcome the challenges that the new business may face. Experience would help in the decision making process regarding the strategies to be undertaken in any kind of business so that it can gain reputation in the international market. Connectiveness Dang "Thai delivery and takeaway” is expected to set up in Middlesex Street, London is considered as London’s densely populated market place where the local customers visit most of the days to purchase their daily requirements. Hence the take away business is expected to attract a lot of customers and it has a high opportunity to grow across the market places of London. Self Reflection I have developed a lot of knowledge regarding the basic requirements of setting up a business. Initially I need to estimate the capital that is to be invested in establishing the business and the people I need to hire for the initial start up. Since I am a student I have no idea regarding the investment that I need to make and the strategies I need to adopt to start my business. My communication with experienced professionals has enhanced my knowledge and understanding regarding the customer demands. The most interesting part is to gather relevant information about the customers and about the market in which I plan to start my business. However the most demanding part is to gather contacts of the experienced professional who can help me in running my business successfully. Reference List Alvarez, S. A. and Busenitz, L. W., 2001. The entrepreneurship of resource-based theory. Journal of management, 27(6), pp. 755-775. Austin, J., Stevenson, H. and Wei‐Skillern, J., 2006. Social and commercial entrepreneurship: same, different, or both?. Entrepreneurship theory and practice, 30(1), pp. 1-22. Becton, S. and Graetz, B., 2001. Small business—small minded? Training attitudes and needs of the tourism and hospitality industry. International Journal of Tourism Research, 3(2), pp. 105-113. Bradbury, K. E., Balkwill, A., Spencer, E. A., Roddam, A. W., Reeves, G. K., Green, J. and Shaw, K., 2014. Organic food consumption and the incidence of cancer in a large prospective study of women in the United Kingdom. British journal of cancer, 110(9), pp. 2321-2326. Eckhardt, J. T. and Shane, S. A., 2003. Opportunities and entrepreneurship.Journal of management, 29(3), pp. 333-349. Friar, J. H. and Meyer, M. H., 2003. Entrepreneurship and start-ups in the Boston region: Factors differentiating high-growth ventures from micro-ventures.Small Business Economics, 21(2), pp. 145-152. Gilbert, C. G., 2005. Unbundling the structure of inertia: Resource versus routine rigidity. Academy of Management Journal, 48(5), pp. 741-763. Greve, A. and Salaff, J. W., 2003. Social networks and entrepreneurship.Entrepreneurship theory and practice, 28(1), pp. 1-22. Hitt, M. A., Ireland, R. D., Camp, S. M. and Sexton, D. L., 2001. Strategic entrepreneurship: Entrepreneurial strategies for wealth creation. Strategic management journal, 22(6‐7), pp. 479-491. Hoang, H. and Antoncic, B., 2003. Network-based research in entrepreneurship: A critical review. Journal of business venturing, 18(2), pp. 165-187. Honig, B. and Karlsson, T., 2004. Institutional forces and the written business plan. Journal of Management, 30(1), pp. 29-48. Karlsson, T. and Honig, B., 2009. Judging a business by its cover: An institutional perspective on new ventures and the business plan. Journal of Business Venturing, 24(1), pp. 27-45. Kuratko, D. F., 2005. The emergence of entrepreneurship education: Development, trends, and challenges. Entrepreneurship theory and practice, 29(5), pp. 577-598. Mair, J. and Marti, I., 2006. Social entrepreneurship research: A source of explanation, prediction, and delight. Journal of world business, 41(1), pp. 36-44. Mason, C. and Stark, M., 2004. What do investors look for in a business plan? A comparison of the investment criteria of bankers, venture capitalists and business angels. International Small Business Journal, 22(3), pp. 227-248. Oviatt, B. M. and McDougall, P. P., 2005. Defining international entrepreneurship and modeling the speed of internationalization. Entrepreneurship theory and practice, 29(5), pp. 537-554. Peterman, N. E. and Kennedy, J., 2003. Enterprise education: Influencing students’ perceptions of entrepreneurship. Entrepreneurship theory and practice, 28(2), pp. 129-144. Romano, C. A., Tanewski, G. A. and Smyrnios, K. X., 2001. Capital structure decision making: A model for family business. Journal of Business Venturing, 16(3), pp. 285-310. Russell, R., Atchison, M. and Brooks, R., 2008. Business plan competitions in tertiary institutions: encouraging entrepreneurship education. Journal of Higher Education Policy and Management, 30(2), pp. 123-138. Shane, S. and Venkataraman, S., 2000. The promise of entrepreneurship as a field of research. Academy of management review, 25(1), pp. 217-226. Tschopp, D. J., 2004. The Seneca Babcock business plan: A case study in using service learning to meet the AICPA core competencies. Journal of Education for Business, 79(5), pp. 261-266. Appendix Questionnaire Part I: Personal Data Please check “√” the best matches your response. 1. Gender  Male (49%)  Female (51%) 2. Age  20 or below (5%)  21-25 years old (33%)  26-30 years old (39%)  More than 30 years old (23%) 3. Occupation  Government officer (6%)  Public employee (32%)  Private employee (39%)  Business owner (1%) Student (21%)  Executive Manager (1%) Other…………….. Part II: Customer’s behaviour and psychology Please check “√” the best matches your response. 4. Do you buy foods from restaurants? Always (65%)  Sometimes (31%)  No (4%) 5. How often do you buy takeaway or Home-delivery? Daily (64%)  Weekly (25%)  Monthly (8%)  Every 2-3 Months (3%) 6. How much will you spend for Home - delivery foods services?  £5 - £7(1%)  £8 - £10(13%)  £11 - £15 (62%)  More than £15 (24%) 7. How much will you spend for Takeaway foods services?  £5 - £7(71%)  £8 - £10(13%)  £11 - £15 (12%)  More than £15 (4%) 8. When you buy takeaway or Home-delivery, what’s some of the most important reasons that you expects? Prices (12%)  Timeliness (73%)  Quality (4%)  Tasty (11%)  Menu is interesting (0%)  others …………… 9. If you could improve one thing about takeaway and Home-delivery services that you normally consume, what would it be? ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… Figure 1: Break Even Analysis for one year (Source: Author’s Creation) Read More